Category: Canada

  • MIL-OSI: Amex Exploration to Present at the Metals & Mining Virtual Investor Conference May 6th

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, May 02, 2025 (GLOBE NEWSWIRE) — Amex Exploration Inc. ((TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF)), based in Quebec, Canada, focused on the development and expansion of their high-grade gold Perron Project, today announced that Victor Cantore, President and CEO, will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com, on May 6th

    DATE: May 6th
    TIME: 11:30 am ET
    LINK: REGISTER HERE
    Available for 1×1 meetings: May 6 to 9th

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

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

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

    Recent Company Highlights

    • Amex Awards Environmental Baseline Study Contract to Norda Stelo
    • Amex Exploration Completes Acquisition of Perron West Project
    • Amex Expands Central Polymetallic Zone – Drills 39.06 g/t Au, 331.92 g/t Ag, 1.14% Cu, 3.38% Zn, and 2.35% Pb over 1.30 m
    • Amex to Acquire Strategic Perron West Property – Forms District Scale Land Package at Perron
    • Amex Hunts for More High-Grade Gold at Perron – Outlines 2025 Expansion and Regional Drill Programs


    About Amex

    Amex Exploration Inc. has made significant high-grade gold discoveries, along with copper-rich volcanogenic massive sulphide (VMS) zones, at its 100%-owned Perron Gold Project, located approximately 110 kilometres north of Rouyn-Noranda, Quebec. The project comprises 117 contiguous claims (45.18 km²) and hosts both bulk-tonnage and high-grade gold mineralization styles.

    When combined with the adjacent Perron West Project-which includes 48 claims (17.37 km²) in Quebec and 35 claims (134.55 km²) in Ontario-the consolidated land package spans a district-scale 197.52 km². This extensive property lies within highly prospective geology favourable for both high-grade gold and VMS mineralization.

    The project benefits from excellent infrastructure: it is accessible by a year-round road, located just 20 minutes from an airport, and approximately 8 km from the town of Normétal. It is also in close proximity to several milling operations owned by major gold producers.

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

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

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

    The MIL Network

  • MIL-OSI Canada: Premier’s statement on Day of Remembrance for tragedy at Lapu Lapu Day Festival

    Source: Government of Canada regional news

    Premier David Eby has issued the following statement marking the Provincial Day of Remembrance and Mourning for the Victims of the Tragedy at the Lapu Lapu Day Festival:

    “The Province of British Columbia has declared today, Friday, May 2, 2025, to be an official day of remembrance and mourning for the victims of the murderous attack at Lapu Lapu Day in Vancouver.

    “On Saturday, April 26, 2025, a joyous festival in celebration of Filipino culture and history ended with a senseless attack that left 11 dead, many injured and many more traumatized. People around the world join us in mourning the lives lost and the awful toll resulting from the act of a single man.

    “On this day of remembrance, people in British Columbia can come together to grieve those we have lost, to offer comfort to those recovering from injuries and to support witnesses whose lives will never be the same after seeing this shocking attack.

    “As premier, I extend my deepest and most heartfelt condolences to all those who have lost a loved one. To those injured physically and mentally, I extend my sympathies and my wishes for a full and speedy recovery.

    “I offer my deep appreciation to the police, the paramedics and those working at hospitals for their dedicated service at a trying time and thank the members of the public who stepped up to help at a terrible, chaotic scene by offering first aid and comfort. I commend those who held the perpetrator and de-escalated a tense scene until police arrived.

    “To everyone suffering: Your pain is our pain. Your loss is our loss. We stand with you. We can all find strength in the silent vigils, the religious services and the outpouring of support throughout our province and throughout the world. What we have been witnessing in defiance of this senseless attack is Bayanihan, the unconquerable Filipino spirit of unity and co-operation.

    “It is difficult for anyone in British Columbia to not have been touched in some way by a member of the Filipino Canadian community. You cannot visit a school, a daycare, a clinic, a hospital or a long-term care facility in our province and not meet a member of this community. Filipino Canadians have a well-earned reputation as a giving community. Now, it is our turn to give back. To offer care. To offer solace. To offer hugs and support. To take steps to ensure such an atrocity never happens again.

    “This attack will not stop the people of Vancouver and British Columbia from gathering. We will continue to celebrate our rich cultures, religions and heritages. These festivals are highlights of life in our multicultural province and a deep expression of who we are.

    “On this day, as in coming days, we stand in solidarity with a grieving community. I know this community and our province will emerge from this horrific event stronger than ever.”

    Those wishing to express their sympathies can do so through an online condolence book:
    https://submit.digital.gov.bc.ca/app/form/submit?f=f4944988-5402-45a8-bb9c-7b2a95f928d9

    MIL OSI Canada News

  • MIL-OSI Canada: The CBSA reminds private boaters of reporting requirements

    Source: Government of Canada News

    May 2, 2025
    Ottawa, Ontario

    With boating season fast approaching, the Canada Border Services Agency (CBSA) reminds all private boaters of their entry and reporting obligations when navigating Canadian waters or entering Canada by boat. Understanding the reporting requirements will help keep our borders secured and ensure an enjoyable season on the water.

    Tips for boaters entering Canada:

    • Know before you go. Before lifting anchor, be sure to review the CBSA’s Reporting requirements for private boaters. All travellers entering Canada by boat must report to the CBSA without delay. Requirements vary depending on your itinerary, your nationality and number of passengers onboard.
    • Making stops along the way? If you enter Canadian waters for a day and make no stops before leaving Canadian waters, you are not required to present yourself to CBSA. However you must report to the CBSA, if you:
      • land on Canadian soil
      • anchor, moor or come alongside another boat while in Canadian waters
      • disembark or embark people or goods in Canada
    • If you are a foreign national, you must be admissible under the Immigration and Refugee Protection Act.
    • All passengers onboard, regardless of their nationality, should have acceptable identification, such as a passport, CANPASS authorization or NEXUS card.
    • Canadian boaters returning to Canada: If you leave and re-enter Canadian waters, you are not required to present yourself and report your goods to the CBSA if you:
      • did not land outside Canada and did not anchor, moor or make contact with another conveyance while outside of Canadian waters
      • did not embark or disembark any people or goods while outside Canada
    • Surtaxes on certain US goods. If you’ve purchased goods in the U.S. and are bringing them into Canada, you may have to pay a 25% surtax in addition to regular duties and taxes. The lists of these products are on the Department of Finance website: products surtaxed as of March 4 and as of March 13. For residents of Canada, this surtax applies only to goods exceeding your personal exemptions limit. Visit the CBSA website for more details on how these surtaxes apply at the border.
    • Where do I declare? Most private boaters have two ways to report to the CBSA:
    • Exceptionally, private vessels carrying 30 or more passengers must seek clearance at a designated marine reporting site, and in writing, to advise the local CBSA office of the intention to clear at least 72 hours before arrival.
    • Failure to report to the CBSA, even if it is to refuel, may result in detention, seizure or forfeiture of the boat and/or monetary penalties. The minimum fine for failing to report to the CBSA upon entry to Canada is $1,000.
    • Know what’s onboard. Restricted and prohibited goods include, but are not limited to, firearms and ammunition and weapons; food, plants, animals and related products; explosives and fireworks. You must report these goods to the CBSA and obtain the necessary permits, even if the goods meet the conditions for a reporting exception.
    • Planning to fish in Canadian waters? You can bring your tackle box, but some fishing bait is not permitted to be brought into Canada for personal use and may be seized at the border.
    • If you’re bringing your own boat into Canada, make sure to clean, drain, and dry it before you arrive, otherwise, it may not be permitted entry into Canada until it is fully decontaminated. Learn more on decontamination : Import Prohibitions and Requirements for Commercial Importers of Aquatic Species and for Travellers Under the Aquatic Invasive Species Regulations.
    • Cannabis: Don’t bring it in. Don’t take it out. Bringing cannabis across the border in any form, including oils containing tetrahydrocannabinol (THC) or cannabidiol (CBD), without a permit or exemption authorized by Health Canada is a serious criminal offence, despite the legalization of cannabis in Canada. A medical prescription from a doctor does not count as Health Canada authorization.
    • NEXUS members can call the NEXUS Telephone Reporting Centre at 1-866-99-NEXUS. For more information on NEXUS reporting procedures, visit How to use NEXUS to enter Canada.

    MIL OSI Canada News

  • MIL-OSI Security: Lansdowne Station — Missing children: Help the RCMP find Lily Sullivan and Jack Sullivan

    Source: Royal Canadian Mounted Police

    Pictou County District RCMP is asking for the public’s assistance in locating six-year-old Lily Sullivan and four-year-old Jack Sullivan. They were last seen this morning, May 2, on Gairloch Rd. in Lansdown Station, Pictou County.

    Lily Sullivan has shoulder-length light brown hair with bangs. She might be wearing a pink sweater, pink pants, and pink boots.

    Jack Sullivan has short blondish hair. He’s wearing blue dinosaur boots. No other clothing description is available.

    We ask that people spread the word through social media respectfully.

    Anyone with information on the whereabouts of Lily Sullivan and Jack Sullivan is asked to contact Pictou County District RCMP at 902-485-4333. To remain anonymous, call Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

    MIL Security OSI

  • MIL-OSI Canada: Friday, May 2, 2025

    Source: Government of Canada – Prime Minister

    Ottawa, Ontario

    11:00 a.m. The Prime Minister will outline the new government’s priorities at a media availability and take questions from the press.

    Room 325 
    National Press Theatre
    180 Wellington Street

    Notes for media:

    MIL OSI Canada News

  • MIL-OSI Europe: The Atlantic Council hosted French Minister for Europe and Foreign Affairs Jean-Noël Barrot on Europe and the new world order.

    Source: France-Diplomatie – Ministry of Foreign Affairs and International Development

    Frederick Kempe: Good afternoon to those joining us in our headquarters, our relatively new global headquarters here in Washington today. Good evening to those watching online from Europe and the globe, to everyone joining us from throughout the world. My name is Frederick Kempe. I’m President and CEO of the Atlantic Council, and I’m delighted to welcome you to Atlantic Council Front Days. This is our premier platform for global leaders. And it’s an honor to host today the Minister for Europe and Foreign Affairs of the French Republic, Jean-Noël Barrot. Today’s discussion turns our attention to one of the most enduring and consequential bilateral relationships in U.S. history.

    In the nearly two and a half centuries since France became the first country to formalize diplomatic relations with the newly born United States. Next year, Mr. Minister, is the anniversary of the revolution here. France became the first country to formalize diplomatic relations with the newly born United States. Since that time, this pillar of the transatlantic relationship has seen moments of triumph and moments of trial. From Lafayette and Washington to the beaches of Normandy, the United States, and France have forged partnership unlike any other based on common values in history. However, this relationship goes beyond just sentiment. At each major inflection point in recent history, our countries have stood together, not just because of friendship, but because of shared interests. And now, facing a war on European soil, basing an unfolding trade war, potentially rapidly evolving technological disruptions, and more, the United States and France must consider how to recalibrate and perhaps how to reinvent its partnership and the broader Atlantic alliance with it in order to achieve our common goals of security, prosperity, and freedom.

    As we think through how best to address these challenges, we are delighted to welcome Minister Barrot for today’s event and on the occasion of his first visit to the United States in his current role. The Minister has held numerous positions in the French government, including most recently Minister Delegate for Europe and then Minister Delegate for Digital Affairs, making him well-placed to share the French perspective on the political dynamics at the EU level as well as critical issues of digital and tech policy, and it may help in these times also to be a policy. Minister, welcome to the Atlantic Council. Before we begin let me just say to our audience that we will be taking questions. First, the Minister will make some opening comments Then I will join him on the stage and ask a few questions and then turn to the audience for questions. For those in person, we’ll have a microphone to pass around. For those online, please go to askac.org, askac.org to send your question in virtually. Minister Barrot, it’s always a pleasure to have someone speak at the end of meetings in Washington instead of the beginning of the meetings in Washington. So we look very much forward to your attention.

