Category: Canada

MIL-OSI: Research Capital Corporation Welcomes Jean-Paul Bachellerie to Its Executive Team

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 09, 2025 (GLOBE NEWSWIRE) — Research Capital Corporation (“RCC”), one of Canada’s largest independent, fully integrated, employee-owned investment dealers, is pleased to announce that Jean-Paul (“J-P”) Bachellerie has joined the firm as a Director and Member of RCC’s Executive Committee. In his initial role as Executive Vice President, he will be responsible for the management and further growth of RCC’s western business operations.

Mr. Bachellerie, CPA, was previously CEO and Chair of PI Financial Corp., where he was employed in various roles over the past 29 years, having responsibility for all aspects of that firm’s operations. Over the past 35 years, he has had extensive securities industry experience and served on numerous industry committees and councils, including having served on the Board of Directors of the Canadian Investment Regulatory Organization (CIRO) from 2013 to 2022. Since 2014, he has also sat on the combined Board of the Canadian Depository for Securities (CDS) and Canadian Derivatives Clearing Corporation (CDCC).

“I am very pleased and excited to be working with J-P. I have known him for many years and am confident that his knowledge and experience in our industry will be a great asset to our firm. His sense of fairness and balance in dealing with others will also be a great fit with the culture of our employee-owned company,” said Geoffrey Whitlam, President of RCC.

About Research Capital Corporation

Research Capital Corporation is one of Canada’s largest and oldest independent, fully integrated, employee-owned investment dealers, offering private client and equity capital markets services. Founded in 1921, RCC is a member of all Canadian stock exchanges and serves its clients from several major cities across Canada.

For more information, please contact:

Geoffrey Whitlam, President
Phone: 416-864-7641
Email: gwhitlam@researchcapital.com

The MIL Network –

May 10, 2025

MIL-OSI: illumin Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

First Quarter Revenue of $29.1 Million up 17% YoY
Exchange Service Revenue up 148% YoY

(All monetary figures are expressed in Canadian dollars unless otherwise stated)

TORONTO, May 09, 2025 (GLOBE NEWSWIRE) — illumin Holdings Inc. (TSX: ILLM and OTCQB: ILLMF) (“illumin” or the “Company”), the advertising technology platform that enables you to win your next customer, today announced its financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights

First quarter 2025 revenue rose 17% year-over-year to $29.1 million, driven by higher Exchange service revenue, partially offset by lower Managed service revenue.
Self-service revenue was $8.4 million, up slightly compared with the year ago period and represented 29% of total revenue.
The Company on-boarded 18 net new Self-service clients during the quarter, reflecting sales initiatives targeting higher-spend clients and positioning the Company for continued long-term Self service revenue growth.
Managed service revenue was $8.7 million compared to $11.8 million in the prior year, primarily reflecting more cautious marketing spend related to geo-political and macro-economic uncertainty.
Exchange service revenue increased by 148% from the prior year to $12.0 million, resulting from increased demand from new customers, an enhanced supplier network, and platform improvements.
Gross margin was 45% compared to 47% for the same period in 2024, reflecting the change in mix to service lines with lower margins, such as Exchange service.
Net revenue, or gross profit (revenue less media-related costs), was $13.1 million, up 13% compared with $11.6 million in the prior year period.
Adjusted EBITDA loss was $0.4 million, compared to $0.0 million in the prior year period, primarily attributable to higher operating costs due to higher sales, sales support functions, and marketing costs, partly offset by higher revenue.
Net loss was $(1.9) million, compared to $(1.1) million in Q1 2024. The increase in the net loss was primarily a result of higher operating costs due to increased sales and marketing costs and a lower net foreign exchange gain compared to the prior year period, partially offset by higher revenue.
On December 23, 2024, the Company commenced a new normal course issuer bid (“2024 NCIB”) for its common shares that will remain open until December 22, 2025, or such earlier time as the 2024 NCIB is completed or terminated at the option of the Company. Under the 2024 NCIB, the Company may purchase for cancellation up to 3,914,167 common shares, representing approximately 10% of the Company’s public float as of December 10, 2024. Daily purchases are limited to 12,518 common shares. For the three months ended March 31, 2025, the company purchased nil common shares pursuant to the 2024 NCIB.

Simon Cairns, illumin’s Chief Executive Officer, commented, “Our first quarter revenue rose 17% even after a slower start to the period than we anticipated. We responded by adjusting our marketing tests week to week and made several advances in our selling process and sales team, which enabled us to exit the quarter with solid growth, led by a 148% rise in our Exchange service revenue and supported by solid performance in Self-service.”

“In Exchange service, we continue to create and capture both new and recurring demand at surprising levels, as a result of product and selling investments that have given us some differentiation in a very crowded market. As for Self-service, we successfully added 18 new customers in the quarter, which is in line with our key goal of adding targeted, higher-spend clients in this growth area. Self-service revenue, while up slightly year-over-year, exhibited several solid underlying trends, such as increased customer adoption, spend performance and conversion.”

“We continue to employ the more customer-centric portfolio platform approach that we launched in the second half of 2024, where customers can pick and choose how they want to be supported. Our efforts to market and sell more effectively continue to yield initial positive results, assisted by our ability to offer our clients a broad range of solutions that fit their needs. We continue to invest in our Self-service platform and Exchange service offering, while balancing this with a focus on maintaining liquidity and cost management across our organization.”

“We remain focused on our plan – being aggressive in generating better marketing and sales performance, removing friction from our selling processes and furthering our product stickiness as a Self-first platform supported by complimentary Managed and Exchange services,” concluded Mr. Cairns.

Elliot Muchnik, illumin’s Chief Financial Officer, commented, “For what is typically a seasonally slower quarter, our strong year-over-year increase in total revenue reflects exceptional growth in Exchange service due to our initiatives to drive increased demand in this area. Adjusted EBITDA declined slightly despite higher revenues as we continued to make strategic investments in sales and marketing to bolster our long-term growth. As we look ahead, operational discipline continues to be a priority as we aim to grow our Adjusted EBITDA while preserving our substantial net cash position.”

The following table presents a reconciliation of Net loss to Adjusted EBITDA for the periods ended:

	Three months ended
	March 31,			March 31,
		2025			2024
Net loss for the period	$	(1,854	)	$	(1,138	)
Adjustments:
Finance income, net		(337	)		(506	)
Foreign exchange gain		(311	)		(1,386	)
Depreciation and amortization		1,382			1,365
Income tax expense (benefit)		(63	)		378
Share-based compensation		737			699
Severance expenses		34			90
Nasdaq-related costs¹		–			423
Other non-recurring expenses		1			89
Total adjustments		1,443			1,152
Adjusted EBITDA	$	(411	)	$	14

(1) Nasdaq-related costs are listing fees and directors’ and officers’ insurance specific to the Company’s Nasdaq listing and have been reclassed below Adjusted EBITDA as they are not recurring.

Conference Call Details:

Date: Friday, May 9, 2025
Time: 8:30AM Eastern Time

To register for the conference call webcast and presentation, please visit:

https://events.illumin.com/q1-2025-earnings-call

Please connect 15 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast.

A recording of the conference call webcast will be available after the call by visiting the Company’s website at https://illumin.com/investor-information/.

Non-IFRS Measures

This press release makes reference to certain non-IFRS Accounting Standard measures (“non-IFRS measures”). These measures are not recognized measures under IFRS Accounting Standards (“IFRS”), do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures including “revenue less media-related costs”, “Gross margin”, and “Adjusted EBITDA” (as well as other measures discussed elsewhere in this press release).

The term “Gross margin” refers to the amount that “revenue less media-related costs” represents as a percentage of total revenue for a given period. Gross margin is used for internal management purposes as an indicator of the performance of the Company’s solution in balancing the goals of delivering excellent results to advertisers while meeting the Company’s margin objectives and, accordingly, the Company believes it is useful supplemental information.

“Adjusted EBITDA” refers to net income (loss) after adjusting for finance costs (income), impairment loss, fair value gain, income taxes, foreign exchange loss (gain), depreciation and amortization, share-based compensation, acquisition and related integration costs, severance expenses and adjustments to the carrying value of investment tax credits receivable. The Company believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities before taking into consideration how those activities are financed and taxed and prior to taking into consideration depreciation of property and equipment and certain other items listed above. It is a key measure used by the Company’s management and board of directors to understand and evaluate the Company’s operating performance, to prepare annual budgets and to help develop operating plans.

These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers, and that these non-IFRS measures are relevant to their analysis of the Company.

About illumin:

illumin is evolving the digital advertising landscape by empowering marketers to achieve transformative results through its customer-centric approach. Featuring a unified canvas built around the open web, illumin lets brands and agencies seamlessly plan, build, and execute campaigns across the entire marketing funnel—connecting programmatic channels, email, and social media within a single platform. Headquartered in Toronto, Canada, illumin serves clients across North America, Latin America, and Europe. For more information, visit illumin.com.

Disclaimer with regard to forward looking statements

Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

For further information, please contact:

Steve Hosein
Investor Relations
illumin Holdings Inc.
416-218-9888 ext. 5313
investors@illumin.com

David Hanover
Investor Relations – U.S.
KCSA Strategic Communications
212-896-1220
dhanover@kcsa.com

Please note that the following financial information is an extract from the Company’s Consolidated Financial Statements for the three months ended March 31, 2025 and 2024 (the “Financial Statements”) provided for readers’ convenience and should be viewed in conjunction with the Notes to the Financial Statements, which are an integral part of the statements. The full Financial Statements and MD&A for the period may be found by accessing SEDAR+ at www.sedarplus.com.

illumin Holdings Inc.
Consolidated Statements of Financial Position
(Expressed in thousands of Canadian dollars)
For the three months ended March 31, 2025 and 2024

	March 31, 2025		December 31, 2024
Assets

Current assets
Cash and cash equivalents	$	54,013	$	55,952
Accounts receivable		27,663		44,650
Income tax receivable		417		613
Prepaid expenses and other		3,439		2,864

		85,532		104,079
Non-current assets
Other assets		117		115
Property and equipment		7,102		7,406
Intangible assets		11,099		9,352
Goodwill		4,870		4,870

		108,720		125,822

Liabilities

Current liabilities
Accounts payable and accrued liabilities		24,534		39,148
Income tax payable		80		137
Borrowings		15		48
Lease obligations		1,212		1,513

		25,841		40,846
Non-current liabilities
Deferred tax liability		661		1,241
Lease obligations		4,553		4,702

		31,055		46,789

Shareholders’ equity		77,283		79,033

		108,720		125,822

illumin Holdings Inc.
Consolidated Statements of Comprehensive Loss
(Expressed in thousands of Canadian dollars, except share amounts)
For the three months ended March 31, 2025 and 2024

		2025			2024

Revenue	$	29,081		$	24,952

Media-related costs		15,935			13,327

Gross profit		13,146			11,625

Operating expenses
Sales and marketing		7,348			5,753
Technology		4,338			4,086
General and administrative		1,906			2,374
Share-based compensation		737			699
Depreciation and amortization		1,382			1,365

		15,711			14,277

Loss from operations		(2,565	)		(2,652	)

Finance income, net		(337	)		(506	)
Foreign exchange gain		(311	)		(1,386	)

		(648	)		(1,892	)

Net loss before income taxes		(1,917	)		(760	)

Income tax expense (benefit)		(63	)		378

Net loss for the period		(1,854	)		(1,138	)


Basic and diluted net loss per share		(0.04	)		(0.02	)

Other Comprehensive Loss

Items that may be subsequently reclassified to net loss:
Exchange loss on translating foreign operations		(389	)		(164	)

Comprehensive loss for the period		(2,243	)		(1,302	)

illumin Holdings Inc.
Consolidated Statements of Cash Flows
(Expressed in thousands of Canadian dollars)
For the three months ended March 31, 2025 and 2024

		2025			2024
Cash provided by (used in)

Operating activities
Net loss for the period	$	(1,854	)	$	(1,138	)
Adjustments to reconcile net loss to net cash flows
Depreciation and amortization		1,382			1,365
Finance income, net		(337	)		(506	)
Share-based compensation		737			699
Foreign exchange gain		(311	)		(1,386	)
Severance expense		34			90
Income tax expense (benefit)		(63	)		378
Change in non-cash operating working capital
Accounts receivable		16,769			10,447
Prepaid expenses and other		(522	)		427
Other assets		–			(1	)
Accounts payable and accrued liabilities		(14,759	)		(6,151	)
Income taxes paid, net		(349	)		(52	)
Interest received		363			495

		1,090			4,667

Investing activities
Additions to property and equipment		(47	)		(775	)
Additions to intangible assets		(2,465	)		(1,761	)

		(2,512	)		(2,536	)

Financing activities
Repayment of international loans		(33	)		(33	)
Payment of leases		(533	)		(510	)
Repurchase of common shares for cancellation		–			(1,912	)
Proceeds from the exercise of stock options		138			4

		(428	)		(2,451	)

Decrease in cash and cash equivalents		(1,850	)		(320	)

Impact of foreign exchange on cash and cash equivalents		(89	)		405

Cash and cash equivalents – beginning of period		55,952			55,455

Cash and cash equivalents – end of period		54,013			55,540

Supplemental disclosure of non-cash transactions
Unpaid additions (reversals) to property and equipment, net		313			(734	)

The MIL Network –

May 10, 2025

MIL-OSI: Plains All American Reports First-Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 09, 2025 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2025 results and provided the following highlights:

First-Quarter Results

Reported net income attributable to PAA of $443 million and net cash provided by operating activities of $639 million
Delivered Adjusted EBITDA attributable to PAA of $754 million
Exited the quarter with 3.3x leverage ratio, toward the low end of our target range of 3.25x – 3.75x (includes previously announced and closed transactions)
Paid a quarterly cash distribution of $0.38 per unit ($1.52 per unit annualized), representing a current distribution yield of ~9.0%

Business Highlights

Plains acquired the remaining 50% interest in Cheyenne Pipeline, enhancing our integration from the Guernsey market to pipelines supplying Cushing, Oklahoma, which closed on February 28, 2025
Plains acquired Black Knight Midstream’s Permian Basin crude oil gathering business, for approximately $55 million, which closed effective May 1, 2025
Placed into service the 30 Mb/d Fort Saskatchewan fractionation complex debottleneck project enhancing our fee-based cash flow in Canada
Increased our 2025 C3+ spec product sales hedge profile to approximately 80% at approximately $0.70 per gallon level

“Plains delivered another quarter of solid operational and financial performance,” said Willie Chiang, Chairman and CEO. “Substantial cash flow generation from our integrated Crude Oil and NGL footprints coupled with a strong balance sheet positions us well through a time of market volatility and uncertainty. Our focus on efficient growth remains consistent with the addition of two new bolt-on acquisitions and our Fort Saskatchewan fractionation complex debottleneck project now in service. Finally, our commitment to financial discipline and financial flexibility remains unchanged while continuing to return cash to unitholders through a strong distribution payout.”

Plains All American Pipeline

Summary Financial Information (unaudited)
(in millions, except per unit data)

	Three Months Ended March 31,				%
*GAAP Results*	2025		2024		Change
Net income attributable to PAA ⁽¹⁾	$	443	$	266		67	%
Diluted net income per common unit	$	0.49	$	0.29		69	%
Diluted weighted average common units outstanding		704		701		—	%
Net cash provided by operating activities	$	639	$	419		53	%
Distribution per common unit declared for the period	$	0.3800	$	0.3175		20	%

	Three Months Ended March 31,						%
*Non-GAAP Results* ⁽²⁾	2025			2024			Change
Adjusted net income attributable to PAA ⁽¹⁾	$	375		$	354			6	%
Diluted adjusted net income per common unit	$	0.39		$	0.41		(5		)%
Adjusted EBITDA	$	881		$	847			4	%
Adjusted EBITDA attributable to PAA ⁽¹⁾	$	754		$	718			5	%
Implied DCF per common unit and common unit equivalent	$	0.66		$	0.67		(1		)%
Adjusted Free Cash Flow ⁽³⁾	$	(308	)	$	70		**
Adjusted Free Cash Flow after Distributions ⁽³⁾	$	(639	)	$	(217	)	**
Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) ⁽³⁾	$	(169	)	$	262		**
Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) ⁽³⁾	$	(500	)	$	(25	)	**

_____________________

**	Indicates that variance as a percentage is not meaningful.
⁽¹⁾	Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the “Permian JV”), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.
⁽²⁾	See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.
⁽³⁾	The 2025 period includes the impact of a net cash outflow of $624 million for bolt-on acquisitions.

Summary of Selected Financial Data by Segment (unaudited)
(in millions)

	Segment Adjusted EBITDA
	Crude Oil			NGL
Three Months Ended March 31, 2025	$	559		$	189
Three Months Ended March 31, 2024	$	553		$	159
*Percentage change in Segment Adjusted EBITDA versus* *2024* *period*		1	%		19	%

First-quarter 2025 Crude Oil Segment Adjusted EBITDA was in line with comparable 2024 results. Favorable results in the 2025 period from (i) higher tariff volumes on our pipelines, (ii) tariff escalations and (iii) contributions from recently completed bolt-on acquisitions were largely offset by (iv) higher operating expenses and (v) the impact to our assets from refinery downtime.

First-quarter 2025 NGL Segment Adjusted EBITDA increased 19% versus comparable 2024 results primarily due to higher weighted average frac spreads and NGL sales volumes in the first quarter of 2025.

Plains GP Holdings

PAGP owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables attached hereto.

Conference Call and Webcast Instructions

PAA and PAGP will hold a joint conference call at 9:00 a.m. CT on Friday, May 9, 2025 to discuss first-quarter performance and related items.

To access the internet webcast, please go to https://edge.media-server.com/mmc/p/qqvgtyoa/

Alternatively, the webcast can be accessed on our website at https://ir.plains.com/news-events/events-presentations. Following the live webcast, an audio replay will be available on our website and will be accessible for a period of 365 days. Slides will be posted prior to the call at the above referenced website.

Non-GAAP Financial Measures and Selected Items Impacting Comparability

To supplement our financial information presented in accordance with GAAP, management uses additional measures known as “non-GAAP financial measures” in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow (“DCF”), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.

Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Condensed Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit our website at www.plains.com (in particular the section under “Financial Information” entitled “Non-GAAP Reconciliations” within the Investor Relations tab), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.

Non-GAAP Financial Performance Measures

Adjusted EBITDA is defined as earnings before (i) interest expense, (ii) income tax (expense)/benefit, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities), (iv) gains and losses on asset sales, asset impairments and other, net, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among PAA and certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests.

Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our core operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our core operating results and/or (v) other items that we believe should be excluded in understanding our core operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in “Other current liabilities” in our Condensed Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as “selected items impacting comparability.” Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Quarterly Report on Form 10-Q.

Non-GAAP Financial Liquidity Measures

Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions.

We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present the Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of “Changes in assets and liabilities, net of acquisitions” on our Condensed Consolidated Statements of Cash Flows. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities).


PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per unit data)

	Three Months Ended March 31,
		2025			2024
REVENUES	$	12,011		$	11,995

COSTS AND EXPENSES
Purchases and related costs		10,761			10,917
Field operating costs		368			358
General and administrative expenses		100			96
Depreciation and amortization		262			254
Gain on asset sales, net		(13	)		—
Total costs and expenses		11,478			11,625

OPERATING INCOME		533			370

OTHER INCOME/(EXPENSE)
Equity earnings in unconsolidated entities		103			95
Gain on investments in unconsolidated entities, net		31			—
Interest expense, net ⁽¹⁾		(127	)		(95	)
Other income/(expense), net ⁽¹⁾		26			(5	)

INCOME BEFORE TAX		566			365
Current income tax expense		(46	)		(53	)
Deferred income tax (expense)/benefit		(4	)		39

NET INCOME		516			351
Net income attributable to noncontrolling interests		(73	)		(85	)
NET INCOME ATTRIBUTABLE TO PAA	$	443		$	266

NET INCOME PER COMMON UNIT:
Net income allocated to common unitholders — Basic and Diluted	$	343		$	203
Basic and diluted weighted average common units outstanding		704			701
Basic and diluted net income per common unit	$	0.49		$	0.29

_____________________

⁽¹⁾

PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Interest expense, net” and “Other income/(expense), net” each include $20 million for the three months ended March 31, 2025 related to interest on such related party promissory notes. These amounts offset and do not impact Net Income or Non-GAAP metrics such as Adjusted EBITDA, Implied DCF and Adjusted Free Cash Flow.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED BALANCE SHEET DATA (in millions)

	March 31, 2025		December 31, 2024
ASSETS
Current assets (including cash and cash equivalents of $427 and $348, respectively)	$	4,735	$	4,802
Property and equipment, net		16,062		15,424
Investments in unconsolidated entities		2,745		2,811
Intangible assets, net		1,675		1,677
Linefill		988		968
Long-term operating lease right-of-use assets, net		321		332
Long-term inventory		289		280
Other long-term assets, net		244		268
Total assets	$	27,059	$	26,562

LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	4,691	$	4,950
Senior notes, net		8,131		7,141
Other long-term debt, net		73		72
Long-term operating lease liabilities		301		313
Other long-term liabilities and deferred credits		1,003		990
Total liabilities		14,199		13,466

Partners’ capital excluding noncontrolling interests		9,632		9,813
Noncontrolling interests		3,228		3,283
Total partners’ capital		12,860		13,096
Total liabilities and partners’ capital	$	27,059	$	26,562

DEBT CAPITALIZATION RATIOS
(in millions)

	March 31, 2025			December 31, 2024
Short-term debt	$	478		$	408
Long-term debt		8,204			7,213
Total debt	$	8,682		$	7,621

Long-term debt	$	8,204		$	7,213
Partners’ capital excluding noncontrolling interests		9,632			9,813
Total book capitalization excluding noncontrolling interests (“Total book capitalization”)	$	17,836		$	17,026
Total book capitalization, including short-term debt	$	18,314		$	17,434

Long-term debt-to-total book capitalization		46	%		42	%
Total debt-to-total book capitalization, including short-term debt		47	%		44	%

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT ⁽¹⁾ (in millions, except per unit data)

	Three Months Ended March 31,
	2025			2024
Basic and Diluted Net Income per Common Unit
Net income attributable to PAA	$	443		$	266
Distributions to Series A preferred unitholders		(39	)		(44	)
Distributions to Series B preferred unitholders		(18	)		(19	)
Amounts allocated to participating securities		(1	)		(1	)
Impact from repurchase of Series A preferred units ⁽²⁾		(43	)		—
Other		1			1
Net income allocated to common unitholders	$	343		$	203

Basic and diluted weighted average common units outstanding ⁽³^{) (}⁴⁾		704			701

Basic and diluted net income per common unit	$	0.49		$	0.29

_____________________

⁽¹⁾	We calculate net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
⁽²⁾	We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of net income allocated to common unitholders.
⁽³⁾	The possible conversion of our Series A preferred units was excluded from the calculation of diluted net income per common unit for each of the three months ended March 31, 2025 and 2024 as the effect was antidilutive.
⁽⁴⁾	Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED CASH FLOW DATA (in millions)

	Three Months Ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	516		$	351
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization		262			254
Gain on asset sales, net		(13	)		—
Deferred income tax expense/(benefit)		4			(39	)
Equity earnings in unconsolidated entities		(103	)		(95	)
Distributions on earnings from unconsolidated entities		125			132
Other		(13	)		8
Changes in assets and liabilities, net of acquisitions		(139	)		(192	)
Net cash provided by operating activities		639			419

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities ⁽¹⁾⁽²⁾		(1,149	)		(261	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by/(used in) financing activities ⁽¹⁾		590			(273	)

Effect of translation adjustment		(1	)		(4	)

Net increase/(decrease) in cash and cash equivalents and restricted cash		79			(119	)

Cash and cash equivalents and restricted cash, beginning of period		348			450
Cash and cash equivalents and restricted cash, end of period	$	427		$	331

_____________________

⁽¹⁾	PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. For the three months ended March 31, 2025, “Net cash used in investing activities” includes a cash outflow of approximately $330 million associated with our investment in related party notes. An equal and offsetting cash inflow associated with our issuance of related party notes is included in “Net cash provided by/(used in) financing activities.”
⁽²⁾	The 2025 period includes a net cash outflow of $624 million for bolt-on acquisitions.

CAPITAL EXPENDITURES
(in millions)

	Net to PAA ⁽¹⁾				Consolidated
	Three Months Ended March 31,				Three Months Ended March 31,
	2025		2024		2025		2024
Investment capital expenditures:
Crude Oil	$	89	$	65	$	120	$	90
NGL		41		14		41		14
Total Investment capital expenditures		130		79		161		104
Maintenance capital expenditures		38		53		41		57
	$	168	$	132	$	202	$	161

_____________________

⁽¹⁾	Excludes expenditures attributable to noncontrolling interests.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
NON-GAAP RECONCILIATIONS (in millions, except per unit and ratio data)

Computation of Basic and Diluted Adjusted Net Income Per Common Unit ⁽¹⁾:

	Three Months Ended March 31,
	2025			2024
Basic and Diluted Adjusted Net Income per Common Unit
Net income attributable to PAA	$	443		$	266
Selected items impacting comparability – Adjusted net income attributable to PAA ⁽²⁾		(68	)		88
Adjusted net income attributable to PAA	$	375		$	354
Distributions to Series A preferred unitholders		(39	)		(44	)
Distributions to Series B preferred unitholders		(18	)		(19	)
Amounts allocated to participating securities		(1	)		(2	)
Impact from repurchase of Series A preferred units ⁽³⁾		(43	)		—
Other		1			1
Adjusted net income allocated to common unitholders	$	275		$	290

Basic and diluted weighted average common units outstanding ⁽⁴^{) (}⁵⁾		704			701

Basic and diluted adjusted net income per common unit	$	0.39		$	0.41

_____________________

⁽¹⁾	We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
⁽²⁾	See the “Selected Items Impacting Comparability” table for additional information.
⁽³⁾	We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of adjusted net income allocated to common unitholders.
⁽⁴⁾	The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit for each of the three months ended March 31, 2025 and 2024 as the effect was antidilutive.
⁽⁵⁾	Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation:

	Three Months Ended March 31,
	2025			2024
Basic and diluted net income per common unit	$	0.49		$	0.29
Selected items impacting comparability per common unit ⁽¹⁾		(0.10	)		0.12
Basic and diluted adjusted net income per common unit	$	0.39		$	0.41

_____________________

⁽¹⁾	See the “Selected Items Impacting Comparability” and the “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional information.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation:

	Three Months Ended March 31,
	2025			2024
Net income	$	516		$	351
Interest expense, net of certain items ⁽¹⁾		107			95
Income tax expense		50			14
Depreciation and amortization		262			254
Gain on asset sales, net		(13	)		—
Gain on investments in unconsolidated entities, net		(31	)		—
Depreciation and amortization of unconsolidated entities ⁽²⁾		20			19
Selected items impacting comparability – Adjusted EBITDA ⁽³⁾		(30	)		114
Adjusted EBITDA	$	881		$	847
Adjusted EBITDA attributable to noncontrolling interests		(127	)		(129	)
Adjusted EBITDA attributable to PAA	$	754		$	718

Adjusted EBITDA	$	881		$	847
Interest expense, net of certain non-cash and other items ⁽⁴⁾		(104	)		(90	)
Maintenance capital		(41	)		(57	)
Investment capital of noncontrolling interests ⁽⁵⁾		(30	)		(25	)
Current income tax expense		(46	)		(53	)
Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings ⁽⁶⁾		(2	)		12
Distributions to noncontrolling interests ⁽⁷⁾		(132	)		(100	)
Implied DCF	$	526		$	534
Preferred unit distributions paid ⁽⁷⁾		(64	)		(64	)
Implied DCF Available to Common Unitholders	$	462		$	470

Weighted Average Common Units Outstanding		704			701
Weighted Average Common Units and Common Unit Equivalents		767			772

Implied DCF per Common Unit ⁽⁸⁾	$	0.66		$	0.67
Implied DCF per Common Unit and Common Unit Equivalent ⁽⁹⁾	$	0.66		$	0.67

Cash Distribution Paid per Common Unit	$	0.3800		$	0.3175
Common Unit Cash Distributions ⁽⁷⁾	$	267		$	223
Common Unit Distribution Coverage Ratio	1.73x			2.11x

Implied DCF Excess	$	195		$	247

_____________________

⁽¹⁾	Represents “Interest expense, net” as reported on our Condensed Consolidated Statements of Operations, net of interest income associated with promissory notes by and among PAA and certain Plains entities.
⁽²⁾	Adjustment to exclude our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities.
⁽³⁾	See the “Selected Items Impacting Comparability” table for additional information.
⁽⁴⁾	Amount excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps and is net of interest income associated with promissory notes by and among PAA and certain Plains entities.
⁽⁵⁾	Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.
⁽⁶⁾	Comprised of cash distributions received from unconsolidated entities less equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, and selected items impacting comparability of unconsolidated entities).
⁽⁷⁾	Cash distributions paid during the period presented.
⁽⁸⁾	Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period.
⁽⁹⁾	Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, in whole or in part, subject to certain minimum conversion amounts.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

Net Income Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation:

	Three Months Ended March 31,
	2025		2024
Basic net income per common unit	$	0.49	$	0.29
Reconciling items per common unit ^{(1) (2)}		0.17		0.38
Implied DCF per common unit	$	0.66	$	0.67

Basic net income per common unit	$	0.49	$	0.29
Reconciling items per common unit and common unit equivalent ^{(1) (3)}		0.17		0.38
Implied DCF per common unit and common unit equivalent	$	0.66	$	0.67

_____________________

⁽¹⁾	Represents adjustments to Net Income to calculate Implied DCF Available to Common Unitholders. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for additional information.
⁽²⁾	Based on weighted average common units outstanding for the three months ended March 31, 2025 and 2024 of 704 million and 701 million, respectively.
⁽³⁾	Based on weighted average common units outstanding for the period, as well as weighted average Series A preferred units outstanding for the three months ended March 31, 2025 and 2024 of 63 million and 71 million, respectively.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation:

	Three Months Ended March 31,
		2025			2024
Net cash provided by operating activities	$	639		$	419
Adjustments to reconcile Net cash provided by operating activities to Adjusted Free Cash Flow:
Net cash used in investing activities ⁽¹⁾⁽²⁾		(1,149	)		(261	)
Cash contributions from noncontrolling interests		4			12
Cash distributions paid to noncontrolling interests ⁽³⁾		(132	)		(100	)
Proceeds from the issuance of related party notes ⁽¹⁾		330			—
Adjusted Free Cash Flow ⁽⁴⁾	$	(308	)	$	70
Cash distributions ⁽⁵⁾		(331	)		(287	)
Adjusted Free Cash Flow after Distributions ⁽⁴^{) (}⁶⁾	$	(639	)	$	(217	)

	Three Months Ended March 31,
		2025			2024
Adjusted Free Cash Flow ⁽⁴⁾	$	(308	)	$	70
Changes in assets and liabilities, net of acquisitions ⁽⁷⁾		139			192
Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) ⁽⁸⁾	$	(169	)	$	262
Cash distributions ⁽⁵⁾		(331	)		(287	)
Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) ⁽⁸⁾	$	(500	)	$	(25	)

