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Category: Canada

  • MIL-OSI Global: Not every US president gets a free private jet, but the Gulf states have boosted US economic dominance for decades

    Source: The Conversation – UK – By Adam Hanieh, Professor of Political Economy and Global Development, Institute of Arab and Islamic Studies, University of Exeter

    After signing a US$142 billion (£107 billion) arms deal with Saudi Arabia, Donald Trump said the US bond with that country was “more powerful than ever”. He was also reportedly quite pleased with the gift of a private jet from Qatar.

    But these arrangements are just the latest developments in a long history of the Gulf monarchies supporting the architecture of American global power. And while the six Gulf states (Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman) have recently started redirecting their energy and trade ties eastward, especially towards China, they remain deeply embedded in the US-led financial order.

    As I explore in my recent book, Crude Capitalism, the Gulf states were instrumental in the rise of American global economic dominance.

    With oil emerging as the dominant fossil fuel through the second half of the 20th century, the Gulf’s nationalised petroleum industries generated vast amounts of income. Much of this was invested back into the US financial markets, particularly treasury bonds (essentially a long-term loan to the US government). This gave the US access to cheap foreign capital and reinforced the global dominance of the dollar.

    Put simply, the Gulf states were not peripheral to the US’s growing financial power – they were an essential contributor.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    This arrangement also involved a political bargain: US military protection for the Gulf monarchies in exchange for investment flows and energy stability. The result was a web of US military bases across the region and a deep alignment between authoritarian Gulf regimes and western strategic interests.

    But much has changed in the past two decades. China’s rise as a global manufacturing hub has driven a huge increase in oil consumption, shifting the direction of the Gulf’s oil exports away from the US and western Europe towards China and east Asia.

    These energy ties have been accompanied by much deeper trade interdependence and a huge increase in Chinese investments in the Gulf. In 2005, China was responsible for just 9% of the Gulf’s imports. Today, that figure is over 20%, while the US and EU’s share has fallen from 45% to 16%. China has also recently overtaken the US as the largest foreign investor in Saudi Arabia.

    From Beijing’s perspective, the Gulf is a critical energy lifeline. From the Gulf’s side, China’s continuing demand for oil, gas and petrochemicals is a vital part of its economic future.

    For the moment, that economic situation looks pretty robust. In 2024, Gulf countries held around US$800 billion in foreign reserves (foreign currencies and other assets), which is more than India or Switzerland. Their sovereign wealth funds (a state owned investment fund) manage another US$4.9 trillion of assets.

    Private wealth, including that held by ruling families, stood at US$2.8 trillion in 2022, and is expected to reach US$3.5 trillion by 2027.

    Much of this money is invested domestically, in sectors including infrastructure, real estate and renewable energy. But an astonishing amount flows directly into US markets.

    Oil be back

    According to US Treasury data, total Gulf holdings of American securities (bonds, stocks and corporate debt) rose from US$611 billion in 2017 to over US$1 trillion in 2024. Outside of Canada and financial hubs like London and Ireland, the Gulf is now the largest foreign investor in the US stock market.

    Another route through which Gulf wealth flows back into the US is via military procurement. According to the Stockholm International Peace Research Institute, the Gulf states accounted for 22% of all global arms imports between 2019 and 2023 – more than any other region in the world.

    Riyadh, money to build.
    Kashif Hameed/Shutterstock

    The US supplies the overwhelming majority of these weapons. In this way, Gulf spending supports the American military industry, and in return, these states become more closely tied to the US military’s umbrella.

    These deep military, financial and strategic ties help explain the real focus of Trump’s visit to the Gulf. Much of the discussion will have centred on massive investment pledges made by Gulf states to the US – including Saudi Arabia’s promise to invest up to US$600 billion, and the UAE’s commitment to a US$1.4 trillion investment over ten years.

    And such pledges reflect a broader agenda which involves expanding deals in artificial intelligence, critical minerals, energy infrastructure and advanced manufacturing.

    So Trump travelling to the region is not just about private jets and spectacle. It is about the continuing relevance of a structural relationship essential to American power, and a deepening financial integration between the Gulf and the US.

    For even as the Gulf reorients its energy flows eastward, it remains deeply tied to US finance, the US military industry and US assets. In an era of weakening US global power – and the possible spectre of a deeper clash with China – this is what will define Trump’s visit.

    Adam Hanieh 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. Not every US president gets a free private jet, but the Gulf states have boosted US economic dominance for decades – https://theconversation.com/not-every-us-president-gets-a-free-private-jet-but-the-gulf-states-have-boosted-us-economic-dominance-for-decades-256655

    MIL OSI – Global Reports –

  • MIL-OSI Global: Nature’s Ozempic: What and how you eat can increase levels of GLP-1 without drugs

    Source: The Conversation – Canada – By Mary J. Scourboutakos, Adjunct Lecturer in Family and Community Medicine, University of Toronto

    GLP-1 is a good example of how it’s not just what you eat that matters, it’s also how you eat it. (Shutterstock)

    Despite the popularity of semaglutide drugs like Ozempic and Wegovy for weight loss, surveys suggest that most people still prefer to lose weight without using medications. For those preferring a drug-free approach to weight loss, research shows that certain nutrients and dietary strategies can naturally mimic the effects of semaglutides.

    Increased intakes of fibre and monounsaturated fats (found in olive oil and avocadoes) — as well as the time of day when foods are eaten, the order that foods are eaten in, the speed of eating and even chewing — can naturally stimulate increased production of the same hormone responsible for the effects of semaglutide drugs.



    Read more:
    Ozempic, the ‘miracle drug,’ and the harmful idea
    of a future without fat

    As a family physician with a PhD in nutrition, I translate the latest nutrition science into dietary recommendations for my patients. A strategic approach to weight loss rooted in the latest science is not only superior to antiquated calorie counting, but also capitalizes on the same biological mechanisms responsible for the success of popular weight-loss drugs.

    Increased intake of monounsaturated fats (found in olive oil and avocadoes) is one factor in naturally stimulating GLP-1 production — the same hormone responsible for the effects of semaglutide drugs like Ozempic.
    (Stevepb/Pixabay)

    Semaglutide medications work by increasing the levels of a hormone called GLP-1 (glucagon-like peptide 1), a satiety signal that slows digestion and makes us feel full. These drugs also simultaneously decrease levels of an enzyme called DPP-4, which inactivates GLP-1.

    As a result, this “stop eating” hormone that naturally survives for only a few minutes can survive for an entire week. This enables a semi-permanent, just-eaten sensation of fullness that consequently leads to decreased food intake and, ultimately, weight loss.

    Nevertheless, medications aren’t the only way to raise GLP-1 levels.

    What you eat

    Fibre — predominantly found in beans, vegetables, whole grains, nuts and seeds — is the most notable nutrient that can significantly increase GLP-1. When fibre is fermented by the trillions of bacteria that live in our intestines, the resultant byproduct, called short chain fatty acids, stimulates the production of GLP-1.

    This may explain why fibre consumption is one of the strongest predictors of weight loss and has been shown to enable weight loss even in the absence of calorie restriction.

    Monounsaturated fats — found in olive oil and avocado oil — are another nutrient that raises GLP-1. One study showed that GLP-1 levels were higher following the consumption of bread and olive oil compared to bread and butter. Though notably, bread consumed with any kind of fat (be it from butter or even cheese) raises GLP-1 more than bread alone.

    Another study showed that having an avocado alongside your breakfast bagel also increases GLP-1 more so than eating the bagel on its own. Nuts that are high in both fibre and monounsaturated fats, like pistachios, have also been shown to raise GLP-1 levels.

    How you eat

    However, the specific foods and nutrients that influence GLP-1 levels are only half the story. GLP-1 is a good example of how it’s not just what you eat that matters, it’s also how you eat it.

    The Mediterranean diet outperformed semaglutide drugs at lowering risk of cardiac events.
    (Shutterstock)

    Studies show that meal sequence — the order foods are eaten in — can impact GLP-1. Eating protein, like fish or meat, before carbohydrates, like rice, results in a higher GLP-1 level compared to eating carbohydrates before protein. Eating vegetables before carbohydrates has a similar effect.

    Time of day also matters, because like all hormones, GLP-1 follows a circadian rhythm. A meal eaten at 8 a.m. stimulates a more pronounced release of GLP-1 compared to the same meal at 5 p.m. This may partly explain why the old saying “eat breakfast like a king, lunch like a prince and dinner like a pauper” is backed by evidence that demonstrates greater weight loss when breakfast is the largest meal of the day and dinner is the smallest.

    The speed of eating can matter, too. Eating ice cream over 30 minutes has been shown to produce a significantly higher GLP-1 level compared to eating ice cream over five minutes. However, studies looking at blood sugar responses have suggested that if vegetables are eaten first, the speed of eating becomes less important.

    Even chewing matters. One study showed that eating shredded cabbage raised GLP-1 more than drinking pureed cabbage.

    Not as potent as medication

    While certain foods and dietary strategies can increase GLP-1 naturally, the magnitude is far less than what is achievable with medications. One study of the GLP-1 raising effects of the Mediterranean diet demonstrated a peak GLP-1 level of approximately 59 picograms per millilitre of blood serum. The product monograph for Ozempic reports that the lowest dose produces a GLP-1 level of 65 nanograms per millilitre (one nanogram = 1,000 picograms). So medications raise GLP-1 more than one thousand times higher than diet.

    Nevertheless, when you compare long-term risk for diseases like heart attacks, the Mediterranean diet lowers risk of cardiac events by 30 per cent, outperforming GLP-1 medications that lower risk by 20 per cent. While weight loss will always be faster with medications, for overall health, dietary approaches are superior to medications.

    The following strategies are important for those trying to lose weight without a prescription:

    • Eat breakfast

    • Strive to make breakfast the largest meal of the day (or at least frontload your day as much as possible)

    • Aim to eat at least one fibre-rich food at every meal

    • Make olive oil a dietary staple

    • Be mindful of the order that you eat foods in, consume protein and vegetables before carbohydrates

    • Snack on nuts

    • Chew your food

    • Eat slowly

    While natural approaches to raising GLP-1 may not be as potent as medications, they provide a drug-free approach to weight loss and healthy eating.

    Mary J. Scourboutakos 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. Nature’s Ozempic: What and how you eat can increase levels of GLP-1 without drugs – https://theconversation.com/natures-ozempic-what-and-how-you-eat-can-increase-levels-of-glp-1-without-drugs-253728

    MIL OSI – Global Reports –

  • MIL-OSI USA: May 15, 2025 Brampton Transit Workers Reach Strong Tentative Agreement

    Source: US Amalgamated Transit Union

    ATU Local 1573-Brampton, ON, Members Stood United to Achieve Deal, Ratification Vote Expected Soon.

    Brampton, ON – After a strike threat, Brampton Transit Workers, represented by Amalgamated Transit Union (ATU) Local 1573-Brampton, ON, have reached a tentative agreement with the transit agency yesterday afternoon.

    The deal was reached only weeks after the more than 1,400 Union members threatened to strike after overwhelmingly rejecting a previous contract offer from Brampton Transit that had significantly reduced wages from their previous offer, while also adding new concessions.  In March, as contract talks stalled, the Union members voted to authorize a strike if necessary. The two sides returned to the table, but talks once again broke down.

    “We are pleased to announce that after negotiations yesterday afternoon, Local 1573 has reached a tentative agreement with Brampton Transit,” said ATU International Vice President Ken Wilson. “The transit agency recognized the important role our members play in the community by putting forth a contract with wages and benefits that put our members on par with transit workers in the Greater Toronto Area.”

    “Our members’ unwavering unity is the reason we have a tentative agreement they should be proud to vote on,” said ATU International President John Costa. “Our members now have a pathway to the middle class for the essential public service they provide. This agreement represents our efforts to ensure that transit workers across Canada are treated with the respect and dignity they deserve.”

    Local members are expected to vote soon on the deal at a ratification meeting. The details of the settlement will not be shared with the media or public until it is presented to the Union’s membership.

    MIL OSI USA News –

  • MIL-OSI Canada: Competition Bureau’s 2025-2026 Annual Plan outlines vision in face of economic and technological change

    Source: Government of Canada News

    May 15, 2025 – GATINEAU (Québec), Competition Bureau

    The Competition Bureau has published its 2025-2026 Annual Plan ꟷ Strengthening competition in a changing economy. It outlines the Bureau’s plans as the country faces rapid shifts in trade, market dynamics and technology.

    Important changes to the Competition Act have strengthened the Bureau’s ability to protect and promote competition. In the coming year, the Bureau will continue to build on the strong foundation laid by these legislative changes, with a focus on the digital economy and sectors that most directly impact Canadians. 

    In 2025-2026, the Bureau will:

    • Use all available tools to prevent, identify, and address anti-competitive activity, with a focus on sectors of the economy that matter to Canadians.
    • Encourage decision-makers to adopt pro-competitive policies that drive economic growth.
    • Create and deepen its international and domestic relationships.
    • Increase its outreach and promotion efforts to reach a wider audience of consumers and businesses.
    • Ensure it has the tools and expertise needed to keep up with new business practices, enforcement strategies, and technologies.

    These efforts will advance the Bureau’s Strategic Vision to become a world-leading competition agency that is at the forefront of the digital economy and champions a culture of competition for Canada.

    MIL OSI Canada News –

  • MIL-OSI: No KYC. 100x Leverage. Double Deposit Bonus. Crypto Futures Trading Made Easy on BexBack

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 15, 2025 (GLOBE NEWSWIRE) — With the price of Bitcoin fluctuating above $100,000, many analysts are predicting a prolonged period of high volatility in the cryptocurrency market. Holding spot positions may struggle to generate short-term profits in such conditions. As a result, 100x leverage futures trading has become the preferred tool for seasoned investors looking to maximize potential gains in this volatile market. BexBack Exchange is ramping up its efforts to offer traders unmatched promotional packages. The platform now features a 100% deposit bonus, a $50 welcome bonus for new users, and 100x leverage on cryptocurrency trading, providing exceptional opportunities for investors.

    Advantages of 100x Leverage Crypto Futures

    1. Amplified Profits: Control large positions with a small amount of capital, capturing more profits from market fluctuations.
    2. Low Capital Requirement: Participate in high-value trades with minimal investment, lowering the entry barrier.
    3. Increased Market Opportunities: Profit quickly from price fluctuations, especially in volatile markets.
    4. High Capital Efficiency: Leverage enables better use of your capital, expanding your investment potential.
    5. Profit from Both Up and Down Markets: Adapt to any market conditions, with opportunities to profit whether the market goes up or down.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.

    Why recommend BexBack?

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    100% Deposit Bonus: Double your funds, double your profits.

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    Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

    Convenient Operation: No slippage, no spread, and fast, precise trade execution.

    Global User Support: Enjoy 24/7 customer service, no matter where you are.

    Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.

    Take Action Now—Don’t Miss Another Opportunity!

    If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users (complete one trade within one week of registration), you can be a winner in the new bull run.

    Sign Up Now on BexBack — Break the 100x Leverage and KYC Barriers, Get Double Deposit Bonus and $50 Welcome Bonus Instantly

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
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    Photos accompanying this announcement are available at: 

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    https://www.globenewswire.com/NewsRoom/AttachmentNg/ff556d3d-4f48-4d4d-909d-21f25e3f2dfe

    The MIL Network –

  • MIL-OSI Canada: Flight PS752 Commemorative Scholarship Program now accepting applications

    Source: Government of Canada News

    May 15, 2025 – Ottawa, Ontario – Global Affairs Canada

    Today, the third edition of the Flight PS752 Commemorative Scholarship opened for applications for the 2025 to 2026 academic year. The scholarship program was created to honour the 55 Canadian citizens and 30 permanent residents who were among the 176 people killed in the unlawful downing of Ukraine International Airlines Flight 752 by the Iranian regime on January 8, 2020. Among those victims were brilliant minds and dedicated students who made significant contributions to Canadian educational institutions.

    Following the wishes of their loved ones and to honour the legacy of every single victim, Canada’s Flight PS752 Commemorative Scholarship Program is disbursing 176 scholarships over 5 years. International and Canadian students enrolled at colleges and universities in Canada are eligible to apply if their field of study aligns with one of the victims’ academic or professional backgrounds or focuses on the prevention of air disasters.

    Since the scholarship program’s launch in 2023, 68 scholarships have been awarded to eligible recipients, including Canadian and international doctoral, graduate, undergraduate and college students studying at post-secondary institutions across Canada. Recipients come from a wide range of educational programs, from business administration to engineering to health sciences, and some are family members of the victims of Flight PS752. 

    The deadline for applications is June 15, 2025.

    MIL OSI Canada News –

  • MIL-OSI: Altai Announces Senior Management Addition

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 15, 2025 (GLOBE NEWSWIRE) — Altai Resources Inc. (TSXV: ATI) (“Altai” or the “Company”) announced today that the Company has added Yana Silina to the senior management team, in the role of Chief Financial Officer (the “CFO”). Ms. Silina is a Chartered Professional Accountant with over 15 years of experience in financial reporting, corporate governance, and regulatory compliance, primarily within the venture capital and resource sectors.

