Category: Canada

MIL-OSI: Birchcliff Energy Ltd. Announces Strong Q1 2025 Results and Declares Q2 2025 Dividend

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce its Q1 2025 financial and operational results.

Chris Carlsen, Birchcliff’s President and Chief Executive Officer, commented: “We are pleased to report strong operational and financial results for the first quarter of 2025, driven by our continued focus on operational excellence and our high-quality asset base. We successfully executed our Q1 capital program, drilling 14 wells and bringing 8 wells onstream, resulting in first quarter average production of 77,363 boe/d. We generated adjusted funds flow⁽¹⁾ of $124.4 million in Q1 2025 (an 88% increase from Q1 2024), driven by increased production and a stronger average realized natural gas sales price, which benefitted from our natural gas market diversification, with approximately 78% of our natural gas volumes realizing U.S. pricing at the Dawn and NYMEX HH markets. We achieved free funds flow⁽¹⁾ of $12.6 million in the first quarter, notwithstanding that approximately 40%⁽²⁾ of our full-year capital budget was invested in Q1 2025 prior to spring break-up. With a substantial portion of our capital program behind us, we expect to generate significant free funds flow during the remainder of the year, which will be allocated primarily towards reducing our total debt⁽³⁾ by approximately 28% from year end 2024⁽⁴⁾ , after the payment of our base dividend. Our 2025 production guidance and capital program are unchanged and we remain focused on capital efficiency improvements, driving down our costs and strengthening our balance sheet.

This year marks a significant milestone for Birchcliff as we celebrate our 20^th anniversary. We extend our gratitude to our dedicated staff, our board of directors and our shareholders for their support over the years. Together, we look forward to a promising future, leveraging our strengths to navigate the evolving market, drive profitable growth and deliver long-term shareholder value.”

Q1 2025 FINANCIAL AND OPERATIONAL HIGHLIGHTS

Delivered average production of 77,363 boe/d (82% natural gas, 10% NGLs, 6% condensate and 2% light oil), a 3% increase from Q1 2024.
Generated adjusted funds flow of $124.4 million, or $0.46 per basic common share⁽⁵⁾, an 88% and 84% increase, respectively, from Q1 2024. Cash flow from operating activities was $126.1 million, a 93% increase from Q1 2024.
Reported net income to common shareholders of $65.7 million, or $0.24 per basic common share, as compared to a net loss to common shareholders of $15.0 million and $0.06 per basic common share in Q1 2024.
Birchcliff’s market diversification contributed to an effective average realized natural gas sales price⁽⁵⁾ of $4.89/Mcf in Q1 2025, which represents a 142% premium to the average benchmark AECO 7A Monthly Index price in the quarter.
Achieved an operating netback⁽⁵⁾ of $17.71/boe, a 38% increase from Q1 2024.
Birchcliff had a very active first quarter capital program, drilling 14 (14.0 net) wells and bringing 8 (8.0 net) wells on production, with F&D capital expenditures totalling $111.8 million in Q1 2025.

Birchcliff’s unaudited interim condensed financial statements for the three months ended March 31, 2025 and related management’s discussion and analysis will be available on its website at www.birchcliffenergy.com and on SEDAR+ at www.sedarplus.ca. Birchcliff’s updated corporate presentation will be available on its website at www.birchcliffenergy.com on May 14, 2025.

______________________________

^{(1) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.}

^{(2) Based on the mid-point of Birchcliff’s 2025 capital budget of $260 million to $300 million.}

^{(3) Capital management measure. See “Non-GAAP and Other Financial Measures”.}

^{(4) Based on the mid-point of Birchcliff’s total debt guidance range at year end 2025 of $365 million to $405 million and as compared to Birchcliff’s total debt at year end 2024 of $535.6 million.}

^{(5) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.}

DECLARATION OF Q2 2025 QUARTERLY DIVIDEND

Birchcliff’s board of directors (the “Board”) has declared a quarterly cash dividend of $0.03 per common share for the quarter ending June 30, 2025.
The dividend will be payable on June 30, 2025 to shareholders of record at the close of business on June 13, 2025. The dividend has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada).

EXTENSION OF CREDIT FACILITIES

Subsequent to the end of Q1 2025, Birchcliff’s syndicate of lenders completed its regular semi-annual review of the borrowing base limit under the Corporation’s extendible revolving credit facilities (the “Credit Facilities”).
In connection therewith, the agreement governing the Credit Facilities was amended effective May 7, 2025 to extend the maturity dates of each of the syndicated extendible revolving term credit facility and the extendible revolving working capital facility from May 11, 2027 to May 11, 2028. In addition, the lenders confirmed the borrowing base limit at $850 million. The Credit Facilities do not contain any financial maintenance covenants.

ANNUAL MEETING OF SHAREHOLDERS

Birchcliff’s annual meeting of shareholders is scheduled to take place tomorrow, Thursday, May 15, 2025, at 3:00 p.m. (Mountain Daylight Time) in the McMurray Room at the Calgary Petroleum Club, 319 – 5^th Avenue S.W., Calgary, Alberta.

^{This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. For further information regarding the forward-looking statements and forward-looking information contained herein, see “Advisories – Forward-Looking Statements”. With respect to the disclosure of Birchcliff’s production contained in this press release, production volumes have been disclosed on a “gross” basis, as such term is defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). For further information regarding the disclosure of Birchcliff’s production contained herein, see “Advisories – Production”. In addition, this press release uses various “non-GAAP financial measures”, “non-GAAP ratios” and “capital management measures” as such terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and might not be comparable to similar financial measures disclosed by other issuers. For further information regarding the non-GAAP and other financial measures used in this press release, see “Non-GAAP and Other Financial Measures”.}

Q1 2025 UNAUDITED FINANCIAL AND OPERATIONAL SUMMARY

	Three months ended		Three months ended
	March 31, 2025		March 31, 2024
OPERATING
Average production
Light oil (bbls/d)	1,795		1,525
Condensate (bbls/d)	4,238		4,765
NGLs (bbls/d)	7,626		7,397
Natural gas (Mcf/d)	382,224		370,288
Total (boe/d)	77,363		75,402
Average realized sales prices (CDN$)
Light oil (per bbl)	95.27		95.24
Condensate (per bbl)	97.98		100.26
NGLs (per bbl)	27.95		27.59
Natural gas (per Mcf)	3.64		2.61
Total (per boe)	28.32		23.80
NETBACK AND COST ($/boe)
Petroleum and natural gas revenue	28.32		23.80
Royalty expense	(2.16	)	(2.11	)
Operating expense	(3.04	)⁽¹⁾	(3.85	)
Transportation and other expense⁽²⁾	(5.41	)	(4.99	)
Operating netback⁽²⁾	17.71		12.85
G&A expense, net	(1.42	)	(1.28	)
Interest expense	(1.27	)	(1.13	)
Lease interest expense	(0.33	)⁽¹⁾	–
Realized gain (loss) on financial instruments	3.18		(0.82	)
Other cash income	–		0.01
Adjusted funds flow⁽²⁾	17.87		9.63
Depletion and depreciation expense	(8.99	)	(8.56	)
Unrealized gain (loss) on financial instruments	3.53		(3.28	)
Other expenses⁽³⁾	(0.48	)	(0.52	)
Deferred income tax (expense) recovery	(2.49	)	0.54
Net income (loss) to common shareholders	9.44		(2.19	)
FINANCIAL
Petroleum and natural gas revenue ($000s)	197,188		163,304
Cash flow from operating activities ($000s)	126,097		65,255
Adjusted funds flow ($000s)⁽⁴⁾	124,413		66,081
Per basic common share ($)⁽²⁾	0.46		0.25
Free funds flow ($000s)⁽⁴⁾	12,594		(36,692	)
Per basic common share ($)⁽²⁾	0.05		(0.14	)
Net income (loss) to common shareholders ($000s)	65,727		(15,035	)
Per basic common share ($)	0.24		(0.06	)
End of period basic common shares (000s)	272,071		268,578
Weighted average basic common shares (000s)	271,614		267,905
Dividends on common shares ($000s)	8,151		26,857
F&D capital expenditures ($000s)⁽⁵⁾	111,819		102,773
Total capital expenditures ($000s)⁽⁴⁾	112,473		103,484
Revolving term credit facilities ($000s)	518,581		428,566
Total debt ($000s)⁽⁶⁾	534,710		443,380

^{(1) Effective July 1, 2024, Birchcliff assumed operatorship of a third-party natural gas processing facility that resulted in the take-or-pay commitment associated with the underlying processing arrangement (the “Gas Processing Lease”) being classified as a lease under IFRS Accounting Standards. Birchcliff’s operating expense and lease interest expense for the three months ended March 31, 2025 include the financial effects of the Gas Processing Lease.}

^{(2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.}

^{(3) Includes non-cash items such as compensation, accretion, amortization of deferred financing fees and other gains and losses.}

^{(4) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.}

^{(5) See “Advisories – F&D Capital Expenditures”.}

^{(6) Capital management measure. See “Non-GAAP and Other Financial Measures”.}

2025 GUIDANCE

Birchcliff is reaffirming its 2025 annual average production guidance of 76,000 to 79,000 boe/d and F&D capital expenditures guidance of $260 million to $300 million.
As a result of the continued volatility in commodity prices driven by the uncertainties surrounding tariffs, global trade tensions and OPEC+ production increases, Birchcliff has lowered its commodity price assumptions for the remainder of 2025 and revised its guidance for adjusted funds flow, free funds flow and total debt accordingly. In addition, the Corporation has lowered its royalty expense guidance for 2025, primarily due to lower oil prices forecasted for the remainder of the year.
Birchcliff expects to significantly strengthen its balance sheet in 2025, with free funds flow (after the payment of dividends) anticipated to be allocated primarily towards debt reduction. Based on its current commodity price assumptions, Birchcliff expects to exit 2025 with total debt of $365 million to $405 million, which represents a 28% reduction from its total debt at year end 2024 of $535.6 million.
The following tables set forth Birchcliff’s updated and previous guidance and commodity price assumptions for 2025, as well as its free funds flow sensitivity:

	Updated 2025 guidance and assumptions – May 14, 2025⁽¹⁾	Previous 2025 guidance and assumptions – March 12, 2025
Production
Annual average production (boe/d)	76,000 – 79,000	76,000 – 79,000
% Light oil	3%	3%
% Condensate	6%	6%
% NGLs	9%	9%
% Natural gas	82%	82%

Average Expenses ($/boe)
Royalty	$1.90 – $2.10	$2.10 – $2.30
Operating	$2.90 – $3.10	$2.90 – $3.10
Transportation and other⁽²⁾	$5.55 – $5.75	$5.55 – $5.75

Adjusted Funds Flow (millions)⁽³⁾	$480	$580

F&D Capital Expenditures (millions)	$260 – $300	$260 – $300

Free Funds Flow (millions)⁽³⁾	$180 – $220	$280 – $320

Total Debt at Year End (millions)⁽⁴⁾	$365 – $405	$265 – $305

Natural Gas Market Exposure
AECO exposure as a % of total natural gas production	23%	23%
Dawn exposure as a % of total natural gas production	41%	41%
NYMEX HH exposure as a % of total natural gas production	35%	35%
Alliance exposure as a % of total natural gas production	1%	1%

Commodity Prices
Average WTI price (US$/bbl)	$61.75⁽⁵⁾	$67.00
Average WTI-MSW differential (CDN$/bbl)	$5.60⁽⁵⁾	$8.80
Average AECO price (CDN$/GJ)	$2.30⁽⁵⁾	$2.20
Average Dawn price (US$/MMBtu)	$3.65⁽⁵⁾	$4.20
Average NYMEX HH price (US$/MMBtu)	$3.95⁽⁵⁾	$4.50
Exchange rate (CDN$ to US$1)	1.41⁽⁵⁾	1.44

Forward eight months’ free funds flow sensitivity⁽⁵⁾⁽⁶⁾	Estimated change to 2025 free funds flow (millions)
Change in WTI US$1.00/bbl	$2.6
Change in NYMEX HH US$0.10/MMBtu	$4.5
Change in Dawn US$0.10/MMBtu	$5.5
Change in AECO CDN$0.10/GJ	$2.4
Change in CDN/US exchange rate CDN$0.01	$3.5

^{(1) Birchcliff’s guidance for its production commodity mix, adjusted funds flow, free funds flow, total debt and natural gas market exposure in 2025 is based on an annual average production rate of 77,500 boe/d in 2025, which is the mid-point of Birchcliff’s annual average production guidance range for 2025. Changes in assumed commodity prices and variances in production forecasts can have an impact on the Corporation’s forecasts of adjusted funds flow and free funds flow and the Corporation’s other guidance, which impact could be material. In addition, any acquisitions or dispositions completed over the course of 2025 could have an impact on Birchcliff’s 2025 guidance and assumptions set forth herein, which impact could be material. For further information regarding the risks and assumptions relating to the Corporation’s guidance, see “Advisories – Forward-Looking Statements”.}

^{(2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.}

^{(3) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.}

^{(4) Capital management measure. See “Non-GAAP and Other Financial Measures”.}

^{(5) Birchcliff’s updated commodity price and exchange rate assumptions and free funds flow sensitivity for 2025 are based on anticipated full-year averages using the Corporation’s anticipated forward benchmark commodity prices and the CDN/US exchange rate as of May 5, 2025, which include settled benchmark commodity prices and the CDN/US exchange rate for the period from January 1, 2025 to April 30, 2025.}

^{(6) Illustrates the expected impact of changes in commodity prices and the CDN/US exchange rate on the Corporation’s updated forecast of free funds flow for 2025, holding all other variables constant. The sensitivity is based on the updated commodity price and exchange rate assumptions set forth in the table above. The calculated impact on free funds flow is only applicable within the limited range of change indicated. Calculations are performed independently and may not be indicative of actual results. Actual results may vary materially when multiple variables change at the same time and/or when the magnitude of the change increases.}

The oil and natural gas industry in Canada, along with other industries, has faced considerable uncertainty in respect of the United States’ evolving trade policy. Although Birchcliff currently anticipates that U.S. tariffs will not have a material impact on its business, this considerable uncertainty makes it impossible to predict what, if any, impacts there might be on the Corporation’s business. Birchcliff will continue to monitor developments in U.S. trade policy, assess any potential impacts on the Corporation’s business and will update its guidance if, as and when appropriate.

Q1 2025 FINANCIAL AND OPERATIONAL RESULTS

Production

Birchcliff’s production averaged 77,363 boe/d in Q1 2025, a 3% increase from Q1 2024. The increase was primarily due to the strong performance of the Corporation’s capital program and the successful drilling of new Montney/Doig wells brought on production since Q1 2024, specifically high-rate natural gas wells in liquids-rich zones in Pouce Coupe and light oil and liquids-rich natural gas wells in Gordondale, partially offset by natural production declines.
Liquids accounted for 18% of Birchcliff’s total production in both Q1 2025 and Q1 2024.

Adjusted Funds Flow and Cash Flow From Operating Activities

Birchcliff’s adjusted funds flow was $124.4 million in Q1 2025, or $0.46 per basic common share, an 88% and 84% increase, respectively, from Q1 2024.
Birchcliff’s cash flow from operating activities was $126.1 million in Q1 2025, a 93% increase from Q1 2024.
The increases were primarily due to higher natural gas revenue, which largely resulted from higher natural gas production in Q1 2025 and a 39% increase in the average realized natural gas sales price Birchcliff received for such production as compared to Q1 2024. Adjusted funds flow and cash flow from operating activities were also positively impacted by a realized gain on financial instruments of $22.2 million in Q1 2025 as compared to a realized loss on financial instruments of $5.6 million in Q1 2024.

Net Income (Loss) to Common Shareholders

Birchcliff reported net income to common shareholders of $65.7 million in Q1 2025, or $0.24 per basic common share, as compared to a net loss to common shareholders of $15.0 million and $0.06 per basic common share in Q1 2024.
The change to a net income position was primarily due to higher adjusted funds flow and an unrealized gain on financial instruments of $24.6 million in Q1 2025 as compared to an unrealized loss on financial instruments of $22.5 million in Q1 2024, partially offset by a deferred income tax expense of $17.3 million in Q1 2025 as compared to a deferred income tax recovery of $3.7 million in Q1 2024.

Capital Activities and Investment

Birchcliff had a very active first quarter capital program, drilling 14 (14.0 net) wells and bringing 8 (8.0 net) wells on production, with F&D capital expenditures totalling $111.8 million in Q1 2025.

Debt and Credit Facilities

Total debt at March 31, 2025 was $534.7 million, a 21% increase from March 31, 2024.
At March 31, 2025, Birchcliff had a balance outstanding under its Credit Facilities of $522.3 million (March 31, 2024: $430.2 million) from available Credit Facilities of $850.0 million (March 31, 2024: $850.0 million), leaving the Corporation with $327.7 million (39%) of unutilized credit capacity after adjusting for outstanding letters of credit and unamortized deferred financing fees.