    Jean-Noël Barrot : Thank you very much, Mr. President. Hello, everyone. One week from now, on May 8th, we mark an important anniversary, the 80th anniversary of the end of World War II in Europe. This was the starting point of an extraordinary endeavor, a formidable building, a building of rule-based international order, a building of multilateralism. Who was the architect of this formidable building? Well, the architect of this building were the United States of America. They did not do this out of charity. They did this as out of enlightened self-interest. They collected substantial dividends from multilateralism throughout the eight decades that have just passed by. The dividends of multilateralism. Think about security. Thanks to the nonproliferation treaty, we collectively have avoided a raise to the nuclear bomb that would have caused so much instability and raised the cost of defense for all our countries.

    NATO has allowed the US, alongside its European partners, to ensure security in the North Atlantic, but also to offer major investment opportunities for its defense industry. Think about trade. WTO has allowed the US economy to grow, has allowed US services to thrive, digital services, financial services around the world. Think about currency. The Bretton Woods framework has made the dollar a global reserve currency. What does it mean to be a global reserve currency? It means that everyone wants to hold it. So that the yields on your treasury bonds are the lowest on earth. And even more than that, when there is a crisis, even when there is a crisis in the US, people rush to buy your treasury bonds, and the cost of borrowing goes down. This exorbitant privilege, as a French president coined it, is part of the dividends of multilateralism that the US brought to the world and that they also benefited from.

    This formidable building, the building of multilateralism, was designed 80 years ago for a unipolar world, where a benevolent hegemon, the United States of America, was the guarantor of rule-based international order. A world in which US leadership was unchallenged, untested. But eight years later, indeed, the world has changed. It has become multipolar, US leadership is challenged, And sometimes multilateralism seems powerless or unfit for power. And therefore, and gradually, a temptation arises for the US to perhaps let go of multilateralism, quit multilateralism, to pull back, to restrain it. This is our choice that belongs to the American people. But this would be a major shift, a major shift for the US, who would not be able to collect the dividends of multilateralism any longer, a major shift for the world, because the multilateralism will survive whether or not the US quits multilateralism. And so someone will fill the void starting with China, which was already getting ready to step up and to become the new hegemon of this new era of multilateralism, in the case where the US would decide to let them play this role.

    Now there is another route, there is an alternative route. Rather than quitting multilateralism, reshaping it, adjusting it, making it fit for the 21st century. The first step, and this is a difficult step, is accepting to share the power. in order not to lose it altogether. This means reforming the UN and its Security Council, reforming the financial infrastructure to make space for big emerging countries and share the burden with them, but also hold them responsible because they have part of the burden to share in handling the global issues and challenges. The second step when building multilateral for a multipolar world is to be ready to build coalitions of the willing to overcome obstruction in multilateral forum like the UN Security Council when they arise. It’s not because something won’t happen at the UN, at the IMF, or the World Bank, that you cannot design a coalition of the willing with willing and able countries in order to overcome this obstruction. This is the new era of multilateralism. This is the route that Europe is willing to take and that Europe is hoping to take alongside the United States of America.

    One week from now, we’ll celebrate another anniversary, not on May 8th, but on May 9th, the 75th anniversary of the birth of Europe. On May 9th of 1950, my distant predecessor, Robert Schuman, woke up in a country, France, that was five years past World War II, where tensions were rising with the neighbor and rival, Germany. Germany was recovering from the war faster than France was. And so what was the tendency in Paris on that day, in that year? Well, the tendency was protectionism, was raising tariffs, raising barriers to prevent Germans from thriving and fully recovered. And so Robert Schuman, as he was heading to the Council of Ministers, he had this crazy idea in mind to put in common steel and coal across France and Germany, swimming against the tide to favor cooperation over confrontation. At the Council of Ministers, he barely mentioned his initiative for his prime minister not to prevent him from announcing it. And at 6 p.m., in a one-minute and 30-second speech, he made this unilateral offer to create the European steel and coal community and make the foundation of a multilateral, cooperative European Union. So you see, when times are hard, and when the tendency is to restrain, pull back, raise barriers, Those visionary men that brought us prosperity and that brought us peace in the European continent, they swung against the tide and offered innovative models for cooperation. So let us find inspiration in the great work of these visionary people. Thank you very much.

    Frederick Kempe : I feel that was a very important statement and I’m gonna start with that. You see by the audience and standing room only that there was a lot of interest in this conversation and what you had to say : 75th anniversary of the birth of Europe, the 80th anniversary of the E.A., all next weekend, we’re calling attention to that. And it seemed really to be a call to your American allies and to the current administration to stay the course on multilateralism and transatlantic engagement, et cetera. So, A, do you intend to do that? And it’s no accident that no one in this audience who’s following the news, everyone knows that there are doubts right now in the transatlantic stream. Not all of them do I share, but I just wonder if you could give us a little bit more of the context of your statement.

    Jean-Noël Barrot : Well, we deeply care about the world-based international model of multilateralism. So I spent two days in New York at the Security Council as we were wrapping up our presence. You know, 15 members of the Security Council, they get one month’s presidency every 15 months. And so we try and make the most of your months-long presence. And to give you a sense of what our commitment is, I am, we are very committed to the three fundamental missions of the United Nations, peace and security, human rights, sustainable development. That’s why we had three bottom security meetings, Ukraine, Middle East, but also non-proliferation, in a closed-door Security Council meeting that was on proliferation. that was first convened in 15 years, or last convened in 15 years, 15 years ago. On human rights, we brought together, mentioning coalitions of the wing, international humanitarian law is under attack, let’s say. And we brought together countries from all around the world, east, south, west, and north, in a coalition of the willing to support politically and better implement in practice the rules of international humanitarian law. And then third, on sustainable development, we took this opportunity to bring together the countries that are the most committed, like we are, to the preservation of oceans, 40 days ahead of the third United Nations Conference on Oceans that will take place in Nice, south of France, and that is aimed to be the equivalent for ocean as what the Paris Accord has been for carbon emissions. So we’re very ambitious with this event as many countries as possible to rally some of the key deliverables of these countries. And so I decided I would spend some time at the UN talking about that.

    So we think this is the right way to go, adjusting multilateralism to make it more efficient in the multi-border world that we’re living in. And I hear that the new leadership in the US is considering what its course of action is going to be. And I think amongst friends that are actually oldest friends, we owe each other an honest discussion on what we see our common interest to be. And I think that was the sense of my introductory remarks. Thank you so much.

    Frederick Kempe : And I think you’ve seen a signal of commitment today, I think, toward the United Nations with the nomination of National Security Advisor Mike Walz to be the UN ambassador, so also an interesting piece of news. Speaking of news, you have had meetings here. We do have media, French, US, other here, and I wonder whether you could tell us your perspective on what do you take away from the conversations, Secretary Rubio, others, anything specific that we can take away from that? And then in that context, as you’re looking at what your greatest challenges are, what were the priorities in your conversations with U.S. leadership?

    Jean-Noël Barrot : Well, I mentioned the 9th of May and 75th anniversary of this declaration by Robert Truman. This year will be Ukraine, because I think a very important, significant chunk of our future, and I’m not talking about the future of Europeans only, depends on how this war of aggression is going to end. So we’ll be with my fellow European ministers of foreign affairs there to express our support to Ukraine and our willingness for this war to end in accordance with the UN Charter international rule. So that was clearly an important topic that I discussed with the US leadership at the State Department as well as Capitol Hill. But we also discussed Middle East, where France and the US have been leading the efforts to put an end to the war that was basically destroying Lebanon eight months ago. We managed to broker a ceasefire five months ago to monitor the ceasefire through a joint mechanism. We managed to bring the conditions for the end of the political crisis with the election of President Joseph Aoun. that then appointed the government, that is now at work trying to implement reforms that are long due in Lebanon. And we want to do the same thing, same food for cooperation in Syria, where this, after overturning the dictatorship of Bashar al-Assad, there is an opportunity to build a strong sovereign country that will be a source of stability rather than instability for the region. I cannot let aside Gaza and the Israel-Palestinian conflict, where again, we converge on the necessity to bring back stability and peace to the region. We have praised the Arab accord logic, and we’re working in the same direction, bringing peace to the region. Muslim and Arabic countries in the region and Israel towards security architecture that would ensure the security of all peace and stability. We also discussed Africa, where the U.S. made a breakthrough in handling or in sort of moving towards a cessation of hostilities in the Great Lakes regions in the east of the Democratic Republic of Congo, where the second worst humanitarian crisis is happening right now. This is good. And after they were received or they were hosted by the Department of State, a few days ago, the DRC and Rwanda gathered in Qatar with France and with the United States. So as you can see, some of the major, major issues, major crises. France and the U.S. are working together in order to find the right solution. Sometimes it isn’t we. Sometimes we don’t start from the same point, but look at Lebanon. It’s because of our complementarity, because of different history in the region, because of the different nature of our partnership, relationship, friendship with the stakeholders of that crisis that we were able.

    Frederick Kempe : Thank you for that answer. Let’s start with Ukraine. News yesterday about critical minerals deal with Ukraine almost more interested in the political side of this than the economic side of this. Talking to Ukrainian officials over the last few months, they’ve been concerned that the U.S. gone more from being an actual partner of Ukraine in trying to counter Russian threat and the Russian attack, and more of an arbitrator, more of a moderator. This critical mineral deal, if you read the language of it, suggests a little bit of a change of direction. And I just wonder, and that is an area where France and the U.S. have not always been entirely singing from the same song sheet. What did you hear during your trip there? How do you assess this new agreement and its political meaning?

    Jean-Noël Barrot : Well, I think it’s a very good agreement. I think it’s a very good agreement for Ukraine and also for the U.S. But I also think that it tells us something very important about what’s happening right now. Let’s go back to the Oval Office when President Zelensky was there. What was the expectation by President Trump with respect to Ukraine? Well, actually, there were two expectations. Ceasefire and sign of a new deal. Since then, on March 9, in Jeddah, Saudi Arabia, Ukraine accepted a comprehensive ceasefire. And yesterday night, they agreed to a mineral deal with the United States of America. They’ve done their part of the job. They’ve walked their part of the talk. But in the meantime, we haven’t seen Vladimir Putin send any signal, any sign of his willingness to comply with the requests of President Trump, to the very contrary. So let’s face it, right now, the main obstacle to peace is Vladimir Putin. So what I found very interesting in my meetings here in Washington is the efforts, the commendable efforts by Senator Lindsey Graham, who put together a massive package of sanctions that he collected bipartisan support for, with almost 70 senators now signing the bill which is aimed at threatening Russia into accepting a ceasefire, or else those sanctions will apply. And here again, we agree that we will try to coordinate because we, Europeans, are in the process of putting together the 17th sanction package that we are going to try, on substance and timing, to coordinate with Senator Graham’s own package. That was, perhaps, a bit of a long answer. But in summary, it’s good news that this deal was struck. It’s good news that the US, and I heard Secretary Besant express what he had in mind, the US was considering deep economic cooperation with Ukraine. It goes in the right direction. It’s the right course that they should, that should be taken.

    Frederick Kempe : And Secretary Bessent also said this is meant to be a signal to Putin. You see this as well.

    Jean-Noël Barrot : Yeah, put together this deal. The package by Lindsey Graham, who last time I checked is not a political adversary of President Trump, as well as the pressure that Europe is building up on Russia. And you get, the sense of the variant, it’s now basically Putin’s fault if we don’t yet have a ceasefire in the world.