    Ms. Silina holds a Diploma in Management Studies from Thompson Rivers University and is currently a Senior Accountant at Da Costa Management Corp., where she provides financial consulting and outsourced CFO services to both public and private companies.

    Ms. Silina also serves as the CFO of StimCell Energetics Inc., Stuhini Exploration Ltd., Tocvan Ventures Corp, and Cascade Copper Corp. In addition, she is a Director of Kesselrun Resources Ltd.

    ABOUT ALTAI
    Altai Resources Inc. is a Toronto, Ontario based resource company with a producing oil property in Alberta, an exploration gold property in Quebec, and a Canadian investment portfolio comprised of cash, cash equivalents, and marketable securities. Additional information about Altai is available on SEDAR+ at www.sedarplus.ca and on Altai’s website at www.altairesources.com.

    For further information, please contact:
    Kursat Kacira, Chairman & CEO/President
    T: (647) 282-8324, E: kursatkacira@altairesources.ca

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

    The MIL Network –

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

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

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

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

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

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



    Read more:
    Pierre Poilievre’s ‘More Boots, Less Suits’ election strategy held little appeal to women

    What the polls showed

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

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

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

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

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

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

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

    Economic insecurity, cultural values

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

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

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

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

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

    Policy priorities

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

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

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



    Read more:
    The ‘freedom convoy’ protesters are a textbook case of ‘aggrieved entitlement’

    CBC report on male voter intentions.

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

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

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

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

    Addressing the gender divide

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

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

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

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

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

    Affecting personal lives

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

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

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

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

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

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

    MIL OSI – Global Reports –

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

    Source: Government of Canada regional news

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

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

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

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

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

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

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

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

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

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

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

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

    Learn More:

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

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

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

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

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

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

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

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

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

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

    MIL OSI Canada News –

  • MIL-OSI Security: East Preston — RCMP responds to vehicle-pedestrian collision

    Source: Royal Canadian Mounted Police

    RCMP Halifax Regional Detachment responded to a vehicle-pedestrian collision that occurred in East Preston.

    On May 13, at approximately 3:30 p.m., RCMP Halifax Regional Detachment, fire services, and EHS, responded to a report of a collision near the 2280 block of Hwy. 7. RCMP officers learned that a Honda Civic was travelling on the roadway when it struck a youth pedestrian that suddenly attempted to cross the roadway. The youth had been walking on the side of the road with a second youth moments prior to the impact.

    The youth pedestrian suffered non-life-threatening injuries and was transported to hospital by EHS.

    The driver of the Civic, a 48-year-old Lake Echo man, did not suffer physical injuries.

    File #: 25-67025

    MIL Security OSI –

  • MIL-OSI: Morien Announces Results of Annual and Special Meeting

    Source: GlobeNewswire (MIL-OSI)

    HALIFAX, Nova Scotia, May 15, 2025 (GLOBE NEWSWIRE) —  Morien Resources Corp. (“Morien” or the “Company“) (TSX-V:MOX) is pleased to announce its shareholders voted in favour of all items of business brought before them at the Company’s Annual and Special Meeting of Shareholders (“AGM”) held in Halifax on May 14, 2025.

    Election of Directors

    The number of directors was set by the Board at four, with John Budreski, Dawson Brisco, Mary Ritchie, and Beau White re-elected to the Company’s Board for the ensuing year.

    Following the AGM, the Board confirmed the appointment of Morien’s executive officers, namely: Executive Chairman – John Budreski; President and Chief Executive Officer – Dawson Brisco; Chief Financial Officer – Susanne Willett; and Corporate Secretary – Suzan Frazer.

    Appointment of Auditor

    MNP LLP was re-appointed as the Company’s auditor to hold office until the next annual meeting of shareholders or until its successor is duly appointed, at a remuneration to be fixed by the Board.

    Approval of Stock Option Plan

    The shareholders also re-approved the Company’s 10% rolling incentive stock option plan in accordance with the rules and policies of the TSX Venture Exchange (“TSX-V”).

    Continuance of Shareholder Rights Plan

    Shareholders approved the reconfirmation and continuance of the Company’s shareholder rights plan (“Rights Plan”), originally approved by shareholders in 2019. Under the terms of the Rights Plan, shareholders must affirm the Rights Plan every three years. The purpose of the Rights Plan is to provide the Board and shareholders with sufficient time to properly consider any future take-over bids made for the Company. The Rights Plan will mitigate undue pressure on the Board and shareholders, allow time for competing bids and alternative proposals to emerge, and ensure that all shareholders will be treated fairly and equally in any potential take-over bid made for the Company. The Rights Plan was not adopted, nor reconfirmed, in response to any proposal to acquire control of the Company.

    About Morien

    Morien is a Nova Scotia based, mining development company created in 2012 to be a vehicle of direct prosperity for Nova Scotians, its largest shareholder group. Led by Nova Scotians, Morien’s primary assets are a royalty on the sale of coal from the Donkin Mine in Cape Breton, Nova Scotia, and a royalty on the sale of aggregate from the permitted Black Point Project, in Guysborough County, Nova Scotia. Morien’s management team exercises ruthless discipline in managing both the assets and liabilities of the Company. The Company’s management and its Board of Directors consider shareholder returns to be paramount over corporate size, number or scale of assets and industry recognition. The Company has 51,292,000 issued and outstanding common shares and a fully diluted position of 53,992,000. Further information is available at www.MorienRes.com.

    Forward-Looking Statements

    Some of the statements in this news release may constitute “forward-looking information” as defined under applicable securities laws. These statements reflect Morien’s current expectations of future revenues and business prospects and opportunities and are based on information currently available to Morien. Morien cautions that actual performance will be affected by a number of factors, many of which are beyond its control, and that future events and results may vary substantially from what Morien currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include risks and uncertainties described in documents filed by Morien with the Canadian securities regulators on SEDAR+ (www.sedarplus.ca) from time to time. Morien cautions that its royalty revenue will be based on production by third party property owners and operators who will be responsible for determining the manner and timing for the properties forming part of Morien’s royalty portfolio. These third party owners and operators are also subject to risk factors that could cause actual results to differ materially from those predicted herein including: volatility in financial markets or general economic conditions; capital requirements and the need for additional financing; fluctuations in the rates of exchange for the currencies of Canada and the United States; prices for commodities including coal and aggregate; unanticipated changes in production, mineral reserves and mineral resources, metallurgical recoveries and/or exploration results; changes in regulations and unpredictable political or economic developments; loss of key personnel; labour disputes; and ineffective title to mineral claims or property. There are other business risks and hazards associated with mineral exploration, development and mining. Although Morien believes that the forward-looking information contained herein is based on reasonable assumptions (including assumptions relating to economic, market and political conditions, the Company’s working capital requirements and the accuracy of information supplied by the operators of the properties in which the Company has a royalty interest), readers cannot be assured that actual results will be consistent with such statements. Morien expressly disclaims any intention or obligation to update or revise any forward-looking information in this news release, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws. All dollar values discussed herein are in Canadian dollars. Any financial outlook or future-oriented financial information in this news release, as defined by applicable securities laws, has been approved by management of Morien as of the date of this news release. Such financial outlook or future-oriented financial information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such outlook or information should not be used for purposes other than for which it is disclosed in this news release.

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

    For more information, please contact:

    Dawson Brisco, President & CEO
    Phone: (902) 403-3149
    dbrisco@MorienRes.com
    or
    John P.A. Budreski, Executive Chairman
    Phone: (416) 930-0914
    www.MorienRes.com

    The MIL Network –

  • MIL-OSI: DTST Reports 2025 First Quarter Financial Results and Provides Business Update

    Source: GlobeNewswire (MIL-OSI)

    • Strong Q1 2025 Performance Driven by 14% YoY Revenue Growth in Cloud Infrastructure and Disaster Recovery Services
    • CloudFirst International Expansion Accelerated Through Strategic Partnership with Pulsant
    • Conference Call to be held today at 11:00 am ET

    MELVILLE, N.Y., May 15, 2025 (GLOBE NEWSWIRE) — Data Storage Corporation (Nasdaq: DTST) (“DSC” and the “Company”), a leading provider of multi-cloud hosting, managed cloud services, disaster recovery, cybersecurity, and IT automation, with direct connection to AWS, Microsoft Azure, and Google Cloud, today provided a business update and reported financial results for the three months ended March 31, 2025.

    First Quarter 2025 Highlights

    • Revenue was $8.1 million, driven by 14% year-over-year growth in Cloud Infrastructure and Disaster Recovery services
    • Gross profit totaled $2.86 million, maintaining consistent margin levels
    • Adjusted EBITDA* reached $497,000, reflecting operational discipline
    • Cash and marketable securities were $11.1 million, with no long term debt

    “We are pleased to report our first quarter results, which reflect both solid financial performance and strategic progress,” said Chuck Piluso, CEO of Data Storage Corporation. “Specifically, CloudFirst Technologies continues to operate profitably on a standalone basis and serves as a scalable, recurring revenue engine. To support our international strategy, we recently partnered with Pulsant, a leading U.K. edge data center provider, enabling us to extend our IBM Power-based cloud offerings across their national footprint. This collaboration positions us to serve regulated and enterprise clients more effectively throughout the U.K. and Europe.”

    “Furthermore, CloudFirst recently completed a major infrastructure upgrade for a long-time enterprise client in the food distribution sector. We migrated legacy systems to high-performance IBM processors, allowing for direct connections with leading providers including AWS, Azure, and Google Cloud—enhancing scalability, security, and cost-efficiency. This contract is an example of how our expertise in delivering complex IT transformations sets us apart in the market and fosters strong client loyalty, with customers consistently returning to us as their trusted partner.”

    Chris Panagiotakos, CFO of Data Storage Corporation, added, “Financially, our core cloud infrastructure and disaster recovery services remain strong performers, evidenced by a 14% year-over-year revenue increase. Our total revenue had a modest decline due to reduced equipment sales, however this aligns with our strategic focus to continue to build a stable high-margin, recurring revenue client base. Our adjusted EBITDA reached $497,000 for the quarter, reflecting our ongoing commitment to operational efficiency and margin discipline. Backed by a strong balance sheet and a growing client base, we are well-positioned to scale our platform, expand our market presence, and create sustained long-term value.”

    Mr. Piluso added, “Overall, we remain focused on growing our high-margin, recurring cloud revenue base, expanding our global partner ecosystem, and delivering the modernization, compliance, and resilience our clients require. These priorities reflect our long-term vision to build a scalable, differentiated platform in the enterprise multi-cloud space.”

    Conference Call

    The Company will host a conference call at 11:00 a.m. Eastern Time on Thursday, May 15, 2025, to discuss the Company’s progress and the financial results for the first quarter of 2025, which ended March 31, 2025.

    The conference call will be available via telephone by dialing toll-free 877-407-9219 for U.S. callers or for international callers +1-412-652-1274. A webcast of the call may be accessed at  DSC Q1 2025 Earnings Call or on the Company’s News & Events section of the website,  www.dtst.com/news-events.

    A webcast replay of the call will be available on the Company’s website (www.dtst.com/news-events) through November 15, 2025. A telephone replay of the call will be available approximately three hours following the call, through May 22, 2025, and can be accessed by dialing 877-660-6853 for U.S. callers or + 1-201-612-7415 for international callers and entering conference ID: 13753165. 

    About Data Storage Corporation
    Data Storage Corporation (Nasdaq: DTST) through its subsidiaries is a leading provider of multi-cloud hosting, fully managed cloud services, disaster recovery, cybersecurity, IT automation, and voice & data solutions.

    Recognizing that data migration is a critical step in transitioning from on-premises systems to the cloud, DSC provides comprehensive migration services to ensure seamless, secure, and efficient data transfer, minimizing downtime and optimizing performance.

    Built on IBM Power servers, DTST’s subsidiary owns their cloud platform manages the platform with the Company’s 24×7 technical team. The Company delivers high-performance, scalable, and secure cloud solutions with interoperability across its infrastructure partners, AWS, Microsoft Azure, and Google Cloud.

    With data centers supporting its CloudFirst platform deployments across the United States, Canada, and the United Kingdom, DSC provides mission-critical solutions to a diverse clientele, including Fortune 500 companies, government agencies, educational institutions, and healthcare organizations.

    As a leader in the multi-billion-dollar cloud hosting and business continuity market, DTST is recognized for its expertise in cloud infrastructure, IT modernization, and data migration, enabling clients to transition to their cloud infrastructure with confidence and operational continuity.

    For more information, please visit www.dtst.com or follow us on X @DataStorageCorp.

    *Adjusted EBITDA is a non-GAAP measure and should not be considered as a substitute for GAAP. Please refer to the Company’s financial disclosures at the end of this press release for a reconciliation to the most directly comparable GAAP measure.

    Safe Harbor Provision

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. Forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and include statements regarding CloudFirst Technologies continuing to operate profitably on a standalone basis and serving as a scalable, recurring revenue engine; the collaboration with Pulsant positioning the Company to serve regulated and enterprise clients more effectively throughout the U.K. and Europe; and being well-positioned to scale the Company’s platform, expand its market presence, and create sustained long-term value; the Company building a scalable, differentiated platform in the enterprise cloud space; and the opportunities ahead and the potential to drive continued growth and success. Important factors that could cause actual results to differ materially from current expectations include CloudFirst Technologies’ ability to continue to operate profitably; the Company’s ability to grow its presence in the U.K and Europe, the Company ability to create sustained long-term value and drive continued growth and success. These risks should not be construed as exhaustive and should be read together with the other cautionary statements included in the Company’s Annual Report on Form 10-K for the quarter ended March 31, 2025, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or otherwise.

    Contact:
    Crescendo Communications, LLC
    212-671-1020
    DTST@crescendo-ir.com

    DATA STORAGE CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
             
        March 31, 2025 (Unaudited)   December 31, 2024
    ASSETS                
    Current Assets:                
    Cash   $ 705,557     $ 1,070,097  
    Accounts receivable (less allowance for credit losses of
    $17,121 and $31,472 as of March 31, 2025, and December
    31, 2024, respectively)    		     5,413,282       2,225,458  
    Marketable securities     10,406,912       11,261,006  
    Prepaid expenses and other current assets     858,490       859,502  
    Total Current Assets     17,384,241       15,416,063  
                     
    Property and Equipment:                
    Property and equipment     9,684,825       9,598,963  
    Less—Accumulated depreciation     (6,456,000 )     (6,159,307 )
    Net Property and Equipment     3,228,825       3,439,656  
                     
    Other Assets:                
     Goodwill     4,238,671       4,238,671  
     Operating lease right-of-use assets     550,653       575,380  
     Other assets     168,120       183,439  
     Intangible assets, net     1,360,220       1,427,006  
    Total Other Assets     6,317,664       6,424,496  
                     
    Total Assets   $ 26,930,730     $ 25,280,215  
                     
    LIABILITIES AND STOCKHOLDERS’ DEFICIT                
    Current Liabilities:                
    Accounts payable and accrued expenses   $ 4,550,524     $ 3,183,379  
    Deferred revenue     290,827       212,390  
    Finance leases payable     —       17,641  
    Finance leases payable related party     —       33,879  
    Operating lease liabilities short term     102,246       98,860  
    Total Current Liabilities     4,943,597       3,546,149  
                     
    Operating lease liabilities     496,691       523,070  
    Deferred Tax Liability     39,031       39,031  
    Total Long-Term Liabilities     535,722       562,101  
                     
    Total Liabilities     5,479,319       4,108,250  
                     
    Commitments and contingencies (Note 7)                
                     
    Stockholders’ Equity:                
    Preferred stock, par value $.001; 10,000,000 shares authorized; 1,401,786 designated as Series A Preferred Stock, par value $.001; 0 shares issued and outstanding at March 31,2025 and December 31, 2024     —       —  
    Common stock, par value $.001; 250,000,000 shares authorized; 7,123,227 and 7,045,108 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively     7,123       7,045  
    Additional paid in capital     40,644,000       40,417,813  
    Accumulated deficit     (18,958,511 )     (18,982,589 )
    Accumulated other comprehensive income (loss)     3,579       (23,214 )
    Total Data Storage Corporation Stockholders’ Equity     21,696,191       21,419,055  
    Non-controlling interest in consolidated subsidiary     (244,780 )     (247,090 )
    Total Stockholders’ Equity     21,451,411       21,171,965  
    Total Liabilities and Stockholders’ Equity   $ 26,930,730     $ 25,280,215  
    DATA STORAGE CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (UNAUDITED)
        Three Months Ended March 31,
        2025   2024
             