_____________________

⁽¹⁾	PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Proceeds from the issuance of related party notes” has an equal and offsetting cash outflow associated with our investment in related party notes, which is included as a component of “Net cash used in investing activities.”
⁽²⁾	The 2025 period includes a net cash outflow of $624 million for bolt-on acquisitions.
⁽³⁾	Cash distributions paid during the period presented.
⁽⁴⁾	Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow after Distributions shortages, if any, may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
⁽⁵⁾	Cash distributions paid to preferred and common unitholders during the period.
⁽⁶⁾	Excess Adjusted Free Cash Flow after Distributions is retained to establish reserves for future distributions, capital expenditures, debt reduction and other partnership purposes. Adjusted Free Cash Flow after Distributions shortages may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
⁽⁷⁾	See the “Condensed Consolidated Cash Flow Data” table.
⁽⁸⁾	Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) and Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) to assess the underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
SELECTED ITEMS IMPACTING COMPARABILITY (in millions)

	Three Months Ended March 31,
	2025			2024
Selected Items Impacting Comparability: ⁽¹⁾
Derivative activities and inventory valuation adjustments ⁽²⁾	$	34		$	(159	)
Long-term inventory costing adjustments ⁽³⁾		3			33
Deficiencies under minimum volume commitments, net ⁽⁴⁾		7			12
Equity-indexed compensation expense ⁽⁵⁾		(9	)		(9	)
Foreign currency revaluation ⁽⁶⁾		—			9
Transaction-related expenses ⁽⁷⁾		(5	)		—
Selected items impacting comparability – Adjusted EBITDA	$	30		$	(114	)
Gain on investments in unconsolidated entities, net		31			—
Gain on asset sales, net		13			—
Tax effect on selected items impacting comparability		(3	)		30
Aggregate selected items impacting noncontrolling interests		(3	)		(4	)
Selected items impacting comparability – Adjusted net income attributable to PAA	$	68		$	(88	)

_____________________

⁽¹⁾	Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” and “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional details on how these selected items impacting comparability affect such measures.
⁽²⁾	We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining adjusted results such that the earnings from the derivative instruments and the underlying transactions impact adjusted results in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable. For applicable periods, we excluded gains and losses from the mark-to-market of the embedded derivative associated with the Preferred Distribution Rate Reset Option of our Series A preferred units.
⁽³⁾	We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We treat the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines as a selected item impacting comparability.
⁽⁴⁾	We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty’s make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty’s ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. We believe the inclusion of the contractually committed revenues associated with that period is meaningful to investors as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results.
⁽⁵⁾	Our total equity-indexed compensation expense includes expense associated with awards that will be settled in units and awards that will be settled in cash. The awards that will be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We consider the compensation expense associated with these awards as a selected item impacting comparability as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not considered a selected item impacting comparability.
⁽⁶⁾	During the periods presented, there were fluctuations in the value of the Canadian dollar to the U.S. dollar, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. The associated gains and losses are not integral to our results and were thus classified as a selected item impacting comparability.
⁽⁷⁾	Primarily related to acquisitions completed during the first quarter of 2025.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
SELECTED FINANCIAL DATA BY SEGMENT (in millions)

	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
	Crude Oil			NGL			Crude Oil			NGL
Revenues ⁽¹⁾	$	11,439		$	638		$	11,582		$	507
Purchases and related costs ⁽¹⁾		(10,488	)		(339	)		(10,665	)		(346	)
Field operating costs ⁽²⁾		(292	)		(76	)		(266	)		(92	)
Segment general and administrative expenses ^{(2) (3)}		(79	)		(21	)		(73	)		(23	)
Equity earnings in unconsolidated entities		103			—			95			—

Other segment items: ⁽⁴⁾
Depreciation and amortization of unconsolidated entities		20			—			19			—
Derivative activities and inventory valuation adjustments		(24	)		(10	)		37			122
Long-term inventory costing adjustments		—			(3	)		(28	)		(5	)
Deficiencies under minimum volume commitments, net		(7	)		—			(12	)		—
Equity-indexed compensation expense		9			—			9			—
Foreign currency revaluation		—			—			(17	)		(4	)
Transaction-related expenses		5			—			—			—
Segment amounts attributable to noncontrolling interests ⁽⁵⁾		(127	)		—			(128	)		—
Segment Adjusted EBITDA	$	559		$	189		$	553		$	159

Maintenance capital expenditures	$	31		$	10		$	46		$	11

_____________________

⁽¹⁾	Includes intersegment amounts.
⁽²⁾	Field operating costs and Segment general and administrative expenses include equity-indexed compensation expense.
⁽³⁾	Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.
⁽⁴⁾	Represents adjustments utilized by our CODM in the evaluation of segment results. Many of these adjustments are also considered selected items impacting comparability when calculating consolidated non-GAAP financial measures such as Adjusted EBITDA. See the “Selected Items Impacting Comparability” table for additional discussion.
⁽⁵⁾	Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II Pipeline LLC and Red River Pipeline LLC.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

OPERATING DATA BY SEGMENT ⁽¹⁾

	Three Months Ended March 31,
	2025		2024
Crude Oil Segment Volumes
Crude oil pipeline tariff (by region)
Permian Basin ⁽²⁾		6,869		6,428
South Texas / Eagle Ford ⁽²⁾		492		378
Mid-Continent ⁽²⁾		415		486
Gulf Coast ⁽²⁾		214		202
Rocky Mountain ⁽²⁾		495		499
Western		247		259
Canada		354		348
Total crude oil pipeline tariff ⁽²⁾		9,086		8,600

NGL Segment Volumes
NGL fractionation		157		128
NGL pipeline tariff		234		214
Propane and butane sales		147		128

_____________________

⁽¹⁾	Average volumes in thousands of barrels per day calculated as the total volumes (attributable to our interest for assets owned by unconsolidated entities or through undivided joint interests) for the period divided by the number of days in the period. Volumes associated with assets acquired during the period represent total volumes for the number of days we actually owned the assets divided by the number of days in the period.
⁽²⁾	Includes volumes (attributable to our interest) from assets owned by unconsolidated entities.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
NON-GAAP SEGMENT RECONCILIATIONS (in millions)

Supplemental Adjusted EBITDA attributable to PAA Reconciliation:

	Three Months Ended March 31,
	2025		2024
Crude Oil Segment Adjusted EBITDA	$	559	$	553
NGL Segment Adjusted EBITDA		189		159
Adjusted other income, net ⁽¹⁾		6		6
Adjusted EBITDA attributable to PAA ⁽²⁾	$	754	$	718

_____________________

⁽¹⁾	Represents “Other income/(expense), net” as reported on our Condensed Consolidated Statements of Operations, excluding interest income on promissory notes by and among PAA and certain Plains entities, as well as other income, net attributable to noncontrolling interests, adjusted for selected items impacting comparability. See the “Selected Items Impacting Comparability” table for additional information.
⁽²⁾	See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for reconciliation to Net Income.

PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in millions, except per share data)

	Three Months Ended March 31, 2025									Three Months Ended March 31, 2024
				Consolidating									Consolidating
	PAA			Adjustments ⁽¹⁾			PAGP			PAA			Adjustments ⁽¹⁾			PAGP
REVENUES	$	12,011		$	—		$	12,011		$	11,995		$	—		$	11,995

COSTS AND EXPENSES
Purchases and related costs		10,761			—			10,761			10,917			—			10,917
Field operating costs		368			—			368			358			—			358
General and administrative expenses		100			1			101			96			1			97
Depreciation and amortization		262			—			262			254			—			254
Gain on asset sales, net		(13	)		—			(13	)		—			—			—
Total costs and expenses		11,478			1			11,479			11,625			1			11,626

OPERATING INCOME		533			(1	)		532			370			(1	)		369

OTHER INCOME/(EXPENSE)
Equity earnings in unconsolidated entities		103			—			103			95			—			95
Gain on investments in unconsolidated entities, net		31			—			31			—			—			—
Interest expense, net		(127	)		20			(107	)		(95	)		—			(95	)
Other income/(expense), net		26			(20	)		6			(5	)		—			(5	)

INCOME BEFORE TAX		566			(1	)		565			365			(1	)		364
Current income tax expense		(46	)		—			(46	)		(53	)		—			(53	)
Deferred income tax (expense)/benefit		(4	)		(23	)		(27	)		39			(14	)		25

NET INCOME		516			(24	)		492			351			(15	)		336
Net income attributable to noncontrolling interests		(73	)		(335	)		(408	)		(85	)		(209	)		(294	)
NET INCOME ATTRIBUTABLE TO PAGP	$	443		$	(359	)	$	84		$	266		$	(224	)	$	42

Basic and diluted weighted average Class A shares outstanding								198									197

Basic and diluted net income per Class A share							$	0.42								$	0.21

_____________________

⁽¹⁾	Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.

PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATING BALANCE SHEET DATA (in millions)

	March 31, 2025							December 31, 2024
			Consolidating							Consolidating
	PAA		Adjustments ⁽¹⁾			PAGP		PAA		Adjustments ⁽¹⁾			PAGP
ASSETS
Current assets	$	4,735	$	(6	)	$	4,729	$	4,802	$	(26	)	$	4,776
Property and equipment, net		16,062		—			16,062		15,424		—			15,424
Investments in unconsolidated entities		2,745		—			2,745		2,811		—			2,811
Intangible assets, net		1,675		—			1,675		1,677		—			1,677
Deferred tax asset		—		1,199			1,199		—		1,220			1,220
Linefill		988		—			988		968		—			968
Long-term operating lease right-of-use assets, net		321		—			321		332		—			332
Long-term inventory		289		—			289		280		—			280
Other long-term assets, net		244		—			244		268		—			268
Total assets	$	27,059	$	1,193		$	28,252	$	26,562	$	1,194		$	27,756

LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	4,691	$	(7	)	$	4,684	$	4,950	$	(26	)	$	4,924
Senior notes, net		8,131		—			8,131		7,141		—			7,141
Other long-term debt, net		73		—			73		72		—			72
Long-term operating lease liabilities		301		—			301		313		—			313
Other long-term liabilities and deferred credits		1,003		—			1,003		990		—			990
Total liabilities		14,199		(7	)		14,192		13,466		(26	)		13,440

Partners’ capital excluding noncontrolling interests		9,632		(8,276	)		1,356		9,813		(8,462	)		1,351
Noncontrolling interests		3,228		9,476			12,704		3,283		9,682			12,965
Total partners’ capital		12,860		1,200			14,060		13,096		1,220			14,316
Total liabilities and partners’ capital	$	27,059	$	1,193		$	28,252	$	26,562	$	1,194		$	27,756

_____________________

⁽¹⁾	Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.

PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
COMPUTATION OF BASIC AND DILUTED NET INCOME PER CLASS A SHARE (in millions, except per share data)

	Three Months Ended March 31,
	2025		2024
Basic and Diluted Net Income per Class A Share
Net income attributable to PAGP	$	84	$	42
Basic and diluted weighted average Class A shares outstanding		198		197

Basic and diluted net income per Class A share	$	0.42	$	0.21

Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the following:

general economic, market or business conditions in the United States and elsewhere (including the potential for a recession or significant slowdown in economic activity levels, the risk of persistently high inflation and supply chain issues, the impact of global public health events, such as pandemics, on demand and growth, and the timing, pace and extent of economic recovery) that impact (i) demand for crude oil, drilling and production activities and therefore the demand for the midstream services we provide and (ii) commercial opportunities available to us;
declines in global crude oil demand and/or crude oil prices or other factors that correspondingly lead to a significant reduction of North American crude oil and NGL production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of the margins we can earn or the commercial opportunities that might otherwise be available to us;
fluctuations in refinery capacity and other factors affecting demand for various grades of crude oil and NGL and resulting changes in pricing conditions or transportation throughput requirements;
unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof);
the effects of competition and capacity overbuild in areas where we operate, including downward pressure on rates, volumes and margins, contract renewal risk and the risk of loss of business to other midstream operators who are willing or under pressure to aggressively reduce transportation rates in order to capture or preserve customers;
the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties, and the successful integration and future performance of acquired assets or businesses;
the availability of, and our ability to consummate, acquisitions, divestitures, joint ventures or other strategic opportunities and realize benefits therefrom;
environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves;
negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions that adversely impact our business;
the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event that materially impacts our operations, including cyber or other attacks on our or our service providers’ electronic and computer systems;
weather interference with business operations or project construction, including the impact of extreme weather events or conditions (including hurricanes, floods, wildfires and drought);
the impact of current and future laws, rulings, legislation, governmental regulations, executive orders, trade policies, trade tariffs, accounting standards and statements, and related interpretations that (i) prohibit, restrict or regulate the development of oil and gas resources and the related infrastructure on lands dedicated to or served by our pipelines or (ii) negatively impact our ability to develop, operate or repair midstream assets, or (iii) otherwise negatively impact our business or increase our exposure to risk;
negative impacts on production levels in the Permian Basin or elsewhere due to issues associated with (or laws, rules or regulations relating to) hydraulic fracturing and related activities (including wastewater injection or disposal), including earthquakes, subsidence, expansion or other issues;
the pace of development of natural gas or other infrastructure and its impact on expected crude oil production growth in the Permian Basin;
the refusal or inability of our customers or counterparties to perform their obligations under their contracts with us (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (such as reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors;
loss of key personnel and inability to attract and retain new talent;
disruptions to futures markets for crude oil, NGL and other petroleum products, which may impair our ability to execute our commercial or hedging strategies;
the effectiveness of our risk management activities;
shortages or cost increases of supplies, materials or labor;
maintenance of our credit ratings and ability to receive open credit from our suppliers and trade counterparties;
our inability to perform our obligations under our contracts, whether due to non-performance by third parties, including our customers or counterparties, market constraints, third-party constraints, supply chain issues, legal constraints (including governmental orders or guidance), or other factors or events;
the incurrence of costs and expenses related to unexpected or unplanned capital or maintenance expenditures, third-party claims or other factors;
failure to implement or capitalize, or delays in implementing or capitalizing, on investment capital projects, whether due to permitting delays, permitting withdrawals or other factors;
tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, investment capital projects, working capital requirements and the repayment or refinancing of indebtedness;
the amplification of other risks caused by volatile or closed financial markets, capital constraints, liquidity concerns and inflation;
the use or availability of third-party assets upon which our operations depend and over which we have little or no control;
the currency exchange rate of the Canadian dollar to the United States dollar;
the deferral of current revenue recognition attributable to deficiency payments received from customers who fail to ship or move their minimum contracted volumes;
significant under-utilization of our assets and facilities;
increased costs, or lack of availability, of insurance;
fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans;
risks related to the development and operation of our assets; and
other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the processing, transportation, fractionation, storage and marketing of NGL as discussed in the Partnerships’ filings with the Securities and Exchange Commission.

About Plains:

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (“NGL”). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles over 8 million barrels per day of crude oil and NGL.

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plains.com.

Contacts:

Blake Fernandez
Vice President, Investor Relations
(866) 809-1291

Michael Gladstein
Director, Investor Relations
(866) 809-1291

The MIL Network –

May 10, 2025

MIL-OSI: Bitdeer Announces April 2025 Production and Operations Update

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, May 09, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining, today announced its unaudited mining and operations updates for April 2025.

Operational Update

Self-mined Bitcoin: 166 Bitcoins, increase of 45.6% from March 2025 on higher average self-mining hashrate from energization of SEALMINERs.
Mining Rig Manufacturing and R&D:
- SEALMINER A1: 3.7 EH/s are energized with remaining 0.1 EH/s to be energized in Q2 2025.
- SEALMINER A2:
  - Total of 3.3 EH/s mining rigs have been manufactured and 1.2 EH/s are in assembly as of the end of April.
  - Of the 3.3 EH/s mining rigs that have been manufactured:
    - External-sales: 1.3 EH/s of mining rigs have been shipped to external customers.
    - Self-mining:
      - 0.5 EH/s have been deployed in Texas and Tydal, Norway.
      - 0.4 EH/s are in-transit to Bitdeer’s site in Texas and Tydal, Norway.
      - 1.1 EH/s are being prepared for shipping.
- SEALMINER A3:
  - Beyond the initial testing result of an energy efficiency of 9.7 J/TH at the chip level while running at low voltage, ultra power-saving mode, Bitdeer successfully completed testing several dozen of its prototype models in April 2025, with all the test results meeting expectations.
  - Machine level testing is expected to be finalized by late Q2 2025.
- SEALMINER A4:
  - SEAL04 R&D remains on track to achieve an expected chip efficiency of approximately 5 J/TH with anticipated initial tape-out in Q4 2025.
HPC/AI:
- Discussions are ongoing with multiple development partners and potential end users for selected large scale sites in the U.S. for HPC/AI.
Hosting:
- Client-hosted mining rigs increased by 3,000 units or 0.6 EH/s in April 2025, due to existing customers increasing hosted mining rigs.
Infrastructure:
- Tydal, Norway: 70 MW of available power capacity was energized in April 2025. The remaining 105 MW are expected to be energized by end of Q2 2025.
- Jigmeling, Bhutan: 132 MW of available power capacity was energized in April 2025. The remaining 368 MW are on track to be energized in phases by the end of Q2 2025. Two 132kV transformers have been energized and five 220kV transformers are expected to be ready for energization in June 2025. Construction of datacenter infrastructure and cooling systems are in progress and also expected to be completed in June 2025.
- Clarington, Ohio: Paused Bitcoin mining related construction at 570 MW Clarington, Ohio site (Phase 1 and 2) as a result of advancing HPC/AI discussions.
Financing:
- In April 2025, Bitdeer entered into a loan agreement with Matrixport Group, a related party of the Company, for a financing facility of up to US$200.0 million. Loans drawn under the facility bear a variable interest rate equal to 9.0% plus a market-based reference rate. Each drawdown is repayable in fixed monthly installments over a 24-month term and is secured by a pledge of SEALMINERs.

Management Commentary

“In April 2025, we successfully energized 70 MW and 132 MW of power capacity at our Tydal, Norway expansion and Jigmeling, Bhutan sites, respectively, bringing Bitdeer’s global available power capacity to nearly 1.1 GW,” said Matt Kong, Chief Business Officer at Bitdeer. “By the end of June 2025, we expect to energize the remaining 473 MW at Tydal and Jigmeling, increasing our global available power capacity to 1.6 GW—of which more than half will be located outside the U.S. Our early investment in global diversification is now yielding meaningful strategic benefits. Our international footprint enhances our operational flexibility, particularly as we navigate evolving global trade dynamics. In the near term, we are prioritizing deployments of our SEALMINER A2s in Norway and Bhutan, which we expect will drive our self-mining hashrate to over 40 EH/s in 2025. Further, we made the strategic decision to pause Bitcoin mining related construction at our 570 MW site in Clarington, Ohio due to advancing discussions with multiple development partners and end users for HPC/AI. The Company maintains full optionality to reassess and resume the build-out for Bitcoin mining at a later date.”

Production and Operations Summary

Metrics	Apr 2025	Mar 2025	Apr 2024
Total hash rate under management¹(EH/s)	25.1	24.2	22.3
– Proprietary hash rate	12.4	12.1	8.4
• Self-mining	12.4	11.5	6.7
• Cloud Hash Rate	–	–	1.7
• Delivered but not hashing	–	0.6	–
– Hosting	12.7	12.1	13.9
Mining rigs under management	179,000	175,000	224,000
– Self-owned²	98,000	97,000	86,000
– Hosted	81,000	78,000	138,000
Bitcoins mined (self-mining only)	166	114	265
Bitcoin held³	1,246	1,156	103

¹Total hash rate under management as of April 30, 2025 across the Company’s primary business lines: Self-mining, Cloud Hash Rate, and Hosting.

Self-mining refers to cryptocurrency mining for the Company’s own account, which allows it to directly capture the high appreciation potential of cryptocurrency.
Cloud Hash Rate offers hash rate subscription plans and shares mining income with customers under certain arrangements. The Cloud Hash Rate stated above reflects the contracted hash rate with customers at month-end.
Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.

²Self-owned mining machines are for the Company’s self-mining business and Cloud Hash Rate business.
³Bitcoins held do not include the Bitcoins from deposits of the customers.

Infrastructure Construction Update

Site / Location	Capacity (MW)	Status	Timing⁴
Electrical capacity
– Rockdale, Texas	563	Online	Completed
– Knoxville, Tennessee	86	Online	Completed
– Wenatchee, Washington	13	Online	Completed
– Molde, Norway	84	Online	Completed
– Tydal, Norway	120	Online	Completed
– Gedu, Bhutan	100	Online	Completed
– Jigmeling, Bhutan	132	Online	Completed
Total electrical capacity	1,098⁵
Pipeline capacity
– Tydal, Norway Phase 2	105	In progress	Q2 2025
– Massillon, Ohio	221	In progress	Q3 – Q4 2025
– Clarington, Ohio Phase 1	266	Paused	TBD
– Clarington, Ohio Phase 2	304	Pending approval	TBD
– Jigmeling, Bhutan	368	In progress	Q2 2025
– Rockdale, Texas	179	In planning	Estimate 2026
– Alberta, Canada	99	In planning	Q4 2026
– Oromia Region, Ethiopia	50	In planning	Q4 2025
Total pipeline capacity	1,592
Total global electrical capacity	2,690

⁴ Indicative timing. All timing references are to calendar quarters and years.
⁵ Figures represent total available electrical capacity.

Rockdale, Texas – 100 MW Hydro-cooling conversion energization commenced:

All cooling system delivered and installed.
Energization in accordance with the phased of delivery of mining rigs.
Approximately 1.4 EH/s of SEALMINER A1 hydro mining rigs have been energized.

Tydal, Norway – 175 MW site expansion has commenced energization and is expected to be fully energized by end of Q2 2025:

70 MW was energized in April.
Remaining 105 MW is expected to be energized in phases by end of Q2 2025.
Installation of the transformers has been completed, with the delivery and installation of electrical equipment currently in progress. Additionally, the procurement and delivery of containers and hydro-cooling systems are underway, and drainage systems construction is ongoing.

Massillon, Ohio – 221 MW site on track for completion in H2 2025:

Substation construction is underway and is expected to be completed in Q3 2025.
Building design completed and construction has begun earlier than expected.
Estimated energization is expected to be completed in phases between Q3 and Q4 2025.

Clarington, Ohio – Paused Bitcoin mining related construction at 570 MW Clarington, Ohio site (both Phase 1 and 2) as a result of advancing HPC/AI discussions.

The Company maintains full optionality to reassess and resume the build-out for Bitcoin mining at a later date.

Jigmeling, Bhutan – 500 MW site has commenced energization and is expected to be fully energized in phases by end of Q2 2025:

132 MW was energized in April.
Remaining 368 MW is expected to be energized in phases by end of Q2 2025.
Two 132kV transformers have been energized and five 220kV transformers are expected to be ready for energization in June 2025.
Delivery of containers and hydro-cooling systems are in progress and is expected to be completed in phases by Q2 2025.

Fox Creek, Alberta – 101 MW site acquired in Alberta, sitting on 19 acres, is fully licensed and permitted:

Site includes all permits and licenses to construct an on-site natural gas power plant, as well as approval for a 99 MW grid interconnection with Alberta Electric System Operator (“AESO”).
Bitdeer will develop and construct the power plant in partnership with a leading engineering, procurement and construction (“EPC”) company and is expected to be energized by Q4 2026.

Oromia Region, Ethiopia – Signed an SPA and a turnkey agreement for the acquisition and construction of a 50 MW Bitcoin mining project in Ethiopia for US$7.5 million:

Acquisition includes local Ethiopian company with a mining permit, connected to a neighboring transmission substation at 33kV interconnection.
This local Ethiopian company has signed a Power Purchase Agreement (PPA) with Ethiopian Electric Power Company for a duration of 4 years at an electricity price of approximately US$0.036/ kWh.
Bitdeer is working closely with an EPC contractor with specialized experience in Bitcoin mining and this mining project is expected to be energized in Q4 2025.

Upcoming Conferences and Events

May 14 – 15, 2025: Macquarie Asia Conference 2025 in Hong Kong
May 19 – 20, 2025: Barclay 15^th Annual Emerging Payments and Fintech Forum in New York City
May 20, 2025: Benchmark Virtual Digital Asset Seminar
May 21 – 22, 2025: B. Riley 25^th Annual Investor Conference in Marina Del Rey, California
May 28, 2025: Orange Group & Blockware Sell-side and Buy-side Conference in Las Vegas, Nevada
June 24 – 26, 2025: Roth 15th Annual Conference in London
June 25, 2025: Northland Virtual Growth Conference 2025

About Bitdeer Technologies Group

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

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

Forward-Looking Statements

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

For investor and media inquiries, please contact:

Investor Relations
Orange Group
Yujia Zhai
bitdeerIR@orangegroupadvisors.com

Public Relations
BlocksBridge Consulting
Nishant Sharma
bitdeer@blocksbridge.com

The MIL Network –

May 9, 2025

MIL-OSI: Onex Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

All amounts in U.S. dollars unless otherwise stated

TORONTO, May 09, 2025 (GLOBE NEWSWIRE) — Onex Corporation (TSX: ONEX) today announced its financial results for the first quarter ended March 31, 2025.

“Onex continues to make progress and is benefitting from recent operational enhancements and a focus on areas where we have a proven right to compete,” said Bobby Le Blanc, CEO and President. “Our Private Equity and Credit teams have raised an aggregate of $2.5 billion in fee-generating capital since the start of the year, and our teams continue to advance their near- and long-term value creation plans. Our debt-free balance sheet includes $1.6 billion of liquidity, providing additional security and flexibility, including for ongoing share repurchases.”

Financial Results ($ millions except per share amounts)	Quarter Ended March 31
	2025		2024
Net earnings	$	168	$	10
Net earnings per diluted share	$	2.36	$	0.13

Investing segment net earnings	$	123	$	54
Asset management segment net earnings (loss)		25		(26	)
Total segment net earnings⁽¹⁾	$	148	$	28
Total segment net earnings per fully diluted share⁽²⁾	$	2.05	$	0.33
Asset management fee-related earnings (loss)⁽³⁾	$	11	$	(4	)
Total fee-related earnings (loss)⁽⁴⁾	$	2	$	(12	)
Distributable earnings⁽⁵⁾	$	38	$	45

Highlights

Onex had approximately $8.3 billion of investing capital, or $116.97 (C$168.28) per fully diluted share⁽⁶⁾ at March 31, 2025. Onex’ investing capital per fully diluted share returned 3% for the quarter and 9% for the 12 months ended March 31, 2025 (3% and 16%, respectively, in Canadian dollars). Over the last five years, investing capital per fully diluted share has had a compound annual return of 17%.
Onex’ private equity investments had net gains of $96 million or a 2% return in the first quarter of 2025 (Q1 2024: $30 million or a 1% return). Investments in Credit strategies generated net gains of $11 million or a 1% return in the first quarter of 2025 (Q1 2024⁽⁷⁾ : $11 million or a 1% return).
Onex raised approximately $2.5 billion in fee-generating capital across its Private Equity and Credit platforms in the first quarter of 2025.
Onex Partners Opportunities Fund achieved its final close, raising aggregate commitments of approximately $1.2 billion for a two-year investing period, including affiliated vehicles, exceeding its initial target.
ONCAP V achieved its final close with $1.3 billion in total commitments. ONCAP V achieved several key objectives relative to its prior fund, including growing total commitments, increasing third-party capital by 54%, and adding many new investors to the platform. ONCAP V has completed five investments to date and the fund is approximately 50% deployed.
Onex Credit continues to build on its momentum and has priced ten CLO transactions through April, including five new issues. In total, the team raised or extended approximately $5.3 billion of fee-generating assets under management across its tactical allocation and structured credit strategies.
Onex repurchased 1,379,506 Subordinate Voting Shares in the first quarter at a cost of $98 million⁽⁸⁾ (C$141 million⁽⁸⁾) or an average cost per share of $71.17 (C$102.09). In April, Onex renewed its normal course issuer bid permitting Onex to purchase for cancellation up to 10% of the public float in its Subordinate Voting Shares.
Onex had $36.9 billion of FGAUM at March 31, 2025, a 17%⁽⁷⁾ increase over the last 12 months. Run-rate management fees⁽⁹⁾ increased to $202 million as of March 31, 2025.
Unrealized carried interest from funds managed by Onex totaled $308 million as of March 31, 2025.
Onex’ cash and near-cash⁽¹⁰⁾ balance was $1.6 billion or 19% of Onex’ investing capital as of March 31, 2025 (December 31, 2024 – $1.6 billion or 19%).

Dividend Declaration

The Board of Directors has declared a second quarter dividend of C$0.10 per Subordinate Voting Share payable on July 31, 2025, to shareholders of record on July 10, 2025.

Webcast

Onex management will host a webcast to review Onex’ first quarter 2025 results on Friday, May 9, 2025 at 11:00 a.m. ET. The webcast will be available in listen-only mode from the Presentations and Events section of Onex’ website, https://www.onex.com/events-and-presentations. A 90-day on-line replay will be available shortly following the completion of the event.

Additional Information

Enclosed are supplementary financial schedules related to Onex’ consolidated net earnings, investing capital, fee-related earnings (loss), distributable earnings, and cash and near-cash changes for the three months ended March 31, 2025. The financial statements prepared in accordance with IFRS Accounting Standards, including Management’s Discussion and Analysis of the results, are posted on Onex’ website, www.onex.com, and are also available on SEDAR+ at www.sedarplus.ca. A supplemental information package with additional information is available on Onex’ website, www.onex.com.

About Onex

Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $53.1 billion in assets under management, of which $8.3 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.

Forward-Looking Statements

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures which have been calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of financial measures in this manner does not have a standardized meaning prescribed under IFRS Accounting Standards and is therefore unlikely to be comparable to similar financial measures presented by other companies. Onex management believes these financial measures provide useful information to investors. Reconciliations of the non-GAAP financial measures to information contained in the consolidated financial statements have been presented where practical.