    Frederick Kempe : So in recent discussions with US envoy Steve Witkoff, what divergences existed between France and the United States? And how do you hope to close those divergences? I guess part of this has to do with European troops, American backstop, but it also gets to the conditions behind a peace deal.

    Jean-Noël Barrot : If Ukraine was to capitulate, this would have long-lasting, wide-ranging consequences for the entire world. because it would basically replace rule-based international order by the law of the strongest. It would create massive incentives for countries around the world that that have border issues with their neighbors to consider that they can invade, that they can use military threats or force to obtain territorial concessions. This would be major, and this would be very costly for all of us, at least for responsible powers like the US and France that tend to get involved when there are issues around the world. When we would see issues exploding all around, it would be a major threat. In addition to that, should Ukraine capitulate after Ukraine has agreed to let go of its nuclear weapons in exchange for security guarantees. This will send the signal that the only ultimate security guarantee is the possession of nuclear weapons. And there we have a nuclear proliferation crisis, which again raises global instability at levels that we haven’t seen for the past 80 years, and will increase the cost massively of security in the US, security in Europe. And I think this view is shared between the U.S. and France. But of course, there is one difference between the perspective of the U.S. and the European perspective of this crisis, which is that our own security is at stake because we are neighbors of Russia or because we don’t want to be neighbors of this Russia that is now spending 40% of its budget on its military spending, 10% of its GDP, that just conscribed 160,000 additional soldiers, the largest conscription in 14 years. I’ve heard many, many times Russia say that they don’t want NATO at their borders. Well, we don’t want this Russia at our borders either. And that’s why we are so serious about what’s happening and about how the war will end. And that’s why we’ve been insisting so much about the security guarantees. And I think our message went through. And I think the US are counting on us to build the security arrangements such that when the peace deal is struck, that we can provide those security arrangements in order for the peace to be lasting and durable. But I think it’s well understood, and I’ve heard President Trump, but also officials from the US, clearly saying that of course they want this peace to be lasting, and of course this means that there is security guarantee.

    Frederick Kempe : And can it work without an American backstop where you’re getting closer to a conversation about that? Or, alternatively, is this critical minerals deal a security guarantee in a different form?

    Jean-Noël Barrot : So you should put things in two perspectives. We have been supporters of the Euro-Atlantic integration of Ukraine. Namely, we said that we were open to extend an invitation, a NATO invitation to Ukraine. We understand that NATO members, not all NATO members, agree with our view, so we have to find an alternative path. The sense of this coalition of the able of the willing that France and the UK has been putting together in order to design those security arrangements. This is ongoing work. This starts with making the Ukrainian army strong enough to be able to deter any further aggression by Russia, but it also very likely means some form of military capacity as a second layer of sanction or guarantee. When those detailed discussions will have been wrapped up, they’re currently ongoing, it will appear whether or not and how much any contribution or backstop by the US is needed. It’s possible that it is needed. Why? Well, because as far as Europeans are concerned, we’ve been working. We’ve been working and planning for our defense. It’s a little bit different for France, the UK, and Poland. But for the rest of European armies, we’ve been working within NATO. So if you’re going to work on a security arrangement outside of NATO framework, then at some point, you might need some kind of NATO-like enablers or make items that are going to make sure that the security arrangements are robust. But that being said, in the same way, do we understand that the US have decided that they will likely reduce their commitment to. We also understand that they are counting on us to bear the burden of providing the security arrangements. But we also need to be honest with them once we’ve done our homework. If there are pieces of these security arrangements that cannot be found outside of US contribution, we’ll just be honest.

    Frederick Kempe : Thank you so much. The one thing you didn’t mention in your opening comments is you didn’t talk about tariffs. You knew I was going to say that. And I wondered if it came up at all in your discussions. And also, I wonder if you could talk a little bit about what this 90-day pause gives a potential for an agreement. What sort of agreement can you imagine, or what is the direction of agreement with the European Union and the United States? How concerned are you about the tariffs driving a more lasting wedge across the Atlantic?

    Jean-Noël Barrot : Well, the good thing when you’re a foreign minister or an FF minister from France is that you’re not in France working tariffs. That being said, you’re allowed to have your own view on things. And indeed, as an economist, I have to say, otherwise I would be a traitor to my profession, that tariffs are not a good idea. President Trump wants to bring jobs back to America, and this is a perfectly legitimate ambition. In fact, we have the same in Europe. We want to bring jobs back to Europe. But tariffs are probably not the best way to achieve this objective. Tariffs are a tax on our economy. It’s a tax on the middle class. And it will make us Europeans, as well as Americans, poor. We do have research on what happened during the last trade war, the 2018 trade war. What happened? Well, the effect on the economy on this side of the Atlantic was limited. It’s basically a $7 billion loss, $7 billion loss on the economy. That’s not big. But it led to a massive transfer from the US consumer, middle class, of $50 billion. So the loss for the US consumer of $50 billion transferred to producers, $9 billion, to the government, $35 billion. And the rest is what’s lost for the US economy. So it’s a mild loss. But it’s a massive transfer from the US consumers to the US government. That’s what happened last time around. And those numbers are small because the trade war at the time was very big. Multiply this by 10. And you’ll get the kind of effects that you’re going to see on European economies, U.S. economies, and so on. So our hope is to reach the same type of outcome that we got the last time around. The U.S. retaliated, we retaliated, and then at some point we suspended those who lifted those tariffs. It was not the same administration that did it, but still, those tariffs were lifted. And I really hope that we get to this objective because, again, we’re very closely intertwined economies, so we have a lot to lose, but we have major rivals, adversaries, competitors that are going to benefit massively from this framework if we sort of choose confrontation over cooperation.

    Frederick Kempe : So let me ask one more follow-up there, and then I’ll go to the audience. On the tariffs, didn’t you raise this issue when you were here, when you are the foreign minister, but it is a political as well as an economic issue. And did you get any indications of what direction ?

    Jean-Noël Barrot : Well, the good thing about being Marco Rubio is that you’re not in charge of terrorists either. But when we met in NATO, I told him that if there was only one positive aspect of those tariffs, is that by lowering GDPs, it would allow us to reach our NATO targets.

    First question from an author and journalist : We see re-entering a phase, a new intensive phase of big power rivalry with the United States retreating from security commitments in Europe, Russian military militarizing its society and having designs on other neighbors besides Ukraine and China seeking economic domination of the world. President Macron has spoken often about the need for Europe to achieve greater strategic autonomy. Do you think Europe should seek to constitute a fourth bloc, even at the risk of putting greater space with its principal ally, the United States? And a quick follow-up, you spoke about the need to share power in a multilateral context. In terms of UN Security Council reform, is France prepared to fold its seat into the European Union presence, or would you also agree to the idea of expanding the Security Council to have 10 to 12 nations? Thank you.

    Jean-Noël Barrot : So you mentioned Russia. You mentioned the four months. That was your first question. I wouldn’t go Russia a block. Russia has a GDP that is 20 times smaller than the EU. I wouldn’t call that a block. Russia is a big country geographically. It is one of the winning nations of the Second World War. So, there are a number of consequences coming with that, including the permanent seat of the Security Council. But I wouldn’t call Russia a block. And we don’t see ourselves, when we speak about strategic autonomy, we don’t see ourselves as entering into a logic of blocks or spheres of influence and stuff like that. We remain committed to multilateralism, rule-based international world order, balance. The only thing is that in a more brutal world, if you want to be heard and be respected, when you’re upholding the values that Europe and the EU upholding, freedom, democracy, free speech and so on, you’re going to need to be much stronger, much less dependent on other regions. And so we see our strategic autonomy as a way to defend the model, which is an open model, which is a balanced model, which is a multilateral model of governance for the world. And we see a lot of appetite for this approach, because since those trade wars started, we cannot count the number of countries that are knocking at EU’s door to strike a trade deal or even to become a candidate. And it’s not only Iceland and Norway that seem to be interested. I heard that on this side of the Atlantic, there are people considering. And you know that there is one geographical criteria. But I just want to mention that even though it’s a very, very, very, very tiny island in the middle of the Atlantic Ocean, no one lives there. I think it’s like 20 meters long. But this island is split between Canada and Denmark, which gives Canada an actual border with the European Union. And the second question is about… I went quickly because I was told that we should not be long in the introduction of those conversations, but I really think that if we want to adjust those institutions, Security Council and so on, To the new era, we need to accept that others have grown over the past 18 years and they need to be represented, but they also need to take their responsibility. Some of them are no longer developing countries. They are actual major economies, major powers. So they should have a seat at the table, but they should also behave as major powers. So what’s our position? Our position is a permanent seat of the Security Council for India, Germany, Japan, Brazil, and two African countries with all associated priorities. This is what we want for the reform of the Security Council. But we also want the same kind of thing to happen with international financial institutions. And this is the spirit of what President Macron has called the Paris Act, or the Act for the People and the Planet, where the ideal is reform. No country in the south should have to choose between fighting against poverty and fighting against climate change. So it should be more balanced, more equal, equitable funding for southern countries. But those emerging countries from the South that are now developed economies should also bear their responsibilities with respect to the least developed countries, the poorest countries. Because right now, some of them are sort of bunching with the least advanced countries sort of take their responsibility with respect to the poor countries. So that’s the spirit in which we’re pushing. And in fact, I had a meeting dedicated to security council reform on Monday in New York with some of the African countries that were working on it.

    Frederick Kempe : Thank you for that good answer. While we’re open, we’ve got a lot of questions now. I saw this gentleman first. and then we’ll go, I’ll figure it out, we’ll figure it out. Anyone here that wants to, there we go, that’s what I’m gonna do next. There we go, please.

    Second question : In context with President Macron’s call to Prime Minister Modi of India in solidarity after the terror attack in Palgakush, India, do you see a justifiable response by India against this attack as another roadblock to ensuring the India-Middle East Corridor gets off the ground. Of course, it was set back after the Israel-Hamas war. And did that conversation come up in your discussion with Secretary Rubio today? And if not, then what do we need to do collectively as the international community to make sure this gets off the ground?

    Jean-Noël Barrot : Thank you, so President Macron has been in touch with Prime Minister Modi, I have been in touch two times with my fellow foreign minister from India. We expressed solidarity. We hope tensions not to escalate and I heard Secretary Rubio call Pakistan to formally recognize the terrorist nature of this attack and to condemn it in the strongest possible way. And I would happily join this call to Pakistan to recognize the terrorist nature of what happened. And we’ll keep in touch with Marco Rubio, but also with my fellow minister David Lamb from Great Britain, UK, and my Indian colleague, in order to ensure or to try and avoid procrastination in the region.

    Third question : Good afternoon, journalist from the French newspaper Le Monde. I have two questions, the first one regarding security guarantees for Ukraine. For months, France supported the idea of the deployment of some international monitoring force in Ukraine, but with a very strong American security guarantees. The Trump administration doesn’t seem to see eye to eye on this. They’re not inclined to offer any sort of serious security guarantees, so what’s the plan B? Have you given up on this two-fold idea or not? And the second question regarding Iran, there are currently very important discussions between the Trump administration directly and indirect with the Iranian representatives. For a very long time, France was in favor of putting on the table as well with Iran the ballistic issue. It doesn’t seem the case at all right now. The Trump administration is basically considering a sort of GCPOA revisited or maybe an interim agreement. So what’s your view exactly on the current discussions? Thank you.