    Sales   $ 8,083,756     $ 8,235,747  
                     
    Cost of sales     5,223,860       5,269,275  
                     
    Gross Profit     2,859,896       2,966,472  
                     
    Selling, general and administrative     2,952,405       2,752,677  
                     
    Income (loss) from Operations     (92,509 )     213,795  
                     
    Other Income (Expense)                
    Interest income     120,906       143,369  
    Interest expense     (2,009 )     (11,260 )
    Total Other Income     118,897       132,109  
                     
    Income before provision for income taxes     26,388       345,904  
                     
    Provision for income taxes     —       —  
                     
    Net Income     26,388       345,904  
                     
    Gain (loss) in Non-controlling interest in consolidated subsidiary     (2,310 )     11,198  
                     
    Net Income Attributable to Common Stockholders   $ 24,078     $ 357,102  
                     
    Earnings per Share – Basic   $ —     $ 0.05  
    Earnings per Share – Diluted   $ —     $ 0.05  
    Weighted Average Number of Shares – Basic     7,077,913       7,090,389  
    Weighted Average Number of Shares – Diluted     7,405,672       7,259,472  
    DATA STORAGE CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)
             
        Three Months Ended March 31,
        2025   2024
    Cash Flows from Operating Activities:                
    Net income   $ 26,388     $ 345,904  
    Adjustments to reconcile net income to net cash used in operating activities:                
    Depreciation and amortization     363,379       295,198  
    Stock based compensation     226,265       171,325  
    Change in expected credit losses     (6,995 )     —  
                     
    Changes in Assets and Liabilities:                
    Accounts receivable     (3,180,822 )     (3,177,694 )
    Other assets     15,319       —  
    Prepaid expenses and other current assets     2,936       (153,782 )
    Right of use asset     24,727       26,821  
    Accounts payable and accrued expenses     1,373,552       2,226,932  
    Deferred revenue     78,437       (26,078 )
    Operating lease liability     (22,993 )     (27,250 )
    Net Cash Used in Operating Activities     (1,099,807 )     (318,624 )
    Cash Flows from Investing Activities:                
    Capital expenditures     (67,519 )     (358,637 )
    Purchase of marketable securities     (120,906 )     (143,369 )
    Sale of marketable securities     975,000       200,000  
    Net Cash Provided by (Used in) Investing Activities     786,575       (302,006 )
    Cash Flows from Financing Activities:                
    Repayments of finance lease obligations related party     (33,879 )     (66,280 )
    Repayments of finance lease obligations     (17,641 )     (101,078 )
    Net Cash Used in Financing Activities     (51,520 )     (167,358 )
                     
    Effect of exchange rates on cash     212       —  
                     
    Net decrease in Cash     (364,540 )     (787,988 )
                     
    Cash, Beginning of Period     1,070,097       1,428,730  
                     
    Cash, End of Period   $ 705,557     $ 640,742  
    Supplemental Disclosures:                
    Cash paid for interest   $ 489     $ 8,855  
    Cash paid for income taxes   $ —     $ —  
    Non-cash investing and financing activities:                

    The following table shows the Company’s reconciliation of net income (loss) to adjusted EBITDA for the months ended March 31, 2025, and 2024:

    For the three months ended March 31, 2025
                         
        CloudFirst
    Technologies    		   CloudFirst
    Europe Ltd.    		   Nexxis Inc.   Corporate   Total
                         
    Net income (loss)   $ 1,077,591     $ (455,971 )   $ (7,243 )   $ (587,989 )   $ 26,388  
                                             
    Non-GAAP adjustments:                                        
    Depreciation and amortization     333,615       29,235       209       320       363,379  
                                             
    Interest income     —       —       —       (120,906 )     (120,906 )
    Interest expense     2,009       —       —       —       2,009  
    Provision for income tax     —       —       —       —       —  
    Stock-based compensation     89,665       —       6,429       130,171       226,265  
                                             
    Adjusted EBITDA   $ 1,502,880     $ (426,736 )   $ (605 )   $ (578,404 )   $ 497,135  
    For the three months ended March 31, 2024
                         
        CloudFirst
    Technologies    		   CloudFirst
    Europe Ltd.    		   Nexxis Inc.   Corporate   Total
                         
    Net income   $ 914,372     $ —     $ (62,941 )   $ (505,527 )   $ 345,904  
                                             
    Non-GAAP adjustments:                                        
    Depreciation and amortization     294,793       —       211       194       295,198  
    Interest income     —       —       —       (143,369 )     (143,369 )
    Interest expense     11,260       —       —       —       11,260  
    Stock-based compensation     52,969       —       6,671       111,685       171,235  
                                             
    Adjusted EBITDA   $ 1,273,394     $ —     $ (56,059 )   $ (537,017 )   $ 680,318  

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    Recent Company Highlights

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

    About Cygnus

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

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

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

    CONTACTS:

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    DATE: May 22nd, 2025

    TIME: 10:00 AM ET

    LINK: REGISTER HERE

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

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

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

    Recent Company Highlights

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

    About Strikepoint Gold

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

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

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

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

    About Virtual Investor Conferences®

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

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

    Qualified Person Statement

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

    CONTACTS:

    Strikepoint Gold Inc.

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

    Virtual Investor Conferences

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

    Cautionary Statement on Forward Looking Information

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

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

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

    The MIL Network –

  • MIL-OSI: Bitcoin Depot Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Q1 Revenue up 19% Year-Over-Year to $164.2 Million

    Q1 Net Income up Significantly to $12.2 Million Compared to a Net Loss of $4.2 Million in the Prior Year Quarter

    Q1 Adjusted Gross Profit up 92% Year-Over-Year to $33.1 Million

    Q1 Adjusted EBITDA up 315% Year-Over-Year to $20.3 Million

    Q1 Cash from Operations of $16.3 Million

    ATLANTA, May 15, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (Nasdaq: BTM) (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the first quarter ended March 31, 2025. Bitcoin Depot will host a conference call and webcast at 10:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com.

    “Bitcoin Depot delivered a remarkable first quarter, with 19% year-over-year revenue growth and a more than threefold increase in Adjusted EBITDA to $20 million,” said Brandon Mintz, Founder and CEO of Bitcoin Depot. “This performance demonstrates the strength of our operating model, the success of our kiosk optimization strategy, and the powerful cash flow we can generate once fixed costs are covered. In fact, with the cash generated in Q1, we strengthened our balance sheet by increasing our bitcoin holdings and building our cash balance, positioning us for continued growth and flexibility. Looking ahead, we remain focused on scaling responsibly, both domestically and internationally, while delivering sustained value to both our customers and shareholders.”

    First Quarter 2025 Financial Results

    Revenue in the first quarter of 2025 increased 19% to $164.2 million compared to $138.5 million in the first quarter of 2024. This increase was driven by increased kiosk deployment and higher median transaction size. 

    Total operating expenses declined 7% to $15.3 million for the first quarter of 2025 compared to $16.6 million for the first quarter of 2024 due to lower depreciation expense and insurance costs as the Company continues to optimize its cost structure as a steady-state public company.

    Net income for the first quarter of 2025 increased significantly to $12.2 million, compared to a net loss of $4.2 million for the first quarter of 2024. Net income attributable to common shareholders increased to $4.2 million, or $0.20 per share, from a net loss of $1.5 million, or ($0.25) per share, in last year’s first quarter. The increase was due to higher revenue and gross profit in 2025.

    Adjusted gross profit, a non-GAAP measure, in the first quarter of 2025 increased 92% to $33.1 million from $17.3 million for the first quarter of 2024. Adjusted gross profit margin, a non-GAAP measure, in the first quarter of 2025 increased approximately 770 basis points to 20.2% compared to 12.5% in the first quarter of 2024. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

    Adjusted EBITDA, a non-GAAP measure, in the first quarter of 2025 increased 315% to $20.3 million compared to $4.9 million for the first quarter of 2024. The increase was primarily due to the higher revenue and gross profit. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

    Cash, cash equivalents, and cryptocurrencies as of March 31, 2025, were $43.3 million compared to $31.0 million at the end of 2024. The company used $7.8 million in the first quarter of 2025 to acquire 83 more Bitcoin, bringing the total held for investment to 94.35 BTC.

    Net cash flows provided by operations in the first quarter of 2025 were up significantly to $16.3 million compared to $1.3 million in the first quarter of 2024.

    Outlook

    The Company expects revenue in the second quarter of 2025 to grow low-to-mid-single digits on a percentage basis from the second quarter of 2024.

    Conference Call

    Bitcoin Depot will hold a conference call at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) today to discuss its financial results for the first quarter ended March 31, 2025.

    Call Date: Thursday, May 15, 2025 
    Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time) 

    Phone Instructions
    U.S. and Canada (toll-free): 888-596-4144
    U.S. (toll): 646-968-2525
    Conference ID: 4520708

    Webcast Instructions
    Webcast link: https://edge.media-server.com/mmc/p/akdxpm7o

    A replay of the call will be available beginning after 2:00 p.m. Eastern time through May 22, 2025.

    U.S. & Canada (toll-free) replay number: 800-770-2030
    U.S. toll number: 609-800-9909
    Conference ID: 4520708

    If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.

    About Bitcoin Depot

    Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with over 8,400 kiosk locations as of February 25, 2025.  Learn more at www.bitcoindepot.com. 

    Cautionary Statement Regarding Forward-Looking Statements

    This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, and worldwide growth in the adoption and use of cryptocurrencies. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

    These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

    We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

       
    BITCOIN DEPOT INC.
    CONSOLIDATED STATEMENTS OF (LOSS) INCOME
    (in thousands, except share and per share amounts)
    (UNAUDITED)    		  
       
      Three Months Ended March 31,  
      2025     2024  
    Revenue $ 164,226     $ 138,539  
    Cost of revenue (excluding depreciation and amortization)   131,091       121,287  
    Operating expenses:          
    Selling, general, and administrative   13,440       13,606  
    Depreciation and amortization   1,897       2,947  
    Total operating expenses   15,337       16,553  
    Income from operations   17,798       699  
    Other (expense) income:          
    Interest (expense)   (3,068 )     (4,944 )
    Other income (expense)   (1,090 )     6  
    Gain (loss) on foreign currency transactions   (13 )     (127 )
    Income (Loss) before provision for income taxes and non-controlling interest   13,627       (4,366 )
    Income tax (expense) benefit   (1,452 )     138  
    Net income (loss) $ 12,175     $ (4,228 )
    Net income (loss) attributable to non-controlling interest   7,983       (2,690 )
    Net income (loss) attributable to common stockholders $ 4,192     $ (1,538 )
               
    Net income per share of common stock – basic and diluted $ 0.20     $ (0.25 )
               
    Weighted average number of common shares outstanding – basic and diluted   21,359,864       16,616,864  
       
    BITCOIN DEPOT INC.
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except share and per share amounts)    		  
       
                 
        March 31, 2025
    (unaudited)    		     December 31,
    2024    		  
    Assets            
    Current:            
    Cash and cash equivalents   $ 34,962     $ 29,472  
    Cryptocurrencies     8,384       1,510  
    Accounts receivable     147       275  
    Prepaid expenses and other current assets     2,111       3,076  
    Total current assets     45,604       34,333  
    Property and equipment:            
    Furniture and fixtures     635       635  
    Leasehold improvements     172       172  
    Kiosk machines – owned     37,854       36,831  
    Kiosk machines – leased     8,954       10,367  
    Total property and equipment     47,615       48,005  
    Less: accumulated depreciation     (21,916 )     (21,158 )
    Total property and equipment, net     25,699       26,847  
    Intangible assets, net     1,946       2,320  
    Goodwill     8,717       8,717  
    Operating lease right-of-use assets, net     2,336       2,595  
    Deposits     859       734  
    Deferred tax assets     4,558       4,558  
    Total assets   $ 89,719     $ 80,104  
       
    BITCOIN DEPOT INC.
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except share and per share amounts)    		  
       
           
        March 31, 2025
    (unaudited)    		     December 31, 2024  
    Liabilities and Stockholders’ (Deficit) Equity            
    Current:            
    Accounts payable   $ 9,200     $ 11,557  
    Accrued expenses and other current liabilities     14,060       14,260  
    Notes payable, current portion     8,535       6,022  
    Income taxes payable     3,328       2,207  
    Deferred revenue     301       20  
    Operating lease liabilities, current portion     818       858  
    Current installments of obligations under finance leases     3,431       3,446  
    Other non-income tax payable     2,259       2,259  
    Total current liabilities     41,932       40,629  
    Long-term liabilities            
    Notes payable, non-current     46,946       49,457  
    Operating lease liabilities, non-current     1,534       1,774  
    Obligations under finance leases, non-current     1,119       1,950  
    Deferred income tax, net     604       604  
    Tax receivable agreement liability due to related party, non-current     2,176       2,176  
    Total Liabilities     94,311       96,590  
    Commitments and Contingencies (Note 19)            
    Stockholders’ (Deficit) Equity            
    Series A Preferred Stock, $0.0001 par value; 50,000,000 authorized, 0 and 1,733,884 shares issued and outstanding, at March 31, 2025 and December 31, 2024, respectively     —       —  
    Class A common stock, $0.0001 par value; 800,000,000 authorized, 22,746,330 and 19,263,164 shares issued, and 22,555,710 and 19,072,544 shares outstanding at March 31, 2025 and December 31, 2024, respectively     2       1  
    Class E common stock, $0.0001 par value; 2,250,000 authorized, 0 and 1,075,761 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively     —       —  
    Class V common stock, $0.0001 par value; 300,000,000 authorized, 41,193,024 shares issued and outstanding at March 31, 2025 and December 31, 2024     4       4  
    Treasury stock     (437 )     (437 )
    Additional paid-in capital     22,829       21,491  
    Accumulated deficit     (39,304 )     (44,349 )
    Accumulated other comprehensive loss     (256 )     (342 )
    Total Stockholders’ (Deficit) Attributable to Bitcoin Depot Inc.     (17,162 )     (23,632 )
    Equity attributable to non-controlling interests     12,570       7,146  
    Total Stockholders’ (Deficit) Equity     (4,592 )     (16,486 )
    Total Liabilities and Stockholders’ (Deficit) Equity   $ 89,719     $ 80,104  
       
    BITCOIN DEPOT INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands, except share and per share amounts)
     (UNAUDITED)    		  
       
        Three Months Ended March 31,  
        2025     2024  
    Cash flows from Operating Activities:            
    Net income (loss)   $ 12,175     $ (4,228 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:            
    Amortization of deferred financing costs     204       544  
    Depreciation and amortization     1,897       2,947  
    Non-cash share-based compensation     368       897  
    Purchase of services in cryptocurrencies     268       347  
    Unrealized loss on cryptocurrencies     1,650       —  
    Deferred taxes     —       5  
    Write-off of deferred financing costs     —       3,136  
    Loss on disposal of property and equipment     9       26  
    Reduction in carrying amount of right-of-use assets     215       49  
    Cryptocurrency received as payment     (290 )     (485 )
    Other            
    Change in operating assets and liabilities:            
    Deposits     (124 )     (165 )
    Accounts receivable     128       (104 )
    Cryptocurrencies     173       409  
    Prepaid expenses and other current assets     965       (364 )
    Accounts payable     (2,357 )     2,241  
    Accrued expenses and other current liabilities     (198 )     (4,524 )
    Income taxes payable     1,121       61  
    Other non-income tax payable     —       2  
    Deferred revenue     281       615  
    Operating leases, net     (235 )     (62 )
    Net Cash Flows Provided by Operations     16,250       1,347  
    Cash flows from Investing Activities:            
    Acquisition of property and equipment     (385 )     (558 )
    Acquisition of Bitcoin for investment     (7,824 )     —  
    Net Cash Flows Used In Investing Activities     (8,209 )     (558 )
    Cash flows from Financing Activities:            
    Proceeds from issuance of notes payable     6,376       15,191  
    Principal payments on notes payable     (6,415 )     (639 )
    Principal payments on finance lease     (846 )     (1,896 )
    Payment of deferred financing costs     (163 )     (19 )
    Proceeds from issuance of common stock, net     978       —  
    Purchase of treasury stock     —       (158 )
    Distributions     (2,477 )     (916 )
    Net Cash Flows (Used In) Provided by Financing Activities     (2,547 )     11,563  
    Effect of exchange rate changed on cash and cash equivalents     (4 )     40  
    Net change in cash and cash equivalents     5,490       12,392  
    Cash and cash equivalents – beginning of period     29,472       29,759  
    Cash and cash equivalents – end of period   $ 34,962     $ 42,151  


    Explanation and Reconciliation of Non-GAAP Financial Measures

    Bitcoin Depot reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release includes both historical and projected Adjusted EBITDA, Adjusted Gross Profit, and certain ratios and other metrics derived therefrom such as Adjusted EBITDA margin and Adjusted Gross Profit margin, which are not prepared in accordance with GAAP.