For Further Information:

Jill Homenuk Managing Director – Shareholder Relations and Communications Tel: +1 416.362.7711	Zev Korman Vice President, Shareholder Relations and Communications Tel: +1 416.362.7711

Supplementary Financial Schedules

	Quarter ended March 31
	2025⁽ⁱ⁾								2024⁽ⁱ⁾
(Unaudited)($ millions except per share amounts)	Investing		Asset Management			Total			Total
Segment income	$	123	$	78		$	201		$	94
Segment expenses		–		(53	)		(53	)		(66	)
Segment net earnings	$	123	$	25		$	148		$	28

Stock-based compensation recovery (expense)							26			(10	)
Amortization of property, equipment and intangible assets, excluding right-of-use assets							(3	)		(5	)
Restructuring recovery (expenses), net							(1	)		3
Unrealized performance fee and carried interest included in segment net earnings – Credit							–			(7	)
Other							(2	)		1
Net earnings						$	168		$	10

Segment net earnings per fully diluted share	$	1.70	$	0.35		$	2.05		$	0.33
Net earnings per share
Basic						$	2.36		$	0.13
Diluted						$	2.36		$	0.13
^{(i) Refer to pages 17 and 18 of Onex’ Q1 2025 Interim MD&A for further details concerning the composition of segmented results.}

*Investing Capital*⁽ⁱ⁾

(Unaudited)($ millions except per share amounts)	March 31, 2025		December 31, 2024
Private Equity
Onex Partners Funds	$	4,735	$	4,659
ONCAP Funds		732		795
Carried Interest		286		264
		5,753		5,718
Private Credit
Investments		934		924
Carried Interest		22		22
		956		946
Cash and Near-Cash		1,564		1,578
Other Net Assets		26		31
Investing Capital	$	8,299	$	8,273
Investing Capital per fully diluted share (U.S. dollars)⁽ⁱⁱ⁾	$	116.97	$	113.70
Investing Capital per fully diluted share (Canadian dollars)⁽ⁱⁱ⁾	$	168.28	$	163.54
^{(i) Refer to the glossary in Onex’ Q1 2025 Interim MD&A for further details concerning the composition of investing capital.}
^{(ii) Fully diluted shares for investing capital per share were 71.0 million at March 31, 2025.}

Fee-Related Earnings (Loss) and Distributable Earnings

(Unaudited)($ millions)	Quarter Ended March 31, 2025			Quarter Ended March 31, 2024
Private Equity
Management and advisory fees	$	29		$	22
Total fee-related revenues from Private Equity	$	29		$	22
Compensation expense		(16	)		(22	)
Support and other net expenses		(8	)		(10	)
Net contribution	$	5		$	(10	)

Structured Credit
Management and advisory fees	$	23		$	17
Total fee-related revenues from Structured Credit	$	23		$	17
Compensation expense		(7	)		(6	)
Support and other net expenses		(4	)		(3	)
Net contribution	$	12		$	8

Other Credit
Management and advisory fees	$	3		$	11
Performance fees		–			4
Total fee-related revenues from Other Credit	$	3		$	15
Compensation expense		(3	)		(8	)
Support and other net expenses		(6	)		(9	)
Net contribution	$	(6	)	$	(2	)

Asset management fee-related earnings (loss)	$	11		$	(4	)

Public Company and Onex Capital Investing
Compensation expense	$	(5	)	$	(4	)
Other net expenses		(4	)		(4	)
Total expenses	$	(9	)	$	(8	)

Total fee-related earnings (loss)	$	2		$	(12	)

Realized carried interest⁽ⁱ⁾	$	5		$	3
Realized gain on corporate investments and interest income		31			54
Distributable earnings	$	38		$	45
^{(i) Includes carried interest Onex is entitled to from the Falcon Funds.}

Fee-related earnings (loss) and distributable earnings are non-GAAP financial measures. The tables below provide reconciliations of Onex’ net earnings to fee-related earnings (loss) and distributable earnings during the quarters ended March 31, 2025 and 2024.

(Unaudited)($ millions)	Quarter Ended March 31, 2025			Quarter Ended March 31, 2024
Net earnings	$	168		$	10
Stock-based compensation expense (recovery)		(26	)		10
Amortization of property, equipment and intangible assets, excluding right-of-use assets		3			5
Restructuring expenses (recovery), net		1			(3	)
Unrealized performance fees and carried interest included in segment net earnings – Credit		–			7
Other		2			(1	)
Total segment net earnings		148			28
Investing segment net earnings		(123	)		(54	)
Net loss (gain) from carried interest⁽ⁱ⁾		(23	)		14
Total fee-related earnings (loss)	$	2		$	(12	)
Realized carried interest⁽ⁱ⁾		5			3
Realized gain on corporate investments and interest income		31			54
Total distributable earnings	$	38		$	45
^{(i) Includes carried interest Onex is entitled to from the Falcon Funds.}

Cash and Near-Cash

The table below provides a breakdown of cash and near-cash at Onex as at March 31, 2025 and December 31, 2024.

(Unaudited)($ millions)	March 31, 2025		December 31, 2024
Cash and cash equivalents – Investing segment⁽ⁱ⁾	$	529	$	840
Management fees and recoverable fund expenses receivable⁽ⁱⁱ⁾		491		464
Cash and cash equivalents within Investment Holding Companies⁽ⁱⁱⁱ⁾		226		156
Treasury investments		169		83
Subscription financing and rebalancing receivable from ONCAP V^(iv)		149		35
Cash and near-cash	$	1,564	$	1,578
^{(i) Excludes cash and cash equivalents allocated to the asset management segment related to accrued incentive compensation and outstanding unhedged DSUs, PSUs and RSUs ($40 million (December 31, 2024 – $89 million)).}
^{(ii) Includes management fees and recoverable fund expenses receivable from certain funds which Onex has elected to defer cash receipt from.}
^{(iii) Cash and cash equivalents are reduced by Onex’ share of uncalled expenses payable by the Investment Holding Companies of $36 million (December 31, 2024 – $36 million) and $2 million payable by the Investment Holding Companies for Onex’ management incentive programs related to a private equity realization (December 31, 2024 – $2 million).}
^{(iv) Includes $65 million of subscription financing receivable, including interest receivable, attributable to third-party investors in ONCAP V and a Credit Fund (December 31, 2024 – $35 million attributable to third-party investors in Onex Partners V and ONCAP V), and an $84 million receivable from ONCAP V related to the rebalancing of the fund (December 31, 2024 – nil).}

The table below provides a reconciliation of the change in cash and near-cash from December 31, 2024 to March 31, 2025.

(Unaudited)($ millions)
Cash and near-cash at December 31, 2024	$	1,578
Private equity realizations and distributions		125
Private equity investments		(38	)
Net private credit strategies investment activity		1
Repurchase of share capital of Onex Corporation		(105	)
Cash dividends paid		(5	)
Net other, including cash flows from asset management activities, operating costs and changes in working capital		8
Cash and near-cash at March 31, 2025	$	1,564

_________________________________________

⁽¹⁾ Refer to pages 17 and 18 of Onex’ Q1 2025 Interim MD&A for further details concerning the composition of segment net earnings. A reconciliation of total segment net earnings to net earnings is provided in the supplementary financial schedules in this press release.
⁽²⁾ Refer to the glossary in Onex’ Q1 2025 Interim MD&A for details concerning the composition of fully diluted shares.
⁽³⁾ Asset management fee-related earnings (loss) excludes Onex’ public company expenses and other expenses associated with managing Onex’ investing capital and is a component of total fee-related earnings (loss).
⁽⁴⁾ Total fee-related earnings (loss) is a non-GAAP financial measure that does not have a standardized meaning prescribed under International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). Therefore, it may not be comparable to similar financial measures disclosed by other companies. The most directly comparable financial measure under IFRS Accounting Standards to fee-related earnings (loss) is Onex’ net earnings. Refer to the 2025 Year-to-date Results & Activity section of Onex’ Q1 2025 Interim MD&A and the supplementary financial schedules in this press release for further details concerning fee-related earnings (loss).
⁽⁵⁾ Distributable earnings is a non-GAAP financial measure that does not have a standardized meaning prescribed under IFRS Accounting Standards. Therefore, it may not be comparable to similar financial measures disclosed by other companies. The most directly comparable financial measure under IFRS Accounting Standards to distributable earnings is Onex’ net earnings. Refer to the 2025 Year-to-date Results & Activity section of Onex’ Q1 2025 Interim MD&A and the supplementary financial schedules in this press release for further details concerning distributable earnings.
⁽⁶⁾ Refer to the glossary in Onex’ Q1 2025 Interim MD&A for details concerning the composition of investing capital per fully diluted share. The percentage changes in investing capital per share exclude the impact of capital deployed in Onex’ asset management segment, where applicable, and dividends paid by Onex.
⁽⁷⁾ Adjusted to exclude the impact from the transfer of Onex Falcon.
⁽⁸⁾ Additionally, Onex incurred expenses of $2 million (C$3 million) related to a share repurchase tax.
⁽⁹⁾ Refer to the glossary in Onex’ Q1 2025 Interim MD&A for details concerning the composition of run-rate management fees.
⁽¹⁰⁾ Cash and near-cash is a non-GAAP financial measure calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of this measure does not have a standardized meaning prescribed under IFRS Accounting Standards and therefore might not be comparable to similar financial measures presented by other companies. The most directly comparable financial measure under IFRS Accounting Standards to cash and near-cash is Onex’ consolidated cash and cash equivalents balance, which was $569 million at March 31, 2025 (December 31, 2024 – $929 million). Refer to the Cash and Near-Cash section of Onex’ Q1 2025 Interim MD&A and the supplementary financial schedules in this press release for further details concerning Onex’ cash and near-cash.

The MIL Network –

May 9, 2025

MIL-OSI Asia-Pac: President Lai extends congratulations on election of His Holiness Pope Leo XIV

Source: Republic of China Taiwan

Details
2025-05-05
President Lai meets Japanese Diet Member and former Minister of Economy, Trade, and Industry Nishimura Yasutoshi
On the afternoon of May 5, President Lai Ching-te met with a delegation from Japan led by House of Representatives Member and former Minister of Economy, Trade, and Industry Nishimura Yasutoshi. President Lai thanked the government of Japan for continuously speaking up for Taiwan at international venues and reiterating the importance of peace and stability in the Taiwan Strait. The president stated that to address China’s gray-zone aggression against neighboring countries, Taiwan and Japan, both located in the first island chain, should strengthen cooperation and respond together. He said he looks forward to bilateral industrial cooperation in fields including semiconductors, hydrogen energy, AI, and drones, jointly strengthening the resilience of non-red supply chains, and promoting mutual prosperity and development. A translation of President Lai’s remarks follows: I would like to welcome all the members of the Japanese Diet who are using their valuable Golden Week vacation to visit Taiwan, especially House of Representatives Member Nishimura Yasutoshi, whom former Prime Minister Shinzo Abe deeply trusted and relied on, and who for many years held important cabinet positions. This is his first visit after a hiatus of 17 years, so I am sure he will sense Taiwan’s progress and development. House of Representatives Member Tanaka Kazunori has long promoted local exchanges between Taiwan and Japan, and I hope that our visitors will all gain a deeper understanding of Taiwan through this visit. Yesterday, several of our distinguished guests made a special trip to Kaohsiung to pay their respects at the statue of former Prime Minister Abe, a visionary politician with a broad, international perspective. The former prime minister pioneered the vision of a free and open Indo-Pacific, and once said that “if Taiwan has a problem, then Japan has a problem,” demonstrating strong support for Taiwan and making a deep and lasting impression on the hearts of Taiwanese. Over the past few years, China has continuously conducted military exercises in the Taiwan Strait, East and South China Seas, and carried out acts of gray-zone aggression against neighboring countries, severely undermining regional peace and stability. Taiwan and Japan, both located in the first island chain, should strengthen cooperation and respond together. Especially since Taiwan and Japan are democratic partners who share values such as freedom, democracy, and respect for human rights, if we can strengthen cooperation in areas such as maritime security, social resilience, and addressing gray-zone aggression, I am confident we can demonstrate the strength of deterrence, ensure peace and stability in the Indo-Pacific region, and safeguard our cherished democratic institutions. I would like to take this opportunity to thank the Japanese government for continuously speaking up for Taiwan at international venues, including this year’s US-Japan leaders’ summit, the G7 foreign ministers’ joint statement, and the Japan-NATO bilateral meeting, reiterating the importance of peace and stability in the Taiwan Strait and expressing opposition to unilaterally changing the status quo by force or coercion. In the face of global economic and trade changes, economic security is becoming increasingly important, and Taiwan looks forward to further deepening economic cooperation with Japan. In addition to actively seeking to participate in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Taiwan hopes to sign an economic partnership agreement (EPA) with Japan as soon as possible. This will expand our cooperation in industries such as semiconductors, hydrogen energy, AI, and drones, establish a closer economic partnership, jointly strengthen the resilience of non-red supply chains, and promote mutual prosperity and development. Once again, I welcome all of our guests. I am deeply grateful for your taking concrete action to deepen Taiwan-Japan relations and show support for Taiwan. I wish you a successful and rewarding visit. Representative Nishimura then delivered remarks, first thanking President Lai for taking time out of his busy schedule to meet with the visiting delegation. He also expressed admiration for the performance of President Lai’s government, which has allowed Taiwan to develop smoothly amidst the current complex international situation. Representative Nishimura mentioned that when former Prime Minister Abe unfortunately passed away in 2020, President Lai, who was vice president at the time, personally visited the former prime minister’s residence to offer his condolences. The representative said that including that meeting, today is the second time he and President Lai have met. This delegation’s visit to Taiwan, he said, carries on the legacy of former Prime Minister Abe. He said that Taiwan and Japan are countries that share universal values and have close ties in terms of economic cooperation and mutual visits. Notably, he highlighted, in 2024, business travelers from Taiwan made over six million visits to Japan, and based on population, Taiwan has the highest percentage of visitors to Japan. He also expressed hope that more Japanese people will visit Taiwan for tourism. Representative Nishimura stated that the delegation visited Kaohsiung yesterday to pay their respects at the statue of former Prime Minister Abe. Then, he said, they traveled to Tainan to sample a wide variety of fruits and local delicacies, during which time they also discussed the Wushantou Reservoir, built by Japanese engineer Hatta Yoichi. Since May 8 is the anniversary of Mr. Hatta’s birth, Representative Nishimura said he hopes to use this opportunity to continue Mr. Hatta’s concern and love for Taiwan, and further deepen the friendship between Taiwan and Japan. Representative Nishimura said that when he served as Japan’s Minister of Economy, Trade, and Industry, he welcomed Taiwan’s application to join the CPTPP on behalf of the Japanese government. He also said that his government has also provided substantial assistance for the establishment of Taiwan Semiconductor Manufacturing Company’s (TSMC) fab in Kumamoto, Japan. He said he believes that mutual cooperation between Taiwan and Japan in the semiconductor sector can further promote semiconductor industry development, and build a more resilient supply chain system. Representative Nishimura pointed out that former Prime Minister Abe once said, “If Taiwan has a problem, then Japan has a problem.” Currently, many European countries are also very concerned about peace and stability in the Asia-Pacific region, because it is crucial to peace and stability in the entire international community. It can therefore be said that “if Taiwan has a problem, the world has a problem.” He said he believes that in order to maintain peace and stability in the Taiwan Strait, like-minded countries and allied nations must all cooperate closely and definitively proclaim that message. He then said he looks forward to exchanging views with President Lai on issues such as strengthening Taiwan-Japan relations and changes in the international situation. The delegation also included Chairman of Kanagawa Prefecture Japan-Taiwan Friendship Association Matsumoto Jun, Japanese House of Representatives members Nishime Kosaburo, Sasaki Hajime, Yana Kazuo, and Katou Ryusho, and Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

Details
2025-05-02
President Lai meets Atlantic Council delegation
On the afternoon of May 2, President Lai Ching-te met with a delegation from the Atlantic Council, a think tank based in Washington, DC. In remarks, President Lai said that we have already proposed a roadmap for deepening Taiwan-US trade ties to achieve a common objective of reducing all bilateral tariffs. At the same time, the president said, we will expand investments across the United States and create win-win outcomes for both sides through the trade and economic strategy of “Taiwan plus the US.” The president also emphasized that Taiwan is not only a bastion of freedom and democracy, but also an indispensable hub for global supply chains. He expressed hope that, given shared economic and security interests, Taiwan and the US will generate even greater synergy and prove to be each other’s strongest support. A translation of President Lai’s remarks follows: I welcome you all to Taiwan. In particular, Vice President Matthew Kroenig visited Taiwan last June and now is making another trip less than a year later. He also contributed an important article supporting Taiwan to a major international publication, highlighting the concern that our international friends have for Taiwan. We are truly moved and thankful. On behalf of the people of Taiwan, I sincerely thank all sectors of the US for their longstanding and steadfast support for Taiwan. Especially, as we face the challenges arising from the regional situation, we hope to continue deepening the Taiwan-US partnership. Holding a key position on the first island chain, Taiwan faces military threats and gray-zone aggression from China. We will continue to show our unwavering determination to defend ourselves. I want to emphasize that Taiwan is accelerating efforts to enhance its overall defense capabilities. The government will also prioritize special budget allocations to increase Taiwan’s defense spending from 2.5 percent of GDP to more than 3 percent. This reflects the efforts we are putting into safeguarding our nation and demonstrates our determination to safeguard regional peace and stability. During President Donald Trump’s first term, Taiwan purchased 66 new F-16V fighter jets. The first of these rolled off the assembly line in South Carolina at the end of this March. This is crucial for Taiwan’s strategy of achieving peace through strength. In the future, we will continue to procure defense equipment from the US that helps ensure peace and stability across the Taiwan Strait. We also look forward to bilateral security collaboration evolving beyond arms sales to a partnership that encompasses joint research and development and joint manufacturing, further strengthening our cooperation and exchanges. Taiwan firmly believes in fair, free, and mutually beneficial trade ties. Indeed, we have already proposed a roadmap for deepening Taiwan-US trade ties. This includes our common objective of reducing all bilateral tariffs as well as narrowing the trade imbalance through the procurement of energy and agricultural and other industrial products from the US. At the same time, we will expand investments across the US. We will promote our “Taiwan plus one” policy, that is, the new trade and economic strategy of “Taiwan plus the US,” to build non-red supply chains and create win-win outcomes for both sides. As the US is moving to reindustrialize its manufacturing industry and may hope to become a global manufacturing center for AI, Taiwan is willing to join in the efforts. Taiwan is not only a bastion of freedom and democracy, but also an indispensable hub for global supply chains. We have every confidence that, given shared Taiwan-US economic and security interests, we can generate even greater synergy and prove to be each other’s strongest support. In closing, I thank Vice President Kroenig once again for leading this delegation, demonstrating support for Taiwan. I look forward to exchanging opinions with you all in just a few moments. I wish you a smooth and successful trip. Vice President Kroenig then delivered remarks, first thanking President Lai for hosting them. He said that it is an honor to be here and to lead a delegation from the Atlanta Council, which consists of a mix of former senior US government officials with responsibility for Taiwan and also rising stars visiting Taiwan for the first time. Vice President Kroenig said that they are here at a critical moment, as there is an ongoing war in Europe, multiple conflicts in the Middle East, and increased Chinese aggression in the Indo-Pacific. Moreover, he pointed out, the regimes of China, Russia, Iran, and North Korea are increasingly working together in a new axis of aggressors. Vice President Kroenig indicated that the challenge facing the US and its allies and partners, including Taiwan, is how to deter these autocracies and maintain global peace, prosperity, and freedom, especially in Taiwan, whose security and stability matter, not only for Taiwan, but also for the US and the world. Vice President Kroenig assured President Lai and the people of Taiwan that the US is a reliable partner for Taiwan. The vice president stated that the administration under President Trump is prioritizing the deterrence of China, and that President Trump has announced an intention to have the largest US defense budget in history, more than US$1 trillion, to resource this priority. Pointing out that an America-first president will not help a country that is not helping itself, Vice President Kroenig said that their delegation has been impressed with the steps President Lai and the administration are taking to strengthen Taiwan’s security, including increasing defense spending, developing a societal resilience strategy, and using cutting edge technologies like unmanned systems to promote indigenous defense production. Vice President Kroenig said that more than money and equipment are necessary to secure a democracy against a powerful and ruthless neighbor, adding that history shows that the human factor is the most important. In the end, he said, it will be the will of the people of Taiwan to resist coercion and to defend their home which will be the most important factor determining the future fate of Taiwan and for the ability of the people of Taiwan to chart their own destiny. Vice President Kroenig emphasized that Americans are willing to support Taiwan in this endeavor, but it will be the people of Taiwan and strong and capable leaders like President Lai at the forefront of this struggle, with the firm support of America. Vice President Kroenig said that as the US and Taiwan work together on these challenges, the Atlantic Council looks forward to offering support behind the scenes. Founded in 1961 to support the Transatlantic Alliance, he said, the Atlantic Council is a global think tank, and part of its DNA is working closely with friends and allies in the Indo-Pacific, including Taiwan. He said they look forward to continuing their close and longstanding cooperation with Taiwan through visiting delegations, research and reports, and public and private events. In closing, Vice President Kroenig thanked President Lai again for hosting them and for the work he is doing to secure the free world. The delegation also included former Deputy Assistant Secretary of Defense for East Asia Heino Klinck and former Director for Taiwan Affairs at the White House National Security Council Marvin Park.

Details
2025-05-01
President Lai meets Japan’s LDP Youth Division delegation
On the morning of May 1, President Lai Ching-te met with a delegation from Japan’s Liberal Democratic Party (LDP) Youth Division. In remarks, President Lai thanked the guests for demonstrating support for deepening Taiwan-Japan ties through concrete actions. The president expressed hope that Taiwan and Japan can continue to conduct exchanges in such areas as national defense, the economy, education, culture, sports, and the arts so that bilateral relations reach even greater heights. A translation of President Lai’s remarks follows: I want to welcome our distinguished guests, who include Diet members in the LDP Youth Division and guests from Junior Chamber International (JCI) Japan, to the Presidential Office. It is also a pleasure to see LDP Youth Division Director Nakasone Yasutaka, House of Representatives Member Hiranuma Shojiro, and House of Councillors Member Kamiya Masayuki again today. I look forward to discussions with all our distinguished guests. The LDP Youth Division and JCI Japan have once again demonstrated support for deepening Taiwan-Japan ties through concrete actions. On behalf of the people of Taiwan, I also want to thank the LDP Youth Division for launching a fundraising campaign to help those affected by the earthquake in Hualien County on April 3 last year. LDP Youth Division members will be important leaders in Japan’s political arena in the future. Taiwan deeply values our exchanges with the Youth Division and hopes to bring about concrete results from such exchanges. Peace and stability in the Taiwan Strait are critical to the security and prosperity of the world, and Taiwan and Japan can work together to promote peace and stability in the Indo-Pacific region. Former Prime Ministers Abe Shinzo and Kishida Fumio, and current Prime Minister Ishiba Shigeru have repeatedly stressed the importance of peace and stability in the Taiwan Strait at important international venues. Taiwan is deeply grateful to Japan’s current and former prime ministers for their concern and support for this issue. Taiwan and Japan can also cooperate in industry and the economy. As our industries are complementary, further cooperation can create win-win outcomes. In the semiconductor industry, for instance, Taiwan’s strengths lie in manufacturing, while Japan’s strengths lie in materials, equipment, and technology. If we work together, the semiconductor industry is sure to see even more robust development. In addition to the economy and national defense, Taiwan and Japan can also conduct exchanges in such areas as education, culture, sports, and the arts. Our countries have long shared deep ties – Director Nakasone’s grandfather, former Prime Minister Nakasone Yasuhiro, was stationed in Taiwan and lived in what is now the Mingde New Residential Quarter of Kaohsiung City’s Zuoying District. I am confident that on the basis of our already solid foundations, Taiwan-Japan relations can reach even greater heights. Director Nakasone then delivered remarks, first thanking President Lai for finding time in his busy schedule to meet with the visiting delegation. He said that the LDP Youth Division sends a visiting delegation to Taiwan each year and is always granted the opportunity to meet with the president, demonstrating his high regard for the delegation, for which the director again expressed his gratitude. He remarked that he, together with House of Representatives Member Suzuki Keisuke, visited Taiwan last July, and that whenever he visits Taiwan, it feels as if he is returning home. Director Nakasone recalled President Lai’s earlier remarks, saying that he hopes the young people of Taiwan and Japan can fully engage in exchanges in the areas of national defense, the economy, culture, education, and the arts. The director said he believes that in today’s complex and difficult international situation, such directives are necessary. This is especially so, he emphasized, during United States President Donald Trump’s second term, when things once taken for granted are no longer so, and when the global economy is undergoing significant changes. Director Nakasone expressed his full support for strengthening Taiwan and Japan’s practical and strategic cooperation. He said he believes each side will be able to benefit from such cooperation and hopes that exchanges will progress toward shared goals. He pointed out that, as maritime nations, Taiwan and Japan share the goals of protecting the ocean and using marine resources wisely, goals that we ought to cooperate on and devote our full efforts to. The peace and stability of the Taiwan Strait are critical to the peace and stability of East Asia and even the world, he said, so we must ensure that the world and its leaders recognize this point, and Japan will do its utmost to advocate for it. Director Nakasone said, on the topic of semiconductors, that Taiwan Semiconductor Manufacturing Company’s new fab in Japan’s Kumamoto Prefecture has made the area very lively, adding that the Japanese government is providing more than 1.25 trillion yen in subsidies. Moving forward, the Japanese government plans to inject an additional 10 trillion yen, he said, to aid in the development of AI and other fields. Noting that Taiwan and Japan both excel in semiconductors, he expressed his hope that each can give free rein to its strengths to produce an even greater effect. Director Nakasone said that despite Taiwan’s facing formidable internal and external circumstances, it saw 4.6 percent economic growth last year under President Lai’s strong leadership, and it continued to promote measures to enhance overall societal resilience, all of which is admirable. In closing, the director thanked President Lai once again for taking the time to meet with them. Also in attendance were Japanese House of Representatives Members Nemoto Taku and Fukuda Kaoru, and Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

Details
2025-04-29
President Lai meets NBR delegation
On the morning of April 29, President Lai Ching-te met with a delegation from the National Bureau of Asian Research (NBR). In remarks, President Lai stated that as Taiwan stands at the very frontline of defense of global democracy, we are actively implementing our Four Pillars of Peace action plan, which includes continuing to enhance our national defense capabilities, demonstrating our commitment to defending freedom and democracy. The president said he hopes to further advance national security and industrial cooperation between Taiwan and the United States. He also expressed hope that this will help boost economic resilience for both sides and establish each as a key pillar of regional security, elevating our relations to even higher levels. A translation of President Lai’s remarks follows: I am delighted to meet with Admiral John Aquilino again today. I also warmly welcome NBR President Michael Wills and our distinguished guests from the bureau to Taiwan. I look forward to exchanging views with you all on Taiwan-US relations and the regional situation. During his tenure as commander of the US Indo-Pacific Command, Admiral Aquilino placed much attention on the Taiwan Strait issue. And the NBR has conducted a wealth of research and analysis focusing on matters of regional security. Thanks to all of your outstanding contributions and efforts, the international community has gained a better understanding of the role Taiwan plays in the Indo-Pacific region and in global democratic development. For this, I want to extend my deepest gratitude. Taiwan stands at the very frontline of defending global democracy and is located at a strategically important location in the first island chain. We are actively implementing our Four Pillars of Peace action plan, which includes continuing to enhance our national defense capabilities, building economic security, demonstrating stable and principled cross-strait leadership, and standing side-by-side with the democratic community to jointly demonstrate the strength of deterrence and safeguard regional peace and stability. At the beginning of this month, I announced an increase in military allowances for volunteer service members and combat troops. The government will also continue to reform national defense and enhance self-sufficiency in defense. In addition, we will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. These efforts continue to strengthen Taiwan’s self-defense capabilities and demonstrate our commitment to defending freedom and democracy. As we mark the 46th anniversary of the enactment of the Taiwan Relations Act, we thank the US government for continuing its arms sales to Taiwan and strengthening the Taiwan-US partnership over the years. We believe that, in addition to engaging in military exchanges and cooperation, Taiwan and the US can build an even closer economic and trade relationship, boosting each other’s economic resilience and establishing each as a key pillar of regional security. I expect that your continued assistance will help advance national security and industrial cooperation between Taiwan and the US, elevating our relations to even higher levels. Once again, I welcome our distinguished guests to Taiwan and wish you a pleasant and successful trip. I hope that through this visit, you gain a more comprehensive and in-depth understanding of Taiwan’s economy and national defense. Admiral Aquilino then delivered remarks, thanking the Ministry of National Defense for the invitation and President Lai for receiving and spending time with them. Mentioning that this is his second visit in five months, he said he continues to be incredibly impressed with the president’s leadership and the actions he has taken to secure Taiwan and defend its people. Admiral Aquilino said that he has watched the efforts of the ministers on whole-of-society defense to demonstrate deterrence and added that the pace of the work is nothing short of inspiring. Admiral Aquilino noted that Taiwan’s thriving democracy is incredibly important to the peace and stability of the region. He stated that he, alongside the NBR, will continue to offer support, noting that President Wills and his team are an asset to Taiwan and the US that helps continue our close relationship and ensure peace and stability in the region.

Details
2025-04-28
President Lai meets Japanese Diet Member and former Minister of State for Economic Security Takaichi Sanae
On the afternoon of April 28, President Lai Ching-te met with a delegation led by Member of the Japanese House of Representatives and former Minister of State for Economic Security Takaichi Sanae. In remarks, President Lai thanked the government of Japan for repeatedly emphasizing the importance of peace and stability across the Taiwan Strait at important international venues. The president expressed hope that in the face of China’s continually expanding red supply chains, Taiwan and Japan can continue to cooperate closely in such fields as semiconductors, energy, and AI technology to create non-red supply chains that enhance economic resilience and industrial competitiveness for both sides, and jointly pave the way for further prosperity and growth in the Indo-Pacific region. A translation of President Lai’s remarks follows: First, I would like to extend a warm welcome to Representative Takaichi as she returns for another visit to Taiwan. I am also very happy to have Members of the House of Representatives Kikawada Hitoshi and Ozaki Masanao, and Member of the House of Councillors Sato Kei all gathered together here to engage in these very important exchanges. Our visitors will be taking part in many exchange activities during this trip. Earlier today at the Indo-Pacific Strategy Thinktank’s International Political and Economic Forum, Representative Takaichi delivered a speech in which she clearly demonstrated the great importance she places upon the friendship between Taiwan and Japan. For this I want to express my deepest appreciation to each of our guests. The peoples of Taiwan and Japan have a deep friendship and mutual trust. We have a shared commitment to the universal values of democracy, freedom, and respect for human rights, but beyond that, we both have striven to contribute to regional peace and stability. I also want to thank the government of Japan for repeatedly emphasizing the importance of peace and stability across the Taiwan Strait at important international venues. Tomorrow you will all make a trip to Kaohsiung to visit a bronze statue of former Prime Minister Abe Shinzo, who once said, “If Taiwan has a problem, then Japan has a problem.” We will always remember the firm support and friendship he showed Taiwan. Since taking office last year, I have worked hard to improve Taiwan’s whole-of-society defense resilience and implement our Four Pillars of Peace action plan. By strengthening our national defense capabilities, building up economic security, demonstrating stable and principled cross-strait leadership, and deepening partnerships with democratic countries including Japan, we can together maintain peace and stability in the Indo-Pacific region and across the Taiwan Strait. At the same time, in the face of China’s continually expanding red supply chains, we hope that Taiwan and Japan, as important economic and trade partners, can continue to cooperate closely in such fields as semiconductors, energy, and AI technology to create non-red supply chains that further enhance economic resilience and industrial competitiveness for both sides. Going forward, Taiwan will work hard to play an important role in the international community and contribute its key strengths. I hope that, with the support of our guests, Taiwan can soon accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and sign an economic partnership agreement (EPA) with Japan so that we can jointly pave the way for further prosperity and growth in the Indo-Pacific region. Lastly, I thank each of you once again for taking concrete action to support Taiwan. I am confident that your visit will help deepen Taiwan-Japan ties and create even greater opportunities for cooperation. Let us all strive together to keep propelling Taiwan-Japan relations forward. Representative Takaichi then delivered remarks, first thanking President Lai and Taiwanese political leaders for the warm hospitality they extended to the delegation, and mentioning that the visiting delegation members are all like-minded partners carrying on the legacy of former Prime Minister Abe. July 8 this year will mark the third anniversary of the passing of former Prime Minister Abe, she said, and when the former prime minister unfortunately passed away, President Lai, then serving as vice president, was among the first to come offer condolences, for which she expressed sincere admiration and gratitude. Representative Takaichi stated that Taiwan and Japan are island nations that face the same circumstances and problems, and that Japan’s trade activities rely heavily on ocean transport, so once a problem arises nearby that threatens maritime shipping lanes, it will be a matter of life and death for Japan. Taiwan and Japan are similar, as once a problem arises, both will face food and energy security issues, and supply chains may even be threatened, she said. Regarding Taiwan-Japan cooperation, Representative Takaichi stated that both sides must first protect and strengthen supply chain resilience. President Lai has previously said that he wants to turn Taiwan into an AI island, she said, and in semiconductors, Taiwan has the world’s leading technology. Representative Takaichi went on to say that Taiwan and Japan can collaborate in the fields of AI and semiconductors, quantum computing, and dual-use industries, as well as in areas such as drones and new energy technologies to build more resilient supply chains, so that if problems arise, we can maintain our current standard of living with peace of mind. Representative Takaichi indicated that cooperation in the defense sector is also crucial, and that by uniting like-minded countries including Taiwan, the United States, Japan, the Philippines, and Australia, and even countries in Europe, we can build a stronger network to jointly maintain our security guarantees. Representative Takaichi expressed hope that Taiwan and Japan will continue to strengthen substantive non-governmental relations, including personnel exchange visits and information sharing, so that we can jointly face and respond to crises when they arise. Regarding the hope to sign a Taiwan-Japan EPA that President Lai had mentioned earlier, she also expressed support and said she looks forward to upcoming exchanges and talks. The visiting delegation also included Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

Details
2025-04-06
President Lai delivers remarks on US tariff policy response
On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions. However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods: 1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age. 4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.