    Jean-Noël Barrot : So on the first question, let me just clarify, because I think it’s important that everyone gets this right. There are two things. First, there is a ceasefire, and a ceasefire needs to be monitored. And the coalition of the able and willing put together by France and the UK have been working on proposals so that at the minute the ceasefire is broken, that the US have in their hands, because there will be that sort of origins of the ceasefire, solutions for this ceasefire to be monitored. And this might involve some European capacity just to check what’s happening in the line of contact and to be able to attribute violations. So that’s one thing. But the ceasefire is only one step towards what’s our end goal, which is a full-fledged peace treaty or peace agreement. This peace agreement that the Ukrainians and Russians will be discussing, but that was President Trump’s intuition, this discussion cannot happen while the war is happening in Ukraine. That’s why he did a ceasefire for the discussion. It will end up with discussions on territories and a discussion on security. And with the same question of the coalition of willing, we’re working on this second piece, which is security guarantee. But security guarantee has nothing to do with monitoring the ceasefire. Security guarantee is deterrence against any further aggression. How do you do that? As I was saying earlier, the first layer is to porcupine the Ukrainian army for it to be deterrent enough for anyone to try and invade. But then you probably have other layers, so military capacity deployed in Ukraine or around Ukraine, and that’s what we’re working on, and when the moment is right, we get to the Americans and ask them or tell them what is it we need for this security guarantee. And we’re working on this, and we’re confident, and again, as I was saying, I’ve heard President Trump in several occasions speak in a way that shows that he understands the importance of the security terms. And then on Iran, a very important topic that I should have mentioned in response to your first question, Mr. President, because this is a topic in which we’ve been coordinating with Marco Rubio from day one. We are supporting, encouraging the discussion that the U.S. opened with Iran. Why? Because Iran is posing a major threat to our security interests. Because we France, Marseille are within reach. And because our partners, close partners, in the region are also within reach. So we are very serious about this question. But we believe that there is no other route, no other path, and a diplomatic path to solve this issue. That there is no military solution to this issue and that any form of military attempt to solve this issue will have very large costs that we would not like to bear. So, in order for this discussion to be as successful as possible, we’ve been coordinating with the US on a substance and timing. substance because our teams have been working for the last few months ahead from the expiration of the GCP area, the nuclear agreement that was struck 10 years ago and that is expiring in the fall. So we were getting ready for this expiration a clear idea of indeed what might be a robust and protected field for us, and this would include indeed some of the ballistic components, but also the regional activities components. And the substance is sort of at the disposal of U.S. negotiators because it’s for free and there is no copyright. But we’re also coordinated on timing because we will not hesitate to reapply all the sanctions that we lifted in 10 years ago when GCPOA was struck. In the case where the IAEA confirms that Iran has violated its obligations under GCPOA, and if it happens that by the summer we will have a protected frontier that is sufficiently protected of our security interests.

    Frederick Kempe : So this has got to be the last question. I really apologize to others, but I saw that gentleman’s hand approach right through the middle. So, no, no. Yes, thank you. Yes. Thank you.

    Last question from a student from Sciences Po : I’d like to know what’s your opinion what’s your take on how france will balance its relationship with the U.S. and at the same time with China in light of the fact that France needs new partners and also in light of the fact that President Trump openly asked European leaders to direct ties with the PRC. Thank you.

    Frederick Kempe : And since this is the last question, let me add to it on the terror front because You know, in your conversations here, and you’ve spoken before about the relationship between the European Union and China on the trade front, does this terror policy drive Europe more into the hands of trade and economic relationships with China? And if you believe that, have you said that to your interlocutors here watching during your visit?

    Jean-Noël Barrot : I mean, it’s obvious, no? Whether you want it or not, look at one and read economic research. The numbers I quoted earlier are from a paper in the Portal Reform of Economics called the Returns to Protection. It’s the last paper on the 2018 trade war, last economic paper, research paper. But anyway, I will tell you that what happened last time is that during the 2018 trade war, it’s not like suddenly factories moved from one country to another. It was a reshuffling of international trade. So you’re going to see a lot of reshuffling. You mentioned, or you recall what I said, on China and filling the void. Listen to Chinese officials’ speeches now. And again, we take all of this with lots of grains of salt, but my colleague, Wang Li, now in all his speeches, he’s saying how much he cares about multilateralism. And I’m sure… No, seriously. And he will, I mean, I’m pretty sure that they will consider filling the void at the World Health Organization. I’m pretty sure that they will, anytime they will see some pullback, they will try to step in. Because they have two, there are two possible strategies. Either the U.S. are there, filling the void, then they will try to build sort of formats outside of the established formats that we’ve seen them do or they will see U.S. pull back and they will try fill the void. Now, what’s our relationship with China? As far as Europe is concerned. Again, we’re lucid. We’re not blind. And so we think there can be a trade agenda with China. So that’s some of the issues that we’ve are sold, which is not quite the case now. We’ve also had our trade war with China these past few years, with us sanctioning Chinese EVs and then sanctioning European cognac and armagnac. So this is dear to our hearts. And of course, it’s going to be difficult to engage into a natural trade agenda until those sort of contentious issues are solved. Then we can. But of course, our discussion cannot only touch upon trade. And when China is supporting Russia’s war on Russia, when China is on the side of DPRK, on the side of Iran, proliferating countries that are threatening this non-proliferation treaty and sort of the global stability, it’s difficult to build trust. If China was to establish a sort of trusted relationship with European countries, it will have to show also that it takes our security interests into account. Otherwise, it might be challenging.

    Frederick Kempe : Thank you. Do you have your answer? Yes, Fred, thank you. So, look, this, Minister Barrot, on behalf of the audience, on behalf of the Atlantic Council, thank you for three things. First of all, for your visit to the United States, a very timely visit, a very crucial moment. Second of all, for taking so much time with us at the Atlantic Council and talking so frankly and clearly in your opening statement and in this fascinating engagement, and then most of all for our enduring alliance. Thank you so much.

    MIL OSI Europe News

  • MIL-OSI Global: Trump and many GOP lawmakers want to end all funding for NPR and PBS − unraveling a US public media system that took a century to build

    Source: The Conversation – USA – By Josh Shepperd, Associate Professor of Media Studies, University of Colorado Boulder

    Cast members of the children’s television show ‘Sesame Street’ pose with Big Bird, Cookie Monster, Grover, Ernie, Bert and Oscar the Grouch in 1969. Hulton Archive/Getty Images

    The Trump administration’s drive to slash government spending on everything from the arts to cancer research also includes efforts to carry through on the Republican Party’s long-standing goal of ending federal funding for NPR, the nation’s public radio network, and PBS, its television counterpart.

    Across the country, 1,500 independent stations affiliated with NPR and PBS air shows such as “Morning Edition,” “Marketplace,” “PBS NewsHour,” “Frontline” and “Nova.” Some 43 million people tune into public radio every week, and over 130 million watch PBS every year, according to the networks.

    Public media stations air local news and, when necessary, emergency information. Most also feature regional, national and global coverage of arts and culture. With commercial media divesting from local news reporting, audiences that have long relied on public media to inform their communities are even more dependent now on that service, as are audiences that got their local news from commercial sources.

    Investigating public media

    Public media is also under attack from the Republican majority in Congress and facing scrutiny from the Federal Communications Commission, the government agency that regulates media.

    Brendan Carr, whom President Donald Trump appointed to lead the FCC, helped draft Project 2025. That’s the conservative blueprint that Trump distanced himself from during the 2024 campaign but has since embraced.

    As proposed in Project 2025, the FCC is examining NPR’s approach to underwriting. Through underwriting, financial support from sponsors is acknowledged on air without asking audiences to form an opinion about a product or make a specific purchase.

    The FCC is investigating whether those messages on NPR and PBS “cross the line into prohibited commercial advertisements.”

    The top executives of NPR and PBS have denied that their underwriting practices violate any regulations or laws.

    At the same time, House Republicans are holding hearings regarding what they say is public media’s “liberal bias.” Their attention is primarily directed at the Corporation for Public Broadcasting, the nonprofit corporation that stewards federal money that Congress appropriates for NPR and PBS.

    And in a separate move, Trump demanded that CPB “cancel existing direct funding to the maximum extent allowed by law” and “decline to provide future funding” in an executive order issued on May 1, 2025. Trump’s order accused NPR and PBS of bias in its “portrayal of current events to taxpaying citizens.”

    I’m a media historian who wrote a book about the origins of public media in the U.S. and how NPR and PBS contribute to democratic participation. Both networks are designed to provide equal access to information for every listener and viewer.

    In my view, as these efforts to investigate and end the funding of public media proceed, it’s worth revisiting why the Corporation for Public Broadcasting was founded in the first place and to understand how it contributes to equal access to information today.

    Beginning with education

    U.S. public media took root in the 1920s, when public universities built radio stations so that rural communities could receive better access to the kind of education available in cities.

    The first programs consisted of professors and radio hosts giving lectures about history, finance and other subjects such as cooking, quilting and music appreciation.

    Some of those professors believed so strongly in democratic access to media that they built radio stations with their own hands, including one at the University of Wisconsin. In other cases, professors experimented with performing live drama. Ohio State University broadcast the first educational radio Shakespeare performances in the late 1920s.

    Many people liked the programming enough to tune in, but the quality of early educational broadcast experiments was inconsistent. Some professors didn’t understand how to talk with audiences and were criticized for their monotone deliveries.

    Amid threats to its federal funding, PBS reports on the history of U.S. public media.

    Running the ‘bicycle network’

    Interest in improving the quality of educational radio grew once radio ownership became more widespread. Over 500 U.S. stations were on the air in 1940. By 1945, when World War II ended, over 95% of families owned radio receivers.

    Every listener could take correspondence classes. And educators started to research how to make learning through the radio more compelling and fun.

    By the late 1940s, colleges and universities started to pay better attention to making education on the radio both entertaining and informative. They traded their best programs all around the country, through a system they called the “bicycle network.”

    Once national distribution was in place, producers of educational radio and TV shows came to an agreement about their best programs through a group called the National Association of Educational Broadcasters. They landed on formulas now associated with NPR and PBS. Home economics instruction evolved into cooking shows. Interviews with professors became public affairs programs.

    Radio stations started to combine different kinds of programs that spanned an entire school day. A half-hour children’s comedy show now weaved math, storytelling, music and civics. This format laid some of the groundwork for “Sesame Street.”

    In the 1950s a philosophy of public media emerged.

    The National Association of Educational Broadcasters’ members believed that everyone should have equal access to education no matter where they lived. They argued that information they presented should be held to rigorous standards, such as fact-checking and even peer review, the academic practice of verifying research validity.

    Educational broadcasters aired programs for all kinds of audiences, including in communities not served by commercial media.

    To stay focused on their mission, educational broadcasters decided to bar taking money from corporate advertisers. This meant that most money came from state and local governments instead of businesses.

    State authorities were able to make public announcements, quickly report emergencies and provide free airtime for political candidates. State lawmakers also thought that these media outlets could help their constituents learn trades at their own pace.

    Phasing in government funding

    Using broadcasting to provide equal access to education required a lot of new infrastructure.

    By the late 1950s the federal government started to fund the construction of radio towers, transmitters and buildings so that every person could access educational programs via broadcasts. President Dwight D. Eisenhower signed a law in 1958 that funded educational access because it could contribute to national defense.

    Nearly a decade later, in 1967, President Lyndon B. Johnson signed the Public Broadcasting Act. That law guaranteed a permanent stream of government funding for educational radio and television. Congress had pivoted from “education” to “public” broadcasting as the medium incorporated a wider array of programs, including BBC shows from the U.K.

    PBS first went live in 1970, and NPR’s first broadcast aired in 1971.

    To buffer NPR and PBS from the influence of political parties and commercial sponsors, the law called for the creation of the Corporation for Public Broadcasting.

    In addition to receiving and then disbursing to NPR and PBS the federal funds that Congress appropriates for public media, the CPB provides additional grants to stations across the country. Notably, federal funds help to pay for maintaining equipment and studios where public media programs are taped. That is, most government funding for public media is dedicated to maintaining the technology necessary to continue with its mission to provide equal access.