    Bitcoin Depot defines Adjusted EBITDA as net income before interest expense, income tax expense, depreciation and amortization, non-recurring expenses, share-based compensation, expenses related to the PIPE financing and miscellaneous cost adjustments. Such items are excluded from Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. In addition, Bitcoin Depot defines Adjusted Gross Profit (a non-GAAP financial measure) as revenue less cost of revenue (excluding depreciation and amortization) and depreciation and amortization adjusted to add back depreciation and amortization. Bitcoin Depot believes Adjusted EBITDA and Adjusted Gross Profit each provide useful information to investors and others in understanding and evaluating Bitcoin Depot’s results of operations, as well as provide a useful measure for period-to-period comparisons of Bitcoin Depot’s business performance. Adjusted EBITDA and Adjusted Gross Profit are each key measurements used internally by management to make operating decisions, including those related to operating expenses, evaluate performance and perform strategic and financial planning. However, you should be aware that Adjusted EBITDA and Adjusted Gross Profit are not measures of financial performance calculated in accordance with GAAP and may exclude items that are significant in understanding and assessing Bitcoin Depot’s financial results, and further, that Bitcoin Depot may incur future expenses similar to those excluded when calculating these measures. Bitcoin Depot primarily relies on GAAP results and uses both Adjusted EBITDA and Adjusted Gross Profit on a supplemental basis. Neither Adjusted EBITDA or Adjusted Gross Profit should be considered in isolation from, or as an alternative to, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP and may not be indicative of Bitcoin Depot’s historical or future operating results. Bitcoin Depot’s computation of both Adjusted EBITDA and Adjusted Gross Profit may not be comparable to other similarly titled measures computed by other companies because not all companies calculate such measures in the same fashion. As such, undue reliance should not be placed on such measures.

    Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from the projections of Adjusted EBITDA, together with some of the excluded information not being ascertainable or accessible, Bitcoin Depot is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

    The following table presents a reconciliation of Net (loss) income to Adjusted EBITDA for the periods indicated: 

    BITCOIN DEPOT INC.
    RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA
    (UNAUDITED)    		  
       
        Three Months Ended March 31,  
    (in thousands)   2025     2024  
    Net (loss) income   $ 12,175     $ (4,228 )
    Adjustments:            
    Interest expense     3,068       4,944  
    Income tax expense (benefit)     1,452       (138 )
    Depreciation and amortization     1,897       2,947  
    Unrealized loss on cryptocurrency held for investment     1,094       —  
    Non-recurring expenses (1)     239       463  
    Share-based compensation     368       897  
    Adjusted EBITDA   $ 20,293     $ 4,885  
    Adjusted EBITDA margin (2)     12.4 %     3.5 %

    (1)    Comprised of non-recurring professional service fees.
    (2)    Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. The Company uses this measure to evaluate its overall profitability.

    The following table presents a reconciliation of revenue to Adjusted Gross Profit for the periods indicated:

    BITCOIN DEPOT INC.
    RECONCILIATION OF REVENUE TO ADJUSTED GROSS PROFIT
    (UNAUDITED)    		  
       
      Three Months Ended March 31,  
    (in thousands) 2025     2024  
    Revenue $ 164,226     $ 138,539  
    Cost of revenue (excluding depreciation and amortization) $ (131,091 )     (121,287 )
    Depreciation and amortization excluded from cost of revenue   (1,891 )     (2,881 )
    Gross Profit $ 31,244     $ 14,371  
    Adjustments:          
    Depreciation and amortization excluded from cost of revenue $ 1,891     $ 2,881  
    Adjusted Gross Profit $ 33,135     $ 17,252  
    Gross Profit Margin (1)   19.0 %     10.4 %
    Adjusted Gross Profit Margin (1)   20.2 %     12.5 %

     (1) Calculated as a percentage of revenue.

    Contacts:

    Investors 
    Cody Slach,
    Gateway Group, Inc. 
    949-574-3860 
    BTM@gateway-grp.com

    Media 
    Brenlyn Motlagh, Ryan Deloney 
    Gateway Group, Inc.
    949-574-3860 
    BTM@gateway-grp.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI Economics: CarPlay Ultra, the next generation of CarPlay, begins rolling out today

    Source: Apple

    Headline: CarPlay Ultra, the next generation of CarPlay, begins rolling out today

    May 15, 2025

    UPDATE

    CarPlay Ultra, the next generation of CarPlay, begins rolling out today

    CarPlay Ultra brings the best of iPhone and the best of the car together for a deeply integrated experience, beginning with Aston Martin vehicles

    Starting today, CarPlay Ultra, the next generation of CarPlay, is available with new Aston Martin vehicle orders in the U.S. and Canada, and will be available for existing models that feature the brand’s next-generation infotainment system through a software update in the coming weeks. CarPlay Ultra builds on the capabilities of CarPlay and provides the ultimate in-car experience by deeply integrating with the vehicle to deliver the best of iPhone and the best of the car. It provides information for all of the driver’s screens, including real-time content and gauges in the instrument cluster, while reflecting the automaker’s look and feel and offering drivers a customizable experience. Many other automakers around the world are working to bring CarPlay Ultra to drivers, including newly committed brands Hyundai, Kia, and Genesis.

    “iPhone users love CarPlay, and it has transformed how people connect with their vehicles. With CarPlay Ultra, together with automakers, we are reimagining the in-car experience, making it even more unified and consistent,” said Bob Borchers, Apple’s vice president of Worldwide Product Marketing. “This next generation of CarPlay gives drivers a smarter, safer way to use their iPhone in the car, while deeply integrating with the car’s systems and showcasing the unique look and feel of each automaker. We are excited to kick off the rollout of CarPlay Ultra with Aston Martin — and this is just the beginning, with more automakers on the way.”

    Deeper Integration Than Ever Before

    CarPlay Ultra provides content for all the driver’s screens, including the instrument cluster, with dynamic and beautiful options for the speedometer, tachometer, fuel gauge, temperature gauge, and more, bringing a consistent look and feel to the entire driving experience. Drivers can choose to show information from their iPhone, like maps and media, along with information that comes from the car, such as advanced driver assistance systems and tire pressure, right in the instrument cluster.

    Drivers can also use onscreen controls, physical buttons, or Siri to manage both standard vehicle functions like the car’s radio and climate, as well as advanced, vehicle-specific features and controls like audio system configurations or performance settings, right from CarPlay, giving them a more fluid and seamless experience. CarPlay Ultra also introduces widgets powered by iPhone that perfectly fit the car’s screen or gauge cluster to provide information at a glance.

    A Design Unique to Each Automaker

    CarPlay Ultra allows automakers to express their distinct design philosophy with the look and feel their customers expect. Custom themes are crafted in close collaboration between Apple and the automaker’s design team, resulting in experiences that feel tailor-made for each vehicle. Drivers can also personalize the colors and wallpapers of themes to match their individual tastes.

    “Aston Martin is delighted to have collaborated with Apple and to be first to launch CarPlay Ultra. As a brand, our focus on world-leading performance goes beyond the traditional attributes associated with powertrains, dynamic performance, and craftsmanship. The integration of CarPlay Ultra is a clear example of the dedication to collaborate with the best companies in the world to bring unique experiences and in-vehicle capabilities to our customers. Building on our in-house state-of-the-art infotainment system, CarPlay Ultra will provide additional functionality and personalization opportunities, which place Aston Martin at the forefront of infotainment in the sector.”

    CarPlay Ultra joins CarPlay, which is beloved by drivers around the world and has fundamentally changed the way people interact with their vehicles, providing a safer, smarter way to use iPhone in the car. And just like with CarPlay, rigorous privacy measures built into iPhone apply to CarPlay Ultra.

    Availability

    • Beginning in the U.S. and Canada, CarPlay Ultra will be available for Aston Martin’s core model lineup, and will expand to include vehicles globally in the next 12 months.
    • The experience is available in new Aston Martin vehicle orders in the U.S. and Canada starting today, and will be available for existing Aston Martin vehicles in the U.S. and Canada featuring the brand’s next-generation infotainment system in the coming weeks through a software update available at local dealers.
    • CarPlay Ultra works with iPhone 12 or later running iOS 18.5 or later.
    • For more information on availability across Aston Martin’s vehicle lineup and information on updating at Aston Martin dealerships, visit media.astonmartin.com.

    Press Contacts

    Shane Bauer

    Apple

    shanebauer@apple.com

    Tania Olkhovaya

    Apple

    tolkhovaya@apple.com

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics –

  • MIL-OSI: SYLOGIST Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 Highlights1

               
      Revenue (in $ millions)  
    SaaS Subscription Recurring Total
    Reported Y/Y growth Reported Y/Y growth Reported Y/Y growth
    $7.8 15% $10.9 6% $16.3 3%
     
    • SaaS ARR up 15% Y/Y to $31.4 million;
    • ARR up 6% Y/Y to $44.3 million;
    • Bookings up 153% Y/Y to $23.1 million, including a ~$15 million contract with the Texas OAG2;
    • Adjusted EBITDA Margin of 16.1% or $2.62 million; and
    • SaaS NRR of 108%.

    CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Sylogist Ltd. (TSX: SYZ) (“Sylogist” or the “Company”), a leading public sector SaaS company, today announced its results for the first quarter fiscal 2025, ended March 31, 2025. All figures are in Canadian dollars, unless otherwise specified.

    “Our Q1 performance was right on plan as we continue to execute our SaaS-focused, partner-centric value creation strategy,” said Bill Wood, President & CEO of Sylogist. “We achieved record bookings—nearly double our previous high—and saw well-balanced pipeline expansion across our Gov, Mission, and Ed segments. Combining our latest all-customer NPS survey score of 62, the highest we’ve ever achieved, with our 108% SaaS Net Revenue Retention, paints a clear picture: our customers are happy, advocating on our behalf and increasing their investment with us. We’re excited about the ongoing acceleration of our high-margin SaaS revenue and the operating leverage and scalability that lie ahead.”

    The Company’s Board of Directors declared a quarterly dividend of $0.01 per share to be paid on June 11, 2025, to shareholders of record on May 30, 2025.

    1Growth comparisons have been adjusted to reflect the divestiture of the Managed IT Services division
    2https://sylogist.com/blog/sylogist-awarded-statewide-contract-to-modernize-texas-victim-notification-services/

    Conference Call Details
    The Company will host a conference call at 8:30 AM Eastern Time on May 15, 2025. Bill Wood, President and Chief Executive Officer, and Sujeet Kini, Chief Financial Officer, will present the Company’s financial results, discuss performance as well as outlook for 2025 and beyond. Q & A will follow, as time allows, and replay of the call will be archived in the investor section of the Company’s website.

    Please dial-in before the start of the conference to secure a line and avoid delays.

    About Sylogist
    Sylogist provides mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, non-profit, and education market segments. The Company’s stock is traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist, inclusive of full financial statements together with Management’s Discussion and Analysis, can be found at www.sedarplus.ca or at www.sylogist.com.

    Forward-looking Statements

    This news release contains “forward-looking information” within the meaning of applicable securities legislation. Although the forward-looking information is based on what the Company believes are reasonable assumptions, current expectations, and estimates, investors are cautioned from placing undue reliance on this information since actual results may vary from the forward-looking information. Forward-looking information may be identified by the use of forward-looking terminology such as “believe”, “assume”, “intend”, “may”, “will”, “expect”, “estimate”, “anticipate”, “continue”, “could”, “should”, “can”, “outlook” or similar terms, variations of those terms or the negative of those terms, and the use of the conditional tense as well as similar expressions.

    Such forward-looking information that is not historical fact, including statements based on management’s beliefs and assumptions, cannot be considered as guarantees of future performance. They are subject to a number of risks and uncertainties, including but not limited to future economic conditions, the markets that the Company serves, the actions of competitors, major new technological trends, and other factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. The Company undertakes no obligation to update publicly any forward-looking information whether because of new information, future events or otherwise other than as required by applicable legislation. Important risk factors that may affect these expectations include, but are not limited to, the factors described under the section “Risks and Uncertainties” found in the Company’s Annual Information Form for the fiscal period ended December 31, 2024, and in the Management’s Discussion and Analysis for the quarter ended March 31, 2025 and for the year ended December 31, 2024 and other documents available on the Company’s profile at www.sedarplus.ca. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Actual results and developments may differ, in some cases materially, from those expressed or implied by the forward-looking statements contained in this news release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about: (i) competitive environment; (ii) operating risks; (iii) the Company’s management and employees; (iv) capital investment by the Company’s customers; (v) customer project implementations; (vi) liquidity; (vii) current global financial and geopolitical conditions; (viii) implementation of the Company’s commercial strategic plan; (ix) access to credit sources and the terms of such financing; (x) potential product liabilities and other lawsuits to which the Company may be subject; (xi) additional financing and dilution; (xii) market liquidity of the Company’s common shares; (xiii) development of new products; (xiv) intellectual property and other proprietary rights; (xv) acquisition and expansion; (xvi) foreign currency; (xvii) interest rates; (xviii) technology and regulatory changes; (xix) internal information technology infrastructure and applications and (xx) cyber security. Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities las. The purpose of this financial outlook is to provide readers with disclosure regarding Sylogist’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

    Non-IFRS Financial Measures

    This news release refers to certain non-IFRS measures, namely Bookings, Adjusted EBITDA, Adjusted EBITDA Margin, Annualized Recurring Revenue (“ARR”), Software as a Service (“SaaS”) ARR, and SaaS Net Revenue Retention (“SaaS NRR”). These non-IFRS measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similarly titled measures reported or calculated by other companies. These measures are provided as additional information to complement measures under IFRS by providing further understanding of the Company’s expected results of operations from management’s perspective. Accordingly, such measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS.

    • Bookings refer to the total value of customer accepted contracts during the reporting period. This includes SaaS bookings (the value of SaaS contracts for the entire contracted term) and the project services bookings (the full value of contracted project services).
    • Adjusted EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization, stock-based compensation, foreign exchange gains/losses and the impact of acquisition and restructuring.
    • Adjusted EBITDA Margin refers to Adjusted EBITDA as a percentage of revenue.
    • ARR is defined as the annualized value of contractually committed SaaS and maintenance and support services. This quantification assumes that customers will renew the contractual commitment on a periodic basis as they come up for renewal unless the customer has notified the Company of its intention to cancel.
    • SaaS ARR refers to ARR attributable to SaaS customer contracts.
    • SaaS NRR refers to the percentage of beginning of period ARR retained over a given 12-month period inclusive of the impact of contractions, losses and the impact of any additional expansion revenues from customer upgrades within the existing customer base. The Company’s calculation of SaaS NRR includes the impact of customers converting from its maintenance and support offerings to its SaaS offerings.

    Bookings, Adjusted EBITDA, Adjusted EBITDA Margin, ARR, SaaS ARR, and SaaS NRR are provided to investors as alternative methods for assessing the Company’s operating results in a manner that is focused on the Company’s ongoing operations and to provide a more consistent basis for comparison between periods. These measures should not be construed as alternatives to profit or cash flow from operating activities, determined in accordance with IFRS as an indicator of the Company’s performance.

    For further information regarding non-IFRS measures used by the Company, please refer to a copy of the Company’s Annual Financial Statements and Management’s Discussion and Analysis for the year ended December 31, 2024, copies of which are available on Sylogist’s SEDAR profile at www.sedarplus.ca.

    Currency and Rounding
    All amounts in this Press Release are expressed in millions of Canadian dollars unless otherwise stated. All percentage variations expressed herein have been calculated based on variations resulting from numbers expressed in millions. Any potential differences from similarly calculated percentages in the Company’s Financial Statements and Management’s Discussion and Analysis are due to rounding and are nonmaterial.

    For further information contact:
    Sujeet Kini, CFO
    Sylogist Ltd.

    (416) 491-8004
    ir@sylogist.com

    The MIL Network –

  • MIL-OSI: CRN Recognizes Nine Climb Channel Solutions Employees on the 2025 ‘Women of the Channel’ List and Names Climb CMO Kim Stevens as one of the 2025 Women of the Channel Power 100

    Source: GlobeNewswire (MIL-OSI)

    EATONTOWN, N.J., May 15, 2025 (GLOBE NEWSWIRE) — Climb Channel Solutions, an international specialty technology distributor and wholly owned subsidiary of Climb Global Solutions, Inc. (NASDAQ: CLMB), announced Monday, May 13, 2025 that CRN®, a brand of The Channel Company, has named nine women at Climb Channel Solutions to the Women of the Channel list for 2025 and Kim Stevens, the Chief Marketing Officer, to the 2025 Women of the Channel Power 100, an elite subset of prominent leaders selected from the CRN® 2025 Women of the Channel list.

    This annual CRN list celebrates women from vendors, distributors, solution providers and other channel-focused organizations who make a positive difference in the IT ecosystem. The CRN 2025 Women of the Channel honorees are innovative and strategic leaders committed to advancing channel excellence and supporting the success of their partners and customers.

    With this recognition, CRN honors these women leaders for their unwavering dedication and commitment to furthering channel excellence.