MIL OSI Asia Pacific News –

May 9, 2025

MIL-OSI: Middlefield Canadian Income PCC: Director/PDMR Shareholding

Source: GlobeNewswire (MIL-OSI)

Middlefield Canadian Income PCC (the “Company” or “MCT”)

(Including Middlefield Canadian Income – GBP PC (the “Fund”), a cell of the Company
Registered No: 93546)
Legal Entity Identifier: 2138007ENW3JEJXC8658

9 May, 2025

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

As required by Article 19.3 of Regulation (EU) No. 596/2014 on market abuse (the “Market Abuse Regulations”), the Company announces that it was informed on 7 May, 2025 of the following transaction by Middlefield Limited, a company connected with one of the Company’s directors, Mr Dean Orrico, by virtue of his being the ultimate beneficial owner of that company.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Middlefield Limited
2	Reason for the notification
a)	Position/status	Person closely associated with Dean Orrico, Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Middlefield Canadian Income PCC on behalf of Middlefield Canadian Income – GBP PC
b)	LEI	2138007ENW3JEJXC8658
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Redeemable Participating Preference Shares ISIN GB00B15PV034
b)	Nature of the transaction	Purchase
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		£1.21	50,000
d)	Aggregated information – Aggregated volume – Price	50,000 £60,500.00
e)	Date of the transaction	7 May, 2025
f)	Place of the transaction	London Stock Exchange XLON

Persons closely associated with Mr Orrico hold in aggregate 220,000 Redeemable Participating Preference Shares, representing 0.21% of the Fund’s issued share capital (excluding treasury shares).

Middlefield Limited is the Company’s investment manager.

Enquiries:

JTC Fund Solutions (Jersey) Limited
Secretary
Tel.: 01534 700 000

Dean Orrico
President
Middlefield International Limited
Tel.: 01203 7094016

END OF ANNOUNCEMENT

The MIL Network –

May 9, 2025

MIL-OSI Asia-Pac: Hong Kong Customs seizes suspected cannabis buds worth about $13 million (with photo)

Source: Hong Kong Government special administrative region

Hong Kong Customs seized about 60 kilograms of suspected cannabis buds, with an estimated market value of about $13 million, in Kwai Chung on April 10.

Through risk assessment, Customs on that day inspected a seaborne consignment, arriving in Hong Kong from Canada and declared as carrying wooden floors, at the Kwai Chung Customhouse Cargo Examination Compound. Upon inspection, Customs officers found the batch of suspected cannabis buds concealed inside 34 wooden floor sections.

Customs officers subsequently conducted a controlled delivery operation on April 11 and arrested two men in Sham Shui Po, aged 39 and 49, both claiming to be drivers.

On May 7, Customs further arrested a 30-year-old man, who was suspected to be connected with the case, in Tsuen Wan.

The investigation is ongoing.

Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.

Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

MIL OSI Asia Pacific News –

May 9, 2025
MIL-OSI Banking: From Dreams to Reality: Journeys at Samsung

Source: Samsung

As a global leader in technology and innovation, Samsung Electronics aims to create working environments that allow every employee to advance themselves personally and professionally. Guided by their diverse backgrounds, perspectives and passions, Samsung employees around the world are shaping their own unique paths at the company.

With the aim of showcasing these paths, Samsung Newsroom conducted video interviews of some of its many inspiring leaders around the world. Watch the full video below to hear their inspiring stories:

Tips for Those on Their Journeys

Deborah Honig is the first ever Chief Customer Officer at Samsung Electronics U.K., a role that’s all about putting the customer at the center of Samsung’s offerings and bringing the strength of the company’s ecosystem together across B2B and B2C sales channels.

A proud Canadian and sports fanatic, Honig was inspired by her father, who was an airplane engineer. When Honig was a child, he would take her to his workplace, where she had the opportunity to witness industries that were pushing the boundaries firsthand. This marked the beginning of her interest in technology. Now, she is proud to be part of Samsung’s drive for innovation and is excited to be part of the journey to bring AI technology to users.

Honig is driven by the mantra, “power the possible.” To her, this means inspiring the best work in herself and in her team and is rooted in the belief that Samsung products help people live better lives. Her advice to others on their journey is, “Build your own tribe. Never underestimate the power of your network to lean on when you need coaching, inspiration or advice.”

In a hybrid role consisting of engineering, management and consultant responsibilities, Shin-Chul Baik leads a team of 50 engineers tasked with maintaining the cybersecurity of Samsung devices, including smartphones, tablets, TVs and home appliances.

Baik knew he would become an engineer from a young age and has worked consistently throughout his career to combine that strong technical foundation with expertise in business operations and interpersonal communications. The breadth and dynamism of Samsung has provided key opportunities in this regard, in addition to the company’s education program supporting him in achieving various security qualifications.

To get ahead, he recommends the following approach, “Aspire to jump to the next curve. But keep your head down and grind in the meantime. It’s about the journey of getting through the process, and grabbing the opportunity to jump to the next curve.”

Nguyen Thi Bich Hanh leads a team of nearly 100 engineers at Samsung R&D Center Vietnam, which works in mobile product development areas like performance improvement, memory optimization and software compliance. Her primary role involves overseeing project development, managing human resources, collaborating with cross-functional teams, and ensuring adherence to Samsung’s internal processes.

Her journey began back in high school, where she was amazed at how quickly code produced results and the creative opportunities it offered. This led to her attending one of Vietnam’s premier technology universities and then her position at Samsung, which has shown her how the company fosters personal growth by creating a positive environment and offering numerous training programs.

Her advice to the world is, “Think differently. Always question how to improve the current state and never stop learning. If you encounter a challenge, do not be afraid to embrace it or to make mistakes. Figure out what you truly desire, believe in yourself, and work to transform every setback into an opportunity for growth.”

Camila Andrea Segura Rodriguez leads the marketing team for Home Appliances at Samsung Colombia, which is a role that involves developing effective product communication strategies to impact potential customers while closely collaborating with other teams.

As someone who was drawn to creativity since childhood, she wanted to develop a career that allowed her to express her creativity and imagination, which is exactly what she found in her first internship at a creative agency. Since joining Samsung, her journey has led to an appreciation for the dynamic work environment and the opportunities to grow professionally, particularly the provision of development tools like the Leadership Incubator.

When asked for her tips she would share with others, she says, “Stay true to yourself while continuously nurturing your growth with diverse people, opinions and experiences. Surrounding yourself with different voices challenges your thinking, sparks creativity and helps you evolve. Embrace change, stay open to learning, stay grounded in your values, and let both your uniqueness and the richness of diversity shape your journey.”

Daniel Harvie is Head of the TV/AV business for Samsung in the U.K. & Ireland — a role in which he leads a large team across sales, marketing and product — with the core responsibilities of working with channel partners, creating consumer demand and managing the supply chain.

The path that led to Harvie’s career at Samsung was certainly a unique one, since his childhood was rooted in competitive sport before he moved on to majoring in music and the performing arts at university and eventually pivoted to consumer technology. He credits his broad skillset to this varied background and believes his story is a testament to how different life experiences can bring value to a company. In terms of career growth, Samsung has provided him with the opportunity to develop expertise across multiple European markets and a better understanding of global strategy, including formal leadership development programs.

His advice to others on their Samsung journey is, “Firstly, be open-minded, always be willing to learn from new experiences and challenges you face, and take on different perspectives. Secondly, carry with you an optimistic mindset. Optimism, with a healthy dose of realism, is a proven force multiplier and massively increases your ability to see opportunity, to be solutions focused and to galvanize people around ambitious goals.”

Roopa Sheshadri Kotiganahally is a Director at Samsung R&D Institute India-Bangalore, where she leads the development of cutting-edge Galaxy device features powered by AI/machine learning (ML). Her team focuses on leveraging the power of computer vision, deep learning and generative AI paradigms to enhance photo and video experiences. Her position allows her to pursue her dream of working in tech — which began when she first became fixated on computers in high school — all while collaborating and sharing knowledge with a large team of talented professionals who push and grow alongside each other.

During her career at Samsung, Kotiganahally has found that the company fosters a culture of innovation and continuous learning. For her, the IIMB Thought Leader Program and AI postgraduate programs have been particularly beneficial, as they have allowed her to expand her knowledge of AI and its applications in the mobile domain.

Kotiganahally’s advice for others on their journey is, “Embrace curiosity and a lifelong love for learning. Don’t be afraid to explore new ideas and challenge the status quo. Believe in your potential and pursue your passions with dedication and perseverance, because the innovation journey is an ongoing one, and every step — every challenge — brings valuable learning experiences.”

Joy Amaka Tim-Ayoola is responsible for leading a mobile experience team at Samsung Electronics West Africa, a role that involves setting goals and sales strategies to address market realities, with the ultimate goal of driving revenue.

As a child, she envisioned herself as a solution provider, driven by her curiosity about the world’s challenges and how to tackle them, which led to an interest and career in technology. As she grew a little older, technology began to boom in Nigeria, and in that time she began to understand that one person could solve complex issues through programming. It is this recognition and desire to solve problems that led to her choosing a career in information technology. At Samsung, Tim-Ayoola feels she has been provided with the opportunity to combine her academic and career experiences to tackle real world challenges, thereby realizing her original dream of solving problems for others through technology.

Her advice to the world is, “Be purposeful! Be intentional in what you believe, embrace change as a catalyst for growth. Have a good supportive network.”

MIL OSI Global Banks –

May 9, 2025

MIL-OSI: Cenovus reports voting results of annual meeting of shareholders

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) held its annual meeting of shareholders on May 8, 2025. Each matter voted on is described in greater detail in the Corporation’s 2025 Management Information Circular dated March 12, 2025.

Shareholders voted as follows on the matters before the meeting:

Appointment of Auditor

PricewaterhouseCoopers LLP, Chartered Professional Accountants, was reappointed as auditor of the Corporation.

Votes for		Votes withheld
Number	Percent	Number	Percent
1,479,069,159	99.58	6,198,457	0.42

Election of Directors

Each of the following 14 nominees proposed by management were elected directors of the Corporation:

Nominee	Votes for		Votes against
	Number	Percent	Number	Percent
Stephen E. Bradley	1,436,654,782	99.47	7,633,157	0.53
Keith M. Casey	1,433,735,075	99.27	10,553,916	0.73
Michael J. Crothers	1,433,314,572	99.24	10,975,197	0.76
James D. Girgulis	1,437,307,360	99.52	6,982,411	0.48
Jane E. Kinney	1,431,229,021	99.10	13,059,246	0.90
Eva L. Kwok	1,426,200,877	98.75	18,086,892	1.25
Melanie A. Little	1,432,129,625	99.16	12,159,363	0.84
Richard J. Marcogliese	1,429,056,098	98.95	15,233,673	1.05
Chana L. Martineau	1,437,677,888	99.54	6,611,881	0.46
Jonathan M. McKenzie	1,433,520,858	99.25	10,766,914	0.75
Claude Mongeau	1,408,344,566	97.51	35,944,425	2.49
Alexander J. Pourbaix	1,417,365,414	98.14	26,924,356	1.86
Frank J. Sixt	1,154,291,947	79.92	289,997,821	20.08
Rhonda I. Zygocki	1,419,942,305	98.31	24,347,463	1.69

Cenovus welcomes Chana Martineau to the Board of Directors. Ms. Martineau is the Chief Executive Officer of the Alberta Indigenous Opportunities Corporation, and brings more than 30 years of financial strategy and management experience to the Board.

As part of Cenovus’s leadership succession plan, effective at the conclusion of the 2025 annual meeting of shareholders, Alex Pourbaix moved to the role of non-independent Chair of the Board of Directors. Claude Mongeau continues in the role of Lead Independent Director.

Non-Binding Advisory Vote on the Corporation’s Approach to Executive Compensation

An advisory resolution was passed to accept the Corporation’s approach to executive compensation.

Votes for		Votes against
Number	Percent	Number	Percent
1,405,612,741	97.32	38,667,029	2.68

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

Cenovus contacts

Investors

Investor Relations general line

403-766-7711

Media

Media Relations general line

403-766-7751

The MIL Network –

May 9, 2025

MIL-Evening Report: Google is rolling out its Gemini AI chatbot to kids under 13. It’s a risky move

Source: The Conversation (Au and NZ) – By Lisa M. Given, Professor of Information Sciences & Director, Social Change Enabling Impact Platform, RMIT University

Studio Nut/Shutterstock

Google has announced it will roll out its Gemini artificial intelligence (AI) chatbot to children under the age of 13.

While the launch starts within the next week in the United States and Canada, it will launch in Australia later this year. The chatbot will only be available to people via Google’s Family Link accounts.

But this development comes with major risks. It also highlights how, even if children are banned from social media, parents will still have to play a game of whack-a-mole with new technologies as they try to keep their children safe.

A good way to address this would be to urgently implement a digital duty of care for big tech companies such as Google.

How will the Gemini AI chatbot work?

Google’s Family Link accounts allow parents to control access to content and apps, such as YouTube.

To create a child’s account, parents provide personal details, including the child’s name and date of birth. This may raise privacy concerns for parents concerned about data breaches, but Google says children’s data when using the system will not be used to train the AI system.

Chatbot access will be “on” by default, so parents need to actively turn the feature off to restrict access. Young children will be able to prompt the chatbot for text responses, or to create images, which are generated by the system.

Google acknowledges the system may “make mistakes”. So assessment of the quality and trustworthiness of content is needed. Chatbots can make up information (known as “hallucinating”), so if children use the chatbot for homework help, they need to check facts with reliable sources.

What kinds of information will the system provide?

Google and other search engines retrieve original materials for people to review. A student can read news articles, magazines and other sources when writing up an assignment.

Generative AI tools are not the same as search engines. AI tools look for patterns in source material and create new text responses (or images) based on the query – or “prompt” – a person provides. A child could ask the system to “draw a cat” and the system will scan for patterns in the data of what a cat looks like (such as whiskers, pointy ears, and a long tail) and generate an image that includes those cat-like details.

Understanding the differences between materials retrieved in a Google search and content generated by an AI tool will be challenging for young children. Studies show even adults can be deceived by AI tools. And even highly skilled professionals – such as lawyers – have reportedly been fooled into using fake content generated by ChatGPT and other chatbots.

Will the content generated be age-appropriate?

Google says the system will include “built-in safeguards designed to prevent the generation of inappropriate or unsafe content”.

However, these safeguards could create new problems. For example, if particular words (such as “breasts”) are restricted to protect children from accessing inappropriate sexual content, this could mistakenly also exclude children from accessing age-appropriate content about bodily changes during puberty.

Many children are also very tech-savvy, often with well-developed skills for navigating apps and getting around system controls. Parents cannot rely exclusively on inbuilt safeguards. They need to review generated content and help their children understand how the system works, and assess whether content is accurate.

Google says there will be safeguards to minimise the risk of harm for children using Gemini, but these could create new problems.
Dragos Asaeftei/Shutterstock

What risks do AI chatbots pose to children?

The eSafety Commission has issued an online safety advisory on the potential risk of AI chatbots, including those designed to simulate personal relationships, particularly for young children.

The eSafety advisory explains AI companions can “share harmful content, distort reality and give advice that is dangerous”. The advisory highlights the risks for young children, in particular, who “are still developing the critical thinking and life skills needed to understand how they can be misguided or manipulated by computer programs, and what to do about it”.

My research team has recently examined a range of AI chatbots, such as ChatGPT, Replika, and Tessa. We found these systems mirror people’s interactions based on the many unwritten rules that govern social behaviour – or, what are known as “feeling rules”. These rules are what lead us to say “thank you” when someone holds the door open for us, or “I’m sorry!” when you bump into someone on the street.

By mimicking these and other social niceties, these systems are designed to gain our trust.

These human-like interactions will be confusing, and potentially risky, for young children. They may believe content can be trusted, even when the chatbot is responding with fake information. And, they may believe they are engaging with a real person, rather than a machine.

AI chatbots such as Gemini are designed to mimic human behaviour and gain our trust.
Ground Picture

How can we protect kids from harm when using AI chatbots?

This rollout is happening at a crucial time in Australia, as children under 16 will be banned from holding social media accounts in December this year.

While some parents may believe this will keep their children safe from harm, generative AI chatbots show the risks of online engagement extend far beyond social media. Children – and parents – must be educated in how all types of digital tools can be used appropriately and safely.

As Gemini’s AI chatbot is not a social media tool, it will fall outside Australia’s ban.

This leaves Australian parents playing a game of whack-a-mole with new technologies as they try to keep their children safe. Parents must keep up with new tool developments and understand the potential risks their children face. They must also understand the limitations of the social media ban in protecting children from harm.

This highlights the urgent need to revisit Australia’s proposed digital duty of care legislation. While the European Union and United Kingdom launched digital duty of care legislation in 2023, Australia’s has been on hold since November 2024. This legislation would hold technology companies to account by legislating that they deal with harmful content, at source, to protect everyone.

Lisa M. Given receives funding from the Australian Research Council. She is a Fellow of the Academy of the Social Sciences in Australia and the Association for Information Science and Technology.

– ref. Google is rolling out its Gemini AI chatbot to kids under 13. It’s a risky move – https://theconversation.com/google-is-rolling-out-its-gemini-ai-chatbot-to-kids-under-13-its-a-risky-move-256204

MIL OSI Analysis – EveningReport.nz –

May 9, 2025
MIL-OSI: The Keg Royalties Income Fund announces May 2025 cash distribution

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 08, 2025 (GLOBE NEWSWIRE) — The Keg Royalties Income Fund (the “Fund”) (TSX: KEG.UN) today announced that its May 2025 distribution of $0.0946 per unit has been declared and is payable to unitholders of record as at May 21, 2025. The May 2025 distribution will be paid on May 30, 2025.

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

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

The MIL Network –

May 9, 2025
MIL-OSI USA: During National Small Business Week, Rosen Helps Introduce Bill to Exempt Small Businesses from Reckless Trump Tariffs

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)
WASHINGTON, DC – During National Small Business Week, U.S. Senator Jacky Rosen (D-NV) helped introduce the Small Business Liberation Act to exempt small businesses from President Trump’s reckless, across-the-board tariffs.
“Small businesses are the backbone of Nevada’s economy, supporting countless jobs and providing important services to our communities,” said Senator Rosen. “Trump’s reckless, inflationary tariffs are making it harder for these small businesses to stay open and forcing them to make difficult decisions. This National Small Business Week, I’m renewing my pledge to do all I can to fight back, which is why I’m proud to help introduce a bill to exempt small businesses from Trump’s tariffs.”
In the Senate, Senator Rosen has been fighting back against President Trump’s reckless tariffs and the destructive impacts they are having on Nevada’s economy. Last month, she visited Orucase, a local outdoor recreation small business in Reno, to discuss how President Trump’s sweeping tariffs are harming Nevada’s economy. Rosen also recently led Senate colleagues in demanding that the Trump Administration reverse course on tariffs and provide relief for small businesses. Additionally, Senator Rosen helped pass a resolution in the Senate to overturn Trump’s tariffs on Canada.

MIL OSI USA News –

May 9, 2025
MIL-OSI Canada: Prime Minister Carney speaks with Prime Minister of Denmark Mette Frederiksen

Source: Government of Canada – Prime Minister

Today, the Prime Minister, Mark Carney, spoke with the Prime Minister of Denmark, Mette Frederiksen.

Prime Minister Frederiksen congratulated Prime Minister Carney on his election. The leaders discussed working together to strengthen collective defence and security, including as close partners in the Arctic and at NATO.

They looked forward to deepening the relationship between Canada and Denmark and agreed to remain in close contact.

Associated Link

MIL OSI Canada News –

May 9, 2025
MIL-OSI United Kingdom: Chairs appointed to Poverty and Equality Commission for Highland

Source: Scotland – Highland Council

Maggie Cunningham and Dr. Jim McCormick have been appointed as co-chairs of a new multi-partnership Poverty and Equality Commission Board.

These two key appointments will be instrumental in supporting The Highland Council and Community Planning Partners in gaining a better understanding of how poverty affects families in the Highlands and how service delivery needs to change to better address poverty-related issues.

Maggie Cunningham worked at a senior level in the BBC for over twenty years including roles of Head of Radio, Scotland and Joint Head of Programmes and Services, Scotland. She is currently Chair of An Comunn Gàidhealach, which runs the Royal National Mòd and supports 20 local Mòds.

Since 2009, she has worked as a leadership and executive coach. She served six years as a Content Board member of Ofcom until October 2024 and chaired the Board of MG Alba for six years from 2012. She chairs Kyle and Lochalsh Community Development Trust and was an independent member of the Edinburgh Festivals Forum for eight years. She was a founding Board member of Sistema Scotland until 2019 and is a Director of Highland Tourism Community Interest Company (CIC).

Jim McCormick is Chief Executive of The Robertson Trust, an independent grant-making charity which funds, supports and influences solutions to poverty and trauma across Scotland. He joined the Trust in 2020.

Previously he was Associate Director Scotland with the Joseph Rowntree Foundation (2017-20), ran an independent research consultancy and was Director of the Scottish Council Foundation think-tank.

He is a member of the Living Wage Commission. He was previously Chair of the independent Disability and Carers Benefits Advisory Group reporting to the Scottish Social Security Minister (until 2023), Chair of the Edinburgh Poverty Commission (2018-20) and a member of the Social Security Advisory Committee (SSAC) until 2020, which scrutinises the Department for Work and Pensions’ GB regulations.

In 2018 he was a travelling Churchill Fellow looking at the impact of mentoring programmes for children and young people facing disadvantage in the USA, Canada and New Zealand.

Leader of the Council, Cllr Raymond Bremner said: “I congratulate Maggie Cunningham and Jim McCormick on their appointments as Chairs of the Poverty and Equality Commission. Highland Councillors have given cross-party support to the creation of the Commission, and I look forward to the progressive and positive work of the Commission that will make a difference to people’s lives.”

Convener of the Councillor, Cllr Bill Lobban added: “As non-elected independent experts the co-chair appointments will ensure that there is impartial expertise at the centre of the Commission’s Board and its activities. I welcome the Chairs’ appointments who, along with Members of the Commission Board will work to identify strategies, actions and approaches to ease and prevent poverty in Highland.”

Leader of the Opposition, Cllr Alasdair Christie said: “I am fully supportive of the appointment of the two new chairs who will bring a breadth of knowledge and understanding to the work of the Poverty and Equality Commission. Their specialist awareness will help to support the Commission’s work which will seek to improve the lives of many individuals and children and their families across Highland communities.”

The Poverty and Equality Commission will report directly to The Highland Council, providing recommendations for action, change and transformation. Updates from the Commission will

In addition to the two co-chairs appointed the Commission Board will be made up of elected Highland councillors and members from public sector partner organisations, third sector or community representatives.

The first meeting of the Poverty and Equality Commission was held on 1 May 2025 following which an update on progress to establish the Poverty and Equality Commission will be presented to The Highland Council meeting in June.

MIL OSI United Kingdom –

May 9, 2025
MIL-Evening Report: How the word ‘incel’ got away from us

Source: The Conversation (Au and NZ) – By Farid Zaid, Senior Lecturer, Psychology, Monash University

Javier Bermudez Zayas/Shutterstock

Imagine a young man whose voice has been worn down by years of feeling invisible. Plain, numb and bitter, the “incel” tries to explain the kind of hopelessness most of us would rather not confront:

I believed I was unlovable, so who the hell is gonna love me? I won’t get a good job, and if I don’t get a good job, I won’t be able to live the kind of life I want. I’ll be lonely and depressed, and what’s the point of living?

You start seeing life not as something to look forward to, but as something you just have to survive.

The pain it describes is far more common than we care to admit.

Today, the word “incel” conjures images of angry online forums, misogyny and even mass violence.

But it didn’t start that way. Incel began as a term for the ache of not being chosen – an ache that, for many young men, has become defining.

Read more:
‘Looksmaxxing’ is the disturbing TikTok trend turning young men into incels

The birth of ‘incel’

In the late 1990s, a Canadian woman known only as Alana created “Alana’s Involuntary Celibacy Project”, a support group for people of all genders struggling to form romantic or sexual relationships.

There was no ideology, just stories of heartbreak, confusion and the quiet sadness of feeling left behind.

She coined the term “invcel”, later shortened to incel. It was a label for isolation, not anger.

But as it often does, the internet repurposed it and angry subcultures took root.

The term hardened: incel began to describe a threat.

Today, it refers to a loosely connected online subculture of young men who see themselves as romantically excluded, blame women or society for their condition, and often express their resentment through misogynistic language, fatalism and at times, violent rhetoric.

How did a word born in solidarity become shorthand for male radicalisation and resentment?

Incel evolution

By the mid-2000s, forums such as 4chan, Reddit and obscure message boards had begun to distort the term.

This new banner of incel identity was encompassed by grievance, rage and rejection.

The digital architecture of these spaces didn’t just permit this shift, it accelerated it. Anonymous avatars, endless algorithms and upvote economies rewarded extremity.

Pain was no longer expressed, it was curated, memed and weaponised.

Incel communities developed their own jargon: “Chads” (attractive, socially successful men), “Stacys” (the women who desire them), and “blackpill theory” (a fatalistic belief that one’s romantic or sexual failure is biologically determined and irreversible).

This crude mythology was used to explain why some men supposedly get everything and others get nothing.

As these forums grew, many also became incubators for dehumanising language and open hostility towards women.

Some of the most active subreddits and boards were eventually banned for promoting violent content or glorifying attacks on women.

Law enforcement agencies in several countries have since begun monitoring incel spaces as potential sites of radicalisation.

Read more:
We research online ‘misogynist radicalisation’. Here’s what parents of boys should know

Loneliness and isolation

While these online communities became more extreme, they also came to dominate the cultural narrative – distracting us from a quieter, more pervasive truth: most young men who feel unwanted or invisible aren’t in these online spaces at all.

They’re not angry or radicalised. They’re just trying to make sense of a life that feels increasingly empty – the very men the word incel was once meant to describe.

That emptiness is part of a growing epidemic of loneliness, particularly among young men.

As social ties fray and emotional isolation deepens, many find themselves without the friendships, intimacy or sense of belonging that once buffered against despair.

One in four Australian men say they have no close friends they can confide in.

These young men are also struggling with the language to name what they feel.

Being single often makes these men feel irrelevant and worthless. Disconnected and ashamed, many go silent. Or they go online in search of community.

What can be done?

The first step is resisting the urge to caricature and dismiss.

Most of these young men are not ticking time bombs – they are simply struggling with disconnection. We need more places where that pain can be acknowledged without shame or fear of ridicule.

It starts with how we talk to, and about, young men. That means fostering emotional literacy in ways that feel authentic and supporting initiatives that build connection without moralising.

This can be done through mentorships and community groups that allow for real relationships to form.

We need more male-friendly mental health services and more male psychologists, too: there are more than four women for every man in this field.

Mental health services that reflect men’s lived realities – through tone, approach and practitioner experience – are more likely to break down the barriers that keep many men away.

Policy can help, too: civic infrastructure that fosters belonging – such as community sports clubs, trade apprenticeships and structured volunteering opportunities – play a critical role. These are the spaces where purpose grows roots and where men in particular often find meaning and community outside formal support systems.

Time for a change?

While the threat from radicalised men online remains, maybe it’s time to retire the word incel.

What began as a label for loneliness has become a painful slur for many men – a shortcut for contempt.

When we lose the language to describe the pain, we can lose the people too.

Farid Zaid does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. How the word ‘incel’ got away from us – https://theconversation.com/how-the-word-incel-got-away-from-us-255109

MIL OSI Analysis – EveningReport.nz –

May 9, 2025

MIL-OSI: Pieridae Announces Voting Results From Annual and Special Meeting of Shareholders and Approval of Name Change to Cavvy Energy Ltd.

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR
DISSEMINATION IN UNITED STATES

CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) today announced the voting results from its Annual and Special Meeting of Shareholders (the “Meeting”) held on May 8, 2025. Each of the matters voted upon at the Meeting is described below and additional information on such matters is set out in the 2025 Notice of Annual and Special Meeting of Shareholders and Management Information Circular dated March 27, 2025 (the “Circular”), a copy of which is available on the Company’s SEDAR+ profile at www.sedarplus.ca. All resolutions brought forward at the Meeting were approved by shareholders, including to change the Company’s name to Cavvy Energy Ltd.

The Company expects to effect the name change on May 9, 2025 and to begin trading its common shares under the stock symbol “CVVY” on the Toronto Stock Exchange (the “TSX”) within three business days of the completion of the name change, subject to receipt of final regulatory approvals. The Company also intends to launch its new website at www.cavvyenergy.com following completion of the name change.

At the Meeting, shareholders also approved the continuance of the Company out of the federal jurisdiction of Canada under the Canada Business Corporations Act (the “CBCA”) and into the provincial jurisdiction of Alberta under the Business Corporations Act (Alberta) (the “ABCA”). The Company expects to effect the continuance immediately following the name change on May 9, 2025.

Charles Boulanger, Gail Harding, and Richard Couillard did not seek re-election to the Company’s board of directors (the “Board”) at the Meeting. The Board and management team would like to thank them for their valued contributions and guidance to the Company over the years and wish them well in their future endeavours. The Board and management team would also like to welcome the Company’s two new directors, Michael Backus and Harvey Doerr, to the Board.

The Company had 290,483,281 common shares outstanding and eligible to vote at the Meeting, of which 205,689,497 (70.81%) were voted.

VOTING RESULTS

1. Number of Directors: By ordinary resolution, the number of directors of the Company to be elected at the Meeting was fixed at seven. The results of the vote were as follows:

Votes For		Votes Against
Number	Percent	Number	Percent
202,833,661	98.612%	2,855,836	1.388%

2. Election of Directors: Each of the following seven nominees were elected as a director of the Company to serve until the next annual meeting of shareholders of the Company, or until their successors are elected or appointed. The results of the vote were as follows:

Nominee	Votes For		Votes Against
	Number	Percent	Number	Percent
Michael Backus	188,069,901	92.418%	15,429,072	7.582%
Harvey Doerr	200,365,870	98.460%	3,133,103	1.540%
Doug Dreisinger	180,729,122	88.811%	22,769,851	11.189%
Andrew Judson	187,854,912	92.312%	15,644,061	7.688%
Patricia McLeod	188,384,113	92.573%	15,114,860	7.427%
Darcy Reding	200,753,750	98.651%	2,745,223	1.349%
Kiren Singh	168,669,540	82.885%	34,829,433	17.115%

A biography of each director is available in the Circular.