Natural Gas Market Diversification

Birchcliff’s physical natural gas sales exposure primarily consists of the AECO, Dawn and Alliance markets. In addition, the Corporation has various financial instruments outstanding that provide it with exposure to NYMEX HH pricing.
The following table sets forth Birchcliff’s effective sales, production and average realized sales price for its natural gas and liquids for Q1 2025, after taking into account the Corporation’s financial instruments:

Three months ended March 31, 2025
	Effective sales (CDN$000s)	Percentage of total sales (%)	Effective production (per day)	Percentage of total natural gas production (%)	Percentage of total corporate production (%)	Effective average realized sales price (CDN$)
Market
AECO⁽¹⁾⁽²⁾	16,210	7	82,553 Mcf	22	18	2.18/Mcf
Dawn⁽³⁾	82,094	34	162,982 Mcf	43	35	5.60/Mcf
NYMEX HH⁽¹⁾⁽⁴⁾	69,988	29	136,689 Mcf	35	29	5.69/Mcf
Total natural gas⁽¹⁾	168,292	70	382,224 Mcf	100	82	4.89/Mcf
Light oil	15,391	6	1,795 bbls		2	95.27/bbl
Condensate	37,371	16	4,238 bbls		6	97.98/bbl
NGLs	19,183	8	7,626 bbls		10	27.95/bbl
Total liquids	17,945	30	13,659 bbls		18	58.52/bbl
Total corporate⁽¹⁾	240,237	100	77,363 boe		100	34.50/boe

^{(1) Effective sales and effective average realized sales price on a total natural gas and total corporate basis and for the AECO and NYMEX HH markets are non-GAAP financial measures and non-GAAP ratios, respectively. See “Non-GAAP and Other Financial Measures”.}

^{(2) Birchcliff has short-term physical sales agreements with third-party marketers to sell and deliver into the Alliance pipeline system. All of Birchcliff’s short-term physical Alliance sales and production during Q1 2025 received AECO premium pricing and have therefore been included as effective sales and production in the AECO market.}

^{(3) Birchcliff has agreements for the firm service transportation of an aggregate of 175,000 GJ/d of natural gas on TransCanada PipeLines’ Canadian Mainline, whereby natural gas is transported to the Dawn trading hub in Southern Ontario.}

^{(4) NYMEX HH effective sales and production include financial NYMEX HH/AECO 7A basis swap contracts for an aggregate of 147,500 MMBtu/d at an average contract price of NYMEX HH less US$1.088/MMBtu during Q1 2025.}

^{Birchcliff’s effective average realized sales price for NYMEX HH of CDN$5.69/Mcf (US$3.65/MMBtu) was determined on a gross basis before giving effect to the average NYMEX HH/AECO 7A fixed contract basis differential price of CDN$1.70/Mcf (US$1.088/MMBtu) and includes any realized gains and losses on financial NYMEX HH/AECO 7A basis swap contracts during Q1 2025.}

^{After giving effect to the NYMEX HH/AECO 7A fixed contract basis differential price and including any realized gains and losses on financial NYMEX HH/AECO 7A basis swap contracts during Q1 2025, Birchcliff’s effective average realized net sales price for NYMEX HH was CDN$3.99/Mcf (US$2.56/MMBtu) in Q1 2025.}

The following table sets forth Birchcliff’s physical sales, production, average realized sales price, transportation costs and natural gas sales netback by natural gas market for the periods indicated, before taking into account the Corporation’s financial instruments:

Three months ended March 31, 2025
Natural gas market	Natural gas sales (CDN$000s)	Percentage of natural gas sales (%)	Natural gas production (Mcf/d)	Percentage of natural gas production (%)	Average realized natural gas sales price (CDN$/Mcf)	Natural gas transportation costs⁽¹⁾ (CDN$/Mcf)	Natural gas sales netback⁽²⁾ (CDN$/Mcf)
AECO	42,368	34	215,026	56	2.19	0.46	1.73
Dawn	82,094	65	162,982	43	5.60	1.55	4.05
Alliance⁽³⁾	769	1	4,216	1	2.03	–	2.03
Total	125,231	100	382,224	100	3.64	0.92	2.72
Three months ended March 31, 2024
Natural gas market	Natural gas sales (CDN$000s)	Percentage of natural gas sales (%)	Natural gas production (Mcf/d)	Percentage of natural gas production (%)	Average realized natural gas sales price (CDN$/Mcf)	Natural gas transportation costs⁽¹⁾ (CDN$/Mcf)	Natural gas sales netback⁽²⁾ (CDN$/Mcf)
AECO	38,639	44	195,141	53	2.19	0.40	1.79
Dawn	45,198	51	161,667	44	3.07	1.41	1.66
Alliance⁽³⁾	4,185	5	13,480	3	3.41	–	3.41
Total	88,022	100	370,288	100	2.61	0.83	1.78

^{(1) Reflects costs to transport natural gas from the field receipt point to the delivery sales trading hub.}

^{(2) Natural gas sales netback denotes the average realized natural gas sales price less natural gas transportation costs.}

^{(3) Birchcliff has short-term physical sales agreements with third-party marketers to sell and deliver into the Alliance pipeline system. Alliance sales are indexed to the AECO 5A benchmark index price and are recorded net of transportation tolls.}

OPERATIONAL UPDATE

Birchcliff’s 2025 capital budget of $260 million to $300 million includes the drilling of 25 (25.0 net) wells and the bringing on production of 26 (26.0 net) wells in 2025. Year-to-date, the Corporation has drilled 15 (15.0 net) wells and brought 12 (12.0 net) wells on production.
In the first quarter of 2025, Birchcliff delivered strong execution metrics, building on the operational momentum and key learnings from a successful capital program in 2024. Birchcliff’s teams continue to demonstrate a steadfast focus on execution, operational efficiency and disciplined cost management. Birchcliff’s purposeful execution is helping to strengthen its performance and position the business for sustainable growth through the remainder of the year and in the long-term.

Pouce Coupe

Birchcliff completed the drilling of its 5-well 04-05 pad in December 2024 and the wells were turned over to production through Birchcliff’s permanent facilities in early March 2025. This pad targeted high-rate natural gas wells in the Lower Montney. The wells have shown strong production rates exhibiting low declines as highlighted in the table below, which summarizes the aggregate and average production rates for the wells from the pad:

5-Well 04-05 Pad IP Rates

		Wells: IP 30⁽¹⁾	Wells: IP 60⁽¹⁾
Aggregate production rate (boe/d)		6,130	5,578
	Aggregate natural gas production rate (Mcf/d)	34,691	31,864
	Aggregate condensate production rate (bbls/d)	348	267
Average per well production rate (boe/d)		1,226	1,116
	Average per well natural gas production rate (Mcf/d)	6,938	6,373
	Average per well condensate production rate (bbls/d)	70	53
Condensate-to-gas ratio (bbls/MMcf)		10	8

_{(1) Represents the cumulative volumes for each well measured at the wellhead separator for the 30 or 60 days (as applicable) of production immediately after each well was considered stabilized after producing fracture treatment fluid back to surface in an amount such that flow rates of hydrocarbons became reliable. The natural gas volumes represent raw natural gas volumes as opposed to sales gas volumes. See “Advisories – Initial Production Rates”.}

Completions operations on Birchcliff’s 3-well 07-10 pad were finished in March 2025 and the wells were turned over to production through the Corporation’s permanent facilities in April 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
Completions operations on Birchcliff’s 4-well 05-19 pad were finished in April 2025 and flowback operations were recently completed. The wells are currently scheduled to be turned over to production through the Corporation’s permanent facilities later in May 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
Completions operations are underway on Birchcliff’s 4-well 03-06 pad and the wells are currently scheduled to be turned over to production through the Corporation’s permanent facilities in June 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
In the second half of April 2025, Birchcliff successfully completed the first phase of its planned turnaround at its Pouce Coupe gas plant. The second phase of the turnaround is well underway and is expected to be completed shortly.

Gordondale

Completions operations on Birchcliff’s 4-well 02-27 pad were finished in March 2025 and the wells were turned over to production through the Corporation’s permanent facilities in May 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.

Elmworth

As previously disclosed in its March 12, 2025 press release, Birchcliff completed a horizontal Montney land retention well in February 2025 and performed a 10.5 day flow test on the well.
Birchcliff continues to progress the formal planning for the construction of a proposed 100% owned and operated 80 MMcf/d natural gas processing plant in Elmworth. In the second half of March 2025, Birchcliff held an open house in the area to discuss its proposed plans for the area with community residents.

ABBREVIATIONS

AECO	benchmark price for natural gas determined at the AECO ‘C’ hub in southeast Alberta
bbl	barrel
bbls	barrels
bbls/d	barrels per day
boe	barrel of oil equivalent
boe/d	barrel of oil equivalent per day
condensate	pentanes plus (C5+)
F&D	finding and development
G&A	general and administrative
GAAP	generally accepted accounting principles for Canadian public companies, which are currently IFRS Accounting Standards
GJ	gigajoule
GJ/d	gigajoules per day
HH	Henry Hub
IFRS	International Financial Reporting Standards as issued by the International Accounting Standards Board
IP	initial production
Mcf	thousand cubic feet
Mcf/d	thousand cubic feet per day
MMBtu	million British thermal units
MMBtu/d	million British thermal units per day
MMcf	million cubic feet
MMcf/d	million cubic feet per day
MSW	price for mixed sweet crude oil at Edmonton, Alberta
NGLs	natural gas liquids consisting of ethane (C2), propane (C3) and butane (C4) and specifically excluding condensate
NYMEX	New York Mercantile Exchange
OPEC	Organization of the Petroleum Exporting Countries
OPEC+	OPEC plus certain other oil-producing countries
Q	quarter
WTI	West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma, for crude oil of standard grade
000s	thousands
$000s	thousands of dollars

NON-GAAP AND OTHER FINANCIAL MEASURES

This press release uses various “non-GAAP financial measures”, “non-GAAP ratios” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below.

Non-GAAP Financial Measures

NI 52-112 defines a non-GAAP financial measure as a financial measure that: (i) depicts the historical or expected future financial performance, financial position or cash flow of an entity; (ii) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity; (iii) is not disclosed in the financial statements of the entity; and (iv) is not a ratio, fraction, percentage or similar representation. The non-GAAP financial measures used in this press release are not standardized financial measures under GAAP and might not be comparable to similar measures presented by other companies. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP financial measures as indicators of Birchcliff’s performance. Set forth below is a description of the non-GAAP financial measures used in this press release.

Adjusted Funds Flow and Free Funds Flow

Birchcliff defines “adjusted funds flow” as cash flow from operating activities before the effects of decommissioning expenditures, retirement benefit payments and changes in non-cash operating working capital. Birchcliff eliminates settlements of decommissioning expenditures from cash flow from operating activities as the amounts can be discretionary and may vary from period to period depending on its capital programs and the maturity of its operating areas. The settlement of decommissioning expenditures is managed with Birchcliff’s capital budgeting process which considers available adjusted funds flow. Birchcliff eliminates retirement benefit payments from cash flow from operating activities as such payments reflect costs for past service and contributions made by eligible executives under the Corporation’s post-employment benefit plan, which are not indicative of the current period. Changes in non-cash operating working capital are eliminated in the determination of adjusted funds flow as the timing of collection and payment are variable and by excluding them from the calculation, the Corporation believes that it is able to provide a more meaningful measure of its operations and ability to generate cash on a continuing basis. Management believes that adjusted funds flow assists management and investors in assessing Birchcliff’s financial performance after deducting all operating and corporate cash costs, as well as its ability to generate the cash necessary to fund sustaining and/or growth capital expenditures, repay debt, settle decommissioning obligations, buy back common shares and pay dividends.

Birchcliff defines “free funds flow” as adjusted funds flow less F&D capital expenditures. Management believes that free funds flow assists management and investors in assessing Birchcliff’s ability to generate shareholder value and returns through a number of initiatives, including, but not limited to, debt repayment, common share buybacks, the payment of common share dividends, acquisitions and other opportunities that would complement or otherwise improve the Corporation’s business and enhance long-term shareholder value.

The most directly comparable GAAP financial measure to adjusted funds flow and free funds flow is cash flow from operating activities. The following table provides a reconciliation of cash flow from operating activities to adjusted funds flow and free funds flow for the periods indicated:

	Three months ended				Twelve months ended
	March 31,				December 31,
($000s)	2025		2024		2024
Cash flow from operating activities	126,097		65,255		203,710
Change in non-cash operating working capital	(2,194	)	(13,163	)	17,269
Decommissioning expenditures	510		138		1,964
Retirement benefit payments	–		13,851		13,851
Adjusted funds flow	124,413		66,081		236,794
F&D capital expenditures	(111,819	)	(102,773	)	(273,084	)
Free funds flow	12,594		(36,692	)	(36,290	)

Birchcliff has disclosed in this press release forecasts of adjusted funds flow and free funds flow for 2025, which are forward-looking non-GAAP financial measures. See “2025 Guidance”. The equivalent historical non-GAAP financial measures are adjusted funds flow and free funds flow for the twelve months ended December 31, 2024. Birchcliff anticipates the forward-looking non-GAAP financial measures for adjusted funds flow and free funds flow disclosed herein will be higher than their respective historical amounts, primarily due to higher anticipated benchmark natural gas prices in 2025 as compared to 2024. The commodity price assumptions on which the Corporation’s guidance is based are set forth under the heading “2025 Guidance”.

Transportation and Other Expense

Birchcliff defines “transportation and other expense” as transportation expense plus marketing purchases less marketing revenue. Birchcliff may enter into certain marketing purchase and sales arrangements with the objective of reducing any unused transportation or fractionation fees associated with its take-or-pay commitments and/or increasing the value of its production through value-added downstream initiatives. Management believes that transportation and other expense assists management and investors in assessing Birchcliff’s total cost structure related to transportation and marketing activities. The most directly comparable GAAP financial measure to transportation and other expense is transportation expense. The following table provides a reconciliation of transportation expense to transportation and other expense for the periods indicated:

	Three months ended				Twelve months ended
	March 31,				December 31,
($000s)	2025		2024		2024
Transportation expense	37,519		36,625		149,534
Marketing purchases	14,910		7,111		51,496
Marketing revenue	(14,748	)	(9,468	)	(54,069	)
Transportation and other expense	37,681		34,268		146,961

Operating Netback

Birchcliff defines “operating netback” as petroleum and natural gas revenue less royalty expense, operating expense and transportation and other expense. Operating netback is a key industry performance indicator and one that provides investors with information that is commonly presented by other oil and natural gas producers. Management believes that operating netback assists management and investors in assessing Birchcliff’s operating profits after deducting the cash costs that are directly associated with the sale of its production, which can then be used to pay other corporate cash costs or satisfy other obligations. The following table provides a breakdown of Birchcliff’s operating netback for the periods indicated:

Three months ended ($000s)	March 31, 2025		March 31, 2024
P&NG revenue	197,188		163,304
Royalty expense	(15,039	)	(14,467	)
Operating expense	(21,133	)	(26,427	)
Transportation and other expense	(37,681	)	(34,268	)
Operating netback	123,335		88,142

Total Capital Expenditures

Birchcliff defines “total capital expenditures” as exploration and development expenditures less dispositions plus acquisitions (if any) and plus administrative assets. Management believes that total capital expenditures assists management and investors in assessing Birchcliff’s overall capital cost structure associated with its petroleum and natural gas activities. The most directly comparable GAAP financial measure to total capital expenditures is exploration and development expenditures. The following table provides a reconciliation of exploration and development expenditures to total capital expenditures for the periods indicated:

Three months ended ($000s)	March 31, 2025	March 31, 2024
Exploration and development expenditures⁽¹⁾	111,819	102,773
Dispositions	–	(109	)
Administrative assets	654	820
Total capital expenditures	112,473	103,484

^{(1) Disclosed as F&D capital expenditures elsewhere in this press release. See “Advisories – F&D Capital Expenditures”.}

Effective Sales – Total Corporate, Total Natural Gas, AECO Market and NYMEX HH Market

Birchcliff defines “effective sales” in the AECO market and NYMEX HH market as the sales amount received from the production of natural gas that is effectively attributed to the AECO and NYMEX HH market pricing, respectively, and does not consider the physical sales delivery point in each case. Effective sales in the NYMEX HH market includes realized gains and losses on financial instruments and excludes the notional fixed basis costs associated with the underlying financial contract in the period. Birchcliff defines “effective total natural gas sales” as the aggregate of the effective sales amount received in each natural gas market. Birchcliff defines “effective total corporate sales” as the aggregate of the effective total natural gas sales and the sales amount received from the production of light oil, condensate and NGLs. Management believes that disclosing the effective sales for each natural gas market assists management and investors in assessing Birchcliff’s natural gas diversification and commodity price exposure to each market. The most directly comparable GAAP financial measure to effective total natural gas sales and effective total corporate sales is natural gas sales. The following table provides a reconciliation of natural gas sales to effective total natural gas sales and effective total corporate sales for the periods indicated:

Three months ended ($000s)	March 31, 2025	March 31, 2024
Natural gas sales	125,231	88,022
Realized gain (loss) on financial instruments	22,167	(5,628	)
Notional fixed basis costs⁽¹⁾	20,894	18,477
Effective total natural gas sales	168,292	100,871
Light oil sales	15,391	13,219
Condensate sales	37,371	43,477
NGLs sales	19,183	18,568
Effective total corporate sales	240,237	176,135

^{(1) Reflects the aggregate notional fixed basis cost associated with Birchcliff’s financial NYMEX HH/AECO 7A basis swap contracts in the period.}

Non-GAAP Ratios

NI 52-112 defines a non-GAAP ratio as a financial measure that: (i) is in the form of a ratio, fraction, percentage or similar representation; (ii) has a non-GAAP financial measure as one or more of its components; and (iii) is not disclosed in the financial statements of the entity. The non-GAAP ratios used in this press release are not standardized financial measures under GAAP and might not be comparable to similar measures presented by other companies. Set forth below is a description of the non-GAAP ratios used in this press release.

Adjusted Funds Flow Per Boe and Adjusted Funds Flow Per Basic Common Share

Birchcliff calculates “adjusted funds flow per boe” as aggregate adjusted funds flow in the period divided by the production (boe) in the period. Management believes that adjusted funds flow per boe assists management and investors in assessing Birchcliff’s financial profitability and sustainability on a cash basis by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

Birchcliff calculates “adjusted funds flow per basic common share” as aggregate adjusted funds flow in the period divided by the weighted average basic common shares outstanding at the end of the period. Management believes that adjusted funds flow per basic common share assists management and investors in assessing Birchcliff’s financial strength on a per common share basis.

Free Funds Flow Per Basic Common Share

Birchcliff calculates “free funds flow per basic common share” as aggregate free funds flow in the period divided by the weighted average basic common shares outstanding at the end of the period. Management believes that free funds flow per basic common share assists management and investors in assessing Birchcliff’s financial strength and its ability to deliver shareholder returns on a per common share basis.

Transportation and Other Expense Per Boe

Birchcliff calculates “transportation and other expense per boe” as aggregate transportation and other expense in the period divided by the production (boe) in the period. Management believes that transportation and other expense per boe assists management and investors in assessing Birchcliff’s cost structure as it relates to its transportation and marketing activities by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

Operating Netback Per Boe

Birchcliff calculates “operating netback per boe” as aggregate operating netback in the period divided by the production (boe) in the period. Operating netback per boe is a key industry performance indicator and one that provides investors with information that is commonly presented by other oil and natural gas producers. Management believes that operating netback per boe assists management and investors in assessing Birchcliff’s operating profitability and sustainability by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

Effective Average Realized Sales Price – Total Corporate, Total Natural Gas, AECO Market and NYMEX HH Market

Birchcliff calculates “effective average realized sales price” as effective sales, in each of total corporate, total natural gas, AECO market and NYMEX HH market, as the case may be, divided by the effective production in each of the markets during the period. Management believes that disclosing the effective average realized sales price for each natural gas market assists management and investors in comparing Birchcliff’s commodity price realizations in each natural gas market on a per unit basis.

Capital Management Measures

NI 52-112 defines a capital management measure as a financial measure that: (i) is intended to enable an individual to evaluate an entity’s objectives, policies and processes for managing the entity’s capital; (ii) is not a component of a line item disclosed in the primary financial statements of the entity; (iii) is disclosed in the notes to the financial statements of the entity; and (iv) is not disclosed in the primary financial statements of the entity. Set forth below is a description of the capital management measure used in this press release.

Total Debt

Birchcliff calculates “total debt” at the end of the period as the amount outstanding under the Corporation’s Credit Facilities plus working capital deficit (less working capital surplus) plus the fair value of the current asset portion of financial instruments less the fair value of the current liability portion of financial instruments and less the current portion of other liabilities discounted to the end of the period. The current portion of other liabilities has been excluded from total debt as these amounts have not been incurred and reflect future commitments in the normal course of operations. Management believes that total debt assists management and investors in assessing Birchcliff’s overall liquidity and financial position at the end of the period. The following table provides a reconciliation of the amount outstanding under the Corporation’s Credit Facilities, as determined in accordance with GAAP, to total debt for the periods indicated:

As at ($000s)	March 31, 2025		December 31, 2024		March 31, 2024
Revolving term credit facilities	518,581		566,857		428,566
Working capital (surplus) deficit⁽¹⁾	(67,109	)	(88,953	)	34,261
Fair value of financial instruments – asset⁽²⁾	96,623		71,038		240
Fair value of financial instruments – liability⁽²⁾	–		–		(14,550	)
Other liabilities⁽²⁾	(13,385	)	(13,385	)	(5,137	)
Total debt	534,710		535,557		443,380

^{(1) Current liabilities less current assets.}

^{(2) Reflects the current portion only.}

ADVISORIES

Unaudited Information

All financial and operational information contained in this press release for the three months ended March 31, 2025 and 2024 is unaudited.