    “It’s an honor to recognize the outstanding accomplishments of these women, who are leaders and change-makers in the IT channel,” said Jennifer Follett, VP, U.S. Content and Executive Editor, CRN at The Channel Company. “Each woman spotlighted on this list has shown exceptional dedication to building creative strategies that propel transformation, growth, and success for their organizations and the entire IT channel. We are pleased to spotlight their important contributions and look forward to their future success.”

    Congratulations to:

    • Kim Stevens, Chief Marketing Officer, 2025 Women of the Channel Power 100
    • Danielle Franco, VP of Operations, 2025 Women of the Channel
    • Erin King, Director, Premier Accounts, 2025 Women of the Channel
    • Katie Kunker, Regional Sales Director, Southeast, 2025 Women of the Channel
    • Jessica Lindof, Regional Sales Director, Northeast, 2025 Women of the Channel
    • Jennifer Mish, Director of Corporate Marketing, 2025 Women of the Channel
    • Michelle Boers, Director of National Accounts, 2025 Women of the Channel
    • Sarah Peters, Director of National Alliances, 2025 Women of the Channel
    • Nicole Shanley, Sr. Director of Order Services, 2025 Women of the Channel
    • Sandy DeVico, Director of National Accounts, 2025 Women of the Channel

    “We’re honored to celebrate nine exceptional women recognized on the Women of the Channel list this year—including six repeat awardees—as well as our CMO, Kim Stevens, once again earning a spot on the Power 100. Their impact continues to shape Climb’s growth, demonstrates our commitment to our partners and customers, and reflects our culture of excellence,” said Dale Foster, CEO of Climb Channel Solutions.

    From within this impressive group, the annual Power 100 recognizes some of the most influential women leaders from technology vendors and distributors who consistently contribute their advocacy and expertise to advancing the channel.

    The women on the Power 100 are an inspiration to industry peers and show deep dedication to improving outcomes and opportunities for their own organizations and their partners in the channel ecosystem.  

    Kim Stevens, CMO, Climb said: “I’m grateful to be part of the 2024 Women of the Channel Power 100 list and to work with the amazing nine women celebrated on this list. Being mentioned alongside such inspiring peers is an honor. Climb has created a culture that empowers us to reach our full potential, and every day, I feel fortunate to do what I love with such incredible colleagues.”

    The 2025 Women of the Channel list will be featured in the June issue of CRN Magazine, with online coverage beginning May 12 at www.CRN.com/WOTC.

    Those interested in distribution services and solutions should contact Climb by phone at +1.800.847.7078 (US), or +1.888.523.7777 (Canada), or by email at Sales@ClimbCS.com.

    About Climb Channel Solutions and Climb Global Solutions

    Climb Channel Solutions is a global specialty technology distributor focused on Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & Application Lifecycle. What sets Climb apart is our commitment to reimagining distribution through a data-driven approach that brings emerging technologies to market faster. We empower our partners with speed to market, flexible financing, real-time quoting, best-of-breed channel operations, and exceptional service—transforming how distribution supports growth and scalability. Climb Channel Solutions is a wholly owned subsidiary of Climb Global Solutions (NASDAQ: CLMB). Experience distribution reimagined and discover how our people-first approach helps VARs and MSPs grow, scale, and accelerate their business. Visit www.ClimbCS.com, call 1-800-847-7078, and connect with us on LinkedIn!

    For Media & PR inquiries contact:
    Climb Channel Solutions
    Media Relations
    media@ClimbCS.com

    Investor Relations Contact:
    Elevate IR
    Sean Mansouri, CFA
    T: 720-330-2829
    CLMB@elevate-ir.com

    About The Channel Company

    The Channel Company (TCC) is the global leader in channel growth for the world’s top technology brands. We accelerate success across strategic channels for tech vendors, solution providers, and end users with premier media brands, integrated marketing and event services, strategic consulting, and exclusive market and audience insights. TCC is a portfolio company of investment funds managed by EagleTree Capital, a New York City-based private equity firm. For more information, visit thechannelco.com.

    Follow The Channel Company: X and LinkedIn

    © 2025. CRN is a registered trademark of The Channel Company, Inc. All rights reserved.

    The Channel Company Contact:
    Kristin DaSilva
    The Channel Company
    kdasilva@thechannelcompany.com

    The MIL Network –

  • MIL-OSI: Bitdeer Reports Unaudited Financial Results for the First Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 15, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining, today released its unaudited financial results for the first quarter ended March 31, 2025.

    Q1 2025 Financial Highlights
    All amounts compared to Q1 2024 unless otherwise noted

    • Total revenue was US$70.1 million vs. US$119.5 million.
    • Cost of revenue was US$73.4 million vs. US$85.4 million.
    • Gross profit was negative US$3.2 million vs. positive US$34.1 million.
    • Net income was US$409.5 million vs. US$0.6 million.
    • Adjusted EBITDA1 was negative US$56.1 million, vs. positive US$27.32 million.
    • Cash and cash equivalents were US$215.6 million as of March 31, 2025.
    • Crypto balance: US$131.1 million as of March 31, 2025.

    Management Commentary

    “This quarter marked the continued execution of our SEALMINER roadmap,” said Matt Kong, Chief Business Officer at Bitdeer. “We have energized 3.7 EH/s and 0.5 EH/s of SEALMINER A1 and SEALMINER A2, respectively, bringing our self-mining hashrate to 12.4 EH/s by the end of April. With our SEALMINER mining rigs quickly coming off the production line and ample global power capacity available, we expect to achieve rapid growth in our self-mining hashrate towards our 40 EH/s target by October 2025. Looking ahead, our R&D efforts are now focused on our SEALMINER A4 project, for which we are targeting an unprecedent chip efficiency of approximately 5 J/TH at the chip level. We believe this new chip design will revolutionize the way Bitcoin mining ASICs are made in the future and tape-out is on track for Q4 2025. We believe SEALMINER A4, along with our 3rd generation chip, will position Bitdeer as the leading supplier of the world’s most energy efficient mining rigs.”

    Mr. Kong concluded, “On the energy front, construction of our global power infrastructure remains on schedule. We expect to have nearly 1.6 GW of available global power capacity by the end of Q2 2025 and 1.8 GW by year-end. As part of our HPC/AI initiative, we engaged Northland Capital Markets in March to serve as our financial advisor for the development of our HPC/AI data center strategy. We have advanced our discussions with development partners and potential end users regarding selected large-scale sites in the U.S. targeted for HPC and AI cloud infrastructure.”

    Operational Summary

    Metrics Three Months Ended Mar 31
      2025 2024
    Total hash rate under management (EH/s) 24.2 22.5
    – Proprietary hash rate 12.1 8.4
    – Self-mining 11.5 6.7
    – Cloud Hash Rate – 1.7
    – Delivered but not yet hashing 0.6 –
    – Hosting 12.1 14.1
    Mining rigs under management 175,000 226,000
    – Self-owned 97,000 86,000
    – Hosted 78,000 140,000
    Bitcoin mined (self-mining only) 350 911
    Bitcoins held 1,156 58
    Total power usage (MWh) 881,000 1,361,000
    Average cost of electricity ($/MWh) 48 43
    Average miner efficiency (J/TH) 29.0 31.7
     

    Power Infrastructure Summary (as of April 30, 2025)

    Site / Location Capacity (MW) Status Timing3
    Electrical capacity      
    – Rockdale, Texas 563 Online Completed
    – Knoxville, Tennessee 86 Online Completed
    – Wenatchee, Washington 13 Online Completed
    – Molde, Norway 84 Online Completed
    – Tydal, Norway 120 Online Completed
    – Gedu, Bhutan 100 Online Completed
    – Jigmeling, Bhutan 132 Online Completed
    Total electrical capacity 1,098    
    Pipeline capacity      
    – Tydal, Norway Phase 2 105 In progress Q2 2025
    – Massillon, Ohio 221 In progress Q3-Q4 2025
    – Clarington, Ohio Phase 1 266 Paused TBD
    – Clarington, Ohio Phase 2 304 Pending approval TBD
    – Jigmeling, Bhutan 368 In progress Q2 2025
    – Rockdale, Texas 179 In planning Estimate 2026
    – Alberta, Canada 99 In planning Q4 2026
    – Oromia Region, Ethiopia 50 In planning Q4 2025
    Total pipeline capacity 1,592    
    Total global electrical capacity 2,690    
     

    Financial MD&A
    All variances are current quarter compared to the same quarter last year. All figures in this section are rounded4.

    Q1 2025 High-Level P&L and Disaggregated Revenue Details:

    US $ in millions Three Months Ended
      March 31, 2025 Dec 31, 2024 March 31, 2024
    Total revenue 70.1 69.0 119.5
    Cost of revenue (73.4) (63.9) (85.4)
    Gross profit/(loss) (3.2) 5.1 34.1
    Net profit/(loss) 409.5 (531.9) 0.6
    Adjusted EBITDA (56.1) (3.8) 27.32
    Cash and cash equivalents 215.6 476.3 118.5
    US $ in millions Three Months Ended Mar 31, 2025
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting Sales of SEALMINERs
    Revenue 37.2 0.1 9.6 16.3 4.1
    Cost of revenue          
     – Electricity cost in operating mining rigs (24.0) – (6.8) (11.4) –
     – Depreciation and SBC expenses (13.7) (0.1) (1.5) (2.6) –
     – Cost of products sold – – – – (3.3)
     – Other cash costs (3.4) – (0.9) (1.5) –
    Total cost of revenue (41.0) (0.1) (9.1) (15.4) (3.3)
    Gross profit/(loss) (3.8) – 0.5 0.9 0.8
    US $ in millions Three Months Ended Mar 31, 2024
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting Sales of SEALMINERs
    Revenue 48.4 18.1 29.0 19.5 –
    Cost of revenue          
     – Electricity cost in operating mining rigs (26.2) (5.3) (14.0) (13.1) –
     – Depreciation and SBC expenses (8.7) (3.2) (3.0) (2.0) –
     – Other cash costs (2.7) (1.0) (1.6) (1.1) –
    Total cost of revenue (37.6) (9.6) (18.6) (16.2) –
    Gross profit 10.8 8.5 10.3 3.2 –
     

    Q1 2025 Management’s Discussion and Analysis (compared to Q1 2024)

    Revenue

    • Total revenue was US$70.1 million vs. US$119.5 million.
    • Self-mining revenue was US$37.2 million vs. US$48.4 million, primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by 44.8% to 9.7 EH/s from 6.7 EH/s last year and higher year-over-year Bitcoin prices.
    • Cloud Hash Rate revenue was US$0.1 million vs. US$18.1 million. The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations by the end of 2024.
    • General Hosting revenue was US$9.6 million vs. US$29.0 million. The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics.
    • Membership Hosting revenue was US$16.3 million vs. US$19.5 million. Similar to general hosting, the decline was primarily driven by customers scaling down operations for older and less efficient rigs following the April 2024 halving as a result of reduced mining economics.
    • SEALMINER sales revenue was US$4.1 million.

    Cost of Revenue

    • Cost of revenue was US$73.4 million vs US$85.4 million. The decrease was primarily driven by lower power usage from hosted mining rigs, partially offset by the increase in costs of SEALMINERs sold to customers and depreciation expenses for SEALMINER launched in our datacenters during Q1 2025.

    Gross Profit and Margin

    • Gross profit was negative US$3.2 million vs. positive US$34.1 million.
    • Gross margin was -4.6% vs. 28.6%.

    Operating Expenses

    • The sum of the operating expenses below was US$75.8 million vs. US$37.8 million.
      • Selling expenses were US$1.4 million vs. US$1.7 million, about flat year-over-year.
      • General and administrative expenses were US$15.4 million vs. US$15.0 million, about flat year-over-year.
      • Research and development expenses were US$59.0 million vs. US$21.2 million, primarily due to higher R&D costs related to the one-off development and tape out costs of SEAL03 chip, higher engineering costs related to the Company’s ASIC development roadmap, and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain in Q4 2024.

    Other Net Gain

    • Other net gain was US$503.1 million primarily due to the non-cash, fair value changes of derivative liabilities, which were the US$448.7 million of gain on fair value changes for the convertible notes issued in August 2024 and November 2024 and the US$58.4 million of gain on fair value changes for the Tether warrants. 

    Net Income

    • Net income was US$409.5 million vs. US$0.6 million.

    Adjusted Profit / (Loss) (Non-IFRS)5

    • Adjusted loss was US$89.8 million vs. adjusted profit of US$9.72 million. The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher R&D expenses as described above.

    Adjusted EBITDA (Non-IFRS)

    • Adjusted EBITDA was negative US$56.1 million vs. positive US$27.32 million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D expenses as described above.

    Cash Flows

    • Net cash used in operating activities was US$284.0 million, primarily driven by working capital payments to suppliers for SEALMINER mass production.
    • Net cash used in investing activities was US$73.6 million, which included US$45.7 million of capital expenditures for infrastructure construction and mining rigs, US$18.2 million for the purchase of cryptocurrencies, US$21.9 million to acquire the site and gas-fired power project in Alberta, and US$12.3 million of proceeds from disposal of cryptocurrencies from principal business.
    • Net cash generated from financing activities was US$94.9 million, primarily driven by US$118.4 million net proceeds from issuance of ordinary shares and partially offset by US$21.0 million used for share repurchases.

    Capex

    • 2025 power and datacenter infrastructure capex lowered to be in the range of US$260 to US$290 million from prior guidance of US$340 to US$370 million primarily due to the pause of bitcoin-mining infrastructure construction at Bitdeer’s Clarington, Ohio site due to advancing discussions with development partners and potential end users for HPC/AI. This updated range includes reported infrastructure capex in Q1.

    Balance Sheet
    As of March 31, 2025 unless stated otherwise (compared to December 31, 2024)

    • US$215.6 million in cash and cash equivalents, US$131.1 million in cryptocurrencies and US$215.4 million in borrowing.
    • US$381.7 million prepayments and other assets, up from US$310.2 million. Change primarily driven by advanced payments to suppliers for SEALMINER mass volume production.
    • US$153.7 million inventories, up from US$64.9 million. Increase driven by wafers, chips, WIP and finished SEALMINER inventory.
    • US$256.8 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August 2024 and November 2024.

    Further information regarding the Company’s first quarter 2025 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.

    About Bitdeer Technologies Group
    Bitdeer is a world-leading technology company for Bitcoin mining. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.

    Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

    Forward-Looking Statements
    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

    BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
           
      As of March 31,   As of December 31,
    (US $ in thousands) 2025   2024
    ASSETS      
    Current assets      
    Cash and cash equivalents 215,642     476,270  
    Restricted cash 12,107     9,144  
    Cryptocurrencies 131,144     77,537  
    Trade receivables 10,263     9,627  
    Amounts due from a related party 15,810     15,512  
    Prepayments and other assets 335,071     291,929  
    Inventories 153,740     64,888  
    Financial assets at fair value through profit or loss 4,540     4,540  
    Total current assets  878,317     949,447  
           
    Non-current assets      
    Restricted cash 5,906     8,212  
    Prepayments and other assets 46,652     18,244  
    Financial assets at fair value through profit or loss 35,428     37,981  
    Mining rigs 101,581     67,324  
    Right-of-use assets 75,338     69,273  
    Property, plant and equipment 302,210     251,377  
    Investment properties 30,529     30,723  
    Intangible assets 78,303     83,235  
    Goodwill 35,818     35,818  
    Deferred tax assets 8,543     6,220  
    Total non-current assets  720,308     608,407  
    TOTAL ASSETS  1,598,625     1,557,854  
           
    LIABILITIES      
    Current liabilities      
    Trade payables 50,729     31,471  
    Other payables and accruals 38,098     40,617  
    Amounts due to a related party 7,788     8,747  
    Income tax payables 2,437     2,729  
    Derivative liabilities 256,775     763,939  
    Deferred revenue 61,016     39,029  
    Borrowings 215,436     208,127  
    Lease liabilities 6,895     5,460  
    Total current liabilities  639,174     1,100,119  
           
    Non-current liabilities      
    Other payables and accruals 1,786     1,650  
    Deferred revenue 68,449     90,200  
    Lease liabilities 78,846     72,673  
    Deferred tax liabilities 15,721     16,614  
    Total non-current liabilities 164,802     181,137  
    TOTAL LIABILITIES  803,976     1,281,256  
           
    NET ASSETS  794,649     276,598  
           
    EQUITY      
    Share capital *   *
    Treasury equity (181,065 )   (160,926 )
    Accumulated deficit (239,531 )   (649,004 )
    Reserves 1,215,245     1,086,528  
    TOTAL EQUITY 794,649     276,598  
     