3. Appointment of Auditor: By ordinary resolution, Ernst & Young LLP was appointed as the auditor of the Company to hold office until close of the next annual meeting of shareholders of the Company. The results of the vote were as follows:

Votes For		Votes Withheld
Number	Percent	Number	Percent
205,559,438	99.938%	127,891	0.062%

4. Executive Compensation: By non-binding ordinary resolution, the advisory vote on executive compensation, also known as “say on pay”, as described in the Circular, was approved. The results of the vote were as follows:

Votes For		Votes Against
Number	Percent	Number	Percent
177,804,106	87.373%	25,694,867	12.627%

5. Ratification of Options: By ordinary resolution, the ratification and approval of all stock options granted after May 27, 2024 and approval of all unallocated options under the stock option plan, as described Circular, was approved. The results of the vote were as follows:

Votes For		Votes Against
Number	Percent	Number	Percent
165,379,341	81.268%	38,119,632	18.732%

6. Name Change: By special resolution, the amendment to the Company’s articles to change its name to “Cavvy Energy Ltd.” was approved. The results of the vote were as follows:

Votes For		Votes Against
Number	Percent	Number	Percent
192,942,421	93.803%	12,747,076	6.197%

7. Continuance: By special resolution, the continuance of the Company out of the federal jurisdiction of Canada under the CBCA and into the provincial jurisdiction of Alberta under the ABCA, as described in the Circular, was approved. The results of the vote were as follows:

Votes For		Votes Against
Number	Percent	Number	Percent
183,699,320	90.270%	19,799,653	9.730%

ABOUT PIERIDAE

Pieridae is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from western Canada. Pieridae’s vision is to provide responsible, affordable natural gas and derived products to meet society’s energy security needs.

For further information, visit www.pieridaeenergy.com or please contact:

Darcy Reding, President & Chief Executive Officer	Adam Gray, Chief Financial Officer
Telephone: (403) 261-5900	Telephone: (403) 261-5900

Investor Relations
investors@pieridaeenergy.com

Forward-Looking Statements
Certain of the statements contained herein may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively “forward-looking statements”), including, without limitation: the Company’s intention to change its name from “Pieridae Energy Limited” to “Cavvy Energy Ltd.”, including the anticipated timing thereof; the Company’s intention to begin trading its common shares under the stock symbol “CVVY” on the TSX and the anticipated timing thereof; the receipt of the required regulatory approval in respect of the name change and the new stock symbol; [the Company’s intention to continue under the ABCA;] and the Company’s strategy and vision. Words such as “will”, “intend”, “expect”, “vision”, “strategy” and similar expressions may be used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management.

Forward-looking statements are based on a number of factors and assumptions which have been used to develop such forward-looking statements, but which may prove to be incorrect. Although Pieridae believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because Pieridae can give no assurance that such expectations will prove to be correct. A number of risk factors could cause actual results to differ materially from those anticipated, expressed or implied by the forward-looking statements contained herein. For more information about the assumptions and risks associated with the forward-looking statements contained herein, see “Forward Looking Information” and “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2024 and “Cautionary Note Regarding Forward-Looking Information” in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2024, each of which can be accessed through the Company’s SEDAR+ profile at www.sedarplus.ca.

Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and Pieridae assumes no obligation to update or review them to reflect new events or circumstances except as required by applicable securities laws.

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

The MIL Network –

May 9, 2025

MIL-OSI Canada: SPSA Fire Ban Issued to Prevent Further Human Caused Wildfires

Source: Government of Canada regional news

Released on May 8, 2025

Due to current conditions, high fire activity and the extreme fire risk in the province, the Saskatchewan Public Safety Agency (SPSA) has issued a provincial fire ban effective at 5 p.m. on May 8, 2025. The ban encompasses the area north of the provincial forest boundary, up to the Churchill River.

The fire ban prohibits any open fires, controlled burns and fireworks in the designated boundary, and includes provincial parks, provincial recreation sites and the Northern Saskatchewan Administration District in the area.

“At this time, implementing a fire ban is a necessary action to protect lives, communities, major infrastructure and resources from wildfire,” SPSA Vice-President of Operations Steve Roberts said. “The primary cause of the current wildfires in the province is human activity. We are strongly reminding the public that human-caused fires are preventable.”

In Saskatchewan, human-caused wildfires typically start in accessible areas near communities and roads. Simple actions like not driving a vehicle on dry grass, drowning campfires until embers are cool and talking to young children about fire safety can make an impact on the number of fires in Saskatchewan.

The SPSA encourages all other municipalities, rural municipalities and communities to examine fire risks in their area and to consider implementing consistent fire bans to prevent unwanted human-caused wildfires.

As of 3 p.m., there are 28 wildfires burning in the province. To date, Saskatchewan has had 133 wildfires, which is 20 more than the same point in time last year of 113.

Anyone who spots a wildfire can call 1-800-667-9660, dial 9-1-1 or contact their closest SPSA Forest Protection Area office.

People can find an interactive fire ban map, frequently asked questions, fire risk maps and fire prevention tips at saskpublicsafety.ca.

A list of fire restrictions in provincial parks and recreation sites can be found here.

Established in 2017, the SPSA is a treasury board Crown corporation responsible for wildfire management, emergency management, Sask911, SaskAlert, the Civic Addressing Registry, the Provincial Disaster Assistance Program and fire safety.

-30-

For more information, contact:

MIL OSI Canada News –

May 9, 2025
MIL-OSI USA: Tuberville Honors Puck Esposito of Auburn as “May Veteran of the Month”

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)
WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) released a video honoring U.S. Navy Captain Paul “Puck” Esposito as the May “Veteran of the Month.”
Excerpts from Sen. Tuberville’s remarks can be found below, and complete remarks can be found here.

“In Alabama, we take a lot of pride in honoring and supporting the heroes who have served in our nation’s military. But it takes people who are dedicated to this mission 24 hours a day, 365 days a year.
No one embodies this cause better than Captain Paul “Puck” Esposito of Auburn, Alabama. The son of a World War II and Korean War veteran, Puck followed in his father’s footsteps and joined the Navy in 1986. Puck spent 30 years in active duty as a Navy Aviator. From flying Grey helicopters, serving on an exchange tour with the Canadian Air Force, to spending eight years at sea—you name it, Puck did it. He was sent on nine long deployments and served in every theater the Navy has a presence in.
[…]
His role at the Vets Resource Center has been an essential part of filling the gaps for Auburn student-veterans and military-affiliated students. Though the Center is largely focused on providing academic resources for its participants, Puck has taken a deeper approach. In addition to educational support, Puck and his team have worked to combat critical issues such as veteran suicide, food insecurity, and homelessness.
Under the last decade of Puck’s leadership, Auburn’s Vets Resource Center has expanded from supporting 600 students to 2,100 currently. They put on events like Project Iron Ruck and help Auburn recognize and honor veterans at many of the University’s athletic events. We’re proud to now call Puck one of our own, and are grateful for all he does to support our veterans.”
Senator Tuberville recognizes a different Alabama veteran each month for their service and contribution to their community. Constituents can nominate an Alabama veteran and submit their information to Senator Tuberville’s office for consideration by emailing press_office@tuberville.senate.gov.
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

MIL OSI USA News –

May 9, 2025
MIL-OSI Global: Alberta has long accused Ottawa of trying to destroy its oil industry. Here’s why that’s a dangerous myth

Source: The Conversation – Canada – By Ian Urquhart, Professor Emeritus, Political Science, University of Alberta

“Alberta is a place soaked in self-deception.” Those words began Alberta-based journalist Mark Lisac’s 2004 book aimed at shattering the myths that have unhelpfully animated too much of Alberta’s politics over the past few decades.

Current and former Alberta politicians are once again embracing and treating separatist grievances seriously. That means it’s time once again to highlight and challenge political misconceptions that have the potential to destroy Canada.

Oil is the root of one such myth. The misconception? That Ottawa perenially opposes the oil and gas sector and is determined to stop its continued growth. The National Energy Program (1980), the Northern Gateway pipeline project (2016), the Energy East Pipeline (2017) and the proposed greenhouse gas pollution cap allegedly prove Ottawa’s hostility.

Notably missing from these grievances is the Keystone XL pipeline and the Trans Mountain Expansion Project. Ottawa supported these projects aimed at transporting Alberta oilsands crude to foreign markets. The federal government even purchased the Trans Mountain project from Kinder Morgan in 2018 — not to kill it, but to build it.

Read more:
Justin Trudeau’s risky gamble on the Trans Mountain pipeline

As for Keystone XL, Alberta Premier Jason Kenney thanked Prime Minister Justin Trudeau for supporting the project. This doesn’t fit the separatist narrative, so it’s largely ignored.

Oilsands booster

No one should dispute the National Energy Program’s devastating impact on Alberta’s conventional oil and gas sector 40 years ago. But the oilsands, not conventional oil, propelled Canada to its position as the world’s fourth largest oil producer.

Has Ottawa facilitated or obstructed the spectacular post-1990 growth of oilsands production?

The record shows that, since the mid-1970s, Ottawa has facilitated and supported the oilsands sector. The federal government helped keep the Syncrude project alive in 1975 when it took a 15 per cent interest in Canada’s second oilsands operation.

Ironically, Ottawa’s enthusiasm for more, not less, petroleum from the oilsands also appeared in 1980 via the National Energy Program (NEP), the devil in Alberta’s conservative catechism. What most accounts of the NEP don’t mention is that Ottawa offered tax benefits to oilsands companies while stripping them from conventional oil producers.

Furthermore, the NEP’s “made-in-Canada” pricing effectively guaranteed Syncrude would receive the world price for its production. At $38 per barrel, Syncrude received more than double what conventional producers received. If the NEP was harsh on conventional oil producers, it helped create a golden future for the oil sands.

In the mid-1990s, Ottawa helped propel the post-1995 oilsands boom. The industry-dominated National Task Force on Oil Sands Strategies sought federal tax concessions to promote oilsands growth. The federal government delivered them in its 1996 budget, despite Prime Minister Jean Chretien’s general concern with cutting the deficit.

Again, these measures clearly contradict the myth of federal opposition to the oil industry.

Generous emissions caps

Ottawa’s policy favouritism towards the oilsands didn’t end there. It has consistently animated the federal government’s treatment of the oilsands in its climate change policies.

The federal Climate Change Plan for Canada (2002) treated oil and gas leniently. Its measures for large industrial emitters bore a striking resemblance to the climate change policy preferences of the Canadian Association of Petroleum Producers. Suncor and Syncrude, the two leading oilsands producers, estimated these federal proposals would add a pittance, between 20 and 30 cents, to their per barrel production costs.

Justin Trudeau’s response to Alberta’s 2015 oilsands emissions cap also underlined Ottawa’s favouritism, not hostility, to the dominant player in Canada’s oil patch.

Rachel Notley’s NDP government set this cap at 100 million tonnes of GHG per year, plus another 10 million tonnes allowed to new upgrading and co-generation facilities. This cap was a whopping 39 million tonnes or 55 per cent higher than what the oilsands emitted in 2014.

This generous cap contributed to a tremendous increase in oilsands production. Healthy profits became record profits in 2022. Ottawa embraced Alberta’s largesse, incorporating the province’s cap into its post-2015 climate policies.

Furthermore, Ottawa increased its leniency towards the oilsands by exempting new in-situ (non-mining) oilsands projects in Alberta from the federal Impact Assessment Act. This exemption applies until Alberta’s emissions cap is reached. Canada’s latest National Inventory Report on greenhouse gas emissions reported record oilsands GHG emissions of 89 million tonnes in 2023, still 11 million tonnes shy of the 100 million tonne threshold.

Weaponizing myths

Finally, we have today’s proposed national cap on greenhouse gas emissions. Alberta is apoplectic about the cap. But whether or not it’s intentional, Premier Danielle Smith’s outrage feeds into secessionist sentiment by seemingly misrepresenting the cap’s impact on oil and gas production.

Smith and her environment minister use the work of the Parliamentary Budgetary Officer (PBO) to nurture their “Ottawa hates oil” narrative. They claim the officer’s analysis of the cap’s economic impact showed it “will cut oil and gas production by five per cent, or more than 245,000 barrels per day.”

This is simply not true.

In fact, the PBO concluded that, with the cap, oilsands production “is projected to remain well above current levels” — 15 per cent higher than in 2022. The proposed federal emissions cap, like the Alberta NDP’s cap of a decade ago, is higher than current oilsands emissions levels. The PBO concluded the proposed ceiling for oilsands emissions would be six per cent higher than 2022 emissions.

Ottawa’s proposed cap, in fact, continues its decades-long support of the oilsands.

Myths are central to our being. When I tell my grandsons about the pot of gold at the end of the rainbow, I hope to inspire curiosity, imagination and interest in their grandmother’s Irish heritage.

But in politics, fanciful stories can be dangerous. Some weaponize myths, using the fictions at their core to encourage followers to let falsehoods rule their behaviour. That seems to be playing out yet again in Alberta. We must demand better from the political class.

Ian Urquhart does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Alberta has long accused Ottawa of trying to destroy its oil industry. Here’s why that’s a dangerous myth – https://theconversation.com/alberta-has-long-accused-ottawa-of-trying-to-destroy-its-oil-industry-heres-why-thats-a-dangerous-myth-255908

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI Canada: Province taking further steps to improve outcomes on DTES
The Province is taking further steps to address systemic challenges and improve the quality of life in the Downtown Eastside (DTES) for all those that are living, working and visiting in the neighbourhood.

The Province has taken significant action to respond to the challenges facing the community, including building new housing projects, helping people move from encampments to shelter and transitional housing, opening the new Road to Recovery treatment service at St. Paul’s Hospital, and ongoing support for safety related initiatives.

However, systemic challenges remain and incidents continue to occur that affect people’s sense of safety in the neighbourhood. Through engagement with service providers, law enforcement, community members and First Nations, government will continue towards making the neighbourhood safer, while ensuring people have the services they need to overcome challenges and build good lives for themselves. In addition, work will continue to support small businesses and thriving commercial areas.

This medium- and long-term strategic work builds on the actions the Province has already taken to improve life for people in the DTES.

The Province has engaged a third-party, Michael Bryant, to:
- facilitate discussions with government and non-government sectors for the purposes of aligning DTES activities and approaches and provide public-policy advice focused on co-ordinating and advancing improvements for the DTES and its residents; and
- support the development of operational frameworks to address systemic challenges in the DTES and prepare reports to the Cabinet Committee on Community Safety and the Minister of Social Development and Poverty Reduction.
Bryant will provide strategic advice to the Cabinet Committee on Community Safety, the Minister of Social Development and Poverty Reduction and Premier David Eby, as required.

MIL OSI Canada News –
May 9, 2025

MIL-OSI: Draganfly Announces First Quarter Results of 2025

Source: GlobeNewswire (MIL-OSI)

Vancouver, BC., May 08, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce its first quarter financial results.

Key Financial and Operational Highlights for Q1 2025:

Revenue for the first quarter of 2025 was $1,547,715 which represents a 16% year over year increase. Product sales of $1,541,811 were up 24.5% over the same period last year.
Gross profit for Q1 2025 was $310,088 up 10.7% from $280,011 for the same period last year. Gross margin percentage for Q1 2025 was 20.0% compared to 21.1% in Q1 2024. Gross profit would have been $271,422 and gross margin would have been 17.5%, not including a one-time non-cash recovery of a write down of inventory of $38,666. The decrease is due to the sales mix of the products sold.
The comprehensive loss for the period of $3,433,712 includes non-cash changes comprised of a positive change in fair value derivative of $157,830, a recovery of a write down of inventory of $38,666, and an impairment gain on notes receivable of $25,951 and would otherwise be a comprehensive loss of $3,656,159 vs an adjusted comprehensive loss of $3,559,976 for the same period last year. Contributors to the slight year-over-year increase are increased research and development, office and miscellaneous, professional fees, share based payments, and wages offset by change in derivative liability.
Cash balance on March 31, 2025 of $2,126,103 compared to $6,252,409 on December 31, 2024.
Volatus Aerospace partnered with Draganfly to integrate Volatus’ advanced Bathymetric LiDAR technology with Draganfly’s Heavy Lift Drone for a pilot project in oil and gas exploration. This collaboration aims to enhance precision data acquisition in energy markets. Additionally, Volatus became an OEM-approved dealer for Draganfly’s UAV platforms, including the Heavy Lift Drone, Commander 3XL, and Apex Drones.
Draganfly obtained a waiver from the FAA under 14 CFR §§ 107.39 and 107.145, allowing its drones to operate over people and moving vehicles. This waiver enables Draganfly to conduct flights beyond standard operational restrictions, facilitating advanced UAV operations in complex urban environments.
Building upon their existing partnership, Volatus Aerospace and Draganfly announced an expanded collaboration to address the growing demand for automated geospatial data collection and analysis solutions in the utility infrastructure sector. This strategic alliance combines Volatus’ operational expertise with Draganfly’s advanced sensor technology to enhance services for high-value power utility customers.
Draganfly announced the establishment of a new U.S. facility in Tampa, Florida, strategically positioned near key military and government clients. This expansion includes a demonstration and live-fire testing facility, reinforcing Draganfly’s commitment to delivering cutting-edge drone solutions to its U.S. customers and bolstering national security and defense partnerships.
The Massachusetts Department of Transportation’s Aeronautics Division selected Draganfly to conduct a drone medical delivery demonstration, which was successfully completed. The demonstration involved the simulated delivery of medical supplies to support home-based healthcare, showcasing the potential of UAVs in enhancing healthcare logistics.
Draganfly appointed Christopher C. Miller, former Acting U.S. Secretary of Defense under President Donald Trump, to its Board of Directors. Miller brings extensive experience in defense and intelligence, which is expected to guide Draganfly’s strategic initiatives in government, defense, and aerospace sectors.

Draganfly will hold a shareholder update and earnings call on May 8, 2025 at 2:30 p.m. PDT / 5:30 p.m. EDT.

Registration for the call can be done Here

Selected financial information is outlined below and should be read with Draganfly’s consolidated financial statements for the quarter ended March 31, 2025, and associated management discussion and analysis, which will be available under the Company’s profile on SEDAR at www.sedar.com and filed on EDGAR at www.sec.gov.

	Three months ended March 31,
		2025			2024
Total revenues	$	1,547,715		$	1,329,581
Gross Margin (as a % of revenues) ⁽¹⁾		20.0	%		21.1	%
Net income (loss)		(3,424,825	)		(1,863,808	)
Net income (loss) per share ($)
		(0.63	)		(0.85	)
		(0.63	)		(0.85	)
Comprehensive income (loss)		(3,433,712	)		(1,884,416	)
Comprehensive income (loss) per share ($)
		(0.63	)		(0.86	)
		(0.63	)		(0.86	)
Change in cash and cash equivalents	$	(4,126,306	)	$	1,246,124

(1) Gross Profit (as a % of revenues) would have been 17.5% and 32.2% not including a non-cash recovery of a write down of inventory of $38,666 and a non-cash write down of inventory of $148,760 respectively for the three month period ending March 31 2025 and 2024, respectively.

As at		March 31, 2025		December 31, 2024
Total assets	$	6,919,097	$	10,200,088
Working capital		705,243		3,846,283
Total non-current liabilities		296,067		342,013
Shareholders’ equity	$	1,476,648	$	4,621,783
Number of shares outstanding		5,433,824		5,427,795

Shareholders’ equity and working capital as at March 31, 2025, includes a fair value of derivative liability of $2,040,291 (2024 – $2,198,121) and would otherwise be $3,516,939 (2024 – $6,819,904) and $2,745,534 (2024 – $6,044,404), respectively.

		2025 Q1			2024 Q4			2024 Q1
Revenue	$	1,547,715		$	1,613,162		$	1,329,581
Cost of sales⁽²⁾	$	(1,237,627	)	$	(1,397,422	)	$	(1,049,570	)
Gross profit⁽³⁾	$	310,088		$	215,740		$	280,011
Gross margin – percentage		20.0	%		13.4	%		21.1	%
Operating expenses	$	(3,911,035	)	$	(4,085,766	)	$	(3,530,933	)
Operating income (loss)	$	(3,600,947	)	$	(3,870,026	)	$	(3,250,922	)
Operating loss per share – basic	$	(0.66	)	$	(0.91	)	$	(1.47	)
Operating loss per share – diluted	$	(0.66	)	$	(0.91	)	$	(1.47	)
Other income (expense)	$	176,122		$	(851,896	)	$	1,387,114
Change in fair value of derivative liability ⁽¹⁾	$	157,830		$	(946,116	)	$	1,817,569
Other comprehensive income (loss)	$	(8,887	)	$	5,991		$	(20,608	)
Comprehensive income (loss)	$	(3,433,712	)	$	(4,715,931	)	$	(1,884,416	)
Comprehensive income (loss) per share – basic	$	(0.63	)	$	(1.11	)	$	(0.86	)
Comprehensive income (loss) per share – diluted	$	(0.63	)	$	(1.11	)	$	(0.86	)

(1) Included in other income (expense).

(2) Cost of goods sold includes non-cash inventory write downs of, $167,515 in Q4 2024 and a recovery of a write down of inventory of $38,666 in Q1 2025 and would have been $1,229,907 in Q4 2024 and $1,276,293 in Q1 2025 before these write downs.
(3) Gross profit would have been $383,255 in Q4 2024 and $271,422 in Q1 2025 without the write downs in number 2 above.
(4) Cost of goods sold includes non-cash inventory write downs of $148,760 in Q1 2024 and would have been $900,810 in Q1 2024 before these write downs.
(5) Gross profit would have been $428,771 in Q1 2024 without the write downs in number 4 above.

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize the way organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 25 years, Draganfly is an award-winning industry leader serving the public safety, public health, mining, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.

Media Contact
Erika Racicot
Email: media@draganfly.com

Company Contact
Email: info@draganfly.com

Note Regarding Non-GAAP Measures

In this press release we describe certain income and expense items that are unusual or non-recurring. There are terms not defined by International Financial Reporting Standards (IFRS). Our usage of these terms may vary from the usage adopted by other companies. Specifically, gross profit and gross margin are undefined terms by IFRS that may be referenced herein. We provide this detail so that readers have a better understanding of the significant events and transactions that have had an impact on our results.

Throughout this release, reference is made to “gross profit,” and “gross margin,” which are non-IFRS measures. Management believes that gross profit, defined as revenue less operating expenses, is a useful supplemental measure of operations. Gross profit helps provide an understanding on the level of costs needed to create revenue. Gross margin illustrates the gross profit as a percentage of revenue. Readers are cautioned that these non-IFRS measures may not be comparable to similar measures used by other companies. Readers are also cautioned not to view these non-IFRS financial measures as an alternative to financial measures calculated in accordance with International Financial Reporting Standards (“IFRS”). For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the “Non-GAAP Measures and Additional GAAP Measures”‎ section of the Company’s most recent MD&A which is available on SEDAR.

Forward-Looking Statements

This release contains certain “forward looking statements” and certain “forward-looking information” as ‎defined under applicable Canadian securities laws. Forward-looking statements and information can ‎generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, ‎‎“estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements ‎and information are based on forecasts of future results, estimates of amounts not yet determinable and ‎assumptions that, while believed by management to be reasonable, are inherently subject to significant ‎business, economic and competitive uncertainties and contingencies. Forward-looking statements and ‎information are subject to various known and unknown risks and uncertainties, many of which are beyond ‎the ability of the Company to control or predict, that may cause the Company’s actual results, ‎performance or achievements to be materially different from those expressed or implied thereby, and are ‎developed based on assumptions about such risks, uncertainties and other factors set out here in, ‎including but not limited to: the Company’s arrangement with Volatus Aerospace to integrate Volatus’ advanced Bathymetric LiDAR technology with Draganfly’s Heavy Lift Drone for a pilot project in oil and gas exploration as well as the expanded collaboration to address the growing demand for automated geospatial data collection and analysis solutions in the utility infrastructure sector; the obtention of a waiver from the FAA under 14 CFR §§ 107.39 and 107.145, allowing its drones to operate over people and moving vehicles; the establishment of a new U.S. facility in Tampa, Florida, strategically positioned near key military and government clients‎; and financial condition, the successful integration of technology, the inherent risks involved in ‎the general securities markets; uncertainties relating to the availability and costs of financing needed in ‎the future; the inherent uncertainty of cost estimates and the potential for unexpected costs and ‎expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and ‎other related risks and uncertainties disclosed under the heading “Risk Factors“ in the Company’s most ‎recent filings filed with securities regulators in Canada on the SEDAR website at www.sedar.com. The ‎Company undertakes no obligation to update forward-looking information except as required by ‎applicable law. Such forward-looking information represents managements’ best judgment based on ‎information currently available. No forward-looking statement can be guaranteed and actual future results ‎may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking ‎statements or information.

The MIL Network –

May 9, 2025

MIL-OSI: Parex Resources Announces Voting Results of Shareholders’ Meeting

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce that on May 8, 2025, it held its annual general meeting of shareholders (the “Meeting”) and all matters presented for approval have been fully authorized and approved.

At the Meeting, shareholders approved the election of nine nominees as directors of Parex to serve until the next annual meeting of shareholders or until their successors are elected or appointed. The results of the ballot were as follows:

Director	VOTES IN FAVOR		VOTES WITHHELD
Director	Number	Percentage	Number	Percentage
Lynn Azar	62,921,412	99.41%	375,419	0.59%
Sigmund Cornelius	62,947,636	99.45%	349,195	0.55%
Wayne Foo	62,313,105	98.45%	983,726	1.55%
Mona Jasinski	63,132,823	99.74%	164,008	0.26%
Jeff Lawson	63,142,309	99.76%	154,522	0.24%
G.R. (Bob) MacDougall	62,922,121	99.41%	374,710	0.59%
Glenn McNamara	61,045,206	96.44%	2,251,625	3.56%
Imad Mohsen	62,936,760	99.43%	360,071	0.57%
Carmen Sylvain	61,673,298	97.44%	1,623,533	2.56%

In addition, a non-binding advisory resolution concerning the Company’s approach to executive compensation was approved. The results of the ballot were as follows:

	VOTES FOR
	Number	Percentage
	60,730,718	95.95%

Full voting results on all matters considered at the Meeting are available on the Company’s profile on SEDAR+ (www.sedarplus.ca).

About Parex Resources Inc.

Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

For more information, please contact:

Mike Kruchten
Senior Vice President, Capital Markets & Corporate Planning
Parex Resources Inc.
403-517-1733
investor.relations@parexresources.com

NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

PDF available: http://ml.globenewswire.com/Resource/Download/c5d624f6-5469-49f4-84c4-e0c701fadfb7

The MIL Network –

May 9, 2025

MIL-OSI: Athabasca Oil Corporation Announces Results from 2025 Annual Shareholder Meeting

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) announces that all matters presented for approval at the Annual General Meeting of Shareholders held May 8, 2025 have been fully authorized and approved. The items on the agenda included fixing the number of directors to be elected at eight, electing eight proposed director nominees and the appointment of Ernst & Young LLP as auditors.

The results of the voting, inclusive of all votes cast and proxies received for each director nominee, which was conducted by ballot, are as follows:

Nominee	Votes For		Votes Withheld
Nominee	No.	%	No.	%
Ronald Eckhardt	281,658,153	99.1	2,612,876	0.9
Angela Avery	282,469,547	99.4	1,801,482	0.6
Bryan Begley	275,896,264	97.1	8,374,765	2.9
Robert Broen	283,592,923	99.8	678,106	0.2
John Festival	205,388,503	72.3	78,882,526	27.7
Marty Proctor	280,816,256	98.8	3,454,773	1.2
Marnie Smith	283,480,131	99.7	790,898	0.3
Theresa Roessel	283,458,217	99.7	812,812	0.3

About Athabasca Oil Corporation

Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

For more information, please contact:
Matthew Taylor Chief Financial Officer 1-403-817-9104 mtaylor@atha.com	Robert Broen President and CEO 1-403-817-9190 rbroen@atha.com

The MIL Network –

May 9, 2025

MIL-OSI: FLINT Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Reports Adjusted EBITDAS of $5.1 million, representing a 61% improvement from prior year

CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — FLINT Corp. (“FLINT” or the “Company”) (TSX: FLNT) today announced its results for the three months ended March 31, 2025. All amounts are in Canadian dollars and expressed in millions of dollars unless otherwise noted.

“EBITDAS” and “Adjusted EBITDAS” are not standard measures under IFRS. Please refer to the Advisory regarding Non-GAAP Financial Measures at the end of this press release for a description of these items and limitations of their use.

“Our commitment to quality execution and scaling the business has been demonstrated this quarter, as we were able to improve our operating results compared to prior year, despite the decrease in revenues. In addition, our liquidity is at an all-time high, which is a result of our improved finance performance and the significant advances made in our cash management cycle,” said Barry Card, Chief Executive Officer.

“Activity levels in the first quarter were down slightly compared to the same period last year with revenues approximately 6% lower. Despite that, gross profit margin was $14.4 million and Adjusted EBITDAS was $5.1 million, up 11% and 61%, respectively, from the first quarter of 2024. We expect activity levels to increase in the second quarter as we execute our spring turnaround program. For the remainder of 2025, we expect activity levels to be fairly consistent with 2024, although there is increased uncertainly as to the timing of some contracts due to the current economic and geopolitical environment,” added Mr. Card.

FIRST QUARTER HIGHLIGHTS

Revenues for the three months ended March 31, 2025 were $137.9 million, representing a decrease of $9.0 million or 6.1% from the same period in 2024.
Gross profit for the three months ended March 31, 2025 was $14.4 million, representing an increase of $1.4 million or 10.7% from the same period in 2024. Gross profit margin for the three months ended March 31, 2025 was 10.4%, compared to 8.9% for the same period in 2024.
Adjusted EBITDAS for the three months ended March 31, 2025 was $5.1 million, representing an increase of $1.9 million or 60.5% from the same period in 2024. Adjusted EBITDAS margin was 3.7% for the three months ended March 31, 2025 compared to 2.2% for the same period in 2024.
SG&A expenses for the three months ended March 31, 2025 were $9.4 million, representing a decrease of $0.7 million or 6.9% from the same period in 2024. As a percentage of revenue, SG&A expenses for the three months ended March 31, 2025 were 6.8%, consistent with 6.8% for the same period in 2024.
Liquidity, including cash and available credit facilities, was $89.1 million at March 31, 2025, as compared to $77.0 million at March 31, 2024.
Loss from continuing operations for the three months ended March 31, 2025 was $3.3 million, representing an improvement of $1.5 million or 30.4% form the same period in 2024.
New contract awards and renewals totaled approximately $78.0 million for the three months ended March 31, 2025 and $7.4 million for the month of April. Approximately 74% of the work is expected to be completed in 2025.