    The rest of the federal money supports the same program development and audience engagement research that started with the National Association of Educational Broadcasters’ “bicycle network.”

    NPR has gotten more sophisticated since it first went on the air in 1971, as CBS News reports.

    Establishing a strong track record

    The CPB model has succeeded by many measures. About 99% of Americans have access to public media through their television sets, car radios, computers and other devices.

    The CPB received $535 million in government funding in the 2025 fiscal year, equal to roughly $1.60 per American. About 70% of that money supports local radio and television stations. Public media costs taxpayers far more elsewhere. A 2022 study found that Germany spends around $142 per person, the U.K. spends $81, and Canada spends over $26 per year.

    The U.S. system is also unusual in that the local affiliates are nonprofits that have to pay for the NPR and PBS programs they run. Like the CPB, NPR and PBS are independent nonprofits, not government agencies.

    Rather than having the federal government foot the whole bill, in the U.S. public media also relies on $1.3 billion in annual charitable donations from viewers, listeners, corporations and foundations. Of that, public media receives $170 million in underwriting, according to a 2023 report.

    But should the federal government end all federal funding for the CPB, their NPR- and PBS-affiliated stations would have more trouble buying, repairing and replacing the transmitters, antennas and websites required to broadcast their programs.

    Losing access to local news

    The CPB has already sued the Trump administration over its attempt to oust three of its board members. The CPB asserts that because it is an independent organization and not a federal agency, the federal government can’t dictate who serves on its board. Trump’s executive order could also be challenged in court. And, as is the case with all executive orders, any future administration could rescind it.

    Most likely, the original target audience of educational radio − rural communities − would feel the biggest impact if the Trump administration does end federal funding of NPR and PBS. That’s because rural areas have few alternatives now that local journalism has been hit hard by corporate cuts to newsrooms.

    Public media’s first century inspired an alternative approach to media other than producing programs that tobacco companies, automakers and other businesses would want to sponsor. How Congress, the FCC and the courts proceed today will influence public media’s reach and practices for the next century.

    Josh Shepperd is under contract to co-author an update of the history of public broadcasting for Current, public media’s trade journal, and the Corporation for Public Broadcasting. Josh is not a paid employee or vendor of either institution.

    ref. Trump and many GOP lawmakers want to end all funding for NPR and PBS − unraveling a US public media system that took a century to build – https://theconversation.com/trump-and-many-gop-lawmakers-want-to-end-all-funding-for-npr-and-pbs-unraveling-a-us-public-media-system-that-took-a-century-to-build-253206

    MIL OSI – Global Reports

  • MIL-OSI: Sprott Physical Gold and Silver Trust Updates Its “At-the-Market” Equity Program

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 02, 2025 (GLOBE NEWSWIRE) — Sprott Asset Management LP (“Sprott Asset Management”), a subsidiary of Sprott Inc., on behalf of the Sprott Physical Gold and Silver Trust (NYSE: CEF) (TSX: CEF / CEF.U) (the “Trust”), a closed-ended mutual fund trust created to invest and hold substantially all of its assets in physical gold and silver bullion, today announced that it has updated its at-the-market equity program to issue up to U.S.$250 million of units of the Trust (“Units”) in the United States and Canada.

    Distributions under the at-the-market equity programs in the United States and Canada (together, the “ATM Program”) will be completed in accordance with the terms of an amended and restated sales agreement (the “Sales Agreement”) dated December 6, 2024, as amended on May 2, 2025, between Sprott Asset Management (as the manager of the Trust), the Trust, Cantor Fitzgerald & Co. (“Cantor”), Cantor Fitzgerald Canada Corporation (“Cantor Canada”), Virtu Americas LLC (“Virtu”), Virtu Canada Corp. (“Virtu Canada”), BMO Capital Markets Corp. (“BMO”), BMO Nesbitt Burns Inc. (“BMO Canada”), Canaccord Genuity LLC (“Canaccord” and, together with Cantor, Virtu and BMO, the “U.S. Agents”) and Canaccord Genuity Corp. (“Canaccord Canada” and, together with Cantor Canada, Virtu Canada and BMO Canada, the “Canadian Agents” and, together with the U.S. Agents, the “Agents”). The Sales Agreement is available on EDGAR at the United States Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov and the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.

    Sales of Units through the Agents, acting as agent, will be made through “at the market” issuances on the NYSE Arca (“NYSE”) and the Toronto Stock Exchange (“TSX”) or other existing trading markets in the United States and Canada at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. None of the U.S. Agents are registered as dealers in any Canadian jurisdiction and, accordingly, the U.S. Agents will only sell Units on marketplaces in the United States and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any Units in Canada. The Canadian Agents may only sell Units on marketplaces in Canada.

    The volume and timing of distributions under the ATM Program, if any, will be determined in the Trust’s sole discretion. The Trust intends to use the proceeds from the ATM Program, if any, to acquire physical gold and silver bullion in accordance with the Trust’s objective and subject to the Trust’s investment and operating restrictions.

    The offering under the ATM Program is being made pursuant to a prospectus supplement dated May 2, 2025 (the “U.S. Prospectus Supplement”) to the Trust’s U.S. base prospectus (the “U.S. Base Prospectus”) included in its registration statement on Form F-10 (the “Registration Statement”) (File No. 333-286907) filed with the SEC on May 2, 2025, and pursuant to a prospectus supplement dated May 2, 2025 (the “Prospectus Supplement”) to the Trust’s Canadian short form base shelf prospectus dated May 1, 2025 (the “Base Shelf Prospectus” and together with the Prospectus Supplement, the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement, the “Offering Documents”). The U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC’s website at www.sec.gov, and the Prospectus Supplement and the Base Shelf Prospectus are available on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.

    Before you invest, you should read the Offering Documents and other documents that the Trust has filed for more complete information about the Trust, the Sales Agreement and the ATM Program.

    Listing of the Units sold pursuant to the ATM Program on the NYSE and the TSX has been approved by the NYSE and the TSX, as applicable, subject to all applicable listing requirements.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.

    About Sprott and Sprott Asset Management
    Sprott Asset Management is a wholly-owned subsidiary of Sprott and is the investment manager to the Trust. Sprott is a global leader in precious metals and critical materials investments. At Sprott, we are specialists. Our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and Sprott’s common shares are listed on the NYSE and the TSX under the symbol “SII”.

    About the Trust
    Important information about the Trust, including its investment objectives and strategies, applicable management fees, and expenses, is contained in the Trust’s annual information form for the year ended December 31, 2024 (the “AIF”). Commissions, management fees, or other charges and expenses may be associated with investing in the Trust. The performance of the Trust is not guaranteed, its value changes frequently and past performance is not an indication of future results.

    Caution Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of applicable United States securities laws and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements in this press release include, without limitation, investor demands for Units, statements regarding the ATM Program, including the intended use of proceeds from the sale of Units, any sale of Units and the timing and ability of the Trust to obtain all necessary approvals in connection with a sale of Units. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things, the gold and silver markets. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause the Trust’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A discussion of risks and uncertainties facing the Trust appears in the Offering Documents, as updated by the Trust’s continuous disclosure filings, which are available at www.sec.gov and www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.

    For more information:

    Glen Williams
    Managing Director
    Investor and Institutional Client Relations
    Direct: 416-943-4394
    gwilliams@sprott.com

    The MIL Network

  • MIL-OSI: Sprott Physical Silver Trust Updates Its “At-the-Market” Equity Program

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 02, 2025 (GLOBE NEWSWIRE) — Sprott Asset Management LP (“Sprott Asset Management”), a subsidiary of Sprott Inc., on behalf of the Sprott Physical Silver Trust (NYSE: PSLV) (TSX: PSLV / PSLV.U) (the “Trust”), a closed-ended mutual fund trust created to invest and hold substantially all of its assets in physical silver bullion, today announced that it has updated its at-the-market equity program to issue up to U.S.$1 billion of units of the Trust (“Units”) in the United States and Canada.

    Distributions under the at-the-market equity programs in the United States and Canada (together, the “ATM Program”) will be completed in accordance with the terms of an amended and restated sales agreement (the “Sales Agreement”) dated December 6, 2024, as amended on May 2, 2025, between Sprott Asset Management (as the manager of the Trust), the Trust, Cantor Fitzgerald & Co. (“Cantor”), Cantor Fitzgerald Canada Corporation (“Cantor Canada”), Virtu Americas LLC (“Virtu”), Virtu Canada Corp. (“Virtu Canada”), BMO Capital Markets Corp. (“BMO”), BMO Nesbitt Burns Inc. (“BMO Canada”), Canaccord Genuity LLC (“Canaccord” and, together with Cantor, Virtu and BMO, the “U.S. Agents”) and Canaccord Genuity Corp. (“Canaccord Canada” and, together with Cantor Canada, Virtu Canada and BMO Canada, the “Canadian Agents” and, together with the U.S. Agents, the “Agents”). The Sales Agreement is available on EDGAR at the United States Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov and the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.

    Sales of Units through the Agents, acting as agent, will be made through “at the market” issuances on the NYSE Arca (“NYSE”) and the Toronto Stock Exchange (“TSX”) or other existing trading markets in the United States and Canada at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. None of the U.S. Agents are registered as dealers in any Canadian jurisdiction and, accordingly, the U.S. Agents will only sell Units on marketplaces in the United States and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any Units in Canada. The Canadian Agents may only sell Units on marketplaces in Canada.

    The volume and timing of distributions under the ATM Program, if any, will be determined in the Trust’s sole discretion. The Trust intends to use the proceeds from the ATM Program, if any, to acquire physical silver bullion in accordance with the Trust’s objective and subject to the Trust’s investment and operating restrictions.

    The offering under the ATM Program is being made pursuant to a prospectus supplement dated May 2, 2025 (the “U.S. Prospectus Supplement”) to the Trust’s U.S. base prospectus (the “U.S. Base Prospectus”) included in its registration statement on Form F-10 (the “Registration Statement”) (File No. 333-286897) filed with the SEC on May 2, 2025, and pursuant to a prospectus supplement dated May 2, 2025 (the “Prospectus Supplement”) to the Trust’s Canadian short form base shelf prospectus dated May 1, 2025 (the “Base Shelf Prospectus” and together with the Prospectus Supplement, the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement, the “Offering Documents”). The U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC’s website at www.sec.gov, and the Prospectus Supplement and the Base Shelf Prospectus are available on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.

    Before you invest, you should read the Offering Documents and other documents that the Trust has filed for more complete information about the Trust, the Sales Agreement and the ATM Program.

    Listing of the Units sold pursuant to the ATM Program on the NYSE and the TSX has been approved by the NYSE and the TSX, as applicable, subject to all applicable listing requirements.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.

    About Sprott and Sprott Asset Management
    Sprott Asset Management is a wholly-owned subsidiary of Sprott and is the investment manager to the Trust. Sprott is a global leader in precious metals and critical materials investments. At Sprott, we are specialists. Our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and Sprott’s common shares are listed on the NYSE and the TSX under the symbol “SII”.

    About the Trust
    Important information about the Trust, including its investment objectives and strategies, applicable management fees, and expenses, is contained in the Trust’s annual information form for the year ended December 31, 2024 (the “AIF”). Commissions, management fees, or other charges and expenses may be associated with investing in the Trust. The performance of the Trust is not guaranteed, its value changes frequently and past performance is not an indication of future results.