Currency

Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars, all references to “$” and “CDN$” are to Canadian dollars and all references to “US$” are to United States dollars.

Boe Conversions

Boe amounts have been calculated by using the conversion ratio of 6 Mcf of natural gas to 1 bbl of oil. Boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

MMBtu Pricing Conversions

$1.00 per MMBtu equals $1.00 per Mcf based on a standard heat value Mcf.

Oil and Gas Metrics

This press release contains metrics commonly used in the oil and natural gas industry, including operating netback. These oil and gas metrics do not have any standardized meanings or standard methods of calculation and therefore may not be comparable to similar measures presented by other companies. As such, they should not be used to make comparisons. Management uses these oil and gas metrics for its own performance measurements and to provide investors with measures to compare Birchcliff’s performance over time; however, such measures are not reliable indicators of Birchcliff’s future performance, which may not compare to Birchcliff’s performance in previous periods, and therefore should not be unduly relied upon. For additional information regarding operating netback and how such metric is calculated, see “Non-GAAP and Other Financial Measures”.

Production

With respect to the disclosure of Birchcliff’s production contained in this press release: (i) references to “light oil” mean “light crude oil and medium crude oil” as such term is defined in NI 51-101; (ii) references to “liquids” mean “light crude oil and medium crude oil” and “natural gas liquids” (including condensate) as such terms are defined in NI 51-101; and (iii) references to “natural gas” mean “shale gas”, which also includes an immaterial amount of “conventional natural gas”, as such terms are defined in NI 51-101. In addition, NI 51-101 includes condensate within the product type of natural gas liquids. Birchcliff has disclosed condensate separately from other natural gas liquids as the price of condensate as compared to other natural gas liquids is currently significantly higher and Birchcliff believes presenting the two commodities separately provides a more accurate description of its operations and results therefrom.

With respect to the disclosure of Birchcliff’s production contained in this press release, all production volumes have been disclosed on a “gross” basis as such term is defined in NI 51-101, meaning Birchcliff’s working interest (operating or non-operating) share before the deduction of royalties and without including any royalty interests of Birchcliff.

Initial Production Rates

Any references in this press release to initial production rates or other short-term production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue to produce and decline thereafter and are not indicative of the long-term performance or the ultimate recovery of such wells. In addition, such rates may also include recovered “load oil” or “load water” fluids used in well completion stimulation. Readers are cautioned not to place undue reliance on such rates in calculating the aggregate production for Birchcliff. Such rates are based on field estimates and may be based on limited data available at this time.

With respect to the production rates for the Corporation’s 5-well 04-05 pad disclosed herein, such rates represent the cumulative volumes for each well measured at the wellhead separator for the 30 and 60 days (as applicable) of production immediately after each well was considered stabilized after producing fracture treatment fluid back to surface in an amount such that flow rates of hydrocarbons became reliable, divided by 30 or 60 (as applicable), which were then added together to determine the aggregate production rates for the 5-well pad and then divided by 5 to determine the per well average production rates. The production rates excluded the hours and days when the wells did not produce. To-date, no pressure transient or well-test interpretation has been carried out on any of the wells. The natural gas volumes represent raw natural gas volumes as opposed to sales gas volumes.

Finding and Development (F&D) Capital Expenditures

References in this press release to “F&D capital expenditures” denotes exploration and development expenditures as disclosed in the Corporation’s financial statements in accordance with GAAP, and is primarily comprised of capital for land, seismic, workovers, drilling and completions, well equipment and facilities and capitalized G&A costs and excludes any acquisitions, dispositions, administrative assets and the capitalized portion of cash incentive payments that have not been approved by the Board. Management believes that F&D capital expenditures assists management and investors in assessing Birchcliff’s capital cost outlay associated with its exploration and development activities for the purposes of finding and developing its reserves.

Forward-Looking Statements

Certain statements contained in this press release constitute forward‐looking statements and forward-looking information (collectively referred to as “forward‐looking statements”) within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this press release relate to future events or Birchcliff’s future plans, strategy, operations, performance or financial position and are based on Birchcliff’s current expectations, estimates, projections, beliefs and assumptions. Such forward-looking statements have been made by Birchcliff in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be forward‐looking statements. Such forward‐looking statements are often, but not always, identified by the use of words such as “seek, “plan”, “focus”, “future”, “outlook”, “position”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “forecast”, “guidance”, “potential”, “proposed”, “predict”, “budget”, “continue”, “targeting”, “may”, “will”, “could”, “might”, “should”, “would”, “on track”, “maintain”, “deliver” and other similar words and expressions.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking statements. Accordingly, readers are cautioned not to place undue reliance on such forward-looking statements. Although Birchcliff believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and Birchcliff makes no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.

In particular, this press release contains forward‐looking statements relating to:

Birchcliff’s plans and other aspects of its anticipated future financial performance, results, operations, focus, objectives, strategies, opportunities, priorities and goals, including: Birchcliff’s continued focus on operational excellence; that with a substantial portion of its capital program behind it, Birchcliff expects to generate significant free funds flow during the remainder of the year, which will be allocated primarily towards reducing its total debt by approximately 28% from year end 2024, after the payment of its base dividend; that Birchcliff’s 2025 production guidance and capital program are unchanged and it remains focused on capital efficiency improvements, driving down its costs and strengthening its balance sheet; and that Birchcliff looks forward to a promising future, leveraging its strengths to navigate the evolving market, drive profitable growth and deliver long-term shareholder value;
the information set forth under the heading “2025 Guidance” and elsewhere in this press release as it relates to Birchcliff’s guidance for 2025, including: that as a result of the continued volatility in commodity prices driven by the uncertainties surrounding tariffs, global trade tensions and OPEC+ production increases, Birchcliff has lowered its commodity price assumptions for the remainder of 2025; that lower oil prices are forecasted for the remainder of the year; that Birchcliff expects to significantly strengthen its balance sheet in 2025, with free funds flow (after the payment of dividends) anticipated to be allocated primarily towards debt reduction; that based on its current commodity price assumptions, Birchcliff expects to exit 2025 with total debt of $365 million to $405 million, which represents a 28% reduction from its total debt at year end 2024 of $535.6 million; forecasts of annual average production, production commodity mix, average expenses, adjusted funds flow, F&D capital expenditures, free funds flow, total debt at year end, natural gas market exposure and the expected impact of changes in commodity prices and the CDN/US exchange rate on Birchcliff’s forecast of free funds flow; and that Birchcliff currently anticipates that U.S. tariffs will not have a material impact on its business;
the information set forth under the heading “Operational Update” and elsewhere in this press release regarding Birchcliff’s 2025 capital program and its exploration, production and development activities and plans (including its plans for Elmworth) and the timing thereof, including: that Birchcliff’s 2025 capital budget of $260 million to $300 million includes the drilling of 25 (25.0 net) wells and the bringing on production of 26 (26.0 net) wells in 2025; that Birchcliff’s teams continue to demonstrate a steadfast focus on execution, operational efficiency and disciplined cost management; that Birchcliff’s purposeful execution is helping to strengthen its performance and position the business for sustainable growth through the remainder of the year and in the long-term; the expected timing for wells to be brought on production and the completion of the turnaround at Birchcliff’s Pouce Coupe gas plant; targeted product types; and that Birchcliff is progressing the formal planning for the construction of a proposed 100% owned and operated 80 MMcf/d natural gas processing plant in Elmworth; and
that Birchcliff anticipates the forward-looking non-GAAP financial measures for adjusted funds flow and free funds flow disclosed herein will be higher than their respective historical amounts, primarily due to higher anticipated benchmark natural gas prices in 2025 as compared to 2024.

With respect to the forward-looking statements contained in this press release, assumptions have been made regarding, among other things: prevailing and future commodity prices and differentials, exchange rates, interest rates, inflation rates, royalty rates and tax rates; the state of the economy, financial markets and the exploration, development and production business; the political environment in which Birchcliff operates; tariffs and trade policies; the regulatory framework regarding royalties, taxes, environmental, climate change and other laws; the Corporation’s ability to comply with existing and future laws; future cash flow, debt and dividend levels; future operating, transportation, G&A and other expenses; Birchcliff’s ability to access capital and obtain financing on acceptable terms; the timing and amount of capital expenditures and the sources of funding for capital expenditures and other activities; the sufficiency of budgeted capital expenditures to carry out planned operations; the successful and timely implementation of capital projects and the timing, location and extent of future drilling and other operations; results of operations; Birchcliff’s ability to continue to develop its assets and obtain the anticipated benefits therefrom; the performance of existing and future wells; reserves volumes and Birchcliff’s ability to replace and expand reserves through acquisition, development or exploration; the impact of competition on Birchcliff; the availability of, demand for and cost of labour, services and materials; the approval of the Board of future dividends; the ability to obtain any necessary regulatory or other approvals in a timely manner; the satisfaction by third parties of their obligations to Birchcliff; the ability of Birchcliff to secure adequate processing and transportation for its products; Birchcliff’s ability to successfully market natural gas and liquids; the results of the Corporation’s risk management and market diversification activities; and Birchcliff’s natural gas market exposure. In addition to the foregoing assumptions, Birchcliff has made the following assumptions with respect to certain forward-looking statements contained in this press release:

With respect to Birchcliff’s 2025 guidance (as updated on May 14, 2025), such guidance is based on the commodity price, exchange rate and other assumptions set forth under the heading “2025 Guidance”. In addition:
- Birchcliff’s production guidance assumes that: the 2025 capital program will be carried out as currently contemplated; no unexpected outages occur in the infrastructure that Birchcliff relies on to produce its wells and that any transportation service curtailments or unplanned outages that occur will be short in duration or otherwise insignificant; the construction of new infrastructure meets timing and operational expectations; existing wells continue to meet production expectations; and future wells scheduled to come on production meet timing, production and capital expenditure expectations.
- Birchcliff’s forecast of F&D capital expenditures assumes that the 2025 capital program will be carried out as currently contemplated and excludes any potential acquisitions, dispositions and the capitalized portion of cash incentive payments that have not been approved by the Board. The amount and allocation of capital expenditures for exploration and development activities by area and the number and types of wells to be drilled and brought on production is dependent upon results achieved and is subject to review and modification by management on an ongoing basis throughout the year. Actual spending may vary due to a variety of factors, including commodity prices, economic conditions, results of operations and costs of labour, services and materials.
- Birchcliff’s forecasts of adjusted funds flow and free funds flow assume that: the 2025 capital program will be carried out as currently contemplated and the level of capital spending for 2025 set forth herein is met; and the forecasts of production, production commodity mix, expenses and natural gas market exposure and the commodity price and exchange rate assumptions set forth herein are met. Birchcliff’s forecast of adjusted funds flow takes into account its financial basis swap contracts outstanding as at May 5, 2025 and excludes cash incentive payments that have not been approved by the Board.
- Birchcliff’s forecast of year end total debt assumes that: (i) the forecasts of adjusted funds flow and free funds flow are achieved, with the level of capital spending for 2025 met and the payment of an annual base dividend of approximately $33 million; (ii) any free funds flow remaining after the payment of dividends, asset retirement obligations and other amounts for administrative assets, financing fees and capital lease obligations is allocated towards debt reduction; and (iii) there are no buybacks of common shares, no equity issuances, no further exercises of stock options and no significant acquisitions or dispositions completed by the Corporation during 2025. The forecast of total debt excludes cash incentive payments that have not been approved by the Board.
- Birchcliff’s forecast of its natural gas market exposure assumes: (i) 175,000 GJ/d being sold on a physical basis at the Dawn price; (ii) 147,500 MMBtu/d being contracted on a financial basis at an average fixed basis differential price between AECO 7A and NYMEX HH of US$1.088/MMBtu; and (iii) 1,200 GJ/d being sold at Alliance on a physical basis at the AECO 5A price plus a premium. Birchcliff’s natural gas market exposure takes into account its financial basis swap contracts outstanding as at May 5, 2025.
With respect to statements regarding future wells to be drilled or brought on production, such statements assume: the continuing validity of the geological and other technical interpretations performed by Birchcliff’s technical staff, which indicate that commercially economic volumes can be recovered from Birchcliff’s lands as a result of drilling future wells; and that commodity prices and general economic conditions will warrant proceeding with the drilling of such wells.

Birchcliff’s actual results, performance or achievements could differ materially from those anticipated in the forward-looking statements as a result of both known and unknown risks and uncertainties including, but not limited to: general economic, market and business conditions which will, among other things, impact the demand for and market prices of Birchcliff’s products and Birchcliff’s access to capital; volatility of crude oil and natural gas prices; fluctuations in commodity prices and exchange, interest and inflation rates; risks associated with increasing costs, whether due to high inflation rates, supply chain disruptions or other factors; an inability of Birchcliff to generate sufficient cash flow from operations to meet its current and future obligations; an inability to access sufficient capital from internal and external sources on terms acceptable to the Corporation; risks associated with Birchcliff’s Credit Facilities, including a failure to comply with covenants under the agreement governing the Credit Facilities and the risk that the borrowing base limit may be redetermined; fluctuations in the costs of borrowing; operational risks and liabilities inherent in oil and natural gas operations; the risk that weather events such as wildfires, flooding, droughts or extreme hot or cold temperatures forces the Corporation to shut-in production or otherwise adversely affects the Corporation’s operations; the occurrence of unexpected events such as fires, explosions, blow-outs, equipment failures, transportation incidents and other similar events; an inability to access sufficient water or other fluids needed for operations; the risks associated with supply chain disruptions; uncertainty that development activities in connection with Birchcliff’s assets will be economic; an inability to access or implement some or all of the technology necessary to operate its assets and achieve expected future results; geological, technical, drilling, construction and processing problems; uncertainty of geological and technical data; horizontal drilling and completions techniques and the failure of drilling results to meet expectations for reserves or production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to production, revenue, costs and reserves; the accuracy of cost estimates and variances in Birchcliff’s actual costs and economic returns from those anticipated; incorrect assessments of the value of acquisitions and exploration and development programs; the risks posed by pandemics, epidemics, geopolitical events and global conflict and their impacts on supply and demand and commodity prices; actions taken by OPEC and other major oil producers and the impact such actions may have on supply and demand and commodity prices; stock market volatility; loss of market demand; changes to the regulatory framework in the locations where the Corporation operates, including changes to tax laws, Crown royalty rates, environmental and climate change laws (including emissions and “greenwashing”), carbon tax regimes, incentive programs and other regulations that affect the oil and natural gas industry; political uncertainty and uncertainty associated with government policy changes; actions by government authorities; the risk that: (i) the U.S. tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased or new tariffs are imposed, including on oil and natural gas; (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S. will trigger a broader global trade war, which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Corporation, including by decreasing the demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets and limiting access to financing; an inability of the Corporation to comply with existing and future laws and the cost of compliance with such laws; dependence on facilities, gathering lines and pipelines; uncertainties and risks associated with pipeline restrictions and outages to third-party infrastructure that could cause disruptions to production; the lack of available pipeline capacity and an inability to secure adequate and cost-effective processing and transportation for Birchcliff’s products; an inability to satisfy obligations under Birchcliff’s firm marketing and transportation arrangements; shortages in equipment and skilled personnel; the absence or loss of key employees; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, equipment and skilled personnel; management of Birchcliff’s growth; environmental and climate change risks, claims and liabilities; potential litigation; default under or breach of agreements by counterparties and potential enforceability issues in contracts; claims by Indigenous peoples; the reassessment by taxing or regulatory authorities of the Corporation’s prior transactions and filings; unforeseen title defects; third-party claims regarding the Corporation’s right to use technology and equipment; uncertainties associated with the outcome of litigation or other proceedings involving Birchcliff; uncertainties associated with counterparty credit risk; risks associated with Birchcliff’s risk management and market diversification activities; risks associated with the declaration and payment of future dividends, including the discretion of the Board to declare dividends and change the Corporation’s dividend policy and the risk that the amount of dividends may be less than currently forecast; the failure to obtain any required approvals in a timely manner or at all; the failure to complete or realize the anticipated benefits of acquisitions and dispositions and the risk of unforeseen difficulties in integrating acquired assets into Birchcliff’s operations; negative public perception of the oil and natural gas industry; the Corporation’s reliance on hydraulic fracturing; market competition, including from alternative energy sources; changing demand for petroleum products; the availability of insurance and the risk that certain losses may not be insured; breaches or failure of information systems and security (including risks associated with cyber-attacks); risks associated with artificial intelligence; risks associated with the ownership of the Corporation’s securities; the accuracy of the Corporation’s accounting estimates and judgments; and the risk that any of the Corporation’s material assumptions prove to be materially inaccurate (including the Corporation’s commodity price and exchange rate assumptions for 2025).

Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other risk factors that could affect Birchcliff’s results of operations, financial performance or financial results are included in the Corporation’s annual information form and annual management’s discussion and analysis for the financial year ended December 31, 2024 under the heading “Risk Factors” and in other reports filed with Canadian securities regulatory authorities.

This press release contains information that may constitute future-oriented financial information or financial outlook information (collectively, “FOFI”) about Birchcliff’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. Birchcliff’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. Birchcliff has included FOFI in order to provide readers with a more complete perspective on Birchcliff’s future operations and management’s current expectations relating to Birchcliff’s future performance. Readers are cautioned that such information may not be appropriate for other purposes.

Management has included the above summary of assumptions and risks related to forward-looking statements provided in this press release in order to provide readers with a more complete perspective on Birchcliff’s future operations and management’s current expectations relating to Birchcliff’s future performance. Readers are cautioned that this information may not be appropriate for other purposes.

The forward-looking statements and FOFI contained in this press release are expressly qualified by the foregoing cautionary statements. The forward-looking statements and FOFI contained herein are made as of the date of this press release. Unless required by applicable laws, Birchcliff does not undertake any obligation to publicly update or revise any forward-looking statements or FOFI, whether as a result of new information, future events or otherwise.

ABOUT BIRCHCLIFF:

Birchcliff is an intermediate oil and natural gas company based in Calgary, Alberta with operations focused on the exploration and development of the Montney/Doig Resource Play in Alberta. Birchcliff’s common shares are listed for trading on the Toronto Stock Exchange under the symbol “BIR”.

For further information, please contact:

Birchcliff Energy Ltd.
Suite 1000, 600 – 3^rd Avenue S.W.
Calgary, Alberta T2P 0G5
Telephone: (403) 261-6401
Email: birinfo@birchcliffenergy.com
www.birchcliffenergy.com

Chris Carlsen – President and Chief Executive Officer

Bruno Geremia – Executive Vice President and Chief Financial Officer

The MIL Network –

May 15, 2025

MIL-OSI: Epsilon Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 14, 2025 (GLOBE NEWSWIRE) — Epsilon Energy Ltd. (“Epsilon” or the “Company”) (NASDAQ: EPSN) today reported first quarter 2025 financial and operating results.