FIRST QUARTER FINANCIAL RESULTS

($ thousands, except per share amounts)	Three months ended March 31,
($ thousands, except per share amounts)	2025		2024		% Change

Revenue ($)	137,881		146,863		(6.1	)

Gross Profit ($)	14,401		13,010		10.7
Gross Profit Margin (%)	10.4		8.9		1.5

Adjusted EBITDAS ⁽¹⁾	5,118		3,188		60.5
Adjusted EBITDAS Margin (%)	3.7		2.2		1.5

SG&A ($)	9,361		10,056		(6.9	)
SG&A Margin (%)	6.8		6.8		—

Net loss from continuing operations ($)	(3,332	)	(4,786	)	30.4
Net loss ($)	(3,341	)	(5,012	)	33.3

Basic and Diluted:
Net loss per share from continuing operations ($)	(0.03	)	(0.05	)	40.0
Net loss per share ($)	(0.03	)	(0.05	)	40.0

^{(1) EBITDAS and Adjusted EBITDAS are not standard measures under IFRS and they are defined in the section “Advisory regarding Non-GAAP Financial Measures”}

Revenue for the three months ended March 31, 2025 was $137,881 compared to $146,863 for the same period in 2024, representing a decrease of 6.1%. The decrease in revenue was primarily due to the timing of maintenance and construction work as compared to the same period in 2024.

Gross profit for the three months ended March 31, 2025 was $14,401 compared to $13,010 for the same period in 2024, representing an increase of 10.7%. Gross profit margin for three months ended March 31, 2025 was 10.4%, compared to 8.9% for the same period in 2024. The increase in gross profit, both on an absolute basis and as a percentage of revenue, was primarily due to the mix of work compared to the same period of 2024.

SG&A expenses for the three months ended March 31, 2025 were $9,361, in comparison to $10,056 for the same period in 2024, representing a decrease of 6.9%. As a percentage of revenue, SG&A expenses for the three months ended March 31, 2025 were 6.8%, consistent with 6.8% for the same period in 2024. Spending in 2024 was elevated due to the focus on continuous improvement initiatives designed to scale the business more efficiently in future periods.

For the three months ended March 31, 2025, Adjusted EBITDAS was $5,118 compared to $3,188 for the same period in 2024. As a percentage of revenue, Adjusted EBITDAS was 3.7% for the three months ended March 31, 2025 compared to 2.2% for the same period in 2024.

Loss from continuing operations for the three months ended March 31, 2025 was $3,332 in comparison to a loss of $4,786 for the same period in 2024. The loss variance was driven primarily by the increase in gross profit margin.

CORPORATE UPDATES

On March 25, 2025, the Company released its third Sustainability Report as part of its ongoing commitment to environmental, social and governance matters. A copy of the 2024 Sustainability Report is accessible on the Company’s website at www.flintcorp.com.

The annual and special meeting of holders of common shares will be held at the Bow Valley Square Conference Centre (Hamilton Room), +30 Level, 205 – 5th Avenue S.W., Calgary, Alberta on Tuesday, June 24, 2025, at 9:00a.m. (Calgary time).

LIQUIDITY AND CAPITAL RESOURCES

FLINT has an asset-based revolving credit facility (the “ABL Facility”) providing for maximum borrowings up to $50.0 million with a Canadian chartered bank. The amount available under the ABL Facility will vary from time to time based on the borrowing base determined with reference to the accounts receivable of FLINT and certain of its subsidiaries. The maturity date of the ABL Facility is April 14, 2027.

The Company anticipates that its liquidity (cash on hand and available credit facilities) and cash flows from operations will be sufficient to meet its short-term contractual obligations and to maintain compliance with its financial covenants. To maintain compliance with its financial covenants through March 31, 2026, the Company can request approval from the holder of the Senior Secured Debentures to pay interest on the Senior Secured Debentures in kind.

As at March 31, 2025, the issued and outstanding share capital included 110,001,239 Common Shares, 127,732 Series 1 Preferred Shares, and 40,100 Series 2 Preferred Shares.

The Series 1 Preferred Shares (having an aggregate value of $127.732 million) are convertible at the option of the holder into Common Shares at a price of $0.35/share and the Series 2 Preferred Shares (having an aggregate value of $40.100 million) are convertible into Common Shares at a price of $0.10/share.

The Series 1 and Series 2 Preferred Shares have a 10% fixed cumulative preferential cash dividend payable when the Company has sufficient monies to be able to do so, including under the provisions of applicable law and contracts affecting the Company. The Board of Directors of the Company does not intend to declare or pay any cash dividends until the Company’s balance sheet and liquidity position supports the payment. As at March 31, 2025, the accrued and unpaid dividends on the Series 1 and Series 2 shares totaled $114.4 million. Any accrued and unpaid dividends are convertible in certain circumstances at the option of the holder into additional Series 1 and Series 2 Preferred Shares.

ADDITIONAL INFORMATION

Our unaudited condensed consolidated interim financial statements for the three months ended March 31, 2025 and the related Management’s Discussion and Analysis of the operating and financial results can be accessed on our website at www.flintcorp.com and will be available shortly through SEDAR+ at www.sedarplus.ca.

About FLINT Corp.

With a legacy of excellence and experience stretching back more than 100 years, FLINT provides solutions for the Energy and Industrial markets including: Oil & Gas (upstream, midstream and downstream), Petrochemical, Mining, Power, Agriculture, Forestry, Infrastructure and Water Treatment. With offices strategically located across Canada and a dedicated workforce, we provide maintenance, construction, wear technology and environmental services that help our customers bring their resources to our world. For more information about FLINT, please visit www.flintcorp.com or contact:

Barry Card		Jennifer Stubbs
Chief Executive Officer		Chief Financial Officer
FLINT Corp.		FLINT Corp.
(587) 318-0997
investorrelations@flintcorp.com

Advisory regarding Forward-Looking Information

Certain information included in this press release may constitute “forward-looking information” within the meaning of Canadian securities laws. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other similar expressions concerning matters that are not historical facts. This press release contains forward-looking information relating to: our business plans, strategies and objectives; the expectation for activity levels to increase in the second quarter and that for the remainder of 2025, we expect activity levels to be fairly consistent with 2024, although there is increased uncertainly as to the timing of some projects due to the current economic and geopolitical environment; contract renewals and project awards, including the estimated value thereof and the timing of completing the associated work; the company’s approach to dividends and the sufficiency of our liquidity and cash flow from operations to meet our short-term contractual obligations and maintain compliance with our financial covenants through March 31, 2026.

Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking information including, but not limited to, compliance with debt covenants, access to credit facilities and other sources of capital for working capital requirements and capital expenditure needs, availability of labour, dependence on key personnel, economic conditions, commodity prices, interest rates, regulatory change, weather and risks related to the integration of acquired businesses. These factors should not be considered exhaustive. Risks and uncertainties about FLINT’s business are more fully discussed in FLINT’s disclosure materials, including its annual information form and management’s discussion and analysis of the operating and financial results, filed with the securities regulatory authorities in Canada and available on SEDAR+ at www.sedarplus.ca. In formulating the forward-looking information, management has assumed that business and economic conditions affecting FLINT will continue substantially in the ordinary course, including, without limitation, with respect to general levels of economic activity, regulations, taxes and interest rates. Although the forward-looking information is based on what management of FLINT consider to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management’s assumptions may prove to be incorrect.

This forward-looking information is made as of the date of this press release, and FLINT does not assume any obligation to update or revise it to reflect new events or circumstances except as required by law. Undue reliance should not be placed on forward-looking information. Forward-looking information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Advisory regarding Non-GAAP Financial Measures

The terms ‘‘EBITDAS’’ and “Adjusted EBITDAS” (collectively, the ‘‘Non-GAAP financial measures’’) are financial measures used in this press release that are not standard measures under IFRS. FLINT’s method of calculating the Non-GAAP Financial Measures may differ from the methods used by other issuers. Therefore, the Non-GAAP Financial Measures, as presented, may not be comparable to similar measures presented by other issuers.

EBITDAS refers to income (loss) from continuing operations in accordance with IFRS, before depreciation and amortization, interest expense, income tax expense (recovery) and long-term incentive plan expenses. EBITDAS is used by management and the directors of FLINT as well as many investors to determine the ability of an issuer to generate cash from operations. Management believes that in addition to income (loss) from continuing operations and cash provided by operating activities, EBITDAS is a useful supplemental measure from which to determine FLINT’s ability to generate cash available for debt service, working capital, capital expenditures and income taxes. FLINT has provided a reconciliation of income (loss) from continuing operations to EBITDAS below.

Adjusted EBITDAS refers to EBITDAS excluding restructuring expense, gain on sale of property, plant and equipment, other income and one-time incurred expenses. FLINT has used Adjusted EBITDAS as the basis for the analysis of its past operating financial performance. Adjusted EBITDAS is a measure that management believes (i) is a useful supplemental measure from which to determine FLINT’s ability to generate cash available for debt service, working capital, capital expenditures, and income taxes, and (ii) facilitates the comparability of the results of historical periods and the analysis of its operating financial performance which may be useful to investors. FLINT has provided a reconciliation of income (loss) from continuing operations to Adjusted EBITDAS below.

Investors are cautioned that the Non-GAAP Financial Measures are not alternatives to measures under IFRS and should not, on their own, be construed as an indicator of performance or cash flows, a measure of liquidity or as a measure of actual return on the shares. These Non-GAAP Financial Measures should only be used with reference to FLINT’s consolidated interim and annual financial statements, which are available on SEDAR+ at www.sedarplus.ca or on FLINT’s website at www.flintcorp.com.

(In thousands of Canadian dollars)	Three months ended March 31,
(In thousands of Canadian dollars)	2025		2024

Loss from continuing operations	(3,332	)	(4,786	)
Add:
Amortization of intangible assets	65		68
Depreciation expense	2,765		2,617
Long-term incentive plan expense	1,000		600
Interest expense	4,529		4,582
EBITDAS	5,027		3,081
Add (deduct):
Gain on sale of property, plant and equipment	(314	)	(169	)
Restructuring expenses	554		395
Other income	(156	)	(315	)
One-time incurred expenses	7		196
Adjusted EBITDAS	5,118		3,188

The MIL Network –

May 9, 2025

MIL-OSI: NuVista Energy Ltd. Announces Strong First Quarter 2025 Results and Significant Progress on Our Shareholder Return Strategy

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — NuVista Energy Ltd. (“NuVista” or the “Company“) (TSX: NVA) is pleased to announce strong financial and operating results for the three months ended March 31, 2025, and to provide an update on our operational performance. Our high-quality asset base continues to deliver strong returns across commodity price cycles, supported by the consistent achievement of new production milestones. We made significant progress on our NCIB to return capital to shareholders and further enhanced our financial strength by successfully amending and renewing our three-year covenant-based credit facility. Having completed a strong first quarter, we are pleased to reaffirm our annual capital and production guidance.

Operational and Financial Highlights

During the first quarter ended March 31, 2025, NuVista:

Achieved our highest-ever quarterly average production of 89,516 Boe/d, surpassing our guidance range of 87,000 – 88,000 Boe/d and representing a 12% increase in production compared to the first quarter of 2024. The production composition for the first quarter was 28% condensate⁽¹⁾, 10% NGLs and 62% natural gas;
Executed a net capital expenditure⁽³⁾ program of $153.4 million, resulting in the drilling and completion of 9 and 24 wells, respectively;
Generated adjusted funds flow⁽²⁾ of $191.9 million ($0.94/share, basic⁽⁴⁾), reflecting a 42% increase compared to the first quarter of 2024;
Realized free adjusted funds flow⁽³⁾ of $35.0 million ($0.17/share, basic⁽⁴⁾);
Delivered a strong operating netback⁽⁵⁾ at $28.41/Boe and a corporate netback⁽⁵⁾ at $23.84/Boe, reflecting increases of 30% and 28%, respectively, compared to the first quarter of 2024;
Repurchased and cancelled 3.6 million common shares, at an average price of $12.86 per common share, for a total cost of $45.8 million. Since the inception of the Company’s normal course issuer bid (“NCIB”) in 2022, we have repurchased and cancelled 40.5 million common shares for an aggregate cost of $487.3 million or $12.04 per share;
Strengthened our financial position through the amendment and renewal of our three-year covenant-based credit facility, increasing the facility size to $550 million and extending its maturity by one year to May 8, 2028;
Exited the period with $2.7 million of available cash and net debt⁽²⁾ of $267.6 million, maintaining a favorable net debt to annualized first quarter adjusted funds flow⁽²⁾ ratio of 0.3x; and
Achieved net earnings of $112.2 million ($0.55/share, basic), reflecting a 214% increase compared to the first quarter of 2024;

Notes:

(1)	Natural gas liquids are defined by National Instrument 51-101 –Standards of Disclosure for Oil and Gas Activities to include ethane, butane, propane, pentanes plus and condensate. Unless explicitly stated in this press release, references to “NGL” refers only to ethane, butane and propane and references to “condensate” refers to only to condensate and pentanes plus. NuVista has disclosed condensate and pentanes plus values separately from ethane, butane and propane values as NuVista believes it provides a more accurate description of NuVista’s operations and results therefrom.
(2)	Each of “adjusted funds flow”, “net debt” and “net debt to annualized first quarter adjusted funds flow” are capital management measures. Reference should be made to the section entitled “Specified Financial Measures” in this press release.
(3)	Each of “free adjusted funds flow” and “net capital expenditures” are non-GAAP financial measures that do not have any standardized meanings under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled “Specified Financial Measures” in this press release.
(4)	Each of “adjusted funds flow per share” and “free adjusted funds flow per share” are supplementary financial measures. Reference should be made to the section entitled “Specified Financial Measures” in this press release.
(5)	Each of “operating netback” and “corporate netback” are non-GAAP ratios that do not have any standardized meanings under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled “Specified Financial Measures” in this press release.

Operations Update

Operations during the first three months of 2025 have progressed well. We have reached new corporate production milestones facilitated by the consistent utilization of our two drilling rigs and established completions crew.

Notable operational achievements in the first quarter ended March 31, 2025, included:

Sustaining production above 90,000 Boe/d for the month of March, which exhibits our productive capability prior to our planned expansions coming on-stream later in the second quarter of 2025;
Drilling a 4-well Lower and Mid-Montney co-developed pad in Gold Creek, which is slated to come on-stream early in the third quarter of 2025. This pad offsets a 6-well co-developed pad, that in its first year produced an average of 1,250 Boe/d per well (50% condensate), which is 45% above the Gold Creek historical average;
Completing and bringing a 5-well pad in Elmworth online early in the second quarter of 2025. Notably, execution performance on this pad continued to set new benchmarks for the area. These improvements have resulted in average drilling and completion costs per well on the pad coming in 17% below the offsetting pad, which was executed in 2024. Production from this pad will be an important datapoint as development moves toward the higher condensate weighted portion of Elmworth;
Bringing a 5-well pad in Bilbo online in January, which targeted three benches, including the Lower Montney. The pad has reached its IP60 milestone producing on average 1,580 Boe/d per well, including 46% condensate. Importantly, the Lower Montney exceeded the IP60 average, producing 1,850 Boe/d and over 50% condensate; and
Completing a 14-well pad and commencing the drilling of an additional 8-well pad in Pipestone. These wells will underpin our growth into the newly expanded Pipestone infrastructure beginning later in the second quarter.

Return of Capital to Shareholders and Balance Sheet Strength

NuVista’s approach to capital allocation remains unchanged, maintaining a clear focus on the compounding benefits of absolute growth and reducing outstanding shares to deliver industry-leading total returns. We intend to allocate a minimum of $100 million in 2025, to the repurchase of the Company’s common shares under our NCIB and will allocate at least 75% of any incremental annual free adjusted funds flow above $100 million towards additional share repurchases.

Given our strong operational and financial performance year-to-date, and based on our current commodity outlook at US$60/Bbl WTI and US$3.50/MMBtu NYMEX, we expect to generate over $200 million in free adjusted funds flow in 2025, positioning us to materially exceed our minimum threshold for the year.

We remain focused on our disciplined and value-adding growth strategy, and providing significant shareholder returns. We continue to view share repurchases as the most effective initial method of returning capital to shareholders and will reassess this approach as our growth plan progresses.

As at March 31, 2025, we maintained a strong financial position with $2.7 million in cash and no amounts drawn on our covenant-based credit facility, resulting in net debt of $267.6 million. This remains well below our net debt soft ceiling of $350 million, reinforcing our ability to keep net debt to adjusted funds flow at or below 1.0x, even in a stress case of US$45/Bbl WTI and US$2.00/MMBtu NYMEX. For the first quarter, our net debt to annualized adjusted funds flow was 0.3x.

Further strengthening our financial position, on May 8, 2025, we renewed and amended our three-year, covenant-based credit facility, increasing its facility size by $100 million from $450 million to $550 million and extending the maturity by one year to May 8, 2028.

Board Retirement Update

After 22 years of leadership at NuVista, Mr. Ronald (Ron) Poelzer has decided to retire from our Board, and as such, will not be standing for re-election at this year’s annual shareholders’ meeting. Ron has been a distinguished leader and steadfast advocate for the oil and gas industry, leaving a lasting legacy through the many individuals he has worked with and mentored. As a co-founder of NuVista, he has played a vital role on our board and has been instrumental in shaping NuVista into the strong industry player we are today. His strategic insight, vision, and leadership have helped guide our growth and position us for long-term success.

The Board of Directors, management team, and all of us at NuVista extend our deepest gratitude to Ron for his invaluable contributions since the Company’s inception in 2003, and we thank him for his long and impactful service while wishing him and his family continued success and happiness in retirement.

2025 Guidance Update

Production thus far in 2025 has continued to perform well, with NuVista exceeding first quarter guidance. As previously communicated, the majority of our 2025 growth will come from the Pipestone area with the start-up of a third-party gas plant (“Pipestone Plant”), which is expected to be online late in the second quarter of 2025. Additionally, our annual guidance reflects the planned 4-year turnaround operations that are scheduled to impact production from our Pipestone South, Gold Creek and Elmworth operations during June and July. As such, our second quarter production guidance is 75,000 – 77,000 Boe/d. Subsequent to the planned turnaround and commissioning of the Pipestone Plant, the infrastructure will be in place to support production of approximately 100,000 Boe/d in the fourth quarter of 2025. We reiterate our annual production guidance of approximately 90,000 Boe/d.

Further we reaffirm our annual net capital expenditure guidance target of approximately $450 million, which will allow us to continue to prioritize at least a triple-digit return of capital to shareholders through the repurchase of our outstanding common shares. However, given recent volatility we continue to monitor the macro environment with a focus on prioritizing economics and returns, as such, if commodity prices continue to weaken and persist, we have the flexibility to adjust our capital program to maximize shareholder returns and preserve our growth economics for a more robust price environment.

Please note that our updated corporate presentation will be available at www.nuvistaenergy.com on May 8, 2025. NuVista’s management’s discussion and analysis, condensed consolidated interim financial statements for the three months ended March 31, 2025 and notes thereto, will be filed on SEDAR+ (www.sedarplus.ca) on May 8, 2024 and can also be obtained at www.nuvistaenergy.com.

FINANCIAL AND OPERATING HIGHLIGHTS
	Three months ended March 31
($ thousands, except otherwise stated)	2025		2024		% Change
FINANCIAL
Petroleum and natural gas revenues	371,405		309,024		20
Cash provided by operating activities	232,663		147,893		57
Adjusted funds flow ⁽³⁾	191,886		135,413		42
Per share, basic ⁽⁶⁾	0.94		0.65		45
Per share, diluted ⁽⁶⁾	0.94		0.64		47
Net earnings	112,152		35,769		214
Per share, basic	0.55		0.17		224
Per share, diluted	0.55		0.17		224
Total assets	3,579,218		3,134,976		14
Net capital expenditures ⁽¹⁾	153,411		187,856		(18	)
Net debt ⁽³⁾	267,568		261,171		2
OPERATING
Daily Production
Natural gas (MMcf/d)	334.8		292.8		14
Condensate (Bbls/d)	25,178		24,220		4
NGLs (Bbls/d)	8,542		7,022		22
Total (Boe/d)	89,516		80,042		12
Condensate & NGLs weighting	38%		39%
Condensate weighting	28%		30%
Average realized selling prices ⁽⁵⁾
Natural gas ($/Mcf)	3.91		3.08		27
Condensate ($/Bbl)	98.17		95.10		3
NGLs ($/Bbl) ⁽⁴⁾	40.53		27.23		49
Netbacks ($/Boe)
Petroleum and natural gas revenues	46.10		42.43		9
Realized gain (loss) on financial derivatives	2.18		(0.18	)	(1,311	)
Other income	0.01		0.05		(80	)
Royalties	(3.89	)	(4.47	)	(13	)
Transportation expense	(4.75	)	(4.47	)	6
Net operating expense ⁽²⁾	(11.24	)	(11.51	)	(2	)
Operating netback ⁽²⁾	28.41		21.85		30
Corporate netback ⁽²⁾	23.84		18.58		28
SHARE TRADING STATISTICS
High ($/share)	14.51		12.11		20
Low ($/share)	10.61		9.59		11
Close ($/share)	13.60		11.88		14
Common shares outstanding (thousands of shares)	200,664		206,332		(3	)

Notes:

⁽¹⁾	Non-GAAP financial measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled“Specified Financial Measures”.
⁽²⁾	Non-GAAP ratio that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled“Specified Financial Measures”.
⁽³⁾	Capital management measure. Reference should be made to the section entitled“Specified Financial Measures”.
⁽⁴⁾	Natural gas liquids (“NGLs”) includes butane, propane and ethane revenue and sales volumes, and sulphur revenue.
⁽⁵⁾	Product prices exclude realized gains/losses on financial derivatives.
⁽⁶⁾	Supplementary financial measure. Reference should be made to the section entitled“Specified Financial Measures”.

Advisories Regarding Oil and Gas Information

BOEs 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. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil 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.

Any references in this press release to initial 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 production and decline thereafter. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for NuVista.

This press release contains certain oil and gas metrics, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate NuVista’s performance; however, such measures are not reliable indicators of NuVista’s future performance and future performance may not compare to NuVista’s performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare NuVista’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this presentation, should not be relied upon for investment or other purposes.

In this press release reference is made to 2025 price outlook in the forecast of annual free adjusted funds flow. The forecast is based on 2025 price assumptions of: US$60/Bbl WTI, US$3.50/MMBtu NYMEX, C$1.95/GJ AECO and 1.38:1 CAD:USD FX.

Basis of presentation

Unless otherwise noted, the financial data presented in this press release has been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”) also known as International Financial Reporting Standards (“IFRS”).

Natural gas liquids are defined by National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities” to include ethane, butane, propane, pentanes plus and condensate. Unless explicitly stated in this press release, references to “NGL” refers only to ethane, butane and propane and references to “condensate” refers to only to condensate and pentanes plus. NuVista has disclosed condensate and pentanes plus values separately from ethane, butane and propane values as NuVista believes it provides a more accurate description of NuVista’s operations and results therefrom.

Production split for Boe/d amounts referenced in the press release are as follows:

*Reference*	*Total Boe/d*	*Natural Gas* %		*Condensate* %		*NGLs* %

Q1 2025 production – actual	*89,516*	62	%	28	%	10	%
Q1 2025 production – guidance	*87,000 – 88,000*	63	%	28	%	9	%
Q2 2025 production – guidance	*75,000 – 77,000*	62	%	29	%	9	%
2025 annual production guidance	*~90,000*	61	%	30	%	9	%

Advisory regarding forward-looking information and statements

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. The use of any of the words “will”, “expects”, “believe”, “plans”, “potential” and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements, including but not limited to:

that the amendment and renewal of our three-year covenant-based credit facility will strengthen our financial position;
our expectation that a 4-well Lower and Mid-Montney co-development pad in Gold Creek will be brought on-stream in the second quarter;
our expectation that an 8-well pad in Pipestone will be brought on-steam late in the third quarter and the anticipated benefits therefrom;
our expectations regarding production from the 5-well pad in Elmworth and the anticipated benefits therefrom;
our expectation that we will generate $200 million in free adjusted funds flow in 2025;
our intention to allocate $100 million to repurchase our common shares in 2025, with at least 75% of any incremental free adjusted funds flow also allocated to the repurchase of our common share pursuant to our NCIB;
our expectation that we will have fulfilled the $100 million repurchase commitment to shareholders in the first half of the year;
that our soft ceiling net debt will allow our current production levels to be sustainable and maintain an adjusted funds flow ratio below 1.0x in a stress test price environment of US$45/Bbl WTI and US$2.00/MMBtu NYMEX;
NuVista’s ability to continue directing free adjusted funds flow towards a prudent balance of return of capital to shareholders and debt reduction, while investing in high return growth projects;
the anticipated allocation of free adjusted funds flow;
guidance with respect to second quarter 2025 production and production mix;
the expected timing of start-up of the Pipestone Plant and the anticipated benefits thereof;
our expectations that following the planned turnaround and commissioning of the Pipestone Plant, the infrastructure will be in place to support production of approximately 100,000 Boe/d in the fourth quarter of 2025;
our 2025 full year production, full year production mix and net capital expenditures guidance ranges;
our plan to continue to maintain an efficient drilling program by employing 2-drill-rig execution;
our future focus, strategy, plans, opportunities and operations; and
other such similar statements.

The future acquisition of our common shares pursuant to a share buyback (including through our normal course issuer bid), if any, and the level thereof is uncertain. Any decision to acquire common shares pursuant to a share buyback will be subject to the discretion of the Board of Directors and may depend on a variety of factors, including, without limitation, the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. There can be no assurance of the number of common shares that the Company will acquire pursuant to a share buyback, if any, in the future.

By their nature, forward-looking statements are based upon certain assumptions and are subject to numerous risks and uncertainties, some of which are beyond NuVista’s control, including the impact of general economic conditions, industry conditions, current and future commodity prices and inflation rates; that (i) the 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 Company, including by decreasing 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; the impact of ongoing global events, including Middle East and European tensions, with respect to commodity prices, currency and interest rates, anticipated production rates, borrowing, operating and other costs and adjusted funds flow; the timing, allocation and amount of net capital expenditures and the results therefrom; anticipated reserves and the imprecision of reserve estimates; the performance of existing wells; the success obtained in drilling new wells; the sufficiency of budgeted net capital expenditures in carrying out planned activities; access to infrastructure and markets; competition from other industry participants; availability of qualified personnel or services and drilling and related equipment; stock market volatility; effects of regulation by governmental agencies including changes in environmental regulations, tax laws and royalties; the ability to access sufficient capital from internal sources and bank and equity markets; that we will be able to execute our 2025 drilling plans as expected; our ability to carry out our 2025 production and capital guidance as expected, and by extension the oil and gas industry; and including, without limitation, those risks considered under “Risk Factors” in our Annual Information Form.

Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. NuVista’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits NuVista will derive therefrom. NuVista has included the forward-looking statements in this press release in order to provide readers with a more complete perspective on NuVista’s future operations and such information may not be appropriate for other purposes. NuVista disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

This press release also contains financial outlook and future oriented financial information (together, “FOFI”) relating to NuVista including, without limitation, net capital expenditures in 2025, production and free adjusted funds flow which are based on, among other things, the various assumptions disclosed in this press release including under “Advisory regarding forward-looking information and statements” and including assumptions regarding benchmark pricing as it relates to the 2025 capital allocation framework. Notwithstanding the foregoing, the FOFI contained in this press release does not include the potential impact of tariff or trade-related regulation that have been announced by the U.S. and Canada, including the tariffs imposed by the U.S. on Canada effective March 4, 2025. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and the impact of the tariffs on NuVista’s business operations and financial condition, while currently unknown, may be material and adverse and, as such, undue reliance should not be placed on FOFI. NuVista’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits NuVista will derive therefrom. NuVista has included the FOFI in order to provide readers with a more complete perspective on NuVista’s future operations and such information may not be appropriate for other purposes.

These forward-looking statements and FOFI are made as of the date of this press release and NuVista disclaims any intent or obligation to update any forward-looking statements and FOFI, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities law.

Specified Financial Measures

This press release uses various specified financial measures (as such terms are defined in National Instrument 52-112 – Non-GAAP Disclosure and Other Financial Measures Disclosure (“NI 51-112”)) including “non-GAAP financial measures”, “non-GAAP ratios”, “capital management measures” and “supplementary financial measures” (as such terms are defined in NI 51-112), which are described in further detail below. Management believes that the presentation of these non-GAAP measures provides useful information to investors and shareholders as the measures provide increased transparency and the ability to better analyze performance against prior periods on a comparable basis.

(1) 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.

These non-GAAP financial measures are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar measures presented by other companies where similar terminology is used. Investors are cautioned that these measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measures as indicators of NuVista’s performance. Set forth below are descriptions of the non-GAAP financial measures used in this press release.

Free adjusted funds flow

Free adjusted funds flow is adjusted funds flow less net capital expenditures, power generation expenditures, and asset retirement expenditures. Each of the components of free adjusted funds flow are non-GAAP financial measures. Please refer to disclosures under the headings “Capital management measures” and “Net capital expenditures” for a description of each component of free adjusted funds flow. Management uses free adjusted funds flow as a measure of the efficiency and liquidity of its business, measuring its funds available for additional capital allocation to manage debt levels and return capital to shareholders through its NCIB program and/or dividend payments. By removing the impact of current period net capital and asset retirement expenditures, management believes this measure provides an indication of the funds NuVista has available for future capital allocation decisions.

The following table sets out our free adjusted funds flow compared to the most directly comparable GAAP measure of cash provided by operating activities less cash used in investing activities for the applicable periods:

	Three months ended March 31
($ thousands)	2025		2024
Cash provided by operating activities	232,663		147,893
Cash used in investing activities	(178,028	)	(166,027	)
Excess cash provided by operating activities over cash used in investing activities	54,635		(18,134	)

Adjusted funds flow	191,886		135,413
Net capital expenditures	(153,411	)	(187,856	)
Power generation expenditures	—		(1,680	)
Asset retirement expenditures	(3,480	)	(6,450	)
Free adjusted funds flow	34,995		(60,573	)

Net Capital expenditures

Net capital expenditures are equal to cash used in investing activities, excluding changes in non-cash working capital, other asset expenditures, and power generation expenditures. The Company includes funds used for property acquisitions or proceeds from property dispositions within net capital expenditures as these transactions are part of its development plans. NuVista considers net capital expenditures to represent its organic capital program inclusive of capital spending for acquisition and disposition proposes and a useful measure of cash flow used for capital reinvestment. There were no differences between capital expenditures and net capital expenditures for the three months ended March 31, 2025, and March 31, 2024, as NuVista did not complete any property acquisitions or dispositions during these periods.

The following table provides a reconciliation between the non-GAAP measure of net capital expenditures to the most directly comparable GAAP measure of cash used in investing activities for the applicable periods:

	Three months ended March 31
($ thousands)	2025		2024
Cash used in investing activities	(178,028	)	(166,027	)
Changes in non-cash working capital	(398	)	(23,509	)
Other asset expenditures	25,015		—
Power generation expenditures	—		1,680
Net capital expenditures	(153,411	)	(187,856	)

The following table provides a breakdown of net capital expenditures and power generation expenditures by category for the applicable periods:

	Three months ended March 31
($ thousands, except % amounts)	2025	% of total	2024	% of total
Land and retention costs	—	—	964	—
Geological and geophysical	363	—	185	—
Drilling and completion	131,494	86	128,965	69
Facilities and equipment	19,720	13	56,101	30
Corporate and other	1,834	1	1,641	1
Net capital expenditures	153,411		187,856
Power generation expenditures	—		1,680

(2) 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. Set forth below is a description of the non-GAAP ratios used in this MD&A.

These non-GAAP ratios are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar measures presented by other companies where similar terminology is used. Investors are cautioned that these ratios should not be construed as alternatives to or more meaningful than the most directly comparable IFRS Accounting Standards measures as indicators of NuVista’s performance.