    Caution Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of applicable United States securities laws and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements in this press release include, without limitation, investor demands for Units, statements regarding the ATM Program, including the intended use of proceeds from the sale of Units, any sale of Units and the timing and ability of the Trust to obtain all necessary approvals in connection with a sale of Units. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things, the silver market. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause the Trust’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A discussion of risks and uncertainties facing the Trust appears in the Offering Documents, as updated by the Trust’s continuous disclosure filings, which are available at www.sec.gov and www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.

    For more information:

    Glen Williams
    Managing Director
    Investor and Institutional Client Relations
    Direct: 416-943-4394
    gwilliams@sprott.com

    The MIL Network

  • MIL-OSI: Draganfly Announces Pricing of US$3.6 Million Underwritten Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Saskatoon, SK., May 02, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), a drone solutions, and systems developer, today announced the pricing of its previously announced underwritten public offering (the “Offering”) of 1,715,000 units, with each unit consisting of one common share and one warrant to purchase one common share. Each unit is to be sold at a public offering price of US$2.10, for gross proceeds of approximately US$3.6 million, before deducting underwriting discounts and offering expenses. The warrants will have an exercise price of CA$3.9779 (or US$2.875) per share, are exercisable immediately and will expire five years following the date of issuance. In addition, the Company granted the underwriter a 45-day over-allotment option to purchase up to an additional 15 percent of the number of common shares and/or warrants offered in the Offering.

    Maxim Group LLC is acting as sole book-running manager for the Offering.

    Draganfly currently intends to use the net proceeds from the Offering for general corporate purposes, including to fund its capabilities to meet demand for its new products including growth initiatives and/or for working capital requirements including the continuing development and marketing of the Company’s core products, potential acquisitions and research and development. The Offering is expected to close on or about May 5, 2025, subject to the satisfaction of customary closing conditions.

    The Offering is subject to customary closing conditions including receipt of all necessary regulatory approvals, including approval of the Canadian Securities Exchange and notification to the Nasdaq Stock Market.

    The Offering is being made pursuant to an effective shelf registration statement on Form F-10, as amended, (File No. 333-271498) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 5, 2023 and the Company’s Canadian short form base shelf prospectus dated June 30, 2023 (the “Base Shelf Prospectus”). Draganfly will offer and sell the securities in the United States only. No securities will be offered or sold to Canadian purchasers.

    A preliminary prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering and describing the terms thereof has been filed with the applicable securities commissions in Canada and with the SEC in the United States and is available for free by visiting the Company’s profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca or the SEC’s website at www.sec.gov, as applicable. A final prospectus supplement with the final terms will be filed with the securities regulatory authorities in the Canadian provinces of British Columbia, Saskatchewan and Ontario and the SEC. Copies of the preliminary prospectus supplements, accompanying Base Shelf Prospectus, and final prospectus supplement, when available, relating to the Offering may be obtained by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a pioneer in drone solutions, AI-driven software, and robotics. With over 25 years of innovation, Draganfly has been at the forefront of drone technology, providing solutions for public safety, agriculture, industrial inspections, security, mapping, and surveying. The Company is committed to delivering efficient, reliable, and industry-leading technology that helps organizations save time, money, and lives.

    Media Contact
    media@draganfly.com

    Company Contact
    Email: info@draganfly.com

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements, based as they are on the current expectations of management, inherently involve numerous important risks, uncertainties and assumptions, known and unknown. In this news release, such forward-looking statements include, but are not limited to, statements regarding the timing, size and expected gross proceeds of the Offering, the satisfaction of customary closing conditions related to the Offering and sale of securities, the intended use of proceeds, and Draganfly’s ability to complete the Offering. Closing of the Offering is subject to numerous factors, many of which are beyond Draganfly’s control, including but not limited to, the failure of the parties to satisfy certain closing conditions, and other important factors disclosed previously and from time to time in Draganfly’s filings with the securities regulatory authorities in the Canadian provinces of British Columbia, Ontario and Saskatchewan and with the SEC. Actual future events may differ from the anticipated events expressed in such forward-looking statements. Draganfly believes that expectations represented by forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The reader should not place undue reliance, if any, on any forward-looking statements included in this news release. These forward-looking statements speak only as of the date made, and Draganfly is under no obligation and disavows any intention to update publicly or revise such statements as a result of any new information, future event, circumstances or otherwise, unless required by applicable securities laws.‎ Investors are cautioned not to unduly rely on these forward-looking statements and are encouraged to read the Offering documents, as well as Draganfly’s continuous disclosure documents, including its current annual information form, as well as its audited annual consolidated financial statements which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

    The MIL Network

  • MIL-OSI Global: Can Keir Starmer learn anything from Mark Carney’s near-miraculous election win in Canada?

    Source: The Conversation – UK – By Steve Hewitt, Associate Professor in North American History, University of Birmingham

    The greatest comeback since Lazarus. So went some of the sentiment around novice politician Mark Carney’s near-miraculous victory in the April 28 Canadian federal election.

    His Liberal party was on political life support in January. The highly unpopular Justin Trudeau had just resigned and, after nearly ten years in office, the governing centrist Liberals seemed destined for an historic defeat. The Conservative party led by over 20 points in opinion polls and looked certain to enter government.

    Then came a two-part salvation. First was the arrival of Carney as Liberal leader. Without a previous political record, Carney avoided the contamination attached to the Liberals’ time in office.

    The other part of the revival came courtesy of President Donald J. Trump, who repeatedly referred to the outgoing Trudeau as “governor” and mused continually, including on the day of the Canadian election, about his desire for Canada to become the “51st state” of the United States. Applying tariffs on Canadian goods made it clear that the threat was real and triggered a dramatic nationalistic reaction on the part of Canadians.

    They began avoiding travel to the United States and boycotting American products. Carney rode such sentiments to a near majority parliamentary victory and the highest Liberal share of the popular vote at the federal level since 1980.

    But are there lessons from the Carney triumph that might aid other struggling leaders, such as British prime minister Keir Starmer? Having achieved a large majority less than a year ago, Labour has lost a safe seat to Reform in a byelection and languishes in the polls.

    Whereas Carney and the Liberals have been vocal in their resistance to Trump, Starmer and Labour have followed a path of obsequiousness, even to the point of avoiding criticism of the US president over threats to Canada. Instead of speaking out, Starmer has managed Trump by flattering him through an invitation for a second state visit.

    Starmer and Labour seem determined to curry favour with Trump to gain a free trade agreement with the US. Setting aside the value of such an agreement, given how Trump has simply ignored the deal his first administration struck with Mexico and Canada in 2020, the toadying appears to have all been for naught.

    According to the Guardian, the Trump administration has made a free-trade agreement with the UK a second or third level priority. So much for the “special relationship”.

    This apparent disinterest would imply that Starmer and Labour have little to risk by taking a more aggressive stance. Playing a more overtly nationalistic card might play well with more centrist voters in the UK, as it did in Canada. There is clear evidence from opinion polls of growing unhappiness with the United States among Britons, along with increasing disdain for the idea of the “special relationship”.

    Such an approach might undermine some of the momentum that the Reform Party has enjoyed over the last few months. Tying Nigel Farage to the Trump administration might be especially effective given his close connections over several years to the president.

    Certainly, tarring your opponent as a mini-Trump represented an effective tool by the Liberal campaign against the Conservative leader Pierre Poilievre, who not only lost the election but also was defeated in his own constituency after having won there seven previous times.

    A case could be made that the Canadian situation has a uniqueness that isn’t necessarily transferrable elsewhere. There is, for instance, a long history in the country of anti-Americanism as a potent political force, especially on the left of the political spectrum.

    Efforts to distance Canada from the US culturally and intellectually in the 1960s and 1970s were popular and led to a cultural flourishing. And elections in 1911 and 1988 were fought directly over the issue of free trade with the United States.

    Major public concerns over American domination of Canada were key in both contests, even though the latter election was a victory for the Progressive Conservative party that advocated free trade with the US. Additionally, a significant element of Canadian identity outside of Quebec has long been defined in oppositional terms to Canada’s southern neighbour.


    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

    Sign up for our weekly politics newsletter, delivered every Friday.


    Even though the Canadian example may be unique, other countries are certainly looking towards it. Taking an aggressive stance against Trump tariffs appears to be helping the Labor party in Australia. It may also have an impact in New Zealand. At this point, with Starmer and Labour struggling in troubled polling waters, Trump may be the best political lifeline available.

    Steve Hewitt 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. Can Keir Starmer learn anything from Mark Carney’s near-miraculous election win in Canada? – https://theconversation.com/can-keir-starmer-learn-anything-from-mark-carneys-near-miraculous-election-win-in-canada-255735

    MIL OSI – Global Reports

  • MIL-OSI: TurnOnGreen, Inc. Reports Strong Electric Vehicle Charging Network Growth in 2024

    Source: GlobeNewswire (MIL-OSI)

    MILPITAS, Calif., May 02, 2025 (GLOBE NEWSWIRE) — TurnOnGreen, Inc. (OTC:TOGI) (“TurnOnGreen” or the “Company”), a developer and provider of electric vehicle (“EV”) charging solutions and mission-critical power electronics products, today announced significant operational growth and market expansion for the fiscal year 2024, reinforcing the Company’s upward trajectory in the North American EV infrastructure sector.

    Key 2024 Highlights:

    • Network Expansion: EV charging infrastructure footprint grew to 28 U.S. states and two provinces in Canada.
    • Port Growth: 37% year-over-year increase in networked EV charging ports.
    • Energy Dispensed: 735,942 kWh delivered across the TurnOnGreen network — a 98% increase year-over-year.
    • User Growth: 13,460 unique drivers accessed TurnOnGreen charging ports or a 89% year-over-year increase.
    • Charging Time: Drivers spent 74,620 hours charging on the TurnOnGreen network in 2024 an increase of 164% compared to 2023.

    “These metrics reflect accelerating demand for TurnOnGreen’s reliable and scalable charging infrastructure,” said Marcus Charuvastra, President of TurnOnGreen. “Our continued expansion across North America, coupled with a sharp increase in network activity, demonstrates the strong execution of our growth strategy and the rapid adoption of our recurring user base.”

    The Company attributes its growth to a combination of strategic partnerships, expanded deployment in key metropolitan and secondary markets, and increased utilization across its municipal fleets, hospitality, education and commercial segments. TurnOnGreen’s integrated hardware and network management platform enables real-time data analysis, dynamic pricing and driver engagement, which the Company sees as core differentiators in the highly competitive EV charging sector.

    “As the preferred charging partner for school districts, utilities and major hotel brands, TurnOnGreen is committed to continuing to expand its North American EV charging footprint,” said Amos Kohn, the Company’s Chairman and Chief Executive Officer. “We continue to focus on capturing high-growth market opportunities and expanding our subscription base on an annual basis,” added Mr. Kohn.

    Outlook
    TurnOnGreen intends to capitalize on the momentum built in 2024 with further network expansion, ongoing R&D investment, and pursuit of high-impact opportunities across the public and private sectors. Management remains focused on delivering long-term shareholder value through disciplined execution, scalable infrastructure development, and revenue growth.

    About TurnOnGreen

    TurnOnGreen, Inc. (OTC: TOGI) designs and manufactures innovative, feature-rich, top-quality power products for mission-critical applications, lifesaving and sustaining applications spanning multiple sectors in the harshest environments. The diverse markets we serve include defense and aerospace, medical and healthcare, industrial, telecommunications, and e-mobility. TurnOnGreen brings decades of experience to every project, working with our clients to develop leading-edge products to meet a wide range of needs. TurnOnGreen headquarters are located in Milpitas, CA; www.TurnOnGreen.com.

    Forward-Looking Statements

    This press release contains “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. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q, and 8-K. All filings are available at www.sec.gov and the Company’s website at www.TurnOnGreen.com.