First Quarter 2025 Highlights:

Epsilon – Q1 2025
		Q1 2025	Q4 2024	Q1 2024	QoQ%		YoY%
NRI Production
Gas	MMcf	2,740	1,765	1,666	55	%	64	%
Oil	Mbbl	46	52	37	-12	%	24	%
NGL	Mbbl	16	17	16	-6	%	-2	%
Total	Mmcfe	3,108	2,176	1,982	43	%	57	%

Revenues	$M
Gas		10,614	3,958	2,963	168	%	258	%
Oil		3,270	3,537	2,715	-8	%	20	%
NGL		387	385	373	1	%	4	%
Midstream¹		1,892	1,060	1,936	79	%	-2	%
Total		16,163	8,940	7,987	81	%	102	%

Realized Prices²
Gas	$/Mcf	3.87	2.24	1.78	73	%	118	%
Oil	$/Bbl	71.76	68.38	74.13	5	%	-3	%
NGL	$/Bbl	24.52	22.98	23.16	7	%	6	%

Adj. EBITDA	$M	10,609	5,335	4,595	99	%	131	%

Cash + STI³	$M	7,363	6,990	15,447	5	%	-52	%

Capex⁴	$M	8,035	3,804	21,466	111	%	-63	%

Dividend	$M	1,376	1,370	1,370	0	%	0	%

Share Buybacks	$M	0	0	1,199			-100	%

1) Net of elimination entry for fees paid by Epsilon
2) Excludes impact of hedge realizations
3) Includes restricted cash balance
4) Includes acquisitions

Operations Update:

Epsilon’s capital expenditures were $8.0 million for the quarter ended March 31, 2025. These were primarily related to the drilling and completion of 2 gross (0.5 net) Glauconitic wells in the Garrington area of Alberta, Canada (including $4.9 million in drilling carry in favor of the operator to earn a 25% working interest in the large leasehold position).

Jason Stabell, Epsilon’s Chief Executive Officer, commented, “Our Marcellus business performed very well during the quarter with all delayed turn-in-line wells now on production and the lifting of the curtailments we sustained for most of last year. As a result, total gas volumes were up over 50% quarter over quarter. Realized gas prices also rebounded strongly, with Marcellus cash-flows (revenues less operating expenses) up over 200% quarter over quarter and up over 450% from the first quarter last year. This demonstrates the leverage we have in the basin to incremental development in a strong natural gas market. As mentioned previously, we have meaningful remaining undeveloped inventory there. However, we don’t expect any additional development this year.

In Texas, current plans call for 2 gross (0.5 net) new wells over the remainder of the year, in line with our development obligations on the leasehold. The Barnett wells are still economic at current oil prices, but any escalation in activity levels will require higher sustained prices.

Our first two wells in the Alberta JV we entered in October are now on production. Our operating partner is currently evaluating inflow performance and sizing artificial lift and facilities. The current plan is to drill 2 more wells there over the remainder of the year.

With our diversified assets, commodity mix and balance sheet, we remain in a strong position to take advantage of accretive opportunities.”

Current Hedge Book:

NG Hedge Book				Realized – Q125
2025		Jan-25		Feb-25		Mar-25		Apr-25		May-25		Jun-25		Jul-25		Aug-25		Sep-25		Oct-25		Nov-25		Dec-25
NYMEX Henry Hub (LD)
Fixed Swaps	MMBTUs	(232,500	)	(210,000	)	(387,500	)	(255,000	)	(418,500	)	(255,000	)	(263,500	)	(263,500	)	(255,000	)	(263,500	)	(120,000	)	(120,000	)
Hedges per Day	p/day	(7,500	)	(7,500	)	(12,500	)	(8,500	)	(13,500	)	(8,500	)	(8,500	)	(8,500	)	(8,500	)	(8,500	)	(4,000	)	(4,000	)
WA Strike Price	$ / MMBTU	3.47		3.47		3.68		3.21		3.12		3.21		3.21		3.21		3.21		3.21		4.66		4.66
Tenn Z4 300L Basis
Basis Swaps	MMBTUs	(232,500	)	(210,000	)	(232,500	)	(255,000	)	(263,500	)	(255,000	)	(263,500	)	(263,500	)	(255,000	)	(263,500	)
Hedges per Day	p/day	(7,500	)	(7,500	)	(7,500	)	(8,500	)	(8,500	)	(8,500	)	(8,500	)	(8,500	)	(8,500	)	(8,500	)
WA Strike Price	$ / MMBTU	(0.74	)	(0.74	)	(0.74	)	(0.95	)	(0.95	)	(0.95	)	(0.95	)	(0.95	)	(0.95	)	(0.95	)

Hedged Net Price	$ / MMBTU									2.17		2.26		2.26		2.26		2.26		2.26
Settlements	$M	(76.73	)	(94.50	)	(159.50	)	(198.40	)	(28.62	)

NG Hedge Book
2026		Jan-26		Feb-26		Mar-26		Apr-26		May-26		Jun-26		Jul-26		Aug-26		Sep-26		Oct-26		Nov-26		Dec-26
NYMEX Henry Hub (LD)
Fixed Swaps	MMBTUs	(124,000	)	(112,000	)	(124,000	)	(120,000	)	(124,000	)	(120,000	)	(124,000	)	(124,000	)	(120,000	)	(124,000	)
Hedges per Day	p/day	(4,000	)	(4,000	)	(4,000	)	(4,000	)	(4,000	)	(4,000	)	(4,000	)	(4,000	)	(4,000	)	(4,000	)
WA Strike Price	$ / MMBTU	4.66		4.66		4.66		4.09		4.09		4.09		4.09		4.09		4.09		4.09

Crude Hedge Book		Realized – Q125
2025		Jan-25		Feb-25		Mar-25		Apr-25		May-25		Jun-25		Jul-25		Aug-25		Sep-25		Oct-25		Nov-25		Dec-25
NYMEX WTI CMA
Fixed Swaps	Bbls	(4,682	)	(4,091	)	(4,389	)	(6,600	)	(6,600	)	(6,200	)	(6,200	)	(6,000	)	(5,600	)	(3,400	)	(3,200	)	(3,200	)
Hedges per Day	BOPD	(151	)	(146	)	(142	)	(220	)	(213	)	(207	)	(200	)	(194	)	(187	)	(110	)	(107	)	(103	)
WA Strike Price	$/Bbl	74.34		74.34		74.34		71.73		71.76		71.79		71.07		71.06		71.05		70.20		70.20		70.20
Settlements	$M	(3.55	)	12.81		28.09		57.86

Earning’s Call:

The Company will host a conference call to discuss its results on Thursday, May 15, 2025 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).

Interested parties in the United States and Canada may participate toll-free by dialing (833) 816-1385. International parties may participate by dialing (412) 317-0478. Participants should ask to be joined to the “Epsilon Energy First Quarter 2025 Earnings Conference Call.”

A webcast can be viewed at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Ehro2Pgc. A webcast replay will be available on the Company’s website (www.epsilonenergyltd.com) following the call.

About Epsilon

Epsilon Energy Ltd. is a North American onshore natural gas and oil production and gathering company with assets in Pennsylvania, Texas, Alberta CA, New Mexico, and Oklahoma.

Forward-Looking Statements

Certain statements contained in this news release constitute forward looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, ‘may”, “will”, “project”, “should”, ‘believe”, and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated. Forward-looking statements are based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.

Contact Information:

281-670-0002

Jason Stabell
Chief Executive Officer
Jason.Stabell@EpsilonEnergyLTD.com

Andrew Williamson
Chief Financial Officer
Andrew.Williamson@EpsilonEnergyLTD.com


EPSILON ENERGY LTD. Unaudited Consolidated Statements of Operations (All amounts stated in US$)

	Three months ended March 31,
	2025			2024
Revenues from contracts with customers:
Gas, oil, NGL, and condensate revenue	$	14,270,790		$	6,051,045
Gas gathering and compression revenue		1,892,350			1,935,698
Total revenue		16,163,140			7,986,743

Operating costs and expenses:
Lease operating expenses		2,755,898			1,768,462
Gathering system operating expenses		552,651			552,570
Depletion, depreciation, amortization, and accretion		3,475,857			2,380,426
Impairment expense		6,669			—
General and administrative expenses:
Stock based compensation expense		385,838			321,569
Other general and administrative expenses		1,818,418			1,559,023
Total operating costs and expenses		8,995,331			6,582,050
Operating income		7,167,809			1,404,693

Other income (expense):
Interest income		15,299			266,272
Interest expense		(12,211	)		(8,760	)
Loss on derivative contracts		(1,462,170	)		(100,726	)
Other expense		(22,499	)		(533	)
Other (expense) income, net		(1,481,581	)		156,253

Net income before income tax expense		5,686,228			1,560,946
Income tax expense		1,670,194			54,050
NET INCOME	$	4,016,034		$	1,506,896
Currency translation adjustments		(50,116	)		364
Unrealized loss on securities		—			(4,609	)
NET COMPREHENSIVE INCOME	$	3,965,918		$	1,502,651

Net income per share, basic	$	0.18		$	0.07
Net income per share, diluted	$	0.18		$	0.07
Weighted average number of shares outstanding, basic		22,008,766			21,994,207
Weighted average number of shares outstanding, diluted		22,109,819			21,994,207

EPSILON ENERGY LTD. Unaudited Consolidated Balance Sheets (All amounts stated in US$)

	March 31,			December 31,
	2025			2024
ASSETS
Current assets
Cash and cash equivalents	$	6,892,735		$	6,519,793
Accounts receivable		8,003,517			5,843,722
Prepaid income taxes		—			975,963
Other current assets		647,295			792,041
Total current assets		15,543,547			14,131,519
Non-current assets
Property and equipment:
Oil and gas properties, successful efforts method
Proved properties		194,811,616			191,879,210
Unproved properties		33,425,087			28,364,186
Accumulated depletion, depreciation, amortization and impairment		(126,370,072	)		(123,281,395	)
Total oil and gas properties, net		101,866,631			96,962,001
Gathering system		43,176,418			43,116,371
Accumulated depletion, depreciation, amortization and impairment		(36,777,152	)		(36,449,511	)
Total gathering system, net		6,399,266			6,666,860
Land		637,764			637,764
Buildings and other property and equipment, net		246,894			259,335
Total property and equipment, net		109,150,555			104,525,960
Other assets:
Operating lease right-of-use assets, long term		318,604			344,589
Restricted cash		470,000			470,000
Prepaid drilling costs		22,581			982,717
Total non-current assets		109,961,740			106,323,266
Total assets	$	125,505,287		$	120,454,785

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable trade	$	2,013,172		$	2,334,732
Gathering fees payable		1,651,164			997,016
Royalties payable		2,019,819			1,400,976
Income taxes payable		924,905			—
Accrued capital expenditures		309,630			572,079
Accrued compensation		284,905			695,018
Other accrued liabilities		481,770			371,503
Fair value of derivatives		1,534,675			487,548
Operating lease liabilities		121,293			121,135
Total current liabilities		9,341,333			6,980,007
Non-current liabilities
Asset retirement obligations		3,716,029			3,652,296
Deferred income taxes		12,417,125			12,738,577
Operating lease liabilities, long term		326,527			355,776
Total non-current liabilities		16,459,681			16,746,649
Total liabilities		25,801,014			23,726,656
Commitments and contingencies (Note 11)
Shareholders’ equity
Preferred shares, no par value, unlimited shares authorized, none issued or outstanding		—			—
Common shares, no par value, unlimited shares authorized and 22,008,766 shares issued and outstanding at March 31, 2025 and December 31, 2024		116,081,031			116,081,031
Additional paid-in capital		12,504,745			12,118,907
Accumulated deficit		(38,864,654	)		(41,505,076	)
Accumulated other comprehensive income		9,983,151			10,033,267
Total shareholders’ equity		99,704,273			96,728,129
Total liabilities and shareholders’ equity	$	125,505,287		$	120,454,785

EPSILON ENERGY LTD. Unaudited Consolidated Statements of Cash Flows (All amounts stated in US$)

	Three months ended March 31,
	2025			2024
Cash flows from operating activities:
Net income	$	4,016,034		$	1,506,896
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion		3,475,857			2,380,426
Impairment expense		6,669			—
Accretion of discount on available for sale securities		—			(216,180	)
Loss on derivative contracts		1,462,170			100,726
Settlement (paid) received on derivative contracts		(415,043	)		488,285
Settlement of asset retirement obligation		(1,600	)		(1,653	)
Stock-based compensation expense		385,838			321,569
Deferred income tax expense (benefit)		(321,452	)		(22,993	)
Changes in assets and liabilities:
Accounts receivable		(2,159,795	)		953,714
Prepaid income taxes		978,542			(68,401	)
Other assets and liabilities		141,640			146,477
Accounts payable, royalties payable, gathering fees payable, and other accrued liabilities		91,390			(1,897,438	)
Income taxes payable		922,326			—
Net cash provided by operating activities		8,582,576			3,691,428
Cash flows from investing activities:
Additions to unproved oil and gas properties		(5,060,901	)		(3,088,198	)
Additions to proved oil and gas properties		(2,578,866	)		(17,226,449	)
Additions to gathering system properties		(104,275	)		(22,650	)
Additions to land, buildings and property and equipment		—			(7,681	)
Purchases of short term investments – available for sale		—			(4,045,785	)
Proceeds from short term investments – held to maturity		—			10,794,285
Prepaid drilling costs		960,136			1,813,808
Net cash used in investing activities		(6,783,906	)		(11,782,670	)
Cash flows from financing activities:
Buyback of common shares		—			(1,203,708	)
Dividends paid		(1,375,612	)		(1,370,409	)
Net cash used in financing activities		(1,375,612	)		(2,574,117	)
Effect of currency rates on cash, cash equivalents, and restricted cash		(50,116	)		364
Decrease in cash, cash equivalents, and restricted cash		372,942			(10,664,995	)
Cash, cash equivalents, and restricted cash, beginning of period		6,989,793			13,873,628
Cash, cash equivalents, and restricted cash, end of period	$	7,362,735		$	3,208,633

Supplemental cash flow disclosures:
Income tax paid – federal	$	80,000		$	—
Income tax paid – state (PA)	$	5,138		$	—
Income tax paid – state (other)	$	25		$	—
Interest paid	$	657		$	—

Non-cash investing activities:
Change in proved properties accrued in accounts payable	$	341,974		$	2,946,528
Change in gathering system accrued in accounts payable	$	(44,228	)	$	(3,624	)
Asset retirement obligation asset additions and adjustments	$	18,235		$	16,372

	Three months ended March 31,
	2025			2024
Net income	$	4,016,034		$	1,506,896
Add Back:
Interest income, net		(3,088	)		(257,512	)
Income tax expense		1,670,194			54,050
Depreciation, depletion, amortization, and accretion		3,475,857			2,380,426
Impairment expense		6,669			—
Stock based compensation expense		385,838			321,569
Loss on derivative contracts net of cash received or paid on settlement		1,047,127			589,011
Foreign currency translation loss		10,289			570
Adjusted EBITDA	$	10,608,920		$	4,595,010

Epsilon defines Adjusted EBITDA as earnings before (1) net interest expense, (2) taxes, (3) depreciation, depletion, amortization and accretion expense, (4) impairments of natural gas and oil properties, (5) non-cash stock compensation expense, (6) gain or loss on derivative contracts net of cash received or paid on settlement, and (7) other income. Adjusted EBITDA is not a measure of financial performance as determined under U.S. GAAP and should not be considered in isolation from or as a substitute for net income or cash flow measures prepared in accordance with U.S. GAAP or as a measure of profitability or liquidity.

Additionally, Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Epsilon has included Adjusted EBITDA as a supplemental disclosure because its management believes that EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures. It further provides investors a helpful measure for comparing operating performance on a “normalized” or recurring basis with the performance of other companies, without giving effect to certain non-cash expenses and other items. This provides management, investors and analysts with comparative information for evaluating the Company in relation to other natural gas and oil companies providing corresponding non-U.S. GAAP financial measures or that have different financing and capital structures or tax rates. These non-U.S. GAAP financial measures should be considered in addition to, but not as a substitute for, measures for financial performance prepared in accordance with U.S. GAAP.

The MIL Network –

May 15, 2025

MIL-OSI: PMGC Holdings Inc. Announces Filing of Quarterly Report on Form 10-Q

Source: GlobeNewswire (MIL-OSI)

NEWPORT BEACH, Calif., May 14, 2025 (GLOBE NEWSWIRE) — PMGC Holdings Inc. (NASDAQ: ELAB) (the “Company,” “PMGC,” “we,” or “our”) today announced that it has filed its Quarterly Report on Form 10-Q (“Quarterly Report”) for the three months ended March 31, 2025, with the U.S. Securities and Exchange Commission (“SEC”).

The Quarterly Report is available on the SEC’s website at www.sec.gov under the company’s filings, as well as on the Company’s investor relations website.

Management believes the Company is well-capitalized, with a strong balance sheet and a clearly defined business focus. Through its operating subsidiaries, the Company is advancing its strategic growth priorities and actively pursuing acquisitions of operating B2B businesses and assets with the potential to drive meaningful revenue growth and enhance shareholder value.

Current Operating Subsidiaries:

• NorthStrive Biosciences Inc. – A biopharmaceutical company focused on the development and acquisition of cutting-edge aesthetic medicines. Its lead asset, EL-22, leverages an engineered probiotic approach to address a pressing issue in the obesity market by preserving muscle in patients undergoing weight loss treatments, including GLP-1 receptor agonists. For more information, visit northstrivebio.com.

• PMGC Research Inc. – A research and development subsidiary that utilizes Canadian research grants and partners with leading Canadian universities to accelerate scientific discovery and transform cutting-edge technologies into commercially viable products.

• PMGC Capital LLC – A multi-strategy investment firm focused on direct investments, strategic lending, and the acquisition of undervalued companies and assets across diverse markets. Its mission is to identify and seize high-potential opportunities to deliver sustainable growth and maximize returns on capital.

• Pending Acquisition – On April 16, 2025, the Company announced the signing of a non-binding Letter of Intent (“LOI”) to acquire a U.S.-based, cash-flow-positive information technology (“IT”) custom packaging company.

About PMGC Holdings Inc.

PMGC is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. Currently, our portfolio consists of three wholly owned subsidiaries: Northstrive Biosciences Inc., PMGC Research Inc., and PMGC Capital LLC. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.

Forward-Looking Statements

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The MIL Network –

May 15, 2025
MIL-OSI USA: Another First: NASA Webb Identifies Frozen Water in Young Star System

Source: NASA

Is frozen water scattered in systems around other stars? Astronomers have long expected it is, partially based on previous detections of its gaseous form, water vapor, and its presence in our own solar system.
Now there is definitive evidence: Researchers confirmed the presence of crystalline water ice in a dusty debris disk that orbits a Sun-like star 155 light-years away using detailed data known as spectra from NASA’s James Webb Space Telescope. (The term water ice specifies its makeup, since many other frozen molecules are also observed in space, such as carbon dioxide ice, or “dry ice.”) In 2008, data from NASA’s retired Spitzer Space Telescope hinted at the possibility of frozen water in this system.
“Webb unambiguously detected not just water ice, but crystalline water ice, which is also found in locations like Saturn’s rings and icy bodies in our solar system’s Kuiper Belt,” said Chen Xie, the lead author of the new paper and an assistant research scientist at Johns Hopkins University in Baltimore, Maryland.
All the frozen water Webb detected is paired with fine dust particles throughout the disk — like itsy-bitsy “dirty snowballs.” The results published Wednesday in the journal Nature.
Astronomers have been waiting for this definitive data for decades. “When I was a graduate student 25 years ago, my advisor told me there should be ice in debris disks, but prior to Webb, we didn’t have instruments sensitive enough to make these observations,” said Christine Chen, a co-author and associate astronomer at the Space Telescope Science Institute in Baltimore. “What’s most striking is that this data looks similar to the telescope’s other recent observations of Kuiper Belt objects in our own solar system.”
Water ice is a vital ingredient in disks around young stars — it heavily influences the formation of giant planets and may also be delivered by small bodies like comets and asteroids to fully formed rocky planets. Now that researchers have detected water ice with Webb, they have opened the door for all researchers to study how these processes play out in new ways in many other planetary systems.