    * Amount less than US$1,000

    BITDEER GROUP UNAUDITED CONSOLIDATED OPERATIONS AND COMPREHENSIVE INCOME
           
       Three months ended March 31, 
    (US $ in thousands) 2025   2024
           
    Revenue 70,128     119,506  
    Cost of revenue (73,353 )   (85,375 )
    Gross profit / (loss) (3,225 )   34,131  
    Selling expenses (1,393 )   (1,690 )
    General and administrative expenses (15,389 )   (14,969 )
    Research and development expenses (59,014 )   (21,164 )
    Other operating income / (expenses) (7,789 )   1,746  
    Other net gain 503,050     2,447  
    Profit from operations 416,240     501  
    Finance income / (expenses) (9,343 )   151  
    Profit before taxation 406,897     652  
    Income tax benefit / (expenses) 2,576     (46 )
    Profit for the period 409,473     606  
    Other comprehensive income      
    Income for the period 409,473     606  
    Other comprehensive income for the period    
    Item that may be reclassified to profit or loss      
    Exchange differences on translation of financial statements 166     32  
    Other comprehensive income for the period, net of tax 166     32  
    Total comprehensive income for the period 409,639     638  
           
    Earnings / (loss) per share (in US$)      
    Basic 2.15     0.01  
    Diluted (0.37 )   0.01  
    Weighted average number of shares outstanding (thousand shares)
    Basic 190,199     114,843  
    Diluted 228,561     117,041  
               
    BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
           
      Three months ended March 31,
    (US $ in thousands) 2025   2024
           
    Cash flows from operating activities      
    Cash used in operating activities: (280,889 )   (132,867 )
    Interest paid on leases (702 )   (652 )
    Interest paid on borrowings (4,493 )   (465 )
    Interest received 2,724     1,813  
    Income tax paid (628 )   –  
    Net cash used in operating activities  (283,988 )   (132,171 )
           
    Cash flows from investing activities      
    Purchase of property, plant and equipment, investment properties and intangible assets (44,770 )   (29,615 )
    Purchase of mining rigs (955 )   (1,560 )
    Purchase of financial assets at fair value through profit or loss (132 )   (992 )
    Purchase of cryptocurrencies (18,159 )   –  
    Proceeds from disposal of cryptocurrencies 12,283     90,380  
    Cash paid for the site and gas-fired power project in Alberta, Canada (21,870 )   –  
    Net cash generated from / (used in) investing activities  (73,603 )   58,213  
           
    Cash flows from financing activities      
    Capital element of lease rentals paid (1,942 )   (1,338 )
    Proceeds from issuance of shares for exercise of share rewards 530     37  
    Proceeds from issuance of ordinary shares, net of transaction costs 118,403     49,931  
    Payment for the future issuance cost –     (303 )
    Acquisition of treasury shares (21,010 )   –  
    Payment for transaction costs in connection with convertible senior notes (1,119 )   –  
    Net cash generated from financing activities  94,862     48,327  
           
    Net decrease in cash and cash equivalents  (262,729 )   (25,631 )
    Cash and cash equivalents at the beginning of the period 476,270     144,729  
    Effect of movements in exchange rates on cash and cash equivalents held 2,101     (637 )
    Cash and cash equivalents at the end of the period 215,642     118,461  
     

    Use of Non-IFRS Financial Measures
    In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.

    The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s profit or loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

    The following table presents a reconciliation of profit/(loss) for the relevant period to adjusted EBITDA and adjusted profit/ (loss), for the three months ended March 31, 2025 and 2024.

    BITDEER GROUP UNAUDITED NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION
           
      Three months ended March 31,
    (US $ in thousands) 2025   2024
    Adjusted EBITDA      
    Profit for the period 409,473     606  
    Add：      
    Depreciation and amortization 25,387     18,187  
    Income tax (benefit) / expenses (2,576 )   46  
    Interest (income) / expense, net 10,880     (608 )
    Share-based payment expenses 10,404     7,803  
    Changes in fair value of derivative liabilities (507,162 )   –  
    Changes in fair value of cryptocurrency-settled receivables and payables (2,551 )   1,305  
    Total of Adjusted EBITDA (56,145 )   27,3392  
           
    Adjusted Profit / (loss)      
    Profit for the period 409,473     606  
    Add：      
    Share-based payment expenses 10,404     7,803  
    Changes in fair value of derivative liabilities (507,162 )   –  
    Changes in fair value of cryptocurrency-settled receivables and payables (2,551 )   1,305  
    Total of Adjusted Profit / (loss) (89,836 )   9,7142  
     

    For investor and media inquiries, please contact:

    Investor Relations
    Yujia Zhai
    Orange Group
    bitdeerIR@orangegroupadvisors.com

    Public Relations
    Nishant Sharma
    BlocksBridge Consulting
    bitdeer@blocksbridge.com

    ____________________________
    1     “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.
    2 During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.3 million revision to Q1 2024 metrics, reflects non-cash fair value changes in cryptocurrency-settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.
    3 Indicative timing. All timing references are to calendar quarters and years.
    4 Figures may not add due to rounding.
    5 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.

    The MIL Network –

  • MIL-OSI: Next Hydrogen Reports Q1 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, May 15, 2025 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (the “Company” or “Next Hydrogen”) (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of electrolyzers, is pleased to report its financial results for the three-month period ended March 31, 2025.

    “The value proposition offered by our unique water electrolyzers is clear and well supported by over 40,000 hours of data. This has resulted in partnerships with blue chip industry partners such as Casale, GE Vernova and Pratt & Whitney,” said Raveel Afzaal, President & CEO. “The focus for 2025 is to (1) scale up our product line up to 8MW, (2) demonstrate a strong execution pathway for large volume manufacturing, and (3) show further and significant growth in our sales backlog. We are executing well on all three of these goals which should unlock long-term funding solutions for Next Hydrogen.”  

    Q1 2025 Financial Highlights

    • Cash balance was $1.5M as of March 31, 2025, compared to $3.5M as of December 31, 2024.
    • Revenue for the three-month period ended March 31, 2025 was $0.3M compared to $0.6M in the same period of the prior year.
    • Net loss and comprehensive loss for the three-month period ended March 31, 2025 was $3M compared to $3.4M in the same period of the prior year.

    Management is proud to highlight several recent milestones that demonstrate significant recent progress:

    • In April 2025, Next Hydrogen received a $5M working capital debt facility from the Export Development Canada (“EDC”), of which approximately $3M has been received in cash and the remaining $2M is expected later in the year. Next Hydrogen intends to use the funds for its scale up and general corporate purposes.
    • Next Hydrogen has achieved over 40,000 hours of data on its test platform driving the significant improvement in cell performance achieved to date.
    • In March 2025, Next Hydrogen partnered with a leading hydrogen production system manufacturer with an existing gigawatt scale manufacturing facility to accelerate the scale-up and commercialization of its water electrolysis technology. This partnership provides Next Hydrogen with world-leading manufacturing capacity and competitively positions it to bid on large-scale projects globally starting in 2026. Next Hydrogen will continue to maintain control over intellectual property and electrolyzer design. The Company also aims to further expand its Canadian operations to ensure flexible supply chain and production that aligns with evolving clean energy policies, driving global green hydrogen adoption.
    • In March 2025, Next Hydrogen received ISO 9001-2015 and ISO 45001-2018 certifications for its 6610 Edwards Boulevard site in Mississauga, Canada. This demonstrates and certifies Next Hydrogen’s standardized quality systems, health and safety management systems, supplier selection processes, and continuous improvement processes. These certifications show that the Company has an efficient operating system capable of scaling to support its expanding customer base.
    • In March 2025, the Company appointed Adarsh Mehta to the Company’s board of directors (the “Board”). Ms. Mehta filled the vacancy on the Board resulting from the resignation of Mr. Matthew Fairlie, who resigned from the Board effective January 15, 2025. Ms. Mehta is VP of Business Development at Jenner Renewable Consulting, with 22 years of experience in renewable energy, leading technical reviews, due diligence, and development for over 2,500MW of wind and solar projects in the Americas. She served on the Canadian Wind Energy Association’s Board from 2008 to 2015 and was Chairperson in 2011. Her extensive expertise in renewable energy and project development is crucial for the Company’s growth.
    • As of December 2024, the Company closed a private placement offering (the “Offering”) and received unsecured convertible debentures (each, a “Debenture”) consisting of about $2.7M principal amount of Debentures. Next Hydrogen intends to use the proceeds of the Offering to invest in its scale-up efforts and for general corporate purposes.
    • In November 2024, Next Hydrogen and Pratt & Whitney announced a collaboration to demonstrate the use of hydrogen in aircraft engines as an enabler for reducing CO2 emissions. This project is partially funded by Canada’s Initiative for Sustainable Aviation Technology (“INSAT”) and will accelerate the Company’s efforts towards high efficiency, low-cost electrolyzers which are needed for establishing hydrogen production infrastructure for aviation fuel.
    • In October 2024, the Company successfully completed a durability test of its second-generation water electrolyzer technology (“GEN2”) electrolysis cells used in the efficient production of green hydrogen. The GEN2 cells will be deployed in Next Hydrogen electrolyzers at customer sites for commercial operation. Next Hydrogen previously reported that it has achieved its energy efficiency targets cell performance of 1.90 V/cell at 1 A/cm2 and 70°C for its GEN2 water electrolyzer technology which exceeded the reported US Department of Energy (“DOE”) technical targets status for energy efficiency. The GEN2 performance achievement has positioned the Company to being the industry leader in electrolysis cell performance.
    • In September 2024, the Company successfully completed an extended Factory Acceptance Test for its GEN2 electrolysis cells. The Company plans to commission the system at an external reference site for market demonstration in 2025.
    • In August 2024, the Company was awarded a contract by the University of Minnesota (“UMN”) for its latest generation electrolysis technology to be installed at the UMN West Central Research and Outreach Center (“WCROC”). The WCROC project is supported by the U.S. Department of Energy’s Advanced Research Project Agency (“ARPA-E”) as well as other partners including RTI International (“RTI”) and will include technologies from Casale SA, RTI, UMN, Nutrien and Shell to demonstrate the production of ammonia from renewable energy targeting emerging energy markets and existing agricultural markets. Next Hydrogen will be supplying its latest third-generation Alkaline Water Electrolyzers featuring further advancements in energy efficiency, current density and operating pressure.

    For a more detailed discussion of Next Hydrogen’s first quarter results, please see the Company’s financial statements and management’s discussion and analysis, which are available on the Company’s website at nexthydrogen.com or on SEDAR+ at www.sedarplus.ca.

    In addition, to better understand our achievements from 2024 and the outlook for 2025, please refer to the CEO letter included in the 2024 year-end MD&A.

    About Next Hydrogen

    Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen’s unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize industrial and transportation sectors.

    Contact Information

    Raveel Afzaal, President and Chief Executive Officer
    Next Hydrogen Solutions Inc.
    Email: rafzaal@nexthydrogen.com
    Phone: 647-961-6620

    www.nexthydrogen.com

    Cautionary Statements

    This news release contains “forward-looking information” and “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; cell efficiency targets; expected order sizes for the product line; customer relationships and customer terms for testing of products at a customer site; the ability of the Corporation to optimize energy efficiencies; the Corporation’s available resources to double its growing backlog; uncertainty with respect to the timing of any contemplated transactions or partnerships, or whether such contemplated transactions or partnerships will be completed at all; whether the uncertainty of estimates and projections relating to costs and expenses; failure to obtain necessary regulatory approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    Payment
    The information is reported under the following payment types:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Report on Payments to Governments [1]

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

    [1] The figures in this Report are rounded.

    Germany

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

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

    Italy

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

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

    Norway

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    EQUINOR ASA         853,946,278 [A]         –         –         –         –         –         853,946,278
    PETORO AS         1,229,275,364 [B]         –         –         –         –         –         1,229,275,364
    SKATTEETATEN         –           1,300,962,023         –         –         –         –         1,300,962,023
    SOKKELDIREKTORATET         –           –         –         –         122,391         –         122,391
    Total         2,083,221,642           1,300,962,023         –         –         122,391         –         3,384,306,056
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    ORMEN LANGE         2,083,221,642 [C]         –         –         –         –         –         2,083,221,642
    Entity level payment                
    A/S NORSKE SHELL         —           1,300,962,023         –         –         122,391         –         1,301,084,414
    Total         2,083,221,642           1,300,962,023         –         –         122,391         –         3,384,306,056

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

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

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

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

    United Kingdom

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    HM REVENUE AND CUSTOMS         –         -16,649,747         –         –         –         –         -16,649,747
    NORTH SEA TRANSITION AUTHORITY         –         –         –         –         11,355,210         –         11,355,210
    THE CROWN ESTATE SCOTLAND         –         –         –         –         128,319         –         128,319
    Total         –         -16,649,747         –         –         11,483,529         –         -5,166,218
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BRENT AND OTHER NORTHERN NORTH SEA PROJECTS         –         -32,113,820         –         –         563,325         –         -31,550,495
    ONEGAS WEST         –         –         –         –         3,232,597         –         3,232,597
    UK EXPLORATION PROJECTS         –         –         –         –         1,117,783         –         1,117,783
    UK OFFSHORE OPERATED         –         –         –         –         2,119,313         –         2,119,313
    WEST OF SHETLAND NON-OPERATED         –         –         –         –         1,076,456         –         1,076,456
    Entity level payment              
    SHELL U.K. LIMITED         –         15,464,073         –         –         3,374,055         –         18,838,128
    Total         –         -16,649,747         –         –         11,483,529         –         -5,166,218

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

    Brunei

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    MINISTRY OF FINANCE AND ECONOMY         –         44,229,620         –         –         –         –         44,229,620
    PETROLEUM AUTHORITY OF BRUNEI DARUSSALEM         3,983,642         –         8,660,091         –         –         –         12,643,733
    Total         3,983,642         44,229,620         8,660,091         –         –         –         56,873,353
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    SHELL DEEPWATER BORNEO B.V.         –         39,001,133         –         –         –         –         39,001,133
    SHELL EXPLORATION AND PRODUCTION BRUNEI B.V.         3,983,642         5,228,487         8,660,091         –         –         –         17,872,220
    Total         3,983,642         44,229,620         8,660,091         –         –         –         56,873,353

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

    China

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    TIANJIN MUNICIPAL TAXATION BUREAU         –         5,911,867         –         –         –         –         5,911,867
    YULIN MUNICIPAL TAXATION BUREAU         –         4,431,749         –         –         –         –         4,431,749
    Total         –         10,343,616         –         –         –         –         10,343,616
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    SHELL CHINA EXPLORATION AND PRODUCTION COMPANY LIMITED         –         10,343,616         –         –         –         –         10,343,616
    Total         –         10,343,616         –         –         –         –         10,343,616

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

    India

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    INCOME TAX DEPARTMENT         –         -17,715,638         –         –         –         –         -17,715,638
    Total         –         -17,715,638         –         –         –         –         -17,715,638
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    BG EXPLORATION AND PRODUCTION INDIA LIMITED         –         -17,715,638         –         –         –         –         -17,715,638
    Total         –         -17,715,638         –         –         –         –         -17,715,638

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

    Kazakhstan

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

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

    Malaysia

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Governments                  
    BRUNEI NATIONAL PETROLEUM COMPANY SENDIRIAN BERHAD         301,048,915 [A]         –         –           –         –         –         301,048,915
    LEMBAGA HASIL DALAM NEGERI         –           305,924,901         –           –         –         –         305,924,901
    MALAYSIA FEDERAL AND STATE GOVERNMENTS         –           –         469,060,363 [B]         –         –         –         469,060,363
    PETROLEUM SARAWAK EXPLORATION AND PRODUCTION SDN. BHD.         74,656,856 [C]         –         –           –         –         –         74,656,856
    PETROLIAM NASIONAL BERHAD         990,078,563 [D]         –         30,948,459           –         –         –         1,021,027,022
    PETRONAS CARIGALI SDN. BHD.         951,218,473 [E]         –         –           –         –         –         951,218,473
    Total         2,317,002,807           305,924,901         500,008,822           –         –         –         3,122,936,530
                       
    Project report (in USD)
      Production entitlements   Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Projects                  
    SABAH GAS (NON-OPERATED)         –           16,208,714         3,017,327           –         –         –         19,226,041
    SABAH INBOARD AND DEEPWATER OIL         1,435,194,825 [F]         158,435,164         303,452,674 [G]         –         –         –         1,897,082,663
    SARAWAK OIL AND GAS         881,807,982 [H]         116,047,586         193,538,821 [I]         –         –         –         1,191,394,389
    Entity level payment                  
    SABAH SHELL PETROLEUM COMPANY LIMITED         –           4,502,043         –           –         –         –         4,502,043
    SARAWAK SHELL BERHAD         –           3,394,907         –           –         –         –         3,394,907
    SHELL ENERGY ASIA LIMITED         –           2,616,753         –           –         –         –         2,616,753
    SHELL OIL AND GAS (MALAYSIA) LLC         –           595,653         –           –         –         –         595,653
    SHELL SABAH SELATAN SENDRIAN BERHAD         –           4,124,081         –           –         –         –         4,124,081
    Total         2,317,002,807           305,924,901         500,008,822           –         –         –         3,122,936,530