Per Boe disclosures for petroleum and natural gas revenues, realized gains/losses on financial derivatives, royalties, transportation expense, G&A expense, financing costs, and DD&A expense are non-GAAP ratios that are calculated by dividing each of these respective GAAP measures by NuVista’s total production volumes for the period.

Non-GAAP ratios presented on a “per Boe” basis may also be considered to be supplementary financial measures (as such term is defined in NI 51-112).

Operating netback and corporate netback (“netbacks”), per Boe NuVista calculated netbacks per Boe by dividing the netbacks by total production volumes sold in the period. Each of operating netback and corporate netback are non-GAAP financial measures. Operating netback is calculated as petroleum and natural gas revenues, realized financial derivative gains/losses and other income, less royalties, transportation expense and net operating expense. Corporate netback is operating netback less general and administrative expense, cash share-based compensation expense (recovery), financing costs excluding accretion expense, and current income tax expense (recovery).
Management believes both operating and corporate netbacks are key industry benchmarks and measures of operating performance for NuVista that assists management and investors in assessing NuVista’s profitability, and are commonly used by other petroleum and natural gas producers. The measurement on a Boe basis assists management and investors with evaluating NuVista’s operating performance on a comparable basis.

Net operating expense, per BoeNuVista calculated net operating expense per Boe by dividing net operating expense by NuVista’s production volumes for the period.
Management believes that net operating expense, calculated as gross operating expense less processing income and other recoveries, which are included in NuVista’s statements of earnings, is a meaningful measure for investors to understand the net impact of the Company’s operating activities. The measurement on a Boe basis assists management and investors with evaluating NuVista’s operating performance on a comparable basis.

(3) 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.

NuVista has defined net debt, adjusted funds flow, and net debt to annualized fourth quarter adjusted funds flow ratio as capital management measures used by the Company in this press release.

Adjusted funds flow

NuVista considers adjusted funds flow to be a key measure that provides a more comprehensive view of the company’s ability to generate cash flow necessary for financing capital expenditures, meeting asset retirement obligations, and fulfilling its financial commitments. Adjusted funds flow is calculated by adjusting cash flow from operating activities to exclude changes in non-cash working capital and asset retirement expenditures. Management believes these elements are subject to timing variations in collection, payment, and occurrence. By excluding them, management is able to provide a more meaningful performance measure of NuVista’s ongoing operations. Specifically, expenditures on asset retirement obligations may fluctuate depending on the company’s capital programs and the maturity of its operating areas, while environmental remediation recovery is tied to an infrequent incident that management does not expect to recur regularly. The settlement of asset retirement obligations is managed through NuVista’s capital budgeting process, which incorporates the available adjusted funds flow.

A reconciliation of adjusted funds flow is presented in the following table:

	Three months ended March 31
		2025		2024
Cash provided by operating activities	$	232,663	$	147,893
Asset retirement expenditures		3,480		6,450
Change in non-cash working capital	(44,257)		(18,930)
Adjusted funds flow	$	191,886	$	135,413

Net debt is used by management to provide a more comprehensive understanding of NuVista’s capital structure and to assess the company’s liquidity. NuVista calculates net debt by considering cash and cash equivalents, accounts receivable, prepaid expenses, accounts payable and accrued liabilities, long-term debt (the credit facility), senior unsecured notes, and other liabilities. Management uses total market capitalization and the ratio of net debt to annualized adjusted funds flow for the current quarter to analyze balance sheet strength and liquidity.

The following is a summary of total market capitalization, net debt and net debt to annualized current quarter adjusted funds flow:

	March 31, 2025		December 31, 2024
Basic common shares outstanding (thousands of shares)		200,664		203,701
Share price⁽¹⁾	$	13.60	$	13.82
Total market capitalization	$	2,729,030	$	2,815,148
Cash and cash equivalents	$	(2,677)	$	—
Accounts receivable and other		(135,657)		(132,538)
Prepaid expenses		(47,985)		(45,584)
Accounts payable and accrued liabilities		256,804		206,862
Current portion of other liabilities		16,907		18,351
Long-term debt		—		5,353
Senior unsecured notes		163,698		163,258
Other liabilities		16,478		16,801
Net debt	$	267,568	$	232,503
Annualized current quarter adjusted funds flow	$	767,544	$	548,236
Net debt to annualized current quarter adjusted funds flow		0.3		0.4

⁽¹⁾ Represents the closing share price on the TSX on the last trading day of the period.

(4) Supplementary financial measures

This press release may contain certain supplementary financial measures. NI 52-112 defines a supplementary financial measure as a financial measure that: (i) is intended to be disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of an entity; (ii) is not disclosed in the financial statements of the entity; (iii) is not a non-GAAP financial measure; and (iv) is not a non-GAAP ratio.

NuVista calculates “adjusted funds flow per share” by dividing adjusted funds flow for a period by the number of weighted average common shares of NuVista for the specified period by dividing operating netback for a period by the number of weighted average common shares of NuVista for the specified period.

FOR FURTHER INFORMATION CONTACT:

Mike J. Lawford	Ivan J. Condic
President and CEO	VP, Finance and CFO
(403) 538-1936	(403) 538-1945

The MIL Network –

May 9, 2025

MIL-OSI: ECN Capital Reports US$0.03 in Adjusted Net Income per Common Share in Q1-2025

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) today reported financial results for the three-month period ended March 31, 2025.

For the three-month period ended March 31, 2025, ECN Capital reported Adjusted net income (loss) applicable to common shareholders of $7.2 million or $0.03 per share (basic) versus $4.4 million or $0.02 per share (basic) for the previous three-month period and ($0.3) million or $0.00 per share (basic) for the prior year comparable period.

“Our strong Q1 results, with adjusted net income at the top end of guidance, highlight ECN’s strength and resilience, even in the face of market volatility,” said Steven Hudson, CEO of ECN Capital Corp.

Originations for the three-month period ended March 31, 2025 were $538.2 million, versus $547.6 million in the previous three-month period and $468.4 million for the prior year comparable period. Originations for the three-month period ended March 31, 2025 include $332.8 million of originations from our Manufactured Housing Finance segment and $205.4 million of originations from our Recreational Vehicle and Marine Finance segment.

Managed Assets as at March 31, 2025 were $7.2 billion versus $6.9 billion as at December 31, 2024 and $5.2 billion as at March 31, 2024.

Adjusted EBITDA for the three-month period ended March 31, 2025 was $25.5 million versus $24.1 million for the previous three-month period and $21.8 million for the prior year comparable period.

Operating Expenses for the three-month period ended March 31, 2025 were $29.4 million versus $31.2 million for the previous three-month period and $27.8 million for the prior year comparable period.

Net loss attributable to common shareholders for the three-month period ended March 31, 2025 was ($2.5) million versus ($3.9) million for the previous three-month period and ($8.5) million for the prior year comparable period.

Dividends Declared

The Company’s Board of Directors has authorized and declared a quarterly dividend of C$0.01 per outstanding common share to be paid on June 30, 2025 to shareholders of record at the close of business on June 13, 2025. These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

The Company’s Board of Directors has authorized and declared a quarterly dividend of C$0.4960625 per outstanding Cumulative 5-Year Rate Reset Preferred Share, Series C (TSX: ECN.PR.C) to be paid on June 30, 2025 to shareholders of record on the close of business on June 13, 2025. These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

The Company’s Board of Directors has authorized and declared a semi-annual dividend of C$0.0603 per outstanding Mandatory Convertible Preferred Share, Series E to be paid on June 30, 2025 to shareholders of record on the close of business on June 13, 2025. These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

Webcast

The Company will host an analyst briefing to discuss these results commencing at 5:30 PM (ET) on Thursday, May 8, 2025. The call can be accessed as follows:

A telephone replay of the conference call may also be accessed until June 8, 2025, by dialing 1-800-645-7964 and entering the passcode 5036#.

Non-IFRS Measures

The Company’s interim unaudited consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and the accounting policies we adopted in accordance with IFRS.

The Company believes that certain Non-IFRS Measures can be useful to investors because they provide a means by which investors can evaluate the Company’s underlying key drivers and operating performance of the business, exclusive of certain adjustments and activities that investors may consider to be unrelated to the underlying economic performance of the business of a given period. Throughout this news release, management uses a number of terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations, including adjusted EBITDA, adjusted net income, adjusted net income per common share and managed assets. A full description of these measures, along with a reconciliation to the most directly comparable IFRS measure, where applicable, can be found in the Management Discussion & Analysis (“MD&A”) that accompanies ECN Capital’s financial statements for the three-month period ended March 31, 2025.

ECN Capital’s MD&A for the three-month period ended March 31, 2025 has been filed on SEDAR+ (www.sedarplus.com) and is available under the investor section of the Company’s website (www.ecncapitalcorp.com).

About ECN Capital Corp.

With managed assets of US$7.2 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American-based institutional investor, insurance company, pension plan, bank and credit union partners (collectively, its “Partners”). ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (floorplan and rental) loans. Its Partners are seeking high-quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) Manufactured Housing Finance, and (ii) Recreational Vehicle and Marine Finance.

Contact

Forward-looking Statements

This news release includes forward-looking statements regarding ECN Capital and its business. Such statements are based on the current expectations and views of future events of ECN Capital’s management. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this news release include those relating to the future financial and operating performance of ECN Capital, the strategic advantages, business plans and future opportunities of ECN Capital and the ability of ECN Capital to access adequate funding sources, identify and execute on acquisition opportunities and transition to an asset management business. The forward-looking events and circumstances discussed in this news release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting ECN Capital, including risks regarding the finance industry, economic factors, and many other factors beyond the control of ECN Capital. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with this outlook can be found in ECN Capital’s MD&A for the three-month period ended March 31, 2025 and ECN Capital’s 2024 Annual Information Form dated February 27, 2025 for the year ended December 31, 2024 which have been filed on SEDAR+ and can be accessed at www.sedarplus.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and ECN Capital does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

The MIL Network –

May 9, 2025
MIL-OSI: Fireweed Announces $45 Million Financing
Source: GlobeNewswire (MIL-OSI)

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

VANCOUVER, British Columbia, May 08, 2025 (GLOBE NEWSWIRE) — FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQX: FWEDF), is pleased to announce a brokered and non-brokered financing for up to $45 million from strategic and other investors, including the Lundin Family Trusts, to advance exploration and development activities at the Company’s Macpass, Mactung, Gayna and NCIIP projects located in northern Canada.

Brokered Private Placement

The Company is pleased to announce that it has entered into an agreement with Ventum Financial Corp. as co-lead agent and bookrunner, alongside Haywood Securities Inc, as co-lead agent, on behalf of a syndicate of agents (together the “Agents”), pursuant to which the Company will undertake a brokered private placement to raise aggregate gross proceeds of up to $35,002,090 (the “Brokered Offering”).

The Brokered Offering will consist of:
- 10,753,000 critical mineral charity flow-through common shares (“CM FT Shares”) of the Company at a price of $2.79 per CM FT Share.
- 1,946,000 non-critical mineral charity flow-through common shares (“NCM FT Shares”) of the Company at a price of $2.57 per NCM FT Share.
The proceeds from the Brokered Offering will be used for exploration and development of the Company’s projects in northern Canada. The aggregate gross proceeds raised from the NCM FT Shares (the “NCM Commitment Amount”) will be used before on or before December 31, 2026, for general exploration expenditures which will constitute Canadian exploration expenses (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”)) and “flow-through mining expenditures” under the Tax Act (the “NCM Qualifying Expenditures”). The aggregate gross proceeds raised from the CM FT Shares (the “CM Commitment Amount”) will be used on or before December 31, 2026 for general exploration expenditures which will constitute Canadian exploration expenses (within the meaning of subsection 66(15) of the Tax Act and as “flow-through critical mineral mining expenditures” within the meaning of the Tax Act (the “CM Qualifying Expenditures” and NCM Qualifying Expenditures are referred to collectively as “Qualifying Expenditures”).

The Brokered Offering is expected to close on or about May 28, 2025, and is subject to certain customary conditions, including, but not limited to, the execution of an agency agreement and the receipt of all necessary regulatory approvals and approval of the TSX Venture Exchange.

The securities issued pursuant to the Brokered Offering shall be subject to a four-month plus one day hold period commencing on the day of the closing of the Brokered Offering under applicable Canadian securities laws. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Non-Brokered Private Placement

Concurrently with the Brokered Offering, the Company will conduct a non-brokered private placement to raise up to $10 million (the “Non-Brokered Offering”). The Lundin Family Trusts (as defined below) have indicated their intention of subscribing in the Non-Brokered Offering.

The Non-Brokered Offering will consist of:
- 5,555,600 common shares (“Shares”) of the Company at a price of $1.80 per Share.
The proceeds from the Non-Brokered Offering will be used for exploration and development of the Company’s projects in northern Canada as well as for working capital and general corporate purposes.

Trusts settled by the late Adolf H. Lundin (the “Lundin Family Trust”) have indicated their intention to participate in the Non-Brokered Offering. Any such participation would be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), as a private entity controlled by the Lundin Family Trusts currently holds more than 10% of the Company’s outstanding shares. Such participation will be exempt from the formal valuation and minority shareholder approval requirements under Sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid by such insiders, will exceed 25% of the Company’s market capitalization.

The Company expects that participation in the Non-Brokered Offering by the Lundin Family Trusts will require approval of the disinterested shareholders of the Company pursuant to Policy 4.1 of the TSXV Corporate Finance Manual. It is anticipated that a special meeting of the Company’s shareholders (the “Special Meeting”) to consider and approve the Lundin Family Trust’s participation in the Non-Brokered Offering will be held in June 2025.

Closing of the Non-Brokered Offering is expected to occur promptly following the Special Meeting, or may occur in tranches, and is subject to other customary closing conditions and receipt of certain regulatory approvals.

Full details of the Non-Brokered Offering will be included in the management information circular and related documents (the “Meeting Materials”) and are expected to be delivered to the Company’s shareholders in May 2025 in connection with the Special Meeting.

The Brokered Offering and Non-Brokered Offering are both subject to customary closing conditions, including approval of the TSXV.

About Fireweed Metals Corp.

Fireweed is an exploration company focused on unlocking value in a new critical metals district located in Northern Canada. Fireweed is 100% owner of the Macpass District, a large and highly prospective 985 km² land package. The Macpass District includes the Macpass zinc-lead-silver project and the Mactung tungsten project. A Lundin Group company, Fireweed is strongly positioned to create meaningful value.

Fireweed trades on the TSX Venture Exchange under the trading symbol “FWZ”, on the OTCQX Best Market under the symbol “FWEDF”, and on the Frankfurt Stock Exchange under the trading symbol “M0G”.

Additional information about Fireweed and its projects can be found on the Company’s website at FireweedMetals.com and at www.sedarplus.com

ON BEHALF OF FIREWEED METALS CORP.

“Ian Gibbs”

CEO

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

Cautionary Statements

Forward Looking Statements

This news release contains “forward-looking” statements and information (“forward-looking statements”). All statements, other than statements of historical facts, included herein, including, without limitation, statements relating to the Brokered Offering and the Non-Brokered Offering, timing thereof, completion and use of proceeds thereof, statements relating to interpretation of drill results, targets for exploration, potential extensions of mineralized zones, geophysical anomalies, future work plans, and the potential of the Company’s projects, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include but are not limited to, exploration and development risks, unanticipated reclamation expenses, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability to properly and efficiently staff the Company’s operations, the sufficiency of working capital and funding for continued operations, title matters, First Nations relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors and strategic partners, governmental regulations and oversight, permitting, seasonality and weather, technological change, industry practices, uncertainties involved in the interpretation of drilling results and laboratory tests, and one-time events. The Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.

Contact: Alex Campbell

Phone: +1 (604) 689-7842

Email: info@fireweedmetals.com

The MIL Network –
May 9, 2025

MIL-OSI: VAALCO Energy, Inc. Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) (“Vaalco” or the “Company”) today reported operational and financial results for the first quarter of 2025.

First Quarter 2025 Highlights and Recent Key Items:

Reported net income of $7.7 million ($0.07 per diluted share), Adjusted Net Income of $6.3 million ($0.06 per diluted share) and Adjusted EBITDAX⁽¹⁾of $57.0 million;
Produced 17,764 net revenue interest (“NRI”)⁽²⁾barrels of oil equivalent per day (“BOEPD”), above the high end of guidance, or 22,402 working interest (“WI”)⁽³⁾BOEPD, toward the high end of guidance;
Sold 19,074 NRI BOEPD, toward the high end of guidance;
Entered into new reserves based revolving credit facility with an initial commitment of $190 million with the ability to grow to $300 million, secured against certain Vaalco assets;
Reduced full year capital expenditure guidance by about 10%, without impacting full year production or sales guidance;
Acquired 70% WI⁽³⁾in and will operate the CI-705 block in offshore Côte D’Ivoire;
Declared quarterly cash dividend of $0.0625 per share of common stock to be paid on June 27, 2025; and
Announced that it will host a Capital Markets Day presentation on Wednesday, May 14, 2025.

(1)	Adjusted EBITDAX, Adjusted Net Income, Adjusted Working Capital and Free Cash Flow are Non-GAAP financial measures and are described and reconciled to the closest GAAP measure in the attached table under “Non-GAAP Financial Measures.”
(2)	All NRI sales and production rates are Vaalco’s working interest volumes less royalty volumes, where applicable.
(3)	All WI production rates and volumes are Vaalco’s working interest volumes, where applicable.

George Maxwell, Vaalco’s Chief Executive Officer commented, “We delivered another successful quarter, once again meeting or exceeding our guidance. Sales for the first quarter were toward the high end of guidance and our NRI production was above the high end of guidance, leading to solid net income of $0.07 per diluted share and Adjusted EBITDAX of $57.0 million. We continue to execute our strategic vision, with multiple accomplishments achieved in the first quarter that lay the foundation for profitable growth in 2025 and beyond. We entered into a new credit facility that will supplement our internally generated cash flow and cash balance to assist in funding our robust organic growth projects. In Côte D’Ivoire, we commenced the FPSO refurbishment project and are preparing for a drilling campaign in 2026 to augment the production and economic life of the Baobab field. In Gabon, we are preparing for the 2025/2026 drilling program which is scheduled to begin in Q3 2025. While we are continuing with these two major projects, we have decided to reduce our capital expenditure budget for 2025 by about 10%. We are delaying discretionary capital spending and are deferring our capital program in Canada. We are doing all of this without impacting production or sales forecasts for 2025 due to the strong performance of our assets in Gabon and Egypt.”

“We believe that we are well positioned to fund the meaningful growth and opportunities that we have planned over the next few years which should lead to even greater growth and value for the remainder of the decade. We look forward to providing additional details at our Capital Markets Day next week describing our diversified asset portfolio and the upside that we believe is available to drive future organic growth.”

Operational Update

Egypt

The start of the 2024 drilling campaign was deferred until late 2024. In Q4 2024, we completed one well. In Q1 2025, we completed an additional five wells. Four of the five wells that were completed in Q1 2025 were brought online and had an average initial production rate for the first 30 days of approximately 135 barrels of oil per day (“BOPD”). The fifth well was brought online in early Q2 2025. In addition to all new wells successfully increasing production levels, new reserves and a new production zone were discovered in the Bakr formation. The Company is reviewing several options to improve flow as the reservoir contains heavier oil.

The Company continues to perform detailed technical reviews of its newly drilled and existing wells while also continuing to work on enhancing production through a series of planned workovers and recompletions.

Canada

In the first half of 2024, Vaalco drilled and completed four 2.75 mile lateral wells in Canada. These wells continue to meet production expectations and the Company is monitoring their longer-term performance for future drilling opportunities. In 2025, Vaalco has decided to defer the drilling of additional wells in Canada to reduce the Company’s overall capital expenditures.

Gabon

The Company secured a drilling rig in December 2024 in conjunction with its 2025/2026 drilling program, which is planned to begin in Q3 2025 to drill multiple development wells, and appraisal or exploration wells, as well as to perform workovers, with options to drill additional wells. Vaalco plans to drill the wells at both the Etame platform and at the Seent platform, and perform a re-drill and several workovers in the Ebouri field to access production and reserves that were previously shut in and removed from proved reserves due to the presence of hydrogen sulfide (“H₂S”).

In Q1 2025, Vaalco conducted an extended flow test on the Ebouri 4-H well to gather information on the H₂S concentrations at this location to aid in equipment design and to evaluate Vaalco’s chemical crude sweetening process. The well has flowed for over four months, and the H₂S concentration is within modeling expectations, demonstrating Vaalco’s ability to treat the oil. The well has provided additional production, with some additional operating costs associated with the chemical treatment, adding to the Company’s strong first quarter results.

Côte d’Ivoire

As part of the planned dry dock refurbishment, the Baobab Floating Production Storage and Offloading vessel (“FPSO”) ceased hydrocarbon production on January 31, 2025 and the final lifting of crude oil from the FPSO took place in February 2025. The vessel departed from the field in late March 2025 and is now currently under tow to the shipyard in Dubai for the refurbishment. Significant development drilling is expected to begin in 2026 after the FPSO is expected to return to service with potential meaningful additions to production from the main Baobab field in CI-40, as well as a potential future development of the Kossipo field, which is also on the license.

In March 2025, Vaalco announced that it had farmed into the CI-705 block offshore Côte d’Ivoire. Vaalco is the operator of the block with a 70% WI and a 100% paying interest through a commercial carry arrangement and is partnering with Ivory Coast Exploration Oil & Gas SAS and PETROCI. The CI-705 block is located in the prolific Tano basin and is approximately 70 kilometers (“km”) to the west of Vaalco’s CI-40 Block, where the Baobab and Kossipo oil fields are located, and 60 km west of ENI’s recent Calao discovery. Block CI-705 covers approximately 2,300 km² and is lightly explored with three wells drilled to date on the block. The water depth across the block ranges from zero to 2,500 meters. Vaalco has invested $3 million to acquire its interest in the new block, which it believes has significant prospectivity.

Financial Update – First Quarter of 2025

Vaalco reported net income of $7.7 million ($0.07 per diluted share) for Q1 2025, which was down 34% compared with net income of $11.7 million ($0.11 per diluted share) in Q4 2024 and up modestly compared to $7.7 million ($0.07 per diluted share) in Q1 2024. The decrease in earnings compared with Q4 2024 was driven by lower sales volume in Q1 2025 of 1,717 MBOE compared to a sales volume of 1,872 MBOE in Q4 2024 and higher production expense, partially offset by lower depreciation, depletion and amortization (“DD&A”) and lower income tax expense.

Adjusted EBITDAX totaled $57.0 million in Q1 2025, a 25% decrease from $76.2 million in Q4 2024. The decrease was primarily due to lower sales volumes and higher production expense. Adjusted EBITDAX was down 8% from $61.7 million generated in Q1 2024.

Quarterly Summary – Sales and Net Revenue
$ in thousands	Three Months Ended March 31, 2025														Three Months Ended December 31, 2024
	Gabon			Egypt			Canada			Côte d’Ivoire		Total			Gabon			Egypt			Canada			Côte d’Ivoire		Total
Oil Sales		59,864			57,656			5,325			18,042	$	140,887			54,172			59,010			6,685			28,045	$	147,912
NGL Sales		—			—			1,808			—		1,808			—			—			1,965			—		1,965
Gas Sales		—			—			636			—		636			—			—			421			—		421
Gross Sales		59,864			57,656			7,769			18,042		143,331			54,172			59,010			9,071			28,045		150,298

Selling Costs & Carried Interest		—			(149	)		(232	)		—		(381	)		450			(130	)		(319	)		—		1
Royalties & Taxes		(7,677	)		(23,587	)		(1,357	)		—		(32,621	)		(7,455	)		(19,899	)		(1,224	)		—		(28,578	)

Net Revenue		52,187			33,920			6,180			18,042		110,329			47,167			38,981			7,528			28,045		121,721

Oil Sales MMB (working interest)		757			920			80			238		1,995			733			923			99			379		2,134
Average Oil Price Received	$	79.09		$	62.49		$	66.17		$	75.87	$	70.61		$	73.92		$	63.92		$	67.68		$	73.90	$	69.30
Change													2	%
Average Brent Price												$	75.87													$	74.66
Change													2	%

Gas Sales MMCF (working interest)		—			—			413			—		413			—			—			431			—		431
Average Gas Price Received		—			—		$	1.54			—	$	1.54			—			—		$	0.98			—	$	0.98
Change													57	%
Average Aeco Price ($USD)		—			—		$	1.43			—	$	1.43			—			—		$	1.36			—	$	1.36
Change													5	%

NGL Sales MMB (working interest)		—			—			69			—		69			—			—			75			—		75
Average Liquids Price Received		—			—		$	26.39			—	$	26.39			—			—		$	26.22			—	$	26.22
Change													1	%


Revenue and Sales	Q1 2025		Q1 2024		% Change Q1 2025 vs. Q1 2024		Q4 2024		% Change Q1 2025 vs. Q4 2024
Production (NRI BOEPD)		17,764		16,848	5	%		20,775	(14	%)
Sales (NRI BOE)		1,717,000		1,490,000	15	%		1,872,000	(8	%)
Realized commodity price ($/BOE)	$	64.27	$	66.43	(3	%)	$	64.77	(1)%
Commodity (Per BOE including realized commodity derivatives)	$	64.34	$	66.41	(3	%)	$	64.48	—	%
Total commodity sales ($MM)	$	110.3	$	100.2	10	%	$	121.7	(9	%)

In Q1 2025, Vaalco had a net revenue decrease of $11.4 million or 9% compared to Q4 2024 as total NRI sales volumes of 1,717 MBOE was 8% lower than the Q4 2024 volumes of 1,872 MBOE but was 15% higher compared to 1,490 MBOE for Q1 2024, primarily due to production from the Cote d’Ivoire assets acquired in April 2024. Q1 2025 NRI sales were toward the high end of Vaalco’s guidance.

Costs and Expenses	Q1 2025			Q1 2024			% Change Q1 2025 vs. Q1 2024		Q4 2024			% Change Q1 2025 vs. Q4 2024
Production expense, excluding offshore workovers and stock comp ($MM)	$	44.7		$	32.1		39	%	$	36.5		23	%
Production expense, excluding offshore workovers ($/BOE)	$	26.08		$	21.58		21	%	$	19.52		34	%
Offshore workover expense ($MM)	$	—		$	(0.1	)	—	%	$	0.1		—	%
Depreciation, depletion and amortization ($MM)	$	30.3		$	25.8		17	%	$	37.0		(18	%)
Depreciation, depletion and amortization ($/BOE)	$	17.65		$	17.30		2	%	$	19.79		(11	%)
General and administrative expense, excluding stock-based compensation ($MM)	$	7.8		$	5.9		31	%	$	7.1		9	%
General and administrative expense, excluding stock-based compensation ($/BOE)	$	4.51		$	3.90		16	%	$	3.80		19	%
Stock-based compensation expense ($MM)	$	1.4		$	0.9		50	%	$	1.4		(3	%)
Current income tax expense (benefit) ($MM)	$	17.7		$	25.7		(31	%)	$	26.2		(32)%
Deferred income tax expense (benefit) ($MM)	$	(1.6	)	$	(3.4	)	(53	%)	$	(9.0	)	(82	%)

Total production expense (excluding offshore workovers and stock compensation) of $44.7 million in Q1 2025 increased by 23% compared to Q4 2024 and 39% compared to Q1 2024. The increase in Q1 2025 compared to Q1 2024 was primarily driven by higher expenses in Gabon related to government audit settlements of approximately $4.7 million (net to Vaalco), additional chemical costs associated with the H₂S treatment and to the increased sales associated with the purchase of the Côte d’Ivoire asset. The increase in Q1 2025 compared to Q4 2024 was driven by higher expenses in Gabon related to the government audit settlements and higher chemical costs.

DD&A expense for Q1 2025 was $30.3 million which was lower than $37.0 million in Q4 2024 and higher than $25.8 million in Q1 2024. The decrease in Q1 2025 DD&A expense compared to Q4 2024 is due primarily to the impact of the year end 2024 depletion adjustments based on the year end reserve reports. The increase in Q1 2025 DD&A expense compared to Q1 2024 is due to higher depletable costs in Côte d’Ivoire partially offset by lower depletable costs in Gabon, Egypt, and Canada.

General and administrative (“G&A”) expense, excluding stock-based compensation, increased slightly to $7.8 million in Q1 2025 from $7.1 million in Q4 2024 and increased from $5.9 million in Q1 2024. The increase in G&A expenses compared to Q1 2024 was primarily due to higher professional service fees, salaries and wages, and accounting and legal fees. Q1 2025 cash G&A was within the Company’s guidance.

Non-cash stock-based compensation expense was $1.4 million for Q1 2025 compared to $0.9 million for Q1 2024. Non-cash stock-based compensation expense for Q4 2024 was $1.4 million.

Other income (expense), net, was an expense of $2.4 million for Q1 2025, compared to an expense of $2.3 million during Q1 2024 and an expense of $9.7 million for Q4 2024. Other income (expense), net, normally consists of foreign currency losses and interest expense, net. Also in Q4 2024, the Company recorded a reduction in the bargain purchase gain of $6.4 million as a result of the change in fair value estimates of the net assets acquired in the Svenska acquisition.

Income tax expense (benefit) was an expense for Q1 2025 of $16.1 million and is comprised of current expense of $17.7 million and deferred tax benefit of $1.6 million. In Q1 2024, income tax expense was $22.3 million and is comprised of current expense of $25.7 million and deferred tax benefit of $3.4 million. Q4 2024 income tax expense was $17.2 million, and is comprised of current tax expense of $26.2 million and deferred tax benefit of $9.0 million.

Taxes paid by jurisdiction are as follows:

(in thousands)

Gabon

Egypt

Canada

Equatorial Guinea

Cote d’Ivoire

Corporate and Other

Total

Cash/In Kind Taxes Paid:

Three months ended March 31, 2025

30,253

6,953

—

790

—

37,996

Capital Investments/Balance Sheet

For the first quarter of 2025, net capital expenditures totaled $58.5 million on a cash basis and $51.3 million on an accrual basis. These expenditures were primarily related to costs associated with project costs and long lead items for Gabon and Côte d’Ivoire and the development drilling program in Egypt.

At the end of the first quarter of 2025, Vaalco had an unrestricted cash balance of $40.9 million. Working capital at March 31, 2025 was $23.2 million compared with $56.2 million at December 31, 2024, while Adjusted Working Capital at March 31, 2025 totaled $40.4 million.

In March 2025, Vaalco entered into a new reserves based revolving credit facility (the “new facility”) with an initial commitment of $190 million and the ability to grow to $300 million, led by The Standard Bank of South Africa Limited, Isle of Man Branch with other participating banks and financial partners. The new facility, which is subject to customary administrative conditional precedents, replaces the Company’s existing undrawn revolving credit facility that was provided by Glencore Energy UK Ltd. The Company arranged the new facility primarily to provide short-term funding that may be needed from time-to-time to supplement its internally generated cash flow and cash balance as it executes its planned investment programs across its diversified asset base over the next few years.

Quarterly Cash Dividend

Vaalco paid a quarterly cash dividend of $0.0625 per share of common stock for the first quarter of 2025 on March 28, 2025. The Company also recently announced its next quarterly cash dividend of $0.0625 per share of common stock for the second quarter of 2025 ($0.25 annualized), to be paid on June 27, 2025 to stockholders of record at the close of business on May 23, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Vaalco Board of Directors.

Hedging

The Company continued to opportunistically hedge a portion of its expected future production to lock in strong cash flow generation to assist in funding its capital and shareholder return programs.