The star, cataloged HD 181327, is significantly younger than our Sun. It’s estimated to be 23 million years old, compared to the Sun’s more mature 4.6 billion years. The star is slightly more massive than the Sun, and it’s hotter, which led to the formation of a slightly larger system around it.
Webb’s observations confirm a significant gap between the star and its debris disk — a wide area that is free of dust. Farther out, its debris disk is similar to our solar system’s Kuiper Belt, where dwarf planets, comets, and other bits of ice and rock are found (and sometimes collide with one another). Billions of years ago, our Kuiper Belt was likely similar to this star’s debris disk.
“HD 181327 is a very active system,” Chen said. “There are regular, ongoing collisions in its debris disk. When those icy bodies collide, they release tiny particles of dusty water ice that are perfectly sized for Webb to detect.”

Water ice isn’t spread evenly throughout this system. The majority is found where it’s coldest and farthest from the star. “The outer area of the debris disk consists of over 20% water ice,” Xie said.
The closer in the researchers looked, the less water ice they found. Toward the middle of the debris disk, Webb detected about 8% water ice. Here, it’s likely that frozen water particles are produced slightly faster than they are destroyed. In the area of the debris disk closest to the star, Webb detected almost none. It’s likely that the star’s ultraviolet light vaporizes the closest specks of water ice. It’s also possible that rocks known as planetesimals have “locked up” frozen water in their interiors, which Webb can’t detect.
This team and many more researchers will continue to search for — and study — water ice in debris disks and actively forming planetary systems throughout our Milky Way galaxy. “The presence of water ice helps facilitate planet formation,” Xie said. “Icy materials may also ultimately be ‘delivered’ to terrestrial planets that may form over a couple hundred million years in systems like this.”
The researchers observed HD 181327 with Webb’s NIRSpec (Near-Infrared Spectrograph), which is super-sensitive to extremely faint dust particles that can only be detected from space.
The James Webb Space Telescope is the world’s premier space science observatory. Webb is solving mysteries in our solar system, looking beyond to distant worlds around other stars, and probing the mysterious structures and origins of our universe and our place in it. Webb is an international program led by NASA with its partners, ESA (European Space Agency) and CSA (Canadian Space Agency).
To learn more about Webb, visit:
https://science.nasa.gov/webb
Downloads
Click any image to open a larger version.
View/Download all image products at all resolutions for this article from the Space Telescope Science Institute.
View/Download the research results from the journal Nature.

Laura Betz – laura.e.betz@nasa.govNASA’s Goddard Space Flight Center, Greenbelt, Md.
Claire Blome – cblome@stsci.eduSpace Telescope Science Institute, Baltimore, Md.
Christine Pulliam – cpulliam@stsci.eduSpace Telescope Science Institute, Baltimore, Md.

View Webb images of other debris disks around Vega, Fomalhaut, Beta Pictoris, and AU Microscopii
Learn more about spectroscopy
Read more: Webb’s Near-infrared Spectrograph (NIRSpec)
More Webb News
More Webb Images
Webb Science Themes
Webb Mission Page

What is the Webb Telescope?
SpacePlace for Kids
En Español
Ciencia de la NASA
NASA en español
Space Place para niños

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Organizing for our future

Source: US International Brotherhood of Boilermakers

We organize so that individual workers, through union representation, can bring their voices together and be heard.

Tim Simmons, International President

Unions exist to organize. Unions work because we organize. And unions organize, because it’s the only way for workers to hold companies’ feet to the fire and ensure safety, fair treatment, living wages and decent working conditions.

We organize so that individual workers, through union representation, can bring their voices together and be heard—so that through a collectively bargained, negotiated contract, management cannot ignore our voices.

Organizing is why workers at Doppelmayr OAC, who are now Local 549 Boilermakers, have a contract that includes yearly pay increases, medical premium payments and specifications on how reprimands are handled. Workers didn’t have those guarantees before. Organizing is why union Boilermakers at any industrial facility in the United States and Canada get a fair shake through defined and regimented grievance processes.

Organizing is why, in our Construction Sector Operations, all Boilermakers, no matter if they’re a man, woman or the best friend of a supervisor, go to work knowing their wages are fair and equal and knowing exactly what to expect on the job from the legally-binding contract that was agreed upon by our union and the contractors who employ them.

We like to think we’re a long way from the grim days before unions existed; when children as young as 10 years old labored in textile mills; when worn-to-the-bones men and women worked grueling hours in sweatshops for mere pennies. We like to think horrors like the disgusting working conditions in the 1900’s Chicago stockyards or New York City’s tragic Triangle Shirtwaist fire are a faraway past. But even today, left to their own moral standards, companies unfortunately continue to prove they’ll put greed and profit above human decency, let alone simply doing the right thing.

Just a year ago at Siemens Mobility in Sacramento, California, workers endured high temperatures and poor ventilation that was so extreme, some became ill. Siemens’ welders were paid less than the hourly wage of California McDonald’s workers.

The California Labor Federation reported revenue of $3 billion for Siemens Mobility.Yet, the company didn’t care about the inhumane working conditions, and they didn’t care that their workers—the very people they depend upon for the profits they enjoy—cannot afford the company-provided health insurance and sometimes work multiple jobs just to pay rent.

How does this happen in 2025 in the United States of America? Because the workers aren’t unionized. They don’t have a voice. You can read on page 12 about our efforts to organize Siemens workers. We didn’t win the votes this time—this time—but we’ve set a solid path for success, and we will not give up on the future these hard-working men and women deserve.

Organizing is a top priority in the work we do as a union. We know there are workers, like those at Siemens, who desperately need a union. It’s our duty as part of the labor movement and as Boilermakers to help them organize.

Even as we build power for the workers we represent, we also build our union’s power by joining more and more workers to amplify our unified Boilermaker voice. And as we make our Boilermaker voice louder, we make our Boilermaker future brighter.

MIL OSI USA News –

May 15, 2025
MIL-OSI Security: Canadian Man Illegally In The United States Pleads Guilty To Conspiracy To Smuggle Handguns Into Canada

Source: Office of United States Attorneys

HARRISBURG – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Durante King-Mclean, age 26, of Cambridge, Ontario, Canada, pled guilty today before United States District Judge Jennifer P. Wilson to a single count of a multi-count indictment charging him with conspiring with others to illegally traffic in firearms.

According to Acting United States Attorney John C. Gurganus, the charges stem from a September 2, 2023, traffic stop by the Pennsylvania State Police in Franklin County of a rental vehicle operated by King-Mclean who was the only occupant of the vehicle. During the stop King-Mclean fled on foot and was apprehended after a brief foot chase. A subsequent search of the rental vehicle led to the recovery of 65 handguns in the vehicle’s trunk that were all individually concealed in socks. Of the 65 handguns that were recovered, two were fully automatic, 11 were stolen, and one had an obliterated serial number. King-Mclean had been in communication with his co-conspirators from April of 2023 until his arrest on September 2, 2023, and had been staying at an Airbnb in Ft. Lauderdale, Florida, until he rented the vehicle at the end of August 2023 and headed north towards Canada with the illegally purchased handguns. Sometime after his arrest and incarceration on September 2, 2023, King-Mclean was charged by Canadian authorities for his alleged participation in the April 17, 2023, heist of approximately $22.5 million dollars in gold bars and foreign currency from the Air Canada cargo terminal at Toronto’s Pearson International Airport. It was shortly after this heist that King-Mclean illegally entered the United States where he remained until his arrest on September 2, 2023, as he was headed back to Canada with the 65 handguns.

“King-Mclean’s international firearms trafficking scheme had 65 guns destined for the hands of violent criminals and other prohibited people who threaten their communities,” said Eric J. DeGree, Special Agent in Charge (SAC) for the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Philadelphia Field Division. “ATF’s highest priority is reducing violent gun crime, and thanks to our cooperative efforts, this action kept dozens of crime guns off the street — preventing them from being used in any number of killings and other crimes.”

“This guilty plea highlights the serious consequences of international arms trafficking and the dangers it poses to public safety. By illegally moving firearms across borders, criminal networks fuel violence and threaten communities,” said Special Agent in Charge of HSI Philadelphia Edward V. Owens. “HSI remains dedicated to working with our domestic and international partners to disrupt these illicit operations and ensure that those who engage in trafficking are held accountable.”

King-Mclean faces a potential sentence of 15 years’ imprisonment, a $250,000.00 fine, and a three-year term of supervised release.

The case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives – Harrisburg Office, the Pennsylvania State Police, and Homeland Security Investigations (HSI). Assistant United States Attorney William A. Behe is prosecuting the case.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

This prosecution is also part of an extensive investigation by the Organized Crime Drug Enforcement Task Force (OCDETF). OCDETF is a joint federal, state, and local cooperative approach to combat drug trafficking and is the nation’s primary tool for disrupting and dismantling major drug trafficking organizations, targeting national and regional level drug trafficking organizations and coordinating the necessary law enforcement entities and resources to disrupt or dismantle the targeted criminal organization and seize their assets.

All persons charged are presumed to be innocent unless and until found guilty in court.

# # #

MIL Security OSI –

May 15, 2025
MIL-OSI Security: Two Foreign Nationals Plead Guilty to Illegal Entry into the United States

Source: Office of United States Attorneys

Burlington, Vermont – The United States Attorney’s Office for the District of Vermont stated that on May 9, 2025, Adrian Santos-Miranda, 31, and Yanela Guerra-Matamoros, 36, citizens of Cuba, pleaded guilty to a criminal complaint charging them with illegally entering the United States at a time or place other than designated for entering the country by immigration authorities.

According to court records, on May 8, 2025, at approximately 3:40 p.m., U.S. Border Patrol received an image of two individuals, later identified as the defendants, walking south from the Canadian Border in the area of Mud Creek, approximately two miles east of the village of North Troy, VT. Border Patrol agents responded to the area, followed foot signs through the woods and mud, and at approximately 7:00 p.m., located the two defendants, who fled further into the woods when approached. The agents apprehended the two defendants, who appeared to be the same individuals in the image they had received. The agents then conducted an immigration inspection. Neither defendant was able to provide Border Patrol with the necessary documents that would allow them to stay or remain in the U.S. legally. Both defendants were placed under arrest. Border Patrol conducted further record checks, which identified the defendants as citizens of Cuba with no current legal status in the United States.

Santos-Miranda and Guerra-Matamoros had their initial court appearance before United States Magistrate Judge Kevin J. Doyle on May 9, 2025, where they pleaded guilty and received a time-served sentence. Santos-Miranda and Guerra-Matamoros had faced up to 6 months’ imprisonment.

Acting United States Attorney Michael P. Drescher commended the investigatory efforts of the United States Border Patrol.

The prosecutor is Assistant United States Attorney Andrew C. Gilman. Santos-Miranda is represented by Mark D. Oettinger, Esq. and Guerra-Matamoros is represented by Jason J. Sawyer, Esq.

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

MIL Security OSI –

May 15, 2025
MIL-OSI Global: Decades of neglect: Migrant farm worker housing needs national regulatory standards
Source: The Conversation – Canada – By C. Susana Caxaj, Associate Professor, Nursing, Western University

Housing for migrant workers in Western Canada. Many workers live in poorly maintained housing and face surveillance and harassment from employers. (Elise Hjalmarson/RAMA Okanagan)

In today’s political climate, temporary migrants in Canada are being scapegoated for everything from rising grocery bills to the affordable housing crisis. Yet migrant workers, particularly farm workers, face a hidden housing crisis that needs urgent attention.

Much of Canada’s ability to produce food hinges on hiring migrant agricultural workers from countries like Mexico, Guatemala, Jamaica and elsewhere. Yet, housing for migrant agricultural workers in Canada is often overcrowded, dangerous and undignified.

Amid government inaction, our group of 29 researchers, clinicians and advocates with the Coalition for National Housing Standards for Migrant Agricultural Workers (CoNaMi), have developed a proposal for national housing standards. This work is backed by clinical experience, hundreds of interviews and surveys and migrant agricultural workers’ own advocacy.

Inadequate housing

When two of us — Anelyse and Susana — interviewed 151 migrants in Ontario and British Columbia as part of our research, workers described conditions of isolation, crowding, inadequate ventilation, poor maintenance and close proximity to hazards such as agrochemicals.

Both during and after the COVID-19 pandemic, many workers struggled to access health care, groceries and social services. In addition, their phone and internet access was often unreliable.

Some workers reported employer-imposed restrictions on leaving the property, and bans on visitors. These living conditions pose serious risks to workers.

Similarly to research led by the Centre for Climate Justice in British Columbia, we also encountered several workers who endured significant hardships as a result of extreme weather events.

Consistent with recent research in Nova Scotia, we found that a lack of meaningful union representation, precarious status and low wages created coercive conditions in which workers felt forced to accept poor living conditions.

Marginalization and exploitation

As migrant workers typically live on the farms where they work, the lines between work and home can be blurred. This living arrangement often contributes to isolation and surveillance by employers. It may also enable harassment and abuse.

Furthermore, migrants are geographically separated from their families for months or years at a time. Research that Adam has conducted in Atlantic Canada and Ontario, Jill in Québec and Susana in Ontario and British Columbia, outlines how poor housing conditions not only threaten workers’ health and well-being, but also contribute to their marginalization and exploitation.

Workers often describe feeling demeaned and controlled, and they wonder why Canada, a country so willing to accept their labour, is so reluctant to accept their common humanity.

In 2024, the United Nations Special Rapporteur on contemporary forms of slavery has described Canada’s temporary foreign worker program, accessed by migrant agricultural workers to come to Canada, as “a breeding ground for contemporary forms of slavery,” a statement echoed by international human rights watchdog Amnesty International.

Yet the federal government has failed to meaningfully improve housing conditions or establish clear, enforceable and mandatory standards. This inaction persists despite years of reviews, consultations and recommendations.

In fact, a study commissioned by the federal government to review the possibility of a national housing standard for migrant agricultural workers in 2018 called for greater consistency in housing quality assessments.

Academic experts have long called for a national housing standard, as well as proactive and unannounced housing inspections. Other professional and labour organizations have identified the need for greater inter-jurisdictional co-ordination and attention to issues of safety, pandemic preparedness, privacy and dignity.

Furthermore, safeguarding housing quality requires policy changes that provide meaningful status and adequate collective bargaining representation to migrant workers, as these conditions underlie their vulnerability in housing.

In the 2020 Auditor General of Canada report, the need for national minimum accommodation requirements for migrant agricultural workers was identified. However, housing remains a key concern for these workers who have not yet benefited from such proposed recommendations.

National housing standard

A national housing standard for migrant agricultural workers is a crucial step towards protecting their rights and mitigating their vulnerability. These standards must include:
1. Appropriate and enforced housing standards: Ensure robust and proactive enforcement of housing standard. Living quarters must be well-constructed, safe and dignified.
2. Privacy, security, access and freedom: Guarantee workers’ rights to privacy, movement, access to health and social services and freedom from surveillance. Workers must have access to transportation and be able to enjoy rest, leisure and a social life.
3. Dignified living conditions: Safeguard basic rights to comfort, storage and personal care by prescribing minimum standards and ratios for private bedrooms, common areas, laundry and cooking facilities. Workers should have private bedrooms and reliable internet access.
4. Health and safety in housing: Protect workers from the spread of illness, extreme weather events and other hazards through proper air conditioning, ventilation and reduced occupancy ratios for bathrooms and kitchens.
5. Co-ordinated government leadership: Prevent different jurisdictions passing the buck by mandating co-ordination, data-sharing and training among federal, provincial and municipal governments. For example, inspectors should be trauma-informed and armed with strategies to mitigate implicit bias and to anticipate barriers this group faces because of their precarious status. The federal government must lead with adequate funding and policy reform to address barriers that prevent workers from advocating for decent housing.
The evidence is clear. Canadian governments must raise the bar from the floor, and create national standards for migrant agricultural workers’ housing.

C. Susana Caxaj has received Social Sciences and Humanities Research Council of Canada to carry out this research. Previously, her work has been funded by the Canadian Institute of Health Research, Vancouver Foundation and Western University. She is a co-founder and member of the Migrant Worker Health Expert Working Group.

Anelyse Weiler receives funding from SSHRC and the Hari Sharma Foundation. She is a board member with the B.C. Employment Standards Coalition and is involved with the Worker Solidarity Network.

J. Adam Perry receives funding from the Social Sciences and Humanities Research Council of Canada.

Jill Hanley receives funding from SSHRC and CIHR for her research on farmworkers. She is affiliated with the Immigrant Workers Centre and the SHERPA University Institute.

– ref. Decades of neglect: Migrant farm worker housing needs national regulatory standards – https://theconversation.com/decades-of-neglect-migrant-farm-worker-housing-needs-national-regulatory-standards-255709
MIL OSI – Global Reports –
May 15, 2025
MIL-OSI: $190M Raised: Canada’s Top 20 Moonshot Ventures™ of 2025 Unveiled After Closed-Door NACO Showcase
Source: GlobeNewswire (MIL-OSI)

Canada’s most promising early-stage companies officially unveiled today following a closed-door showcase at the NACO Summit, with ventures spanning AI, cleantech, healthtech, and space.

OTTAWA, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — The National Angel Capital Organization (NACO) today unveiled Canada’s Top 20 Moonshot Ventures™ of 2025—emerging companies led by bold entrepreneurs building transformative solutions across sectors.

These ventures were selected through a rigorous, member-driven process. NACO invited its 100 member organizations—Canada’s leading angel groups, incubators, accelerators and early-stage venture capital funds—to each nominate one high-potential company. From this curated pool, 23 ventures were selected by NACO’s investment committee to take the Moonshots Stage™ at a closed-door NACO showcase held at the National Arts Centre during NACO Summit 2025. The audience featured top-tier angel investors, venture capitalists, and senior corporate leaders.

“Ontario’s future depends on entrepreneurs, risk takers, and the investors who believe in them” said Premier Doug Ford, “That’s what makes events like this so important. As we face global economic uncertainty, Ontario’s innovators are leading the way, building new companies and creating jobs.”

Collectively, the selected Moonshots companies have raised over $190 million to date. They represent the future of Canadian innovation—driving breakthroughs in AI, cleantech, healthtech, space, deeptech, consumer products, and more. Founders hailed from across the country, with companies based in Ontario, Quebec, British Columbia, Alberta, Newfoundland and Labrador, and Nova Scotia. The 2025 Moonshots cohort includes founders from diverse backgrounds, sectors, and regions—reflecting the inclusive strength and geographic breadth of Canada’s innovation economy.