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

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

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

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

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

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

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

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

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

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

    Oman

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    MINISTRY OF ENERGY AND MINERALS         633,711,368 [A]         –         –         –         –         –         633,711,368
    MINISTRY OF FINANCE         –           3,954,062,451         –         –         900,000         –         3,954,962,451
    Total         633,711,368           3,954,062,451         –         –         900,000         –         4,588,673,819
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    BLOCK 6 CONCESSION         –           3,954,062,451         –         –         –         –         3,954,062,451
    BLOCK 10 CONCESSION         633,711,368 [A]         –         –         –         400,000         –         634,111,368
    BLOCK 11 CONCESSION         –           –         –         –         250,000         –         250,000
    BLOCK 55 CONCESSION         –           –         –         –         250,000         –         250,000
    Total         633,711,368           3,954,062,451         –         –         900,000         –         4,588,673,819

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

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

    Qatar

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

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

    Australia

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    AUSTRALIAN TAXATION OFFICE         –         1,277,737,693         –         –         –         –         1,277,737,693
    BANANA SHIRE COUNCIL         –         –         –         –         217,920         –         217,920
    FEDERAL DEPARTMENT OF INDUSTRY, SCIENCE AND RESOURCES         –         –         111,989,284         –         –         –         111,989,284
    QUEENSLAND REVENUE OFFICE         –         –         356,590,166         –         –         –         356,590,166
    QUEENSLAND DEPARTMENT OF ENVIRONMENT AND SCIENCE         –         –         –         –         935,554         –         935,554
    QUEENSLAND DEPARTMENT OF NATURAL RESOURCES AND MINES         –         –         –         –         581,472         –         581,472
    RESOURCES SAFETY AND HEALTH QUEENSLAND         –         –         –         –         1,359,992         –         1,359,992
    WESTERN DOWNS REGIONAL COUNCIL         –         –         –         –         10,317,519         266,428         10,583,947
    Total         –         1,277,737,693         468,579,450         –         13,412,457         266,428         1,759,996,028
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    NORTH WEST SHELF         –         –         111,989,284         –         –         –         111,989,284
    QGC         –         583,570,540         356,590,166         –         13,412,457         266,428         953,839,591
    Entity level payment              
    SHELL AUSTRALIA PTY LTD         –         694,167,153         –         –         –         –         694,167,153
    Total         –         1,277,737,693         468,579,450         –         13,412,457         266,428         1,759,996,028

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

    Egypt

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

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

    Nigeria

    Government report (in USD) [1]
      Production entitlements   Taxes   Royalties   Bonuses Fees Infrastructure improvements Total
    Governments                    
    FEDERAL INLAND REVENUE SERVICE         –           648,734,398 [A]         –           –         –         –         648,734,398
    NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE         –           –           –           –         3,931,917         –         3,931,917
    NIGER DELTA DEVELOPMENT COMMISSION         –           –           –           –         97,260,899         –         97,260,899
    NIGERIAN NATIONAL PETROLEUM CORPORATION         3,804,949,166 [B]         –           –           –         –         –         3,804,949,166
    NIGERIAN UPSTREAM PETROLEUM REGULATORY COMMISSION         –           –           780,231,463 [C]         –         1,732,350         –         781,963,813
    Total         3,804,949,166           648,734,398           780,231,463           –         102,925,166         –         5,336,840,193
                         
    Project report (in USD)
      Production entitlements   Taxes   Royalties   Bonuses Fees Infrastructure improvements Total
    Projects                    
    EAST ASSET         1,300,681,939 [D]         –           –           –         –         –         1,300,681,939
    PSC 1993 (OML 133)         –           136,652,153 [E]         –           –         –         –         136,652,153
    PSC 1993 (OPL 212/OML 118, OPL 219/OML 135)         649,948,707 [F]         303,125,852 [G]         452,170,096 [H]         –         32,015,797         –         1,437,260,452
    WEST ASSET         1,854,318,520 [I]         –           –           –         –         –         1,854,318,520
    Entity level payment                    
    SHELL NIGERIA EXPLORATION AND PRODUCTION COMPANY LIMITED             –           –           –         440,468         –         440,468
    THE SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED             208,956,393           328,061,367             70,468,901           607,486,661
    Total         3,804,949,166           648,734,398           780,231,463           –         102,925,166         –         5,336,840,193

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

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

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

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

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

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

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

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

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

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

    Sao Tome and Principe

      Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    AGÊNCIA NACIONAL DO PETRÓLEO DE SÃO TOMÉ E PRÍNCIPE         –         –         –         1,300,000         –         –         1,300,000
    Total         –         –         –         1,300,000         –         –         1,300,000
                   
      Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    DW BLOCK 4         –         –         –         1,300,000         –         –         1,300,000
    Total         –         –         –         1,300,000         –         –         1,300,000

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

    Tanzania

      Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    PETROLEUM UPSTREAM REGULATORY AUTHORITY         –         –         –         –         140,000         –         140,000
    Total         –         –         –         –         140,000         –         140,000
                   
      Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BLOCK 1 AND 4         –         –         –         –         140,000         –         140,000
    Total         –         –         –         –         140,000         –         140,000

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

    Tunisia

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

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

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

    Canada

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    GOVERNMENT OF ALBERTA         –         –         656,638         –         119,099         –         775,737
    MINISTRY OF FINANCE (BRITISH COLUMBIA)         –         –         2,915,313         –         625,526         –         3,540,839
    MINISTRY OF JOBS, ECONOMIC DEVELOPMENT AND INNOVATION (BRITISH COLUMBIA)         –         –         –         –         679,158         –         679,158
    PROVINCIAL TREASURER OF ALBERTA         –         60,864,405         –         –         –         –         60,864,405
    RECEIVER GENERAL FOR CANADA         –         111,702,667         1,126,040         –         –         –         112,828,707
    Total         –         172,567,072         4,697,991         –         1,423,783         –         178,688,846
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    ATHABASCA OIL SANDS         –         172,567,072         –         –         –         –         172,567,072
    FOOTHILLS         –         –         1,126,040         –         –         –         1,126,040
    GREATER DEEP BASIN         –         –         656,638         –         119,099         –         775,737
    GROUNDBIRCH         –         –         2,915,313         –         1,304,684         –         4,219,997
    Total         –         172,567,072         4,697,991         –         1,423,783         –         178,688,846

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

    Mexico

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

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

    USA

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    ALASKA DEPARTMENT OF NATURAL RESOURCES         –         –         –         –         243,408         –         243,408
    COMMONWEALTH OF PENNSYLVANIA         –         -400,000         –         –         –         –         -400,000
    INTERNAL REVENUE SERVICE         –         53,638,500         –         –         –         –         53,638,500
    LOUISIANA DEPARTMENT OF TRANSPORTATION AND DEVELOPMENT         –         –         –         –         –         860,822         860,822
    OFFICE OF NATURAL RESOURCES REVENUE         –         –         1,187,594,021         –         80,435,119         –         1,268,029,140
    Total         –         53,238,500         1,187,594,021         –         80,678,527         860,822         1,322,371,870
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    ALASKA EXPLORATION         –         –         –         –         243,408         –         243,408
    GULF OF AMERICA (CENTRAL)         –         –         1,076,187,269         –         282,312         –         1,076,469,581
    GULF OF AMERICA (WEST)         –         –         111,406,752         –         126,720         –         111,533,472
    GULF OF AMERICA EXPLORATION         –         –         –         –         80,026,087         –         80,026,087
    Entity level payment              
    SHELL EXPLORATION AND PRODUCTION COMPANY         –         -400,000         –         –         –         –         -400,000
    SHELL OFFSHORE INC.         –         –         –         –         –         860,822         860,822
    SHELL PETROLEUM INC.         –         53,638,500         –         –         –         –         53,638,500
    Total         –         53,238,500         1,187,594,021         –         80,678,527         860,822         1,322,371,870

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

    Argentina

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    AGENCIA DE RECAUDACIÓN Y CONTROL ADUANERO         –           1,984,309         –         –         –         –         1,984,309
    GAS Y PETRÓLEO DEL NEUQUÉN S.A.         53,082,051 [A]         –         –         –         –         –         53,082,051
    PROVINCIA DE SALTA         –           –         2,475,819         –         –         –         2,475,819
    PROVINCIA DEL NEUQUÉN         –           –         141,493,849         –         123,276         –         141,617,125
    Total         53,082,051           1,984,309         143,969,668         –         123,276         –         199,159,304
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    ACAMBUCO         –           –         2,475,819         –         –         –         2,475,819
    ARGENTINA UNCONVENTIONAL PROJECTS         53,082,051 [A]         1,984,309         141,493,849         –         123,276         –         196,683,485
    Total         53,082,051           1,984,309         143,969,668         –         123,276         –         199,159,304

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

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

    Brazil

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    AGÊNCIA NACIONAL DO PETRÓLEO GÁS NATURAL E BIOCOMBUSTÍVEIS         –           –         –         9,540,351         –         –         9,540,351
    MINISTÉRIO DA FAZENDA         –           –         1,147,687,680         –         1,556,282,443         –         2,703,970,123
    PRÉ-SAL PETRÓLEO S.A.         327,688,819 [A]         –         –         –         –         –         327,688,819
    RECEITA FEDERAL DO BRASIL         –           656,740,954         –         –         –         –         656,740,954
    Total         327,688,819           656,740,954         1,147,687,680         9,540,351         1,556,282,443         –         3,697,940,247
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    BASIN EXPLORATION PROJECTS         –           –         –         9,540,351         3,244,993         –         12,785,344
    BC-10         –           –         31,254,519         –         1,251,598         –         32,506,117
    BIJUPIRA AND SALEMA         –           –         –         –         501,608         –         501,608
    BM-S-9, BM-S-9A, BM-S-11, BM-S-11A AND ENTORNO DE SAPINHOÁ         29,716,011 [B]         –         882,483,636         –         1,551,284,244         –         2,463,483,891
    LIBRA PSC         297,972,808 [C]         –         233,949,525         –         –         –         531,922,333
    Entity level payment                
    SHELL BRASIL PETROLEO LTDA.         –           656,740,954         –         –         –         –         656,740,954
    Total         327,688,819           656,740,954         1,147,687,680         9,540,351         1,556,282,443         –         3,697,940,247

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

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

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

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

    Colombia

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

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

    Trinidad and Tobago

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    MINISTRY OF FINANCE         –         561,771         –         –         –         –         561,771
    MINISTRY OF ENERGY AND ENERGY INDUSTRIES         362,690,585         –         2,210,566         300,000         13,719,070         –         378,920,221
    Total         362,690,585         561,771         2,210,566         300,000         13,719,070         –         379,481,992
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BLOCK 5C         84,428,910         –         –         –         1,714,071         –         86,142,981
    CENTRAL BLOCK         –         561,771         2,210,566         –         900,921         –         3,673,258
    COLIBRI         120,876,414         –         –         –         3,332,208         –         124,208,622
    DEEPWATER ATLANTIC AREA         –         –         –         –         537,570         –         537,570
    EAST COAST MARINE AREA         99,098,428         –         –         –         2,100,156         –         101,198,584
    EXPLORATION         –         –         –         300,000         2,017,530         –         2,317,530
    MANATEE         –         –         –         –         847,999         –         847,999
    NORTH COAST MARINE AREA 1         58,286,833         –         –         –         2,268,615         –         60,555,448
    Total         362,690,585         561,771         2,210,566         300,000         13,719,070         –         379,481,992

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    CFO’S MESSAGE

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

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

    SELECT FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS

      Three Months Ended Mar. 31,
    		  
      2025   2024   Change  
    (C$000s, except per share amounts) ($)   ($)   (%)  
    (unaudited)      
    Revenue 370,057   330,096   12  
    Adjusted EBITDA(1) 55,317   26,057   112  
    Cash flows provided by operating activities (7,050 ) 11,958   NM  
    Capital expenditures 42,132   48,072   (12 )
    Net income (loss) 7,796   (2,903 ) NM  
    Per share – basic 0.09   (0.03 ) NM  
    Per share – diluted 0.09   (0.03 ) NM  
    As at Mar. 31, Dec. 31, Change  
      2025 2024    
    (C$000s) ($) ($) (%)  
    (unaudited)      
    Cash and cash equivalents 15,463 44,045 (65 )
    Working capital, end of period(2) 266,087 229,856 16  
    Total assets, end of period 1,254,979 1,234,840 2  
    Long-term debt, end of period 341,095 320,908 6  
    Net debt(1)(3) 348,674 300,347 16  
    Total consolidated equity, end of period 660,262 653,330 1  

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

    FIRST QUARTER OVERVIEW

    In the first quarter of 2025, the Company:

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

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

    NORTH AMERICA

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

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

    OUTLOOK

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

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

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

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

    REVENUE

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

    ADJUSTED EBITDA

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

    ARGENTINA

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

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

    OUTLOOK

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

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

    REVENUE

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

    ADJUSTED EBITDA

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

    SUMMARY OF QUARTERLY RESULTS – CONTINUING OPERATIONS

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

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

    CAPITAL EXPENDITURES – CONTINUING OPERATIONS

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

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

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

    NON-GAAP MEASURES

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

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

      Three Months Ended March 31,
    		  
      2025   2024  
    (C$000s) ($)   ($)  
         
    Net income (loss) from continuing operations 7,796   (2,903 )
    Add back (deduct):    
    Depreciation 31,922   27,995  
    Foreign exchange losses (gains) 1,693   (1,049 )
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Restructuring charges 516   —  
    Stock-based compensation (925 ) 2,185  
    Interest, net 7,944   6,032  
    Income taxes 6,247   38  
    Adjusted EBITDA from continuing operations 55,317   26,057  
    Less: IFRS 16 lease payments (3,679 ) (3,235 )
    Less: Argentina EBITDA threshold adjustment(1) (45,397 ) (5,428 )
    Bank EBITDA for covenant purposes 6,241   17,394  

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

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

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

    OTHER NON-STANDARD FINANCIAL TERMS

    MAINTENANCE AND EXPANSION CAPITAL

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

    BUSINESS RISKS

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

    ADDITIONAL INFORMATION

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

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

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

    FIRST QUARTER CONFERENCE CALL AND AGM UPDATE

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

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

    CONSOLIDATED BALANCE SHEETS

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

    CONSOLIDATED STATEMENTS OF OPERATIONS

      Three Months Ended March 31,
    		  
      2025   2024  
    (C$000s, except per share data) ($)   ($)  
         
    Revenue 370,057   330,096  
    Cost of sales 330,576   316,208  
    Gross profit 39,481   13,888  
    Expenses    
    Selling, general and administrative 15,677   18,011  
    Foreign exchange losses (gains) 1,693   (1,049 )
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Interest, net 7,944   6,032  
      25,438   16,753  
    Income (loss) before income tax 14,043   (2,865 )
    Income tax expense (recovery)    
    Current 14,240   6,414  
    Deferred (7,993 ) (6,376 )
      6,247   38  
    Net income (loss) from continuing operations 7,796   (2,903 )
    Net (loss) income from discontinued operations (2,181 ) 750  
    Net income (loss) 5,615   (2,153 )
         
    Earnings (loss) per share – basic    
    Continuing operations 0.09   (0.03 )
    Discontinued operations (0.03 ) 0.01  
      0.07   (0.02 )
         
    Earnings (loss) per share – diluted    
    Continuing operations 0.09   (0.03 )
    Discontinued operations (0.03 ) 0.01  
      0.07   (0.02 )

    CONSOLIDATED STATEMENTS OF CASH FLOWS

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


    ADVISORIES

    FORWARD-LOOKING STATEMENTS

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

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

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

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

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

    For further information, please contact:

    Mike Olinek, Chief Financial Officer

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

    The MIL Network –

  • MIL-OSI USA: Fires Erupt in North American Forests

    Source: NASA

    Wildland fires broke out in forests along the Manitoba-Ontario border in Canada and in northern Minnesota in the United States in May 2025. Several blazes grew rapidly in size amid hot, dry, and windy conditions in the region.
    Smoke from multiple fires drifted hundreds of kilometers across northern forests on the afternoon of May 13, when the MODIS (Moderate Resolution Imaging Spectroradiometer) on NASA’s Aqua satellite captured this image. Some of the largest fires seen here started the previous day and had expanded rapidly by the time this image was acquired. For comparison, the right image shows the same area in false color (MODIS bands 7-2-1) to help distinguish smoke (cyan blue) from clouds (white). Bright red-orange indicates visible fire fronts.
    Large smoke plumes billowed from blazes near Lac du Bonnet in eastern Manitoba. One fire close to the rural municipality burned thousands of hectares and threatened infrastructure. Another one, to the northeast near Nopiming Provincial Park, exhibited “extremely volatile fire behavior” on May 13, officials said, and grew to 100,000 hectares (250,000 acres). Authorities closed multiple provincial parks due to the fires and issued evacuation orders for several communities in both Manitoba and Ontario.
    In the U.S., multiple fires broke out in northern Minnesota on May 11 and 12. The two largest, Camp House and Jenkins Creek, had burned a combined 7,600 hectares (18,800 acres) about 65 kilometers (40 miles) north of Duluth as of May 13. In and around the town of Brimson, they destroyed more than 100 structures and damaged bridges and roadways, according to news reports.
    Unseasonably hot and dry conditions elevated fire risk in the region. Winnipeg, Manitoba, reached 35.2 degrees Celsius (95.4 degrees Fahrenheit) on May 12, topping the previous daily high temperature record set in 1958. Duluth, Minnesota, saw a high temperature of 30°C (86°F) that day, also a new record. Eighty of Minnesota’s 87 counties were under a Red Flag Warning due to the extreme fire danger on May 12.
    April and May are typically busy months for wildland fires in the state, said Patty Thielen, forestry director for the Minnesota Department of Natural Resources, in a briefing. However, she noted, the area already burned statewide in 2025 is roughly triple the amount burned in an average year.
    NASA Earth Observatory image by Michala Garrison, using MODIS data from NASA EOSDIS LANCE and GIBS/Worldview. Story by Lindsey Doermann.