    TurnOnGreen Investor Contact:
    IR@TurnOnGreen.com or (877) 634-0982

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e939d485-a2dc-43f7-9f1e-7ca7c4765557

    The MIL Network

  • MIL-OSI: Brookfield Business Partners Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, News, May 02, 2025 (GLOBE NEWSWIRE) — Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the quarter ended March 31, 2025.

    “We had an active start to the year, generating over $1.5 billion from our capital recycling initiatives, progressing the acquisition of two market-leading industrial operations and investing approximately $140 million to repurchase our units and shares,” said Anuj Ranjan, CEO of Brookfield Business Partners. “During periods of uncertainty and volatility, our consistent strategy of owning market leading businesses and executing on our operational improvement plans is more important than ever. With the enhanced strength of our balance sheet, we are well positioned to support our capital allocation priorities and continue compounding long-term value for our investors.”

      Three Months Ended
    March 31,
    US$ millions (except per unit amounts), unaudited   2025   2024  
    Net income (loss) attributable to Unitholders1 $ 80 $ 48  
    Net income (loss) per limited partnership unit2 $ 0.38 $ 0.23  
         
    Adjusted EBITDA3 $ 591 $ 544  

    Net income attributable to Unitholders for the three months ended March 31, 2025 was $80 million ($0.38 per limited partnership unit) compared to net income of $48 million ($0.23 per limited partnership unit) in the prior period.

    Adjusted EBITDA for the three months ended March 31, 2025 was $591 million compared to $544 million in the prior period. Current period results included contribution from the recent acquisition of our electric heat tracing systems manufacturer in January 2025. Prior period results included $37 million of contribution from disposed operations including our offshore oil services’ shuttle tanker operation which was sold in January 2025.

    Operational Update

    The following table presents Adjusted EBITDA by segment:

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
    Industrials $ 304   $ 228  
    Business Services   213     205  
    Infrastructure Services   104     143  
    Corporate and Other   (30 )   (32 )
    Adjusted EBITDA $ 591   $ 544  

    Our Industrials segment generated Adjusted EBITDA of $304 million for the three months ended March 31, 2025, compared to $228 million during the same period in 2024. Current period results included $72 million of tax benefits at our advanced energy storage operation and contribution from our electric heat tracing manufacturer which was acquired in January 2025.

    Our Business Services segment generated Adjusted EBITDA of $213 million for the three months ended March 31, 2025, compared to $205 million during the same period in 2024. Strong performance at our residential mortgage insurer and increased contribution from our construction operation was partially offset by the impact of higher costs associated with technology upgrades at dealer software and technology services. Prior period results included contribution from our road fuels operation which was sold in July 2024.

    Our Infrastructure Services segment generated Adjusted EBITDA of $104 million for the three months ended March 31, 2025, compared to $143 million during the same period in 2024. Prior period results included contribution from our offshore oil services’ shuttle tanker operation which was sold in January 2025.

    The following table presents Adjusted EFO4 by segment:

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
    Adjusted EFO    
    Industrials $ 130   $ 180  
    Business Services   117     168  
    Infrastructure Services   166     72  
    Corporate and Other   (68 )   (89 )

    Adjusted EFO in the current period included a $114 million of net gain related to the disposition of the shuttle tanker operation at our offshore oil services. Industrials Adjusted EFO included the impact of withholding taxes on a distribution received from our advanced energy storage operation during the quarter. Adjusted EFO in the prior period included $62 million of net gains primarily related to the sale of public securities and $50 million of other income related to a distribution at our entertainment operation.

    Strategic Initiatives

    • Specialty Equipment Manufacturer
      In February, we agreed to acquire Antylia Scientific, a leading manufacturer and distributor of critical consumables and testing equipment serving life sciences and environmental labs for approximately $1.3 billion. Brookfield Business Partners expects to invest approximately $160 million for an approximate 25% economic interest. The transaction is expected to close in the second quarter, subject to customary closing conditions and regulatory approvals.
    • Unit Repurchase Program
      During the quarter and subsequent to quarter end, we invested approximately $140 million to repurchase 5.9 million5 units and shares of Brookfield Business Partners at an average price of approximately $24 per unit and share. The repurchases were completed under our normal course issuer bid (NCIB) which we plan to renew once it expires in August this year.

    Liquidity

    We ended the quarter with approximately $2.4 billion of liquidity at the corporate level including $59 million of cash and liquid securities, $25 million of remaining preferred equity commitment from Brookfield Corporation and approximately $2.3 billion of availability on our corporate credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is $2.3 billion.

    Distribution

    The Board of Directors has declared a quarterly distribution in the amount of $0.0625 per unit, payable on June 30, 2025 to unitholders of record as at the close of business on May 30, 2025.

    Additional Information

    The Board has reviewed and approved this news release, including the summarized unaudited interim consolidated financial statements contained herein.

    Brookfield Business Partners’ Letter to Unitholders and the Supplemental Information are available on our website https://bbu.brookfield.com under Reports & Filings.

    Notes:

    1. Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.
    2. Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the average number of limited partnership units outstanding for the three months ended March 31, 2025 which was 80.0 million (March 31, 2024: 74.3 million).
    3. Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on acquisitions/dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. The partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. The partnership believes that Adjusted EBITDA provides a comprehensive understanding of the ability of its businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of the partnership’s operations and excludes items that the partnership believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Please refer to the reconciliation of net income (loss) to Adjusted EBITDA included in this news release.
    4. Adjusted EFO is the partnership’s segment measure of profit or loss and is presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Adjusted EFO allows the partnership to evaluate its segments on the basis of return on invested capital generated by its operations and allows the partnership to evaluate the performance of its segments on a levered basis.
    5. Inclusive of all limited partnership units and BBUC exchangeable shares repurchased under our NCIB during the three months ended March 31, 2025 and up to market close on May 1, 2025, based on settlement date.

    Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

    Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

    Please note that Brookfield Business Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR, and are available at https://bbu.brookfield.com under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please contact:

    Media:
    Marie Fuller
    Tel: +44 207 408 8375
    Email: marie.fuller@brookfield.com
    Investors:
    Alan Fleming
    Tel: +1 (416) 645-2736
    Email: alan.fleming@brookfield.com
       

    Conference Call and Quarterly Earnings Webcast Details

    Investors, analysts and other interested parties can access Brookfield Business Partners’ first quarter 2025 results as well as the Letter to Unitholders and Supplemental Information on our website https://bbu.brookfield.com under Reports & Filings.

    The results call can be accessed via webcast on May 2, 2025 at 10:00 a.m. Eastern Time at BBU2025Q1Webcast or participants can preregister at BBU2025Q1ConferenceCall. Upon registering, participants will be emailed a dial-in number and unique PIN. A replay of the webcast will be available at https://bbu.brookfield.com.

                               
    Brookfield Business Partners L.P.
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited March 31, 2025   December 31, 2024
               
    Assets          
    Cash and cash equivalents   $ 3,442       $ 3,239  
    Financial assets     11,642         12,371  
    Accounts and other receivable, net     6,948         6,279  
    Inventory and other assets     5,063         5,728  
    Property, plant and equipment     12,529         13,232  
    Deferred income tax assets     1,767         1,744  
    Intangible assets     19,157         18,317  
    Equity accounted investments     2,307         2,325  
    Goodwill     13,032         12,239  
    Total Assets   $ 75,887       $ 75,474  
               
    Liabilities and Equity          
    Liabilities          
    Corporate borrowings   $ 1,017       $ 2,142  
    Accounts payable and other     15,085         16,691  
    Non-recourse borrowings in subsidiaries of the partnership     42,316         36,720  
    Deferred income tax liabilities     2,614         2,613  
               
    Equity          
    Limited partners $ 2,158       $ 1,752    
    Non-controlling interests attributable to:          
    Redemption-exchange units   1,246         1,644    
    Special limited partner              
    BBUC exchangeable shares   1,732         1,721    
    Preferred securities   740         740    
    Interest of others in operating subsidiaries   8,979         11,451    
          14,855         17,308  
    Total Liabilities and Equity   $ 75,887       $ 75,474  
                 
    Brookfield Business Partners L.P.
    Consolidated Statements of Operating Results
     
      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Revenues $ 6,749   $ 12,015  
    Direct operating costs   (5,402 )   (10,878 )
    General and administrative expenses   (311 )   (317 )
    Interest income (expense), net   (770 )   (796 )
    Equity accounted income (loss)   (8 )   23  
    Impairment reversal (expense), net       10  
    Gain (loss) on acquisitions/dispositions, net   214     15  
    Other income (expense), net   (83 )   116  
    Income (loss) before income tax   389     188  
    Income tax (expense) recovery    
    Current   (197 )   (90 )
    Deferred   64     105  
    Net income (loss) $ 256   $ 203  
    Attributable to:    
    Limited partners $ 30   $ 17  
    Non-controlling interests attributable to:    
    Redemption-exchange units   23     15  
    Special limited partner        
    BBUC exchangeable shares   27     16  
    Preferred securities   13     13  
    Interest of others in operating subsidiaries   163     142  
         
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
         
        Three Months Ended March 31, 2025
    US$ millions, unaudited   Business
    Services
      Infrastructure
    Services
      Industrials   Corporate
    and Other
      Total
                         
    Net income (loss)   $     $ 156     $ 145     $ (45 )   $ 256  
                         
    Add or subtract the following:                    
    Depreciation and amortization expense     222       165       343             730  
    Gain (loss) on acquisitions/dispositions, net           (214 )                 (214 )
    Other income (expense), net1     68       (79 )     93       1       83  
    Income tax (expense) recovery     18       25       101       (11 )     133  
    Equity accounted income (loss)     (3 )     26       (15 )           8  
    Interest income (expense), net     230       149       366       25       770  
    Equity accounted Adjusted EBITDA2     24       33       15             72  
    Amounts attributable to non-controlling interests3     (346 )     (157 )     (744 )           (1,247 )
    Adjusted EBITDA   $ 213     $ 104     $ 304     $ (30 )   $ 591  


    Notes:

    1. Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $125 million of gains recorded at our offshore oil services due to vessel upgrades and unrealized gains recorded on reclassification of property, plant and equipment to finance leases, $78 million of business separation expenses, stand-up costs and restructuring charges, $50 million of net revaluation losses, $35 million of transaction costs and $45 million of other expenses.
    2. Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
    3. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.
         
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
         
        Three Months Ended March 31, 2024
    US$ millions, unaudited   Business
    Services
      Infrastructure
    Services
      Industrials   Corporate
    and Other
      Total
                         
    Net income (loss)   $ 240     $ (65 )   $ 98     $ (70 )   $ 203  
                         
    Add back or deduct the following:                    
    Depreciation and amortization expense     254       212       342             808  
    Impairment reversal (expense), net     (4 )     (12 )     6             (10 )
    Gain (loss) on acquisitions/dispositions, net     (15 )                       (15 )
    Other income (expense), net1     (140 )     (18 )     32       10       (116 )
    Income tax expense (recovery)     24       (3 )     (27 )     (9 )     (15 )
    Equity accounted income (loss)     (1 )     (4 )     (18 )           (23 )
    Interest income (expense), net     252       180       327       37       796  
    Equity accounted Adjusted EBITDA2     17       39       16             72  
    Amounts attributable to non-controlling interests3     (422 )     (186 )     (548 )           (1,156 )
    Adjusted EBITDA   $ 205     $ 143     $ 228     $ (32 )   $ 544  


    Notes:

    1. Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $158 million of net revaluation gains, $50 million of other income related to a distribution at our entertainment operation, $21 million of transaction costs, $19 million of business separation expenses, stand-up costs and restructuring charges and $52 million of other expenses.
    2. Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
    3. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.