“These founders represent the bold ideas, entrepreneurial drive, and global ambition within Canada’s innovation economy,” said Claudio Rojas, CEO of NACO. “The Moonshots Venture Showcase is designed to elevate the country’s most promising ventures by connecting them with the capital and networks they need to scale. We are proud to spotlight these exceptional companies as they take bold steps toward transformative growth and impact.”

Top 20 Moonshots Stage™ Ventures of 2025

Organized by sector and listed alphabetically

AI & Next Gen Computing
- Dreamwell AI — Co-Founder and CEO Kazzy Khazaal (Nominated by Panache Ventures)
- Inner Logic — Co-Founder and CEO Bryce Tully (Nominated by Maple Leaf Angels)
AI & Bioelectronics
- Panaxium — Founder and CEO Brad Schmidt (Nominated by Brampton Angels / Altitude Accelerator)
Cleantech
- BluWave-ai — Founder and CEO Devashish Paul (Nominated by Capital Angel Network)
- Evercloak — Co-Founder and CEO Evelyn Allen (Nominated by Capital Angel Network)
Cleantech & Trade
- PemPem — Founder and CEO Joann de Zegher (Nominated by Anges Quebec)
Consumer Packaged Goods & Retail
- The Little Cacao Co. — Founder and CEO Suzie Yorke (Nominated by Maple Leaf Angels)
Enterprise, Software, & Deeptech
- Cinareo — Co-Founder and CEO Karen Elliott (Nominated by SheBoot)
- Depix AI — Founder and CEO Philip Lunn (Nominated by TandemLaunch)
- H2 Analytics — Founder and CEO Hugo Hodgett (Nominated by Invest Ottawa)
Healthtech & Biotech
- Arbutus Medical — Founder and CEO Lawrence Buchan (Nominated by ThresholdImpact)
- Hyivy Health — Founder and CEO Rachel Bartholomew (Nominated by Women’s Equity Lab)
- JVP Labs — Founder and CEO Paul Weber (Nominated by Golden Triangle Angel Network)
- mDetect — Founder and CDO Dr. Irsa Wiginton (Nominated by KNDL, Kingston Economic Development Corporation)
- MedInclude — Founder and CEO Seun Adetunji (Nominated by Communitech)
- Sparrow Bio — Founder and VP Rachel Collier (Nominated by The Firehood)
- Zilia — Founder and CEO Dr. Patrick Sauvageau (Nominated by Anges Quebec)
Insurtech, Femtech, & AI
- Flora Fertility — Co-Founder and CEO Laura McDonald (Nominated by Highline Beta)
Robotics, IoT, and Hardware
- Solace Power — Founder, COO and CFO Colin Ryan
Space, Mining, and Oceans
- Mission Control Space Services — Founder and CEO Ewan Reid (Nominated by GreenSky President’s Club)
- Open Ocean Robotics — Founder and CEO Julie Angus (Nominated by Spring Activator)
Supply Chain / Inventory Management
- Moselle — Founder and CEO Lakhveer Jajj (Nominated by Highline Beta, Angel One Investor Network)
Travel & Media
- The Hotel Communication Network — Founder and CEO Kevin Bidner (Nominated by Keiretsu Forum Canada)
About the Nominating Organizations

Canada’s Top 20 Moonshots Ventures™ of 2025 are shaped by the insight and leadership of NACO’s national member network. These organizations—spanning angel groups, accelerators, incubators, and innovation hubs—play a vital role in identifying Canada’s most promising early-stage ventures.

Each year, members are invited to nominate one high-potential Seed or Series A company they believe is ready for scale. This peer-driven process creates a national filter rooted in trust, experience, and proximity to innovation on the ground. The result is a curated group of ventures with strong traction, compelling leadership, and global ambition—brought together to engage with the country’s most sophisticated investors at the Moonshots Venture Showcase.

About the Moonshots Stage™

Launched in 2022, the Moonshots Stage™ is Canada’s premier platform for investment-ready Seed and Series A ventures. Unlike traditional pitch events, this showcase puts storytelling front and center—each founder delivers a personal, TED-style presentation designed to spark connection and catalyze opportunity with one of the most curated investor audiences in the country.

Selected companies join the Moonshots Alumni Network™, a national peer community of ventures recognized for innovation, ambition, and global potential. It is a key pillar of NACO Summit, Canada’s most exclusive gathering of early-stage investors and innovation leaders.

Learn more at nacosummit.com

Media Contact:

media@nacocanada.com / www.nacocanada.com

About National Angel Capital Organization (NACO)

Established in 2002, NACO is Canada’s professional association representing over 4,000 angel investors, serving as the national umbrella for more than 100 member organizations—including angel groups, venture funds, incubators, and accelerators. Collectively, NACO members have invested more than CAD $1.8 billion into over 2,000 Canadian ventures.

Angel investors are individuals and funds deploying capital at the earliest stages of growth. They include limited partners (LPs) investing in venture funds, family offices backing pre-seed and seed-stage ventures, and individuals investing directly or through angel groups.

High-growth companies backed by angel investment that went on to achieve significant global scale include Slack (British Columbia), Verafin (Newfoundland and Labrador), Wealthsimple (Ontario), Hopper (Québec), and Jobber and Neo Financial (Alberta). Recent standouts include CoLab (NL) and 7shifts (Saskatchewan). These successes illustrate how angel investment drives Canada’s pipeline of innovative ventures, fueling future global success stories.

Learn more at nacocanada.com

For media inquiries, contact:
Claudio Rojas, CEO, National Angel Capital Organization
Email: media@nacocanada.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/05dbaabe-343b-48f0-981f-6280c5881a57

The MIL Network –
May 15, 2025
MIL-OSI Global: Looking for mental health or wellness advice in a book? Check the author’s credentials first
Source: The Conversation – Canada – By Joanna Pozzulo, Chancellor’s Professor, Psychology, Carleton University

Not all the suggestions provided in self-help books are evidence-based or written by professionals with advanced training in psychology or have a medical degree. (Shutterstock)

Self-help books are a mainstay of the non-fiction market. According to a 2022 study by BookNet Canada, self-help titles account for 17 per cent of non-fiction book sales.

Some of these books can go on to sell millions of copies, but popularity doesn’t always equal credibility. Achieving bestseller status can reflect effective marketing campaigns, a large social media following or the appeal of personal storytelling rather than academic or clinical credentials.

To better understand the current self-help landscape, my graduate student and I are reviewing New York Times bestsellers under the “Advice, How-To & Miscellaneous” category, which includes self-help books.

Our preliminary analysis for April 2025 identified 22 relevant books, with only three written by authors with advanced training in psychology or medicine:
- Adult Children of Emotionally Immature Parents: How to Heal from Distant, Rejecting, or Self-Involved Parents by Lindsay C. Gibson, PsyD
- The Ageless Brain: How to Sharpen and Protect Your Mind for a Lifetime by Dale E. Bredesen, MD
- The New Menopause by Mary Claire Haver, MD
This isn’t a new issue. A 2008 study examining 50 top-selling books directed at anxiety, depression and trauma found that more than half contained strategies that were not supported by evidence.

Can self-help books help? It depends

The effectiveness of a self-help book depends largely on the quality of its content and how it is used by readers.

Books that draw on peer-reviewed research are more likely to offer reliable, evidence-based strategies for improving well-being.

Peer review is a process in academic publishing where experts in a given field vet a research study’s quality before it’s published. This process helps ensure the research is of high quality and adheres to the standards of the discipline.

Read more:
Explainer: what is peer review?

Evidence-based books are ones that rely on peer-reviewed research to support their claims and suggestions for improved well-being. Having psychological science make its way to the general public via self-help books can provide a useful resource to support well-being and self-improvement.

In contrast, books that are based on someone’s opinion or their lived experiences have not had their ideas tested or verified. Although these books can contain useful information that were helpful to the author, they can also be problematic, as the ideas have not been empirically examined.

Risks of non-evidence-based self-help books

Relying on untested self-help strategies can delay people from seeking appropriate support for the challenges they face. When they turn to self-help books instead of seeking professional care, it can lead to worsening symptoms and missed opportunities for effective treatment.

This can have serious consequences, particularly for those dealing with complex mental health challenges like anxiety, depression or trauma.

Relying on untested self-help strategies can delay individuals from seeking appropriate support for the challenges they face.
(Shutterstock)

In addition, exposure to misinformation or disinformation can make matters worse. When such content circulates widely, like through best-selling books, it can reinforce harmful stereotypes or downplay the seriousness of psychological distress.

This can perpetuate stigma and make people feel ashamed or reluctant to seek therapy, medical treatment or other professional help.

Read more:
Why do we fall for wellness scams? Our cultural biases and myths are often to blame

At the same time, the booming global wellness industry has created new risks for consumers. In 2023, the wellness industry was valued at an estimated US$6.3 trillion.

The size and growth of the industry has created fertile ground for wellness grifters to financially exploit people’s desire for better health and happiness.

Community for science-based self-help readers

If you’re interested in more evidence-based books for well-being and self-improvement, consider joining my Reading for Well-Being Community Book Club.

Each month, members receive a newsletter announcing “Professor Pozzulo’s Pick” — an evidence-based book chosen by me that is focused on some dimension of well-being or self-improvement.

The newsletter also provides access to a digital platform where my review will be posted, along with a discussion board where club members can share their thoughts about the book.

Membership is free and sign-up is located here. You can also hear directly from the authors of the selected books through the Reading for Well-Being Podcast, which provides deeper insight into the evidence and ideas behind each book.

Summer reading recommendations

For readers seeking self-help books supported by research, here are four accessible and evidence-based suggestions:

The Positive Shift: Mastering Mindset to Improve Happiness, Health, and Longevity by Psychologist Catherine A. Sanderson (2019, Published by BenBella Books).

‘The Positive Shift: Mastering Mindset to Improve Happiness, Health, and Longevity’ by Catherine A. Sanderson.
(BenBella Books)

Sanderson explains that our level of happiness, physical health and even our longevity is connected to how “we think about ourselves and our world around us.” In other words, our mindset.

By making small changes, Sanderson shows how we can improve our happiness and physical and mental health. The book is full of straightforward, science-backed strategies to “shift your mindset.”

One study Sanderson highlights found that people who read for more than 3.5 hours per week tended to live longer.

Chatter: The Voice in our Head, Why it Matters, and How to Harness It by Ethan Kross (2021, Published by Crown Publishing Group).

‘Chatter: The Voice in Our Head’ by Ethan Kross.
(Crown Publishing Group)

Anyone who has found themselves lying awake in the middle of the night with endless thoughts of potential doom can likely relate to this book. In Chatter, psychologist Ethan Kross examines this inner voice.

According to Kross, by changing the dialogue we have with ourselves, we can potentially change our lives and ultimately improve our health and well-being.

The last section of the book, titled “The Tools,” includes several evidence-based strategies to reduce the negative loops that can run in our minds.

Happier Hour: How to Beat Distraction, Expand Your Time, and Focus on What Matters Most by Cassie Holmes (2022, published by Gallery Books).

‘Happier Hour: How to Beat Distraction, Expand Your Time, and Focus on What Matters Most’ by Cassie Holmes.
(Gallery Books)

Do you ever feel like you never have the time for the things you want or need to do? Management professor Cassie Holmes writes that people who are “time poor” can “feel less happy and less satisfied with life.”

Several studies have found that when people make time to do the things they want, they feel they have more time to do the things they need.

Holmes encourages readers to reflect on how they spend their time. Although we can’t change the amount of time we have, we can re-prioritize how we spend it, and by doing so, improve our sense of well-being and life satisfaction.

How to Change: The Science of Getting from Where You Are to Where You Want to Be by Katy Milkman (2021, published by Portfolio).

‘How to Change: The Science of Getting from Where You Are to Where You Want to Be’ by Katy Milkman.
(Portfolio)

If you feel like you need a change or find it hard to make a change last, you might be using an ineffective strategy or approach.

Economist Katy Milkman reviews the science of how to make behaviour change last with several evidence-based strategies to help you reach your goals.

Each chapter examines an internal obstacle that stands between people and their goals. By the end of the book, you’ll learn how to recognize these obstacles and what you can do to overcome them.

Joanna Pozzulo receives funding from the Social Sciences and Research Council of Canada.

– ref. Looking for mental health or wellness advice in a book? Check the author’s credentials first – https://theconversation.com/looking-for-mental-health-or-wellness-advice-in-a-book-check-the-authors-credentials-first-256082
MIL OSI – Global Reports –
May 15, 2025
MIL-OSI USA: Welch Skewers Trump’s Trade Policy in Senate Finance Committee Hearing

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) today skewered the Trump Administration’s misguided trade policy, which has slowed economic growth, interrupted supply chains, and threatened access to markets for Vermont businesses, farms, and manufacturers.
“We’re getting hammered. Dairy is our big product, but we have a lot of vegetable growers. Our farmers get a lot of fertilizer from Canada and it’s going to go up like 25%. And I don’t care what the politics are of the farmer, whether they voted for Trump or voted for Harris—that’s a real hit, right?” asked Senator Welch. “Some of the issues, or the justification for tariffs, is to get the supply chain back here and I have some appreciation for that. But it’s not like, ‘the more we grow here, the better,’ right? We’re already doing that. We get higher costs, and that will make the markets more vulnerable. More farms will go out of business.”
Watch more here:
The Senate Finance Committee’s hearing featured testimony from representatives of the American Soybean Association, the Center for Strategic International Studies, the Semiconductor Industry Association, and AdvaMed.
This week, President Trump announced a new trade agreement with China that will temporarily reduce tariffs from 145% to 30%, while retaining several other newly imposed tariff categories. Even with this temporary reprieve, Americans still face an overall effective tariff rate of 17.8% —the highest since 1934.
Senator Welch has blasted Trump’s tariffs and trade war and shared stories from constituents about how President Trump’s economic policies have impacted their businesses, farms, and communities. Senator Welch has hosted roundtables in Stowe, Newport, St. Albans, and virtually, where he heard concerns and first-hand stories from Vermont and Canadian business leaders impacted by the trade war.

MIL OSI USA News –

May 15, 2025
MIL-OSI: Fiera Capital Corporation announces increase to previously announced bought deal offering of 7.75% Senior Subordinated Unsecured Debentures to $70 million

Source: GlobeNewswire (MIL-OSI)

MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Fiera Capital Corporation (“Fiera Capital” or the “Company”) (TSX: FSZ) is pleased to announce that, due to strong demand, it has entered into a revised agreement with Scotiabank, CIBC Capital Markets, Desjardins Capital Markets and RBC Capital Markets, as joint bookrunners, on behalf of a syndicate of underwriters which also included National Bank Financial Inc., BMO Capital Markets, TD Securities Inc., Canaccord Genuity Corp., iA Private Wealth Inc. and Raymond James Ltd. (collectively, the “Underwriters”), to increase the size of its previously announced bought deal offering of senior subordinated unsecured debentures due June 30, 2030 (the “Debentures”) at a price of $1,000 per Debenture (the “Offering”) to $70 million. Fiera Capital has also granted the Underwriters an option to purchase up to an additional $10.5 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following closing of the Offering. The Offering is expected to close on or about June 3, 2025.

The Debentures will bear interest at a rate of 7.75% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, with the first interest payment on December 31, 2025. The December 31, 2025 interest payment will represent accrued interest from the closing of the Offering, to but excluding December 31, 2025. The Debentures will mature on June 30, 2030 (the “Maturity Date”).

The Debentures will not be redeemable prior to June 30, 2028 (the “First Call Date”), except upon the occurrence of a change of control of the Company in accordance with the terms of the indenture (the “Indenture”) governing the Debentures. On and after the First Call Date and prior to June 30, 2029, the Debentures will be redeemable in whole or in part from time to time at the Company’s option at a redemption price equal to 103.875% of the principal amount of the Debentures redeemed plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. On and after June 30, 2029 and prior to the Maturity Date, the Debentures will be redeemable, in whole or in part, from time to time at the Company’s option at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. The Company shall provide not more than 60 nor less than 30 days’ prior notice of redemption of the Debentures.

The Company will have the option to satisfy its obligation to repay the principal amount of the Debentures due at redemption or maturity by issuing and delivering that number of freely tradeable Class A subordinate voting shares (the “Class A Shares”) in accordance with the terms of the Indenture.

The Debentures will not be convertible into Class A Shares at the option of the holders at any time.

The net proceeds of the Offering will be used to fund the redemption of the Company’s 8.25% Senior Subordinated Unsecured Debentures due December 31, 2026 (the “2026 Debentures”) that the Company intends to effect on the first call-date, December 31, 2025, and for general corporate purposes. Pending such use, the net proceeds from the Offering will temporarily be used by the Company to reduce indebtedness under the Company’s unsecured revolving credit facility. The foregoing is not a redemption notice with respect to the 2026 Debentures. Any redemption of the 2026 Debentures will be made pursuant to a notice of redemption under the indenture governing those securities.

The Debentures will be direct, senior subordinated unsecured obligations of the Company which will rank pari passu with one another and will rank (a) effectively subordinate to any existing and future secured indebtedness of the Company but only (other than with respect to the Senior Credit Facilities (as defined in the Indenture)) to the extent of the value of the assets securing such secured indebtedness, (b) subordinate to the obligations under the current and future Senior Credit Facilities (as defined in the Indenture), (c) pari passu with the Company’s existing 2026 Debentures and 6.00% Senior Subordinated Unsecured Debentures due June 30, 2027 and, except as prescribed by law, all existing and future unsecured indebtedness (other than the Senior Credit Facilities) that by its terms is not subordinated in right of payment to the Debentures, including indebtedness to trade creditors, and (d) senior to all existing and future unsecured indebtedness that by its terms is subordinated in right of payment to the Debentures, including any convertible unsecured subordinated debentures which may be issued by the Company in the future. In addition, the Debentures will be structurally subordinated to all existing and future indebtedness and other liabilities of the Company’s subsidiaries.

A preliminary short form prospectus will be filed with securities regulatory authorities in all provinces of Canada. The Offering is subject to customary regulatory approvals, including the approval of the Toronto Stock Exchange.

The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Legal advisors

Legal advice is being provided to Fiera Capital by Fasken Martineau DuMoulin LLP. Legal advice is being provided to the Underwriters by Norton Rose Fulbright Canada LLP.

Forward-Looking Statements

This document may contain certain forward-looking statements relating to future events or, future performance reflecting management’s expectations or beliefs regarding future events, including, without limitation, business and economic conditions, outlook and trends, Fiera Capital’s growth, results of operations, performance, business prospects and opportunities, objectives, plans and strategic priorities, new initiatives, such as those related to sustainability and other statements that do not refer to historical facts. In particular, this press release includes forward-looking statements relating to the proposed timing of completion of the Offering and the anticipated use of the net proceeds of the Offering. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. These forward-looking statements may typically be identified by words and expressions such as “assumption, “continue”, “estimate”, “forecast”, “goal”, “guidance”, “likely”, “plan”, “objective”, “outlook”, “potential”, “foresee”, “project”, “strategy”, “target”, and other similar words or expressions or future or conditional verbs (including in their negative form), such as “aim”, “anticipate”, “believe”, “could”, “expect”, “foresee”, “intend”, “may”, “plan”, “predict”, “seek”, “should”, “strive” and “would”.

Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, which make it possible for actual results or events to differ materially from management’s expectations and that predictions, forecasts, projections, expectations, conclusions or statements will not prove to be accurate. As a result, Fiera Capital does not guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward-looking statements. These risks include, but are not limited to, the failure or delay in satisfying any of the conditions to the completion of the Offering. Additional factors include, but are not limited to, market and general economic conditions, the nature of the financial services industry, and the risks and uncertainties detailed from time to time in Fiera Capital’s interim condensed and annual consolidated financial statements, and its latest Annual Report and Annual Information Form filed on www.sedarplus.ca. These forward-looking statements are made as of the date of this document, and Fiera Capital assumes no obligation to update or revise them to reflect new events or circumstances.

About Fiera Capital Corporation

Fiera Capital is a leading independent asset management firm with a growing global presence. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia and the Middle East. Fiera Capital’s depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange.

Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), Hong Kong (SAR) and Abu Dhabi (ADGM).

Each affiliated entity (each an “Affiliate”) of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate is authorized to provide services pursuant to the relevant registrations, an exemption from such registrations and/or the relevant product is registered or exempt from registration.

Fiera Capital does not provide investment advice to U.S. clients or offer investment advisory services in the U.S. In the U.S., asset management services are provided by Fiera Capital’s Affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult https://www.fieracapital.com/en/registrations-and-exemptions

Additional information about Fiera Capital, including its Annual Information Form, is available on SEDAR+ at www.sedarplus.ca

SOURCE Fiera Capital Corporation

The information contained in press releases and company news is valid as of the date indicated. You should not assume that statements remain accurate or valid after the date.

For more information: Analysts and investors, Marie-France Guay, Senior Vice President, Treasury and Investor Relations, Fiera Capital Corporation, 514 294-5878, mguay@fieracapital.com

The MIL Network –

May 15, 2025

MIL-OSI: Boralex announces the election of its directors and highlights of its Annual Meeting of Shareholders

Source: GlobeNewswire (MIL-OSI)

MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) held its annual meeting of shareholders earlier today. During the meeting chaired by Alain Rhéaume, Chairman of the Board, shareholders elected directors and adopted the resolutions proposed.

Mr. Rhéaume opened the meeting by outlining Boralex’s highlights for the year 2024, during which the Company continued to stand out thanks to the agility and flexibility that have long characterized it. He pointed out that the Company had achieved several important and structuring achievements in 2024, in addition to maintaining its growth strategy aimed at sustainability and value creation. He also underlined the arrival of three new directors: Ricky Fontaine, Nadia Martel and Rémi G. Lalonde. These appointments reflect a commitment to ongoing renewal and to maintaining the highest level of expertise, skills and diversity on the Board of Directors. Finally, Mr. Rhéaume announced to shareholders that Boralex’s 2030 Strategy will be presented at an Investor Day on June 17.

Election of directors

All nominees proposed in the Management Proxy Circular dated March 7, 2025, were elected directors of Boralex by the shareholders present or represented by proxy at the meeting. The results of the vote were as follows:

Nominee	For		Against
	#	%	#	%
André Courville	76,556,022	98.95	812,983	1.05
Lise Croteau	76,824,339	99.30	544,666	0.70
Patrick Decostre	76,561,100	98.96	807,905	1.04
Marie-Claude Dumas	74,681,322	96.53	2,687,683	3.47
Ricky Fontaine	74,609,408	96.43	2,759,597	3.57
Rémi G. Lalonde	75,192,680	97.19	2,176,325	2.81
Patrick Lemaire	75,020,952	96.97	2,348,053	3.03
Nadia Martel	77,339,203	99.96	29,802	0.04
Dominique Minière	76,551,622	98.94	817,383	1.06
Alain Rhéaume	72,224,746	93.35	5,144,259	6.65
Zin Smati	75,171,508	97.16	2,197,496	2.84
Dany St-Pierre	76,127,159	98.39	1,241,845	1.61

The final voting results on all questions submitted to a vote at the Annual Meeting will be filed with SEDAR+ (www.sedarplus.ca).

About Boralex

At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.2 GW. Our pipeline of projects and growth path total over 78GW in wind, solar and electricity storage projects. We develop those projects guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

For more information, visit boralex.com or sedarplus.com. Follow us on Facebook, Twitter, LinkedIn and Instagram.

For more information

MEDIA

INVESTOR RELATIONS

Camille Laventure
Senior Advisor, Public Affairs and External
Communications

Boralex Inc.

438-883-8580
camille.laventure@boralex.com

Stéphane Milot
Vice President, Investor Relations and Financial
Planning & Analysis

Boralex Inc.

514-213-1045
stephane.milot@boralex.com

Source: Boralex inc.

The MIL Network –

May 15, 2025

MIL-OSI Europe: Answer to a written question – Prospects of EU membership or association status for Canada – E-001336/2025(ASW)

Source: European Parliament

Canada is one of the EU’s closest and most long-standing partners. The relationship is rooted in shared values and is also shaped by extensive historical, cultural, political and economic links.

Nonetheless, Canada does not qualify as a ‘European’ state, within the meaning of the term presently set out in Article 49 of the Treaty on European Union. There are no plans to revise the Treaties or to assess the benefits and possible consequences of Canadian accession to the EU.

Last updated: 14 May 2025

MIL OSI Europe News –

May 15, 2025
MIL-OSI Asia-Pac: Health Bureau responds to enquiries regarding ban on flavoured conventional smoking products

Source: Hong Kong Government special administrative region

In response to media enquiries regarding the rationale behind the Health Bureau’s proposal to ban flavoured conventional smoking products under the new phase of tobacco control measures, the Health Bureau gave the following response today (May 14):

Tobacco companies have been adding various flavourings, such as menthol, fruit and confectionary flavourings, into conventional smoking products to disguise the harshness of tobacco smoke, making it easier for non-smokers to initiate and maintain smoking habit. Research showed that banning flavoured conventional cigarettes can reduce the chances of young people using tobacco.

The Health Bureau has already clearly stated in the Consultation Document on Tobacco Control Strategies in 2023 and subsequent relevant Legislative Council documents that around 50 countries and regions worldwide, including 27 European Union member states, Canada and the United Kingdom, have banned the sale of flavoured cigarettes. China’s Taiwan region also announced last year the prohibition of the use of specified flavour additives in tobacco products.

The Health Bureau reiterates that banning flavoured conventional smoking products is not unique to Hong Kong, nor is it “over the top”. Contrarily, Hong Kong needs to align itself with international tobacco control policies through this legislative work.

Ends/Wednesday, May 14, 2025
Issued at HKT 22:14

MIL OSI Asia Pacific News –

May 15, 2025
MIL-OSI Canada: Specialized nurses strengthen substance-use care in Fraser Valley

Source: Government of Canada regional news

Addiction assessment nurses now support patients in nine hospital emergency departments in the Fraser Health region, helping streamline access to personalized treatment and recovery services.

“People facing substance-use challenges deserve compassionate, trauma-informed care,” said Josie Osborne, Minister of Health. “Addiction assessment nurses play a key role in reducing barriers to care and ensuring people in crisis have access to the right supports. These nurses are an important part of the government’s dedication to strengthening mental-health and substance-use services around the province to support people on their journey to recovery.”

Addiction assessment nurses work collaboratively with patients, emergency department teams, addiction medicine physicians and community services to assess substance-use and care needs, and then help them access the right treatment and recovery services. Since 2020, more than 6,000 patients have received this specialized care and have been connected to treatment and recovery services in hospitals and communities.

“There is a growing demand to improve access to substance-use services when someone visits an emergency department and our role as addiction assessment nurses helps to connect people with the care they need,” said Decery Frondoso, addiction assessment nurse, Langley Memorial Hospital. “We had a patient who was worried about relapsing during their transition from hospital to their community, and by securing support and resources, the patient was able to move closer to their goals.”

Introduced at Surrey Memorial Hospital and Burnaby Hospital in 2020, the program expanded in April 2024 to 30 full-time-equivalent positions in nine hospitals. The program now includes Abbotsford Regional Hospital, Chilliwack General Hospital, Fraser Canyon Hospital, Langley Memorial Hospital, Peace Arch Hospital, Royal Columbian Hospital and Ridge Meadows Hospital.

“When people in crisis require immediate support, they need to be met with care and compassion by those who understand what they are going through and how to best support them,” said Lisa Beare, MLA for Maple Ridge-Pitt Meadows. “By having addiction assessment nurses in hospital emergency departments, we are supporting recovery by helping people access services faster and more effectively.”

Similar health-care professionals, including mental-health and substance-use specialists and liaisons, are available in hospitals and communities throughout B.C. These roles are part of the Province’s ongoing commitment to improving access to treatment and recovery services.

Through continued investments in compassionate, trauma-informed care, B.C. is working to enhance patient outcomes and ensure people facing substance-use challenges receive timely support on their path to recovery. The introduction of addiction assessment nurses to emergency departments is one part of the government’s work to build the entire continuum of mental-health and substance-use care for people to get the right support for them.

Quotes:

Amna Shah, parliamentary secretary for mental health and addictions –

“Seeking treatment and support for substance use takes a lot of courage and we must ensure that people in need of addiction services aren’t left to navigate the system alone. These nurses are making a real difference by building trust and linking patients with the best care options and services based on their individual needs.”

Dr. Sharon Vipler, regional department head and program medical director, addiction medicine and substance-use services, Fraser Health –

“Individuals deserve access to timely and compassionate care. Our addiction assessment nurses are crucial in empowering patients and their families by connecting them to essential resources to ensure rapid access to services and improving health outcomes with equitable and non-judgmental care.”

Learn More:

To find mental-health and substance-use supports in B.C., visit: https://helpstartshere.gov.bc.ca/

To see the new data snapshot on mental health and substance-use in B.C., visit:
https://www2.gov.bc.ca/assets/gov/health/mental-health/building_a_mental_health_and_substance_use_system_of_care_snapshot.pdf

MIL OSI Canada News –

May 15, 2025
MIL-OSI Security: Ferryland — Two men arrested after fleeing from Ferryland RCMP and crashing in St. John’s
Source: Royal Canadian Mounted Police

Following the report of a break and enter in progress in Bay Bulls, two men — 44-year-old Grant Payne and 42-year-old Matthew Payne, both of Grand Falls-Windsor — were arrested after fleeing from police and crashing a vehicle in St. John’s.

Shortly before 9:00 p.m. on Tuesday, May 13, 2025, Ferryland RCMP responded to a report of a break and enter in progress at a commercial property in Bay Bulls. The suspect vehicle, a Ford F150, was located by police after it fled the scene of the crime. Ferryland RCMP attempted a traffic stop, however the vehicle continued to drive in a dangerous manner and failed to stop for police. The vehicle was last seen heading east on the Trans-Canada Highway. Information about the vehicle, its last known location and its involvement in a crime was shared with the Royal Newfoundland Constabulary (RNC).

Information received confirmed that the suspect vehicle crashed on Pitts Memorial Highway and that the two occupants fled on foot. RCMP and RNC officers conducted a foot chase and located the two men, Grant and Matthew Payne, who were arrested without further incident.

The pair attend court today, each charged with the following criminal offences:
- Break and enter
- Flight from police
- Dangerous operation
- Breach of a release order
Matthew Payne is charged with an additional count for breach of a release order.

The investigation is continuing.

Working together, RCMP and RNC police officers are dedicated to the protection of pubic safety and enforcement of the law in Newfoundland and Labrador.

MIL Security OSI –
May 15, 2025
MIL-OSI Canada: Government of Canada delivering middle class tax cut

Source: Government of Canada News (2)

May 14, 2025 – Ottawa, Ontario – Department of Finance Canada

Last month, Canadians called for a serious plan for change to address the rising cost of living that has eroded Canadians’ quality of life. Change that puts more money in the pockets of Canadians. Change that builds a more affordable Canada. The government is delivering that change.

The Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, today announced one of the first orders of business on the government’s legislative agenda for the new session of Parliament: tax relief for nearly 22 million Canadians, saving two-income families up to $840 a year in 2026.

Once legislated, the lowest marginal personal income tax rate will be reduced from 15 per cent to 14 per cent, effective July 1, 2025. This tax cut will help hard-working Canadians keep more of their paycheques to spend where it matters most. This measure is expected to deliver over $27 billion in tax savings to Canadians over five years, starting in 2025-26.

MIL OSI Canada News –

May 15, 2025
MIL-OSI USA: Welch, Merkley, Sanders, Dingell Team Up to Introduce Bill to Lower Prescription Drug Prices for All Americans

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) today joined Senator Jeff Merkley (D-Ore.), Senator Bernie Sanders (I-Vt.), and U.S. Representative Debbie Dingell (D-MI-06) in introducing the End Price Gouging for Medications Act.
The bicameral bill would lower prescription drug costs for all Americans and end pharmaceutical price gouging by requiring drug companies to offer medications in the United States at no more than the lowest price per drug in twelve other similarly developed countries—Australia, Austria, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United Kingdom.
“No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. It’s unacceptable, and for too many Americans it’s a reality because of Big Pharma’s price gouging,” said Welch. “The End Price Gouging for Medications Act would put an end to this bad practice and help more Vermonters access the medications they need. I’m proud to join Sen. Merkley to introduce this bill and help Vermonters get the care they need.”
“Americans pay the highest prices in the world for prescription drugs, even though we invest the most in cutting-edge research and development. That is unconscionable,” said Merkley. “In my town halls across every corner of Oregon, I’ve heard time and again from Oregonians about how sky-high prescription drug prices are pushing their budgets to the limit. The End Price Gouging for Medications Act will crack down on Big Pharma’s greed.”
Merkley continued, “If President Trump is serious about lowering prescription drug costs for families and seniors across America, he should work with Congress to ensure we get the best prices, not the worst.”
“In the wealthiest nation on earth, no one should have to choose between buying groceries and affording the medications they need to survive,” said Dingell. “There’s no reason we should be spending more on prescriptions than any other country. This legislation will help to bring down the cost of prescription drugs, hold drug companies accountable for their unchecked greed, and provide much-needed relief to American families.”
On average, Americans spend over $1,400 on prescription drugs every year—the highest per capita drug spending in the world—largely because the pharmaceutical industry is hiking up the cost of drugs to make billions in profits each year. The American people want action, and lowering prescription drug prices to levels obtained in nations similar to the United States has strong bipartisan support. This includes medication such as:
Ozempic, which costs Americans nearly $13,000 annually to treat type 2 diabetes compared to roughly $820 in Japan; and
Humira, which costs Americans with Crohn’s disease more than $100,000 per year compared to roughly $3,320 per year in Austria.
Unlike Trump’s recent executive order (EO) on international reference pricing, which only applies to Medicare and Medicaid, the End Price Gouging for Medications Act goes further by requiring drug companies to offer prescription drugs at the established reference price to all individuals in the U.S. market, regardless of insurance or health care status. That includes individuals utilizing all federal health programs, uninsured individuals, individuals covered under a group health plan, or individuals who have purchased their own health insurance coverage.
In addition to Welch, Merkley, Sanders, and Dingell, the End Price Gouging for Medications Act is co-sponsored by U.S. Senator Dick Durbin (D-IL). The bicameral bill is endorsed by Public Citizen, Center for Health and Democracy, Just Care USA, Center for Medicare Advocacy, and Social Security Works.
“American consumers pay far too much for drugs, not because it is costly to manufacture them, or even because of the expense of research and development. We pay too much because the U.S. government grants patents and other monopolies to brand-name drug corporations and then does far too little to rein in Big Pharma’s exploitation of those monopolies to price gouge consumers and the government itself. If President Trump were serious about bringing U.S. drug prices down to levels in other countries, he would embrace this legislation and use the bully pulpit to urge legislators to support it instead of retrograde proposals to take away health care from millions of people to give tax cuts to billionaires and corporations. We applaud Senators Merkley, Sanders and Welch for their leadership,” said Peter Maybarduk, Director of Public Citizen’s Access to Medicines Program.
“There’s no good reason Americans should be forced to pay as much as four times more for our drugs than people in France, Japan and Canada. Senator Merkley, Senator Welch, Ranking Member Sanders, and Representative Dingell’s ‘End Price Gouging for Medications Act’ legislation recognizes that monopoly pricing by drug corporations is killing tens of thousands of Americans each year and driving countless more into medical debt. It rightly calls for fair drug pricing, which is essential to our health and well-being,” said Diane Archer, President of Just Care USA.
“The reason Americans pay higher prescription drug prices than other countries is because big drug and insurance companies, and their armies of lobbyists, work overtime to ensure their monopolies are protected and their CEOs continue to get massive compensation packages. It is far past time that Congress acts to rein in the out-of-control cost of what Americans have to pay for life-saving medications. The End Price Gouging for Medications Act is an important step,” said Wendell Potter, President of the Center for Health and Democracy.
Full text of the End Price Gouging for Medications Act can be found by clicking here.

MIL OSI USA News –

May 15, 2025
MIL-OSI Canada: Continual Intake Improves Targeted Sector Support Application for Municipalities
Source: Government of Canada regional news

Released on May 14, 2025

Targeted Sector Support Initiative (TSS) funding is available for municipalities working with regional partners to improve their residents’ quality of life. Applications are now being accepted at any time of the year and will be reviewed on a monthly basis.

“The Government of Saskatchewan is pleased to support the TSS Initiative and its move to a year-round application period,” Government Relations Minister Eric Schmalz said. “By removing application deadlines, I am confident we can encourage more municipalities to partner with their neighbours and pursue important regional projects.”

The TSS Initiative provides projects with funding from one of four streams: capacity building, regional co-operation, municipal corporate transition and relationship building and dispute resolution. Annual funding of $1.5 million for the TSS Initiative is allocated from a portion of the Municipal Revenue Sharing program. Approved programs can receive funding for 75 per cent of costs, up to $100,000.

Examples of previously accepted projects include:
- Regional land use planning;
- Inter-municipal emergency management plans;
- Governance training for elected and appointed municipal officials; and
- Feasibility studies for the creation of a municipal district.
The TSS Initiative is managed by the Saskatchewan Urban Municipalities Association (SUMA) on behalf of the TSS Steering committee that consists of SUMA, the Saskatchewan Association of Rural Municipalities (SARM), the Saskatchewan Association of Northern Communities (New North) and the Ministry of Government Relations.

“Cooperation is essential in the municipal world, especially as the costs of building and maintaining infrastructure and services has steadily increased over the past few years,” SUMA President Randy Goulden said. “The TSS provides an important source of funding to fuel these cooperative initiatives and get more done with less.”

“SARM continues to encourage rural municipalities in Saskatchewan to take advantage of the Targeted Sector Support funding for cooperative regional projects,” SARM President Bill Huber said. “We hope the new continuous application intake process offers our members additional opportunities to utilize this valuable resource to further inter-municipal collaboration within their communities.”

Since 2020, the TSS Initiative has allocated $5.5 million to 149 projects currently in various stages of completion.

Interested municipalities can learn more and apply at:
https://www.saskatchewan.ca/government/municipal-administration/funding-finances-and-asset-management/funding/targeted-sector-support-initiative.

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MIL OSI Canada News –
May 15, 2025
MIL-OSI Canada: Minister of Finance to Co-Host G7 Finance Ministers and Central Bank Governors’ Meeting in Banff

Source: Government of Canada News

May 14, 2025

As part of Canada’s G7 Presidency, the Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, and Bank of Canada Governor Tiff Macklem, will co-host the G7 Finance Ministers and Central Bank Governors’ Meeting in Banff, Alberta, from May 20 to 22. They will be joined by Finance Ministers and Central Bank Governors from the G7 countries (France, Germany, Italy, Japan, United Kingdom, United States) and the European Union.