The following includes hedges remaining in place as of the end of the first quarter of 2025:

Weighted Average Hedge Price ($/Bbl)

Settlement Period

Commodity

Type of Contract

Index

Average Volumes Hedged (Bbl)

Floor

Ceiling

April 2025 – June 2025

Oil

Collars

Dated Brent

70,000

65.00

81.00

July 2025 – September 2025

Oil

Collars

Dated Brent

60,000

65.00

80.00

Subsequent to March 31, 2025, the Company entered into the following additional derivative contracts to cover its future anticipated production:

Settlement Period		Commodity		Type of Contract		Index		Average Volumes Hedged (GJ)^(a)		Weighted Average Hedge Price (CAD/GJ)
May 2025 – October 2025		Natural Gas		Swap		AECO (7A)		114,000		$	2.15

a) One gigajoule (GJ) equals one billion joules (J). A gigajoule of natural gas is approximately 25.5 cubic meters standard conditions.

Settlement Period		Commodity		Type of Contract		Index		Average Volumes Hedged (Bbl)		Weighted Average Hedge Price ($/Bbl)
July 1, 2025 – July 31, 2025		Oil		Swap		Dated Brent		100,000		$	65.45

Capital Markets Day Presentation

Vaalco announced that it will host a Capital Markets Day presentation on Wednesday, May 14, 2025. The presentation will begin at 8 a.m. Central Time (2 p.m. London Time) and is expected to conclude around 10:00 a.m. Central Time. The agenda will include presentations by key members of management on Vaalco’s longer-term vision including growth across its diversified, multi-country asset base.

Participation in the Capital Markets Day is directed to Vaalco’s shareholders, buy side and sell side analysts, as well as large institutional investors and portfolio managers. The session will be web cast live along with related presentation materials through Vaalco’s web site at www.vaalco.com in the “Investors” section of the web site. A replay will be archived on the site shortly after the presentation concludes.

2025 Guidance:

The Company has provided second quarter 2025 guidance and updated its full year 2025 guidance. All of the quarterly and annual guidance is detailed in the tables below.

		FY 2025	Gabon	Egypt	Canada	Côte d’Ivoire
Production (BOEPD)	WI	19250 – 22310	7000 – 8300	9750 – 11100	2200 – 2600	300 – 310
Production (BOEPD)	NRI	14500 – 16710	6200 – 7100	6200 – 7200	1800 – 2100	300 – 310
Sales Volume (BOEPD)	WI	19850 – 22700	7300 – 8300	9750 – 11100	2200 – 2600	600 – 700
Sales Volume (BOEPD)	NRI	14900 – 17200	6300 – 7200	6200 – 7200	1800 – 2100	600 – 700
Production Expense (millions)	WI & NRI	$148.5 – $161.5 MM
Production Expense per BOE	WI	$18.00 – $21.50
Production Expense per BOE	NRI	$24.00 – $28.00
Offshore Workovers (millions)	WI & NRI	$0 – $10 MM
Cash G&A (millions)	WI & NRI	$25.0 – $31.0 MM
CAPEX excluding acquisitions (millions)	WI & NRI	$250 – $300 MM
DD&A ($/BOE)	NRI	$16.00 – $20.00

		Q2 2025	Gabon	Egypt	Canada	Côte d’Ivoire
Production (BOEPD)	WI	20000 – 22100	7800 – 8600	10100 – 11200	2100 – 2300	—
Production (BOEPD)	NRI	15400 – 16800	6800 – 7500	6900 – 7400	1700 – 1900	—
Sales Volume (BOEPD)	WI	22800 – 24900	10600 – 11400	10100 – 11200	2100 – 2300	—
Sales Volume (BOEPD)	NRI	17800 – 19300	9200 – 10000	6900 – 7400	1700 – 1900	—
Production Expense (millions)	WI & NRI	$39.5 – $48.0 MM
Production Expense per BOE	WI	$18.00 – $23.00
Production Expense per BOE	NRI	$23.00 – $29.00
Offshore Workovers (millions)	WI & NRI	$0 – $0 MM
Cash G&A (millions)	WI & NRI	$6.0 – $8.0 MM
CAPEX excluding acquisitions (millions)	WI & NRI	$65 – $85 MM
DD&A ($/BOE)	NRI	$16.00 – $20.00

Conference Call

As previously announced, the Company will hold a conference call to discuss its first quarter 2025 financial and operating results, Friday, May 9, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time and 3:00 p.m. London Time). Interested parties may participate by dialing (833) 685-0907. Parties in the United Kingdom may participate toll-free by dialing 08082389064 and other international parties may dial (412) 317-5741. Participants should request to be joined to the “Vaalco Energy First Quarter 2025 Conference Call.” This call will also be webcast on Vaalco’s website at www.vaalco.com. An archived audio replay will be available on Vaalco’s website.

A “Q1 2025 Supplemental Information” investor deck will be posted to Vaalco’s website prior to its conference call on May 9, 2025 that includes additional financial and operational information.

About Vaalco

Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria and Canada.

For Further Information

Vaalco Energy, Inc. (General and Investor Enquiries)	+00 1 713 543 3422
Website:	www.vaalco.com

Al Petrie Advisors (US Investor Relations)	+00 1 713 543 3422
Al Petrie / Chris Delange

Buchanan (UK Financial PR)	+44 (0) 207 466 5000
Ben Romney / Barry Archer	VAALCO@buchanan.uk.com

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws(collectively, “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements relating to (i) estimates of future drilling, production, sales and costs of acquiring crude oil, natural gas and natural gas liquids; (ii) expectations regarding Vaalco’s ability to effectively integrate assets and properties it has acquired as a result of the Svenska acquisition into its operations; (iii) expectations regarding future exploration and the development, growth and potential of Vaalco’s operations, project pipeline and investments, and schedule and anticipated benefits to be derived therefrom; (iv) expectations regarding future acquisitions, investments or divestitures; (v) expectations of future dividends; (vi) expectations of future balance sheet strength; and (vii) expectations of future equity and enterprise value.

Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the FPSO servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s most recent Annual Report on Form 10-K.

Dividends beyond the second quarter of 2025 have not yet been approved or declared by the Board of Directors for Vaalco. The declaration and payment of future dividends remains at the discretion of the Board and will be determined based on Vaalco’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, crude oil and natural gas prices, and other factors deemed relevant by the Board. The Board reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on Vaalco common stock, the Board may revise or terminate the payment level at any time without prior notice.

Any forward-looking statement made by Vaalco in this press release is based only on information currently available to Vaalco and speaks only as of the date on which it is made. Except as may be required by applicable securities laws, Vaalco undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Other Oil and Gas Advisories

Investors are cautioned when viewing BOEs in isolation. BOE conversion ratio 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 equivalencies described above, utilizing such equivalencies may be incomplete as an indication of value.

Inside Information

This announcement contains inside information as defined in Regulation (EU) No. 596/2014 on market abuse which is part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”) and is made in accordance with the Company’s obligations under article 17 of MAR. The person responsible for arranging the release of this announcement on behalf of Vaalco is Matthew Powers, Corporate Secretary of Vaalco.

VAALCO ENERGY, INC AND SUBSIDIARIES
Condensed Consolidated Balance Sheets

	As of March 31, 2025		As of December 31, 2024
	*(in thousands)*
ASSETS
Current assets:
Cash and cash equivalents	$	40,914	$	82,650
Receivables:
Trade, net of allowances for credit loss and other of $0.2 million and $0.2 million, respectively		120,252		94,778
Accounts with joint venture owners, net of allowance for credit losses of $1.8 million and $1.5 million, respectively		2,847		179
Egypt receivables and other		3,235		35,763
Other current assets		33,590		24,557
Total current assets		200,838		237,927
Crude oil, natural gas and NGLs properties and equipment, net		562,926		538,103
Other noncurrent assets:
Right of use operating lease assets		16,303		17,254
Right of use finance lease assets		78,862		79,849
Deferred tax assets		48,364		55,581
Other long-term assets		19,810		26,236
Total assets	$	927,103	$	954,950
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities	$	177,675	$	181,728
Asset retirement obligations		81,053		78,592
Operating lease liabilities – net of current portion		12,915		13,903
Finance lease liabilities – net of current portion		66,198		67,377
Deferred tax liabilities		85,168		93,904
Other long-term liabilities		—		17,863
Total liabilities		423,009		453,367
Total shareholders’ equity		504,094		501,583
Total liabilities and shareholders’ equity	$	927,103	$	954,950

VAALCO ENERGY, INC AND SUBSIDIARIES
Consolidated Statements of Operations

	Three Months Ended
	March 31, 2025			March 31, 2024			December 31, 2024
	(in thousands except per share amounts)
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	110,329		$	100,155		$	121,721
Operating costs and expenses:
Production expense		44,806			32,089			36,641
Exploration expense		—			48			—
Depreciation, depletion and amortization		30,305			25,824			37,047
Transaction costs related to acquisition		—			1,313			—
General and administrative expense		9,051			6,710			8,454
Credit losses and other		(27	)		1,812			1,082
Total operating costs and expenses		84,135			67,796			83,224
Other operating income, net		—			(166	)		10
Operating income		26,194			32,193			38,507
Other income (expense):
Derivative instruments gain (loss), net		(74	)		(847	)		(365	)
Interest expense, net		(1,295	)		(935	)		(1,092	)
Bargain purchase gain		—			—			(6,366	)
Other income (expense), net		(1,012	)		(487	)		(1,828	)
Total other income (expense), net		(2,381	)		(2,269	)		(9,651	)
Income before income taxes		23,813			29,924			28,856
Income tax expense		16,083			22,238			17,192
Net income	$	7,730		$	7,686		$	11,664
Other comprehensive income (loss):
Currency translation adjustments		117			(2,454	)		(5,975	)
Comprehensive income	$	7,847		$	5,232		$	5,689

Basic net income per share:
Net income per share	$	0.07		$	0.07		$	0.11
Basic weighted average shares outstanding		103,758			103,659			103,743
Diluted net income per share:
Net income per share	$	0.07		$	0.07		$	0.11
Diluted weighted average shares outstanding		103,785			104,541			103,812

VAALCO ENERGY, INC AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows

	Three Months Ended March 31,
		2025			2024
	*(in thousands)*
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	7,730		$	7,686
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		30,305			25,824
Exploration expense		146			—
Deferred taxes		(1,519	)		(3,441	)
Unrealized foreign exchange loss		1,673			(102	)
Stock-based compensation		1,475			898
Cash settlements paid on exercised stock appreciation rights		—			(154	)
Derivative instruments (gain) loss, net		74			847
Cash settlements paid on matured derivative contracts, net		123			(24	)
Cash settlements paid on asset retirement obligations		—			(29	)
Credit losses and other		(27	)		1,812
Other operating loss, net		—			166
Equipment and other expensed in operations		972			302
Change in operating assets and liabilities		(8,246	)		(11,953	)
Net cash provided by operating activities		32,706			21,832
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures		(58,527	)		(16,618	)
Acquisition of crude oil and natural gas properties		(247	)		—
Net cash used in investing activities		(58,774	)		(16,618	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuances of common stock		—			447
Dividend distribution		(6,570	)		(6,463	)
Treasury shares		(155	)		(6,344	)
Deferred financing costs		(5,118	)		—
Payments of finance lease		(2,943	)		(2,095	)
Net cash used in in financing activities		(14,786	)		(14,455	)
Effects of exchange rate changes on cash		27			(208	)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(40,827	)		(9,449	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD		97,726			129,178
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	56,899		$	119,729

VAALCO ENERGY, INC AND SUBSIDIARIES
Selected Financial and Operating Statistics
(Unaudited)

	Three Months Ended
	March 31, 2025	March 31, 2024	December 31, 2024
NRI SALES DATA
Crude oil, natural gas and natural gas liquids sales (MBOE)	1,717	1,490	1,872
Average daily sales volumes (BOE)	19,074	16,374	20,352

WI PRODUCTION DATA
Etame Crude oil (MBbl)	767	819	791
Gabon Average daily production volumes (BOEPD)	8,522	9,001	8,598

Egypt Crude oil (MBbl)	920	950	923
Egypt Average daily production volumes (BOEPD)	10,225	10,440	10,035

Canada Crude Oil (MBbl)	80	61	99
Canada Natural Gas (MMcf)	413	469	431
Canada Natural Gas Liquid (MBOE)	69	76	75
Canada Crude oil, natural gas and natural gas liquids (MBOE)	218	215	246
Canada Average daily production volumes (BOEPD)	2,420	2,363	2,669

Côte d’Ivoire Crude oil (MBbl)	111	—	368
Côte d’Ivoire Average daily production volumes (BOEPD)	1,235	—	3,997

Total Crude oil, natural gas and natural gas liquids production (MBOE)	2,016	1,984	2,328
Average daily production volumes (BOEPD)	22,402	21,804	25,300

NRI PRODUCTION DATA
Etame Crude oil (MBbl)	667	713	688
Gabon Average daily production volumes (BOEPD)	7,414	7,835	7,481

Egypt Crude oil (MBbl)	642	641	644
Egypt Average daily production volumes (BOEPD)	7,131	7,044	7,001

Canada Crude Oil (MBbl)	66	51	85
Canada Natural Gas (MMcf)	338	392	371
Canada Natural Gas Liquid (MBOE)	56	63	64
Canada Crude oil, natural gas and natural gas liquids (MBOE)	179	179	211
Canada Average daily production volumes (BOEPD)	1,984	1,971	2,296

Côte d’Ivoire Crude oil (MBbl)	111	—	368
Côte d’Ivoire Average daily production volumes (BOEPD)	1,235	—	3,997

Total Crude oil, natural gas and natural gas liquids production (MBOE)	1,599	1,533	1,911
Average daily production volumes (BOEPD)	17,764	16,850	20,775

AVERAGE SALES PRICES:
Crude oil, natural gas and natural gas liquids sales (per BOE) – WI basis	$	67.03	$	69.62	$	65.69
Crude oil, natural gas and natural gas liquids sales (per BOE) – NRI basis	$	64.27	$	66.43	$	64.77
Crude oil, natural gas and natural gas liquids sales (Per BOE including realized commodity derivatives) – NRI basis	$	64.34	$	66.41	$	64.48

COSTS AND EXPENSES (Per BOE of sales):
Production expense		26.10	$	21.54	$	19.57
Production expense, excluding offshore workovers and stock compensation*		26.05	$	21.56	$	19.49
Depreciation, depletion and amortization		17.65	$	17.33	$	19.79
General and administrative expense**		5.27	$	4.50	$	4.52
Property and equipment expenditures, cash basis (in thousands)	$	58,527	$	16,618	$	41,466

* Offshore workover costs excluded for the three months ended March 31, 2025 and 2024 and December 31, 2024 are $0.0 million, $(0.1) million and $0.1 million, respectively.
* Stock compensation associated with production expense excluded from the three months ended March 31, 2025 and 2024 and December 31, 2024 are immaterial.
** General and administrative expenses include $0.76, $0.58 and $0.72 per barrel of oil related to stock-based compensation expense in the three months ended March 31, 2025 and 2024 and December 31, 2024, respectively.

NON-GAAP FINANCIAL MEASURES

Management uses Adjusted Net Income to evaluate operating and financial performance and believes the measure is useful to investors because it eliminates the impact of certain non-cash and/or other items that management does not consider to be indicative of the Company’s performance from period to period. Management also believes this non-GAAP measure is useful to investors to evaluate and compare the Company’s operating and financial performance across periods, as well as to facilitate comparisons to others in the Company’s industry. Adjusted Net Income is a non-GAAP financial measure and as used herein represents net income, plus deferred income tax expense (benefit), unrealized derivative instrument loss (gain), bargain purchase gain on the Svenska Acquisition, FPSO demobilization, transaction costs related to the Svenska acquisition and non-cash and other items.

Adjusted EBITDAX is a supplemental non-GAAP financial measure used by Vaalco’s management and by external users of the Company’s financial statements, such as industry analysts, lenders, rating agencies, investors and others who follow the industry. Management believes the measure is useful to investors because it is as an indicator of the Company’s ability to internally fund exploration and development activities and to service or incur additional debt. Adjusted EBITDAX is a non-GAAP financial measure and as used herein represents net income, plus interest expense (income) net, income tax expense (benefit), depreciation, depletion and amortization, exploration expense, FPSO demobilization, non-cash and other items including stock compensation expense, bargain purchase gain on the Svenska Acquisition, other operating (income) expense, net, non-cash purchase price adjustment, transaction costs related to acquisition, credit losses and other and unrealized derivative instrument loss (gain).

Management uses Adjusted Working Capital as a transition tool to assess the working capital position of the Company’s continuing operations excluding leasing obligations because it eliminates the impact of discontinued operations as well as the impact of lease liabilities. Under the applicable lease accounting standards, lease liabilities related to assets used in joint operations include both the Company’s share of expenditures as well as the share of lease expenditures which its non-operator joint venture owners’ will be obligated to pay under joint operating agreements. Adjusted Working Capital is a non-GAAP financial measure and as used herein represents working capital excluding working capital attributable to discontinued operations and current liabilities associated with lease obligations.

Management uses Free Cash Flow to evaluate financial performance and to determine the total amount of cash over a specified period available to be used in connection with returning cash to shareholders, and believes the measure is useful to investors because it provides the total amount of net cash available for returning cash to shareholders by adding cash generated from operating activities, subtracting amounts used in financing and investing activities, effects of exchange rate changes on cash and adding back amounts used for dividend payments and stock repurchases. Free Cash Flow is a non-GAAP financial measure and as used herein represents net change in cash, cash equivalents and restricted cash and adds the amounts paid under dividend distributions and share repurchases over a specified period.

Free Cash Flow has significant limitations, including that it does not represent residual cash flows available for discretionary purposes and should not be used as a substitute for cash flow measures prepared in accordance with GAAP. Free Cash Flow should not be considered as a substitute for cashflows from operating activities before discontinued operations or any other liquidity measure presented in accordance with GAAP. Free Cash Flow may vary among other companies. Therefore, the Company’s Free Cash Flow may not be comparable to similarly titled measures used by other companies.

Adjusted EBITDAX and Adjusted Net Income have significant limitations, including that they do not reflect the Company’s cash requirements for capital expenditures, contractual commitments, working capital or debt service. Adjusted EBITDAX, Adjusted Net Income, Adjusted Working Capital and Free Cash Flow should not be considered as substitutes for net income (loss), operating income (loss), cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDAX and Adjusted Net Income exclude some, but not all, items that affect net income (loss) and operating income (loss), and the calculation of these measures may vary among other companies. Therefore, the Company’s Adjusted EBITDAX, Adjusted Net Income, Adjusted Working Capital and Free Cash Flow may not be comparable to similarly titled measures used by other companies.

The tables below reconcile the most directly comparable GAAP financial measures to Adjusted Net Income, Adjusted EBITDAX, Adjusted Working Capital and Free Cash Flow.

VAALCO ENERGY, INC AND SUBSIDIARIES
Reconciliations of Non-GAAP Financial Measures
(Unaudited)
(in thousands)

	Three Months Ended
Reconciliation of Net Income to Adjusted Net Income	March 31, 2025			March 31, 2024			December 31, 2024
Net income	$	7,730		$	7,686		$	11,664
Adjustment for discrete items:
Unrealized derivative instruments loss (gain)		198			823			96
Bargain purchase gain		—			—			6,366
Deferred income tax expense (benefit)		(1,610	)		(3,441	)		(11,781	)
Transaction costs related to acquisition		22			1,313			508
Other operating (income) expense, net		—			166			(10	)
Adjusted Net Income	$	6,340		$	6,547		$	6,843

Diluted Adjusted Net Income per Share	$	0.06		$	0.06		$	0.07
Diluted weighted average shares outstanding ⁽¹⁾		103,785			104,541			103,812

⁽¹⁾No adjustments to weighted average shares outstanding

	Three Months Ended
Reconciliation of Net Income to Adjusted EBITDAX	March 31, 2025			March 31, 2024		December 31, 2024
Net income	$	7,730		$	7,686	$	11,664
Add back:
Interest expense, net		1,295			935		1,092
Income tax expense		16,083			22,238		17,192
Depreciation, depletion and amortization		30,305			25,824		37,047
Exploration expense		—			48		—
Non-cash or unusual items:
Stock-based compensation		1,352			899		1,196
Unrealized derivative instruments loss		198			823		96
Bargain purchase gain		—			—		6,366
Other operating (income) expense, net		—			166		(10	)
Transaction costs related to acquisition		22			1,313		508
Credit losses and other		(27	)		1,812		1,082
Adjusted EBITDAX	$	56,958		$	61,744	$	76,233

VAALCO ENERGY, INC AND SUBSIDIARIES
Reconciliations of Non-GAAP Financial Measures
(Unaudited)
(in thousands)

Reconciliation of Working Capital to Adjusted Working Capital	March 31, 2025			December 31, 2024			Change
Current assets	$	200,838		$	237,927		$	(37,089	)
Current liabilities		(177,675	)		(181,728	)		4,053
Working capital		23,163			56,199			(33,036	)
Add: lease liabilities – current portion		17,249			16,895			354
Adjusted Working Capital	$	40,412		$	73,094		$	(32,682	)


	Three Months Ended March 31, 2025
Reconciliation of Free Cash Flow	(in thousands)
Net cash provided by Operating activities	$	32,706
Net cash used in Investing activities		(58,774	)
Net cash used in Financing activities		(14,786	)
Effects of exchange rate changes on cash		27
Total net cash change		(40,827	)

Add back shareholder cash out:
Dividends paid		6,570
Total cash returned to shareholders		6,570

Free Cash Flow	$	(34,257	)

The MIL Network –

May 9, 2025

MIL-OSI: Guardian Capital Group Limited (TSX: GCG; GCG.A) Announces 2025 First Quarter Operating Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 08, 2025 (GLOBE NEWSWIRE) —

All per share figures disclosed below are stated on a diluted basis.


For the three months ended March 31,	2025		2024
($ in thousands, except per share amounts)

Net revenue	$	95,161	$	62,497
Operating earnings		7,050		12,318
Net gains (losses)		(15,723)		12,737
Net earnings (loss)		(6,664)		21,441


EBITDA⁽¹⁾	$	15,920	$	18,906
Adjusted cash flow from operations⁽¹⁾		13,038		15,209


Attributable to shareholders:
Net earnings (loss)	$	(7,052)	$	21,167
EBITDA⁽¹⁾		15,255		18,333
Adjusted cash flow from operations⁽¹⁾		12,460		14,695
Per share, diluted:
Net earnings (loss)	$	(0.30)	$	0.86
EBITDA⁽¹⁾		0.65		0.75
Adjusted cash flow from operations⁽¹⁾		0.53		0.60


As at	2025		2024		2024
($ in millions, except per share amounts)	March 31		December 31		March 31


Total client assets	$	167,227	$	168,979	$	61,316
Shareholders’ equity		1,304		1,318		1,255
Securities, net		1,201		1,211		1,253

Per share amounts (diluted):
Shareholders’ equity⁽¹⁾	$	53.30	$	53.76	$	50.30
Securities, net⁽¹⁾		49.11		49.38		50.22

The Company is reporting Total Client Assets (which includes assets under management and advisement) of $167.2 billion as at March 31, 2025. This is a 1% decrease from $169.0 billion as at December 31, 2024, and a 172.7% increase from $61.3 billion as at March 31, 2024. The decline during the current quarter is largely due to net client outflows year-to-date, partially offset by positive market performance, while the significant increase year over year is largely the result of approximately $109 billion contributed by Sterling, which was acquired on July 2, 2024.

Net revenue for the current quarter was $95.2 million, compared to $62.5 million in the same quarter in the prior year, with $35.9 million being contributed by Sterling, which was partially offset by lower interest income.

Operating earnings and EBITDA⁽¹⁾ were $7.1 million and $15.9 million, respectively, for the quarter ended March 31, 2025, compared to $12.3 million and $18.9 million, respectively, in the same quarter in the prior year. Dampening the current quarter’s results were $4.6 million of costs, associated with the acquisition and integration of Sterling.

Net losses in the current quarter were $15.7 million, compared to Net gains of $12.7 million in the same quarter in the prior year, which largely reflect the changes in fair values of Guardian’s Securities portfolio.

Net losses attributable to shareholders were $7.1 million in the current quarter, compared to Net earnings of $21.2 million in the comparative period, resulting largely from the swing from Net gains to Net losses described above.

Adjusted cash flow from operations attributable to shareholders⁽¹⁾ for the current quarter was $12.5 million, compared to $14.7 million in the comparative period. The decrease of $2.2 million was due largely to decrease in Operating earnings as described above.

Shareholders’ equity as at March 31, 2025 was $1,304 million, or $53.30 per share⁽¹⁾, compared to $1,318 million, or $53.76 per share⁽¹⁾ as at December 31, 2024. Guardian’s Securities, net as at March 31, 2025 had a fair value of $1,201 million, or $49.11 per share⁽¹⁾, compared to $1,211 million, or $49.38 per share⁽¹⁾ as at December 31, 2024.

The Board of Directors is pleased to have declared a quarterly eligible dividend of $0.39 per share, payable on July 18, 2025, to shareholders of record on July 11, 2025.

The Company’s financial results for the past eight quarters are summarized in the following table.


	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023


As at ($ in millions)
Total client assets	$	167,227	$	168,979	$	165,061	$	58,628	$	61,316	$	58,774	$	56,215	$	56,527

For the three months ended ($ in thousands)
Net revenue	$	95,161	$	98,614	$	98,128	$	64,164	$	62,497	$	62,245	$	62,611	$	61,833
Operating earnings		7,050		7,385		4,790		14,333		12,318		13,097		18,474		17,038
Net gains (losses)		(15,723)		64,476		39,392		(39,161)		12,737		60,747		(17,358)		(3,736)
Net earnings (losses)		(6,664)		63,231		39,658		(22,730)		21,441		68,048		(2,270)		11,532
Net earnings (loss) attributable to shareholders		(7,052)		62,849		39,222		(23,137)		21,167		67,087		(2,506)		11,145


Per share amounts (in $)
Net earnings (loss) attributable to shareholders:
Basic	$	(0.30)	$	2.72	$	1.69	$	(0.99)	$	0.90	$	2.85	$	(0.11)	$	0.47
Diluted		(0.30)		2.58		1.60		(0.99)		0.86		2.68		(0.11)		0.45

Dividends paid	$	0.37	$	0.37	$	0.37	$	0.37	$	0.34	$	0.34	$	0.34	$	0.34


As at
Shareholders’ equity($ in millions)	$	1,304	$	1,318	$	1,245	$	1,223	$	1,255	$	1,241	$	1,201	$	1,213
Per share amounts(in $)
Basic	$	55.94	$	56.54	$	53.73	$	52.59	$	53.69	$	52.87	$	50.90	$	51.11
Diluted		53.30		53.76		50.38		49.34		50.30		49.39		47.54		47.63

Total Class A and Common shares outstanding(shares in thousands)		24,647		24,647		24,867		24,959		25,136		25,230		25,408		25,609

Guardian Capital Group Limited (Guardian) is a global investment management company servicing institutional, retail and private clients through its subsidiaries. It also manages a proprietary portfolio of securities. Founded in 1962, Guardian’s reputation for steady growth, long-term relationships and its core values of trustworthiness, integrity and stability have been key to its success over six decades. Its Common and Class A shares are listed on the Toronto Stock Exchange as GCG and GCG.A, respectively. To learn more about Guardian, visit www.guardiancapital.com.

For further information, contact:

Donald Yi	George Mavroudis
Chief Financial Officer	President and Chief Executive Officer
(416) 350-3136	(416) 364-8341

Investor Relations: investorrelations@guardiancapital.com.

Caution Concerning Forward-Looking Information

Certain information included in this press release constitutes forward-looking information within the meaning of applicable Canadian securities laws. All information other than statements of historical fact may be forward-looking information. Forward-looking information is often, but not always, identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events or the negative thereof. Forward-looking information in this press release includes, but is not limited to, statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations. Such forward-looking information reflects management’s beliefs and is based on information currently available. All forward-looking information in this press release is qualified by the following cautionary statements.

Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves known and unknown risks and uncertainties which may cause Guardian’s actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially include but are not limited to: general economic and market conditions, including interest rates, business competition, changes in government regulations, tax laws or tariffs, the duration and severity of pandemics, natural disasters, military conflicts in various parts of the world, as well as those risk factors discussed or referred to in the risk factors section and the other disclosure documents filed by the Company with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca. The reader is cautioned to consider these factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information, as there can be no assurance that actual results will be consistent with such forward-looking information.

The forward-looking information included in this press release is made as of the date of this press release and should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

(1) Non IFRS Measures
The Company’s management uses EBITDA, EBITDA attributable to shareholders, including the per share amount, Adjusted cash flows from operations, Adjusted cash flow from operations attributable to shareholders, including the per share amount, Shareholders’ equity per share and Securities per share to evaluate and assess the performance of its business. These measures do not have standardized measures under International Financial Reporting Standards (“IFRS”), and are therefore unlikely to be comparable to similar measures presented by other companies. However, management believes that most shareholders, creditors, other stakeholders and investment analysts prefer to include the use of these measures in analyzing the Company’s results. The Company defines EBITDA as net earnings before interest, income taxes, amortization, and stock-based compensation expenses, net gains or losses and net earnings from discontinued operations. EBITDA attributable shareholders as EBITDA less the amounts attributable to non-controlling interests. The Company defines Adjusted cash flow from operations as net cash from operating activities, net of changes in non-cash working capital items and cash flow from discontinued operations. Adjusted cash flow from operations attributable to shareholders as Adjusted cash flow from operations less the amounts attributable to non-controlling interests. A reconciliation between these measures and the most comparable IFRS measures are as follows:


For the three months ended March 31, ($ in thousands)	2024		2023

Net earnings (loss)	$	(6,664)	$	21,441
Add (deduct):
Income tax expense (recovery)		(2,009)		3,614
Net gains		15,723		(12,737)
Stock-based compensation		1,021		866
Interest expense		2,150		2,449
Amortization		5,699		3,273
EBITDA		15,920		18,906
Less attributable to non-controlling interests		(665)		(573)
EBITDA attributable to shareholders	$	15,255	$	18,333


For the three months ended March 31, ($ in thousands)	2024		2023

Net cash from operating activities	$	(46,073)	$	(8,407)
Add (deduct):
Net change in non-cash working capital items		59,111		23,616
Adjusted cash flow from operations		13,038		15,209
Less attributable to non-controlling interests		(578)		(514)
Adjusted cash flow from operations attributable to shareholders	$	12,460	$	14,695

The per share amounts for EBITDA attributable to shareholders, Adjusted cash flow from operations attributable to shareholders and Shareholders’ equity are calculated by dividing the amounts by diluted shares, which is calculated in a manner similar to net earnings attributable to shareholders per share.

Securities, net and Securities, net per share
Securities, net and Securities, net per share are used by management to indicate the value available to shareholders created by the Company’s investment in securities, without the netting of debt or deferred income taxes associated with the unrealized gains. The most comparable IFRS measures are “Securities” & “Securities sold short”, which are disclosed in the Company’s Consolidated Balance Sheet. Securities, net defined as the net sum of Securities and Securities sold short. The per share amount is calculated by dividing the amounts by diluted shares, which is calculated in a manner similar to net earnings attributable to shareholders per share..

More detailed descriptions of these non-IFRS measures are provided in the Company’s Management’s Discussion and Analysis.

The MIL Network –

May 9, 2025

Category: Canada

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