    MIL OSI USA News –

  • MIL-Evening Report: Fresh start for the Greens, with new leader Larissa Waters

    Source: The Conversation (Au and NZ) – By Nathan Fioritti, Lecturer in Politics, School of Social Sciences, Monash University

    Queensland Senator Larissa Waters is the new leader of the Australian Greens, following a two-hour partyroom meeting held in the wake of the party’s lacklustre performance in the May 3 election.

    Waters was elected unopposed.

    New South Wales Senator Mehreen Faruqi will continue as Greens deputy, while South Australian Senator Sarah Hanson-Young will be the Greens Manager of Business.

    Besides having an apt surname for an ecological party leader, what do we know about Waters?

    And as Australia’s 48th parliament prepares to sit, what might we expect from her leadership of the country’s largest minor party?

    Who is Larissa Waters?

    Waters first entered parliament in 2011, following a career as an environmental lawyer.

    She was the first Greens senator to be elected in Queensland and is now the second-longest serving Green in parliament after Hanson-Young.

    Born in Canada, Waters’ tenure was briefly interrupted in 2017–2018 when she discovered she had breached section 44 of the Constitution by failing to renounce her dual citizenship.

    Waters is the second woman after Christine Milne to lead the party. She has leadership experience, serving as Senate leader since 2020 and co-deputy leader prior to that.

    Waters’ re-election on May 3 for another six-year term will ensure leadership stability following the unexpected departure of her predecessor, Adam Bandt.

    Beyond her clear passion for environmental protection, Waters has dedicated her time in parliament to advancing gender equity, ending gender-based violence, and addressing corporate donations and influence in politics.

    She made international news in 2017 when she became the first politician to breastfeed in federal parliament.

    New direction?

    So what does new leadership mean for the direction of the Greens and the role the party will play in the new parliament?

    Will it opt for pragmatism or hold firm on principle?

    Will it continue to campaign hard on a diverse set of policy issues, or choose to focus more on its core environmental offering?

    Waters is viewed by many in the party as a compromise candidate between Faruqi and Hanson-Young, who according to speculation, were also considering a tilt at the leadership. Faruqi represents the more radical wing of the Greens, while Hanson-Young is a prominent moderate figure who would likely have pushed the party closer to the political centre and faced resistance from elements of the membership.

    Given this, Waters is expected to play a unifying role, much like Bandt did during his tenure.

    While the Greens held all their seats up for re-election in the Senate, they were close to a wipe-out in the lower house, where they lost three of their four members from the previous parliament.

    The party will likely concentrate in future elections on expanding and then retaining their presence in the Senate.

    In the lower house, Queensland will be a major focus for the Greens as they try to win back seats they lost at the election – Griffith and Brisbane. Waters’ leadership should help with this aim.

    Senate power

    Waters will conceivably command more power than Bandt, given the Greens will hold the sole balance of power in the new Senate.

    She’s pledged to keep Labor accountable, while urging the government to “be brave” and “actually do what the country needs them to do”.

    There’s now no excuse for the Labor Party not to take the climate crisis seriously, to take real action on the housing crisis, to genuinely tackle the cost of living. People deserve more than just tinkering. They deserve real reform that will help them in their daily lives, and nature cannot be put last like it has been for so long.

    This, together with the presentation of Waters as a leader who represents continuity, suggests any changes to the party’s approach will likely focus on presentation rather than policy.

    Waters is now tasked with reframing the 2025 election result as a moment of short-term pain and setting the party on a path of long-term gain.

    Whether or not this will be achieved, and how important Waters’ leadership will be to achieving this, remains to be seen.

    How was Waters selected?

    The Greens’ leadership selection relies entirely on the federal party room. Unlike the Labor Party, where members have a say on who becomes leader, grassroots Greens are excluded from the process.

    Like Waters, all previous leaders – Adam Bandt, Richard Di Natale, Christine Milne and party founder Bob Brown – were elected unopposed, reflecting the party’s consensus style of decision making.

    In 2020, there was an unsuccessful push to include the membership base in the leadership process. A “one member, one vote” option received majority support in a party-wide plebiscite. But it failed to meet the two-thirds majority required to force a change.

    Nathan Fioritti 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. Fresh start for the Greens, with new leader Larissa Waters – https://theconversation.com/fresh-start-for-the-greens-with-new-leader-larissa-waters-256453

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Best Ethereum Casinos: JACKBIT Listed As Top ETH Casino Site For Fast Payouts And Instant Withdrawal!

    Source: GlobeNewswire (MIL-OSI)

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    Disclaimer & Affiliate Disclosure

    This article is for informational and entertainment purposes only and does not constitute legal or financial advice. The content is based on research and user reviews, with no warranties as to accuracy or completeness. Users must verify information before acting.

    Online gambling involves risks and is not suitable for everyone. Confirm you meet the legal gambling age in your jurisdiction. Gambling laws vary, and compliance is your responsibility. We do not promote gambling; participation is at your own risk. JACKBIT is a third-party platform, and we are not liable for losses or disputes.

    This article may contain affiliate links, earning us a commission at no cost to you for qualifying actions. These support our content, but our reviews remain unbiased. Always conduct your own research before signing up.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/0bff779d-ad87-4c32-bd23-8d6d659a19bb

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d09554fd-d795-47f1-93cf-23bf653e508f

    https://www.globenewswire.com/NewsRoom/AttachmentNg/afc0ff34-13cc-49c8-a49c-0bf8a71c2277

    The MIL Network –

  • Putin, Trump to skip Ukraine’s peace talks that Russian leader proposed

    Source: Government of India

    Source: Government of India (4)

    U.S. President Donald Trump and Russian President Vladimir Putin indicated they would not attend what could be the first direct peace talks between Moscow and Kyiv in three years on Thursday, with the Kremlin sending instead a group of experienced technocrats.

    Putin on Sunday proposed direct negotiations with Ukraine in Istanbul on Thursday “without any preconditions”. Late on Wednesday, the Kremlin said the delegation would include presidential adviser Vladimir Medinsky and Deputy Defence Minister Alexander Fomin – but Putin‘s name was not on the list.

    After the Kremlin’s delegation announcement, a U.S. official said Trump, who is on a three-nation tour of the Middle East, would not attend. The U.S. leader had said earlier that he was considering the option to participate.

    While Putin had never confirmed he would attend in person, the absence of the Russian and U.S. presidents lowers the expectations for a major breakthrough in the war that Russia started in February 2022.

    Ukrainian President Volodymyr Zelenskiy had challenged Putin to attend the talks “if he’s not afraid,” in an apparent contest to show Trump who wants peace more, Ukraine or Russia.

    While the Kyiv leader was on his way to Turkey late on Wednesday, a Ukrainian official said, he had said he would take part in the talks only if Putin attended.

    In his nightly video address on Wednesday Zelenskiy said that Ukraine would decide on its steps for peace talks in Turkey once there was clarity on Putin‘s participation.

    “The answers to all questions about this war – why it started, why it continues – all these answers are in Moscow,” Zelenskiy said. “How the war will end depends on the world.”

    Trump wants the two sides to sign up to a 30-day ceasefire to pause Europe’s biggest land war since World War Two, and a Russian lawmaker said on Wednesday there could also be discussions about a huge prisoner of war exchange.

    Zelenskiy backs an immediate 30-day ceasefire, but Putin has said he first wants to start talks at which the details of such a ceasefire could be discussed.

    MORE SANCTIONS ON RUSSIA?

    Trump, who is growing increasingly frustrated with both Russia and Ukraine as he tries to push them towards a peace settlement, said he was “always considering” secondary sanctions against Moscow if he thought it was blocking the process.

    U.S. officials have spoken about possible financial sanctions as well as potential secondary sanctions on buyers of Russian oil.

    The U.S. delegation to Turkey included Secretary of State Marco Rubio and senior envoys Steve Witkoff and Keith Kellogg.

    Ukrainian Foreign Minister Andrii Sybiha said early on Thursday he had met with Rubio to share Zelenskiy’s peace vision and “coordinate positions during this critical week.”

    Medinsky and Fomin, part of the Russian delegation, took part in the last set of negotiations between the two sides in the first weeks of the war. Other senior military and intelligence officials were also part of the Thursday delegation.

    Direct talks between negotiators from Ukraine and Russia last took place in Istanbul in March 2022, a month after Putin sent tens of thousands of troops into Ukraine in what he calls a “special military operation” to root out neo-Nazis.

    Ukraine and its allies say the invasion was an unprovoked, imperial-style land grab.

    With Russian forces grinding forward in Ukraine and now controlling about a fifth of the country, the Kremlin chief has offered few, if any, concessions so far. In his proposal at the weekend, he said that the talks in Turkey would be aimed at a durable peace.

    He specifically mentioned the 2022 talks and the failed draft deal.

    Under that deal, among others, Ukraine would have agreed to permanent neutrality in return for security guarantees from the five permanent members of the U.N. Security Council: Britain, China, France, Russia and the United States, and other nations including Belarus, Canada, Germany, Israel, Poland and Turkey, according to a draft seen by Reuters.

    But officials in Kyiv say agreeing to Ukrainian neutrality is a red line they will not cross.

    (Reuters)

  • MIL-OSI Canada: Release of the Financial Stability Report

    Source: Bank of Canada

    Good morning. Senior Deputy Governor Carolyn Rogers and I are pleased to be here to discuss the Bank of Canada’s Financial Stability Report (FSR).

    Each year, the Bank assesses the stability of Canada’s financial system and highlights risks that could threaten that stability. While some risks have diminished, the current trade environment has pushed risks higher overall.

    But let us look back for a minute before we look ahead.

    The country’s financial system has faced unprecedented shocks in recent years, and it has proven resilient. Households, businesses, banks and other financial institutions weathered the upheaval of the pandemic and the sharp rise in inflation and interest rates that followed. It was a difficult period for many Canadians, and pockets of stress remain. But proactive steps taken by households and businesses, together with substantially lower interest rates, put the system on a more resilient footing heading into 2025.

    Now, the Canadian economy and financial system face a new threat. US trade policy has taken a dramatic protectionist shift. Tariffs and uncertainty have sharply reduced prospects for global economic growth. And financial markets have been rocked by chaotic policy announcements and reversals.

    A long-lasting trade war poses the greatest threat to the Canadian economy. It also increases risks to financial stability.

    There are two key concerns.

    In the near term, the unpredictability of US trade policy could cause further market volatility and strains on liquidity. In an extreme case, market volatility could turn into market dysfunction.

    In the medium term, a prolonged global trade war would have severe economic consequences. It would reduce growth and increase unemployment. This could, in turn, have important ramifications for our financial system. With debt still at high levels, some households and businesses may be unable to keep up with payments. If loan losses occur on a large enough scale, banks could cut back on lending in response. This would exacerbate the economic downturn and put more pressure on businesses and households.

    What we are evaluating in this report are the indications of stress in the overall financial system. There are many uncertainties—we still do not know what tariffs will remain, whether they’ll be reduced or escalated, or how long all of this will last. That makes it particularly difficult to anticipate the risks to the financial system.

    In our April Monetary Policy Report, we presented two illustrative scenarios to show how a trade war could affect the economy. In the FSR, we’ve focused on the more severe of those scenarios to explore how the trade war could affect different parts of the financial system. To be clear, our analysis is not a projection. It is an assessment of vulnerabilities—pockets of existing or potential stress and how they could spread across the financial system.

    Let me turn to the Senior Deputy Governor to outline how these vulnerabilities affect the four key sectors of the financial system: households, businesses, banks and institutions known as non-bank financial intermediaries—a broad category including finance companies, pension funds, insurance companies and fund managers.

    I’ll start with households. Total debt relative to disposable income is lower than it was a year ago, but still high by historical standards. Despite lower interest rates, signs of financial stress have risen over the past 12 months, particularly among households without a mortgage. For example, the share of these households that are behind on credit card or auto loan payments has continued to go up.

    Among households with a mortgage, 60% are facing renewal this year or in 2026. Most of those renewing will see their payments rise because they took out their mortgage during the pandemic when rates were very low. But the average increase will be smaller than what we expected a year ago.

    Still, if a large economic shock causes job losses, it will be harder for some households to keep up with their debt payments.

    A prolonged trade war may be that shock. It would cause demand for Canadian exports to fall and disrupt supply chains, threatening jobs and incomes. Workers in trade-dependent industries could find it particularly difficult to continue managing their debt.

    A prolonged trade war would matter for businesses too. Most Canadian businesses have managed to adjust to past interest rate increases, and the surge in small business insolvencies last year proved to be temporary. But businesses in trade-related sectors—especially those with high debt, low profitability or low cash reserves—could also fall behind on debt payments.

    A strength of our financial system is that Canadian banks are well positioned to absorb higher credit losses. Banks have increased their capital buffers in recent years and, more recently, they’ve increased provisions for credit losses, bolstering their resilience. Liquidity levels remain high, and bank access to funding remains strong. But if credit losses occur on a large enough scale, banks could cut back on lending in response. Struggling households and businesses would have less access to credit to get through tough times. This cycle could exacerbate the economic downturn.

    In the non-bank financial sector, the growing presence of hedge funds in the market for Government of Canada bonds raises some concern. Government bond markets are the foundation of the financial system. They need to function smoothly for other markets to work. The increased activity by hedge funds has helped absorb increased issuance of government debt, keeping yields lower and liquidity higher. But hedge funds have also taken on increasingly large amounts of leverage to fund their purchases of government bonds. This makes them more likely to pull back from these crucial markets in periods of stress, introducing added volatility.

    The recent gyrations in the US Treasury market clearly illustrated this risk. If the trade war causes a larger spike in volatility than we have seen so far, leveraged hedge funds might rush to sell their holdings. That could strain liquidity across core markets, increasing stress throughout the financial system. Moreover, growing connections between banks and non-bank financial institutions could make it easier for stress to spread. Against a backdrop of increased market volatility, and given their importance in government bond markets, hedge funds need to make sure that they are prepared to respond to sudden liquidity needs without disrupting market functioning.

    It’s time to wrap up.

    The Canadian financial system is resilient. Despite high indebtedness and the economic turbulence of the pandemic, households, businesses and banks weathered a rapid rise in interest rates. That was a big test, and the financial system proved to be a source of stability.

    But we must all remain vigilant. Vulnerabilities remain and there is another test on the horizon.

    By identifying vulnerabilities, we can help the financial system prepare for future stress. We are watching developments closely and remain in regular contact with financial system participants and with other authorities in Canada and globally. A stable and resilient financial system absorbs shocks rather than amplifying them, and this benefits every Canadian.

    With that, the Governor and I would be pleased to take your questions.

    MIL OSI Canada News –

  • MIL-OSI Canada: Bank of Canada Media Interview – Wall St. Journal

    Source: Bank of Canada

    The Canadian economy ended 2024 in a strong position. However, the trade conflict and tariffs are expected to slow growth and add to price pressures. The outlook is very uncertain because of the unpredictability of US trade policy and the magnitude of its impact on the Canadian economy.

    MIL OSI Canada News –

  • MIL-OSI Canada: Release of the 2024 Bank of Canada FMI Oversight Activities Annual Report

    Source: Bank of Canada

    The Bank of Canada today published the Bank of Canada Oversight Activities for Financial Market Infrastructures 2024 Annual Report. The Report reviews the Bank’s oversight of designated clearing and settlement systems, also known as financial market infrastructures (FMIs).

    The Bank has a mandate to ensure that designated FMIs are following sound risk management practices. The Report, which outlines how the Bank fulfills this mandate, provides stakeholders with information about:

    • the Bank’s approach to oversight of FMIs
    • improvements that designated FMIs made to their risk management practices in 2024
    • ongoing and new expectations set by the Bank for designated FMIs to enhance their risk management practices in 2025 and beyond

    Throughout the year, designated FMIs continued to make progress on key priorities, including modernization initiatives. In addition, they improved their risk management practices, addressing gaps the Bank had previously identified.

    MIL OSI Canada News –