G7 Finance Ministers and Central Bank Governors will be joined by the heads of the International Monetary Fund, the Organisation for Economic Co-operation and Development, the World Bank and the Financial Stability Board. The Ukraine Finance Minister and the President of the Financial Action Task Force will join for parts of the meeting. Ministers and Governors will discuss and share views on current global economic and financial challenges, with a focus on how the G7 can work together on issues.

The details of the media events and core programming are described below.

Please note that media events are restricted to accredited media, and the accreditation portal is now closed. Additional logistical details for each media event will be provided directly to accredited media, closer to the events. Please contact mediag7@fin.gc.ca with any questions.

Core Program (All Times Local, MT)

Tuesday, May 20

4:00 p.m.

The Minister and the Ukraine Minister of Finance, Sergii Marchenko, will answer questions from the media.

Wednesday, May 21

8:15 a.m. – 8:45 a.m.

The Minister will join fellow G7 Finance Ministers and Central Bank Governors for a group photograph and hold a welcoming ceremony.

Open to media. Photo opportunity only.

9:00 a.m. – 9:15 a.m.

The Minister and Governor will officially open the G7 Finance Ministers and Central Bank Governors’ Meeting.

Pooled B-roll media opportunity.

9:30 a.m. – 4:30 p.m.

The Minister and Governor will co-chair sessions on the global economy, economic resilience and security, and the situation in Ukraine, among others.

Closed to media.

Thursday, May 22

8:30 a.m. – 12:30 p.m.

The Minister and Governor will co-chair sessions on financial crime and artificial intelligence, among others.

Closed to media.

12:30 p.m. – 1:00 p.m.

The Minister and Governor will hold a joint press conference to close the G7 Finance Ministers and Central Bank Governors’ Meeting.

Open to media. A media availability will follow. Watch live on X at https://x.com/G7 or on Facebook at https://www.facebook.com/G7.

MIL OSI Canada News –

May 15, 2025
MIL-OSI Canada: Expansion of Mental Health Capacity Building Program to Support More Students

Source: Government of Canada regional news

Released on May 14, 2025

Today, Education Minister Everett Hindley and Mental Health and Addictions Minister Lori Carr announced an expansion of the Mental Health Capacity Building (MHCB) program to five more Saskatchewan schools in support of student mental health and wellbeing.

The five additional schools selected through an application-based process include Bedford Road Collegiate in Saskatoon, Rossignol High School in Île-à-la-Crosse, Martensville High School, Holy Rosary High School in Lloydminster and Swift Current Composite High School.

This fall, the program will be in place in 24 schools in 19 school divisions

“The Mental Health Capacity Building program is helping young people learn how to manage their emotions, anxiety and increase awareness of mental health and where they can find additional support,” Hindley said. “We are pleased to expand this program to reach more students and school communities across Saskatchewan.”

“We know that early interventions and access to support is important for students and families who are experiencing mental health concerns,” Carr said. “Expanding the Mental Health Capacity Building program delivers on our commitment under the province’s Action Plan for Mental Health and Addictions.”

The Ministry of Education works collaboratively with the Ministry of Health and the Saskatchewan Health Authority to deliver this program. The Ministry of Education 2025-26 budget included additional funding of $1.6 million for the MHCB program, bringing the total investment to $4.6 million this year.

School divisions that receive funding for the program deliver mental health promotion and prevention programming, build capacity in others who work with children, youth and families and support students through connection to community resources and supports.

“We are pleased to see the introduction of this program at Bedford Road Collegiate,” Saskatoon Public Schools’ Superintendent of Education Colleen Norris said. “By embedding mental health supports directly into our schools, we have the ability to create a culture where students feel safe, supported, and empowered to thrive—not just academically, but emotionally and socially as well.”

“The Mental Health Capacity Building initiative is important for our division,” Île-à-la-Crosse Director of Education Sharon Hoffman said. “Building capacity for mental health in our staff and students is critical in our community as we have high rates of mental health issues. Our hope is this initiative will provide the knowledge, skills and supports for our students to grow into healthy young adults.”

Under Saskatchewan’s Action Plan for Mental Health and Addictions, the Government of Saskatchewan is committed to further expanding the MHCB program to all 27 school divisions by 2028.

Additional information on the program is available on Saskatchewan.ca.

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MIL OSI Canada News –

May 15, 2025
MIL-OSI Security: St. John’s — Four drivers arrested by RCMP NL for impaired driving offences this past weekend

Source: Royal Canadian Mounted Police

Over this past weekend, RCMP NL arrested four individuals for impaired driving offences. Drivers were stopped in Harbour Grace, Roddickton, Marystown and Philips Head.

Shortly before 10:00 p.m. on Friday, May 9, 2025, Harbour Grace RCMP responded to the report of a suspected impaired driver. The described vehicle was located and stopped on Water Street in Harbour Grace. The driver, a 67-year-old woman, showed signs of alcohol impairment and was arrested. Back at the detachment, the woman refused to provided breath samples. She now faces charges of impaired operation and refusing to provide a breath sample.

Approximately 40 minutes later, Roddickton RCMP stopped a vehicle in front of the detachment on Cloud Drive in Roddickton. The driver, a 56-year-old man, showed signs of drug impairment. The man performed poorly on roadside field sobriety tests and was arrested for drug impaired driving. He was transported to White Bay Central Health Centre in Roddickton where a blood sample was obtained. Police await the results of the testing to determine if charges of drug impaired driving are appropriate.

Shortly after 2:00 a.m. on Sunday, May 11, Burin Peninsula RCMP stopped a vehicle on Columbia Drive in Marystown. The vehicle was uninsured and had expired registration. The driver, 44-year-old man, showed signs of alcohol impairment and failed a roadside breath test. He was arrested and was transported to the detachment where he provided further breath samples that were above the legal limit. He faces charges of impaired operation and was ticketed under the Highway Traffic Act for operating a vehicle without insurance and registration.

Later that day, at approximately 12:30 p.m., Grand Falls-Windsor RCMP responded to the report of a suspected impaired driver. The described vehicle was located and stopped on Route 352 in Philips Head. The driver, a 51-year-old man, failed a roadside breath test and was arrested. At the detachment, the man provided further breath samples that were more than twice the legal limit. He faces charges of impaired operation.

All drivers were released from custody and those who are set to face charges are scheduled to appear in court at later dates. Licence suspensions and vehicle seizures occurred where appropriate.

This week, during Canada Road Safety Week, RCMP NL remain focussed on road safety, including the enforcement of those who choose to drive while impaired. If you suspect a driver is impaired, please contact your local detachment or 911 to make a report.

MIL Security OSI –

May 15, 2025
MIL-OSI Asia-Pac: Smoking products ban justified

Source: Hong Kong Information Services

Tobacco companies have been adding such flavours such as menthol, fruit and confectionaries into conventional smoking products to disguise the harshness of tobacco smoke, making it easier for non-smokers to initiate and maintain a bsmoking habit, the Health Bureau pointed out today.

The statement was made in response to media enquiries regarding the rationale behind the bureau’s proposal to ban flavoured conventional smoking products under a new phase of tobacco control measures.

Research also showed that banning flavoured conventional cigarettes can reduce the chances of young people using tobacco, the bureau added.

The bureau had already stated in the Consultation Document on Tobacco Control Strategies in 2023 as well as subsequent Legislative Council documents that around 50 countries and regions worldwide, including 27 European Union member states, Canada and the UK have banned the sale of flavoured cigarettes. Additionally, China’s Taiwan region announced last year the prohibition of the use of specified flavour additives in tobacco products.

Stressing that banning flavoured conventional smoking products is neither unique to Hong Kong nor “over the top”, the bureau said Hong Kong needs to align itself with international tobacco control policies through legislative work.

MIL OSI Asia Pacific News –

May 15, 2025
MIL-OSI Canada: Expanding support for inclusive communities
Source: Government of Canada regional news (2)
Alberta’s government is committed to fostering a province where people from all backgrounds are valued and respected. The Anti-Racism Grant Program is an important part of this work, and a key tool to help increase awareness of the impacts of discrimination and racism and promote inclusive, multicultural communities. Budget 2025 provides $1.5 million over three years for the Anti-Racism Grant Program to support organizations and community groups in creating and delivering programs that help address racism.

“Supporting community-driven diversity, inclusivity and anti-racism initiatives is a key step in combatting racism and fostering an inclusive province. These grants support local work to develop programs, educational tools and events that promote understanding of the effects of racism on Albertans and on our communities.”

Muhammad Yaseen, Minister of Immigration and Multiculturalism

The Ant-Racism Grant Program provides up to $10,000 per project to help communities combat discrimination and address racism through a variety of initiatives. Project applicants must demonstrate objectives that promote the awareness of the impacts of racism and/or build community capacity to support anti-racism projects. The program is open to Alberta-based non-profit organizations including multicultural and faith-based organizations, First Nations and Metis Settlements. Public sector entities, for-profit organizations, and arms-length municipal or municipal district affiliated organizations may apply in partnership with an Indigenous or ethnocultural organization.

“The work we do to combat racism is not just about raising awareness – it’s about creating lasting change in our communities. The grant we received has been pivotal in turning our vision into reality, providing the necessary resources to amplify voices, foster meaningful dialogue and inspire action. Without this support, our project wouldn’t have reached the hearts and minds of so many, nor would it have sparked the change we hope to see.”

Ruksana Rashid, executive director, The Foundation for the Voice of Immigrants in Canada for Empowerment (VOICE)

In the 2024-2025 fiscal year, Alberta’s Anti-Racism Grant Program provided 58 community groups with a total of $500,000 to support community initiatives that promote understanding of the impact of racism. Over the past two years, Alberta’s government has funded 107 community-driven projects across the province that address racism and promote multiculturalism.

“The Human Services Professionals Association is very appreciative of the funding from the Government of Alberta as it was absolutely crucial for the success of our project. It provided the necessary resources to create and deliver impactful workshops aimed at educating Albertans on racism and its impacts. This financial support enabled us to engage qualified facilitators, develop educational materials, and extend collaborative efforts to diverse communities necessary to address such a complex and vital issue.”

David Getiro, president, Human Services Professionals Association

Budget 2025 is meeting the challenge faced by Alberta with continued investments in education and health, lower taxes for families, and a focus on the economy.

Quick Facts
- Alberta’s Anti-Racism Grant Program has two streams to support community-led initiatives that help address and prevent racism and foster welcoming multicultural communities across Alberta.
  
  Stream 1 provides up to $5,000 for projects that promote the awareness of the impacts of racism faced by Indigenous and racialized groups.
  
  Stream 2 provides up to $10,000 for projects that support the organizations’ anti-racism efforts.
- The next intake for grant applications is anticipated to open in fall 2025.
Related information
- alberta.ca/anti-racism-grant
MIL OSI Canada News –
May 15, 2025
MIL-OSI Canada: Saskatoon Correctional Centre Expansion Reaches Substantial Completion

Source: Government of Canada regional news

Released on May 14, 2025

The Government of Saskatchewan has substantially completed the expansion of the Saskatoon Correctional Centre (SCC), with the centre scheduled to open this summer.

The modern expansion will securely house individuals in custody, enhancing both safety and capacity in the provincial correctional system. Having started construction in 2021, the project remained on schedule and within budget, aligning with the government’s broader infrastructure investment strategy.

“We are very pleased to announce that this project has reached substantial completion,” SaskBuilds and Procurement Minister David Marit said. “This is one of the many investments into infrastructure projects reflecting our commitment to building stronger communities that will serve future generations.”

The $135 million project will increase the capacity of adult men in custody by 312 beds. This facility will include a medical unit and clinic, additional program space, upgraded video court suites and a kitchen that will provide services to all of SCC.

“Saskatchewan is committed to building safe and secure facilities that support staff, inmates and the public,” Corrections, Policing and Public Safety Minister Tim McLeod, K.C., said. “Adding more beds for offenders will help alleviate pressures in the provincial correctional system. This expansion will also provide the SCC with additional space for rehabilitation programming to help offenders find a better path in life and never return to custody.”

“Strategic Prairie Region Alliance (SPRA) and the consulting engineers are proud to have collaborated with the entire project team in the design and successful delivery of this much needed facility that addresses immediate safety and security needs while allowing for long range operational flexibility and future expansion,” Strategic Prairie Region Alliance project director and architect Patrick Kelly said. “The design incorporates best practices and lessons learned relative to safety and security in a rehabilitative correctional environment while maximizing efficiencies of the integrated building systems.”

Infrastructure projects like this one are essential for ensuring Saskatchewan’s public safety. The SCC expansion reflects the province’s ongoing efforts to maintain a balanced approach between enforcement, rehabilitation and community protection.

“All of us here at PCL are proud of the facility we have delivered to the Ministry of SaskBuilds and Procurement (SBP) and pleased to be able to do so on time and on budget,” PCL Vice President and District Manager Mike Staines said. “The SCC expansion is going to be a significant piece of infrastructure within our community and its successful delivery was made possible as part of a true collaboration between all project partners, including the ownership team, design team and trade contractors.”

SBP will continue to handle the day-to-day building maintenance of the facility.

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MIL OSI Canada News –

May 15, 2025
MIL-OSI Security: Lower Northfield — Alert issued for Lunenburg County

Source: Royal Canadian Mounted Police

The following alert has been issued for Lunenburg County:

Dangerous man who may be armed. RCMP responding.

Area of Northfield Rd., Lower Northfield, Lunenburg County, Nova Scotia.

Residents: Seek immediate shelter or stay inside and close and lock doors and windows. Do not leave a secure location. Suspect Richard MacInnis last seen on foot. Six feet, 175 pounds. Auburn hair. Green eyes. Nova Scotia RCMP is responding.

Do not provide a ride to anyone asking for one. Do not pick up hitch hikers. Do not disclose police locations. Call 911 to report emergencies or tips. Updates will be posted to RCMPNS social media accounts.

MIL Security OSI –

May 15, 2025
MIL-OSI Security: Deep Brook — Deep Brook man facing child pornography charges

Source: Royal Canadian Mounted Police

The RCMP’s Provincial Internet Child Exploitation (ICE) Unit has charged a Deep Brook man for child pornography offences.

On April 24, the RCMP’s ICE Unit, with assistance from Annapolis District RCMP, executed a search warrant at a home on Hwy. 1 in Deep Brook. Electronic devices, including laptops, tablets and a smartphone were seized and later forensically examined.

Investigators were directed to the residence after an electronic service provider notified law enforcement that child pornography was uploaded to their service.

As a result of the search and subsequent investigation, Miles Graham, 59, was arrested on May 6. He has been charged with Possession of Child Pornography, Transmitting Child Pornography, and Accessing Child Pornography.

Graham was released on conditions and is scheduled to appear in Annapolis Royal Provincial Court on July 14.

In Nova Scotia, it’s mandatory for citizens to report suspected child pornography; anyone who comes across child pornography material or recordings must report it to the police. Failure to report could result in penalties similar to those for failure to report child abuse under the Child and Family Services Act. Be a voice for children who are victims of sexual exploitation by reporting suspected offences to your local police or to Canada’s national tip line: www.cybertip.ca.

MIL Security OSI –

May 15, 2025
MIL-OSI Canada: Government of Saskatchewan Prepares for Possible Canada Post Strike

Source: Government of Canada regional news

Released on May 14, 2025

The Government of Saskatchewan is preparing for a possible postal strike that could begin as early as May 22, 2025. Ministries, Crowns and agencies have put contingency plans in place to limit service disruptions.

The government encourages all clients, suppliers and businesses to switch to direct deposit, as those payments will not be impacted by any changes to postal services.

Social Services Payments

Building on the experience with the 2024 Canada Post service disruption, the Ministry of Social Services is preparing contingency plans for clients who receive benefit cheques by mail. Most ministry clients already receive benefit payments by direct deposit and these payments will continue as usual. We encourage clients to switch to direct deposit.

Drug Plan and Extended Benefits

Residents requiring letters to submit to their private insurance providers for Special Support, Seniors’ Drug Plan, or Exception Drug Status may submit the request through the online Saskatchewan Formulary. Letters will be mailed once the Canada Post service disruption is resolved.

Health Cards and Vital Statistics Certificates

Incoming and outgoing mail delays may affect applications for health cards and certificates for births, deaths or marriages. Visit eHealthsask.ca for options to minimize delays, including ordering online.

Crop Insurance/AgriStability Information and Payments

The Saskatchewan Crop Insurance Corporation (SCIC) will work with customers to determine alternate options for accessing information typically delivered through Canada Post, such as faxing, emailing or delivering to a local SCIC office for pick-up. Producers are encouraged to sign-up for direct deposit for receiving program payments. The direct payment form is available on SCIC’s website.

Payments to Government of Saskatchewan Suppliers

The Ministry of Finance will make supplier cheques available for pickup in Regina for suppliers unable to register for direct deposit. Suppliers should call 306-787-7450 to make arrangements.

Taxes, Refunds and Grant Payments

In the event of a postal dispute, businesses are expected to ensure they file and pay taxes to the Ministry of Finance on time. Mail delays do not change tax deadlines or the assessment of penalties and interest. For more information, please review the Information Notice – IN 2025-03, Filing and Paying Provincial Taxes in the Event of a Postal Disruption.

Tax clients are encouraged to sign up for the secure and convenient Saskatchewan eTax Services (SETS) online portal to file and pay taxes electronically and avoid any delays in meeting tax obligations.

Tax refunds and grant payments sent by direct deposit will not be delayed. Those who do not use direct deposit can call 1-800-667-6102 to set it up, delay the refund or grant payment, or request a courier delivery at their own cost.

Crown Utility Accounts, Bills and More

SGI, SaskTel, SaskPower and SaskEnergy invite customers to sign up for online billing and notifications to ensure they receive information about their utility bills, driver’s licence and vehicle registration renewals and other important communications. This helps avoid delays in receiving bills and account updates. Longer than usual wait times for customer service representatives are anticipated in the event of postal service disruptions, so customers are encouraged to visit the respective Crown websites or to call for more information regarding customer service options. Information is also available online regarding options for paying outstanding bills in the event mail-in payments are not possible.

Public Guardian and Trustee

The Public Guardian and Trustee’s office is preparing backup options for clients and client service providers who get payment cheques by mail. Many clients and service providers already use direct deposit and will not be affected. Clients and service providers are encouraged to switch to direct deposit as soon as possible. They can do so by contacting their trust officer or the Public Guardian and Trustee’s office at 1-877-787-5424 or by email at pgt@gov.sk.ca.

In the event of a postal strike, clients and suppliers and businesses can visit www.saskatchewan.ca/postal-strike for more detailed information.

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MIL OSI Canada News –

May 15, 2025
MIL-OSI Canada: UPDATE – Wednesday, May 14, 2025
Source: Government of Canada – Prime Minister

Ottawa, Ontario

10:00 a.m. The Prime Minister will chair the Cabinet meeting.

Notes for media:
- Pool media will be invited into the Cabinet room to capture the Prime Minister’s closing remarks.
- The Prime Minister will not be taking questions at this time.
MIL OSI Canada News –
May 15, 2025

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