    Brookfield Business Corporation Reports First Quarter 2025 Results

    BROOKFIELD, News, May 2, 2025 – Brookfield Business Corporation (NYSE, TSX: BBUC) announced today its net income (loss) for the quarter ended March 31, 2025.

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Net income (loss) attributable to Brookfield Business Partners $ (58 ) $ (150 )

    Net loss attributable to Brookfield Business Partners for the three months ended March 31, 2025 was $58 million compared to net loss of $150 million during the same period in 2024. Current period results included $7 million of remeasurement loss on our exchangeable and class B shares that are classified as liabilities under IFRS. As at March 31, 2025, the exchangeable and class B shares were remeasured to reflect the closing price of $23.46 per unit.

    Dividend

    The Board of Directors has declared a quarterly dividend in the amount of $0.0625 per share, payable on June 30, 2025 to shareholders of record as at the close of business on May 30, 2025.

    Additional Information

    Each exchangeable share of Brookfield Business Corporation has been structured with the intention of providing an economic return equivalent to one unit of Brookfield Business Partners L.P. Each exchangeable share will be exchangeable at the option of the holder for one unit. Brookfield Business Corporation will target that dividends on its exchangeable shares be declared and paid at the same time as distributions are declared and paid on the Brookfield Business Partners’ units and that dividends on each exchangeable share will be declared and paid in the same amount as distributions are declared and paid on each unit to provide holders of exchangeable shares with an economic return equivalent to holders of units.

    In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review the Letter to Unitholders, Supplemental Information and other continuous disclosure filings which are available at https://bbu.brookfield.com.

    Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

                               
    Brookfield Business Corporation
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited March 31, 2025   December 31, 2024
               
    Assets          
    Cash and cash equivalents   $ 968       $ 1,008  
    Financial assets     324         353  
    Accounts and other receivable, net     3,397         3,229  
    Inventory, net     59         52  
    Other assets     641         627  
    Property, plant and equipment     2,479         2,480  
    Deferred income tax assets     206         197  
    Intangible assets     6,031         5,966  
    Equity accounted investments     201         198  
    Goodwill     4,993         4,988  
    Total Assets   $ 19,299       $ 19,098  
               
    Liabilities and Equity          
    Liabilities          
    Accounts payable and other   $ 5,371       $ 5,276  
    Non-recourse borrowings in subsidiaries of the company     8,711         8,490  
    Exchangeable and class B shares     1,682         1,709  
    Deferred income tax liabilities     951         988  
               
    Equity          
    Brookfield Business Partners $ (78 )     $ (59 )  
    Non-controlling interests   2,662         2,694    
          2,584         2,635  
    Total Liabilities and Equity   $ 19,299       $ 19,098  
       
    Brookfield Business Corporation
    Consolidated Statements of Operating Results
       
      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Revenues $ 1,966   $ 1,865  
    Direct operating costs   (1,789 )   (1,652 )
    General and administrative expenses   (75 )   (64 )
    Interest income (expense), net   (219 )   (210 )
    Equity accounted income (loss)   3     1  
    Impairment reversal (expense), net       (2 )
    Remeasurement of exchangeable and class B shares   (7 )   (111 )
    Other income (expense), net   (34 )   (11 )
    Income (loss) before income tax   (155 )   (184 )
    Income tax (expense) recovery    
    Current   (23 )   (44 )
    Deferred   43     54  
    Net income (loss) $ (135 ) $ (174 )
    Attributable to:    
    Brookfield Business Partners $ (58 ) $ (150 )
    Non-controlling interests   (77 )   (24 )


    Cautionary Statement Regarding Forward-looking Statements and Information

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

    Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation, commodity prices and volatility in the financial markets; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; business competition, including competition for acquisition opportunities; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; changes to U.S. laws or policies, including changes in U.S. domestic and economic policies as well as foreign trade policies and tariffs; technological change; litigation; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; operational, or business risks that are specific to any of our business services operations, infrastructure services operations or industrials operations; changes in government policy and legislation; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; changes in tax law and practice; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our annual report for the year ended December 31, 2024 filed on Form 20-F.

    Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Cautionary Statement Regarding the Use of a Non-IFRS Measure

    This news release contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.

    References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this news release will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the first quarter ended March 31, 2025 furnished on Form 6-K.

    The MIL Network

  • MIL-Evening Report: Final polls give Labor a clear lead before the election

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    With those who haven’t already cast a pre-poll vote ready to hit the polling places tomorrow, a final batch of polls give Labor a firm lead.

    The final Newspoll gave Labor a 52.5–47.5 lead, a Freshwater poll gave Labor a 51.5–48.5 lead, a DemosAU poll gave Labor a 52–48 lead and a Morgan poll gave Labor a 53–47 lead. Vote counting at the election is also covered.

    The final Newspoll, conducted Monday to Thursday from a sample of 1,270, gave Labor a 52.5–47.5 lead, a 0.5-point gain for Labor since the April 21–24 Newspoll. Primary votes were 34% Coalition (down one), 33% Labor (down one), 13% Greens (up two), 8% One Nation (steady) and 12% for all Others (steady).

    Applying 2022 election preference flows to these primary votes would give Labor about a 53–47 lead. Newspoll is giving the Coalition a greater share of One Nation preferences than in 2022.

    Here is the final poll graph. Labor is clearly ahead and will win Saturday’s election unless polls are overstating them by as much as they did in the 2019 election.

    Anthony Albanese’s net approval in Newspoll was down one point to -10, with 52% dissatisfied and 42% satisfied. Peter Dutton’s net approval slumped a further four points to a new record low of -28. Albanese led Dutton as better PM by an unchanged 51–35.

    Since the early March Newspoll (the last one before the election campaign began), Dutton has lost 14 points on net approval, while Albanese has gained two points.

    Here is the graph of Albanese’s net approval in Newspoll this term. The plus signs are the Newspoll data points and a trend line has been fitted.

    A simple average of the four polls this week that have asked for leaders’ ratings (Newspoll, Freshwater, Essential and Resolve) has Albanese at net -3.8 approval and Dutton at net -20.

    By 57–43, voters thought they would be better off in the next three years under an Albanese Labor government than a Dutton Coalition government.

    Labor takes 51.5–48.5 lead in final Freshwater poll

    A national Freshwater poll for The Financial Review, conducted Tuesday to Thursday from a sample of 2,055 (double the normal sample size), gave Labor a 51.5–48.5 lead by respondent preferences, a 1.3-point gain for Labor since the April 14–16 Freshwater poll.

    Primary votes were 37% Coalition (down two), 33% Labor (up one), 12% Greens (steady) and 18% for all Others (up one). One Nation were broken out for the first time and had 8%. By 2022 election flows, Labor would lead by about 51–49.

    Freshwater has been the most pro-Coalition of regular Australian pollsters, and its last poll had a near tie when other polls had Labor well ahead.

    Albanese’s net approval was up seven points to -3, with 44% unfavourable and 41% favourable. Dutton’s net approval was down five points to -16. Albanese led Dutton as preferred PM by 49–39 (46–41 previously).

    Labor gained a point on cost of living and economic management to reduce the Coalition’s lead to one point and five points on these issues respectively.

    The Coalition led by 55–45 with the 42% who had already voted (25% early and 17% by postal ballot). Labor led by 52–41 with those yet to vote with 7% undecided.

    Two DemosAU final week polls

    The two national DemosAU polls listed here were taken over a concurrent fieldwork period. The previous DemosAU poll, conducted April 22–23, had given Labor a 52–48 lead from primary votes of 31% Coalition, 29% Labor, 14% Greens, 9% One Nation, 7% independents and 10% others.

    A national DemosAU poll
    , conducted April 27–30 from a large sample of 4,100, gave Labor a 52–48 lead, from primary votes of 33% Coalition, 31% Labor, 12% Greens, 9% One Nation, 2% Trumpet of Patriots, 7% independents and 6% others. State and other breakdowns are provided in the report.

    Albanese led Dutton by 46–34 as preferred PM. Party breakdowns of this question had Albanese leading by 71–10 with Greens voters, 57–20 with independent voters and 36–27 with other voters. Dutton only led by 43–21 with One Nation voters and 37–30 with Trumpet of Patriots voters. These breakdowns don’t imply a Coalition surge on preference flows.

    A second national DemosAU poll for The Gazette, conducted April 27–29 from a sample of 1,974, gave Labor a 51–49 lead, Primary votes were 32% Coalition, 29% Labor, 12% Greens, 9% One Nation, 7% independents and 11% others.

    Labor retains 53–47 lead in final Morgan poll

    The final national Morgan poll, conducted Monday to Friday from a sample of 1,368, gave Labor a 53–47 lead, unchanged from the April 21–27 Morgan poll.

    Primary votes were 34.5% Coalition (steady), 33% Labor (down one), 13.5% Greens (up 0.5), 6.5% One Nation (down one), 2% Trumpet of Patriots (up 0.5), 3% teal independents (up one) and 7.5% for all Others (steady). By 2022 election flows, Labor led by an unchanged 54–46.

    More from the Spectre poll

    I’ve received the full Spectre poll that I wrote about on Thursday. Labor’s net favourability was net zero, the Liberals were at net -2, Albanese was net -6, Dutton was net -13, Pauline Hanson was net -8 and Greens leader Adam Bandt was net -12.

    The most unpopular people in this poll were US President Donald Trump at net -47 and Elon Musk at net -45.

    Vote counting for the election

    Polls close at 6pm AEST Saturday in the eastern states, which have 122 of the 150 House of Representatives seats. Polls close at 6:30pm AEST in South Australia and the Northern Territory (12 combined seats), and in Western Australia at 8pm AEST (16 seats).

    By 8pm AEST, I expect the large majority of votes cast on election day to be counted in the eastern states. But pre-poll votes and returned postal votes already account for 40% of enrolled voters, and the biggest day of pre-polling (Friday) is still to be added.

    In many seats, we will need to wait until the pre-poll votes are counted before a result can be called. It’s unlikely the election will be called until a large proportion of the pre-poll votes have been counted. This is likely to take until late at night AEST.

    Not all seats will be called on election night. In some seats, the electoral commission will have selected the incorrect candidates for its final two candidate count, and will need to re-do this count with the correct candidates.

    Other seats will be close between the final two, and we will need to wait for late postals and absent votes to decide the winner. If postmarked by election day, postals have up to May 16 to arrive (13 days after the election).

    I wrote about the Senate election on April 16. It will usually be clear on election night who has won the top four or five seats out of six in a state. But to resolve the final seats, all votes need to be data entered into a computer system, then a button is pressed to electronically distribute preferences. This is likely to take about four weeks after the election.

    UK byelection and local elections

    I covered Thursday’s United Kingdom parliamentary byelection and local government elections for The Poll Bludger. The far-right Reform gained the safe Labour Runcorn and Helsby seat, winning by just six votes. They are making massive gains from both the Conservatives and Labour in the local elections.

    In final results from Monday’s Canadian election, the centre-left Liberals won 169 of the 343 seats, three short of the 172 needed for a majority. The Conservatives won 144 seats, the separatist left-wing Quebec Bloc (BQ) 22, the left-wing New Democratic Party (NDP) seven and the Greens one. Vote shares were 43.7% Liberals, 41.3% Conservatives, 6.3% BQ, 6.3% NDP and 1.3% Greens.

    Adrian Beaumont 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. Final polls give Labor a clear lead before the election – https://theconversation.com/final-polls-give-labor-a-clear-lead-before-the-election-255724

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Global: Donald Trump has cast a long shadow over the Australian election. Will it prove decisive?

    Source: The Conversation – Global Perspectives – By Emma Shortis, Adjunct Senior Fellow, School of Global, Urban and Social Studies, RMIT University

    Donald Trump is everywhere, inescapable. His return to power in the United States was always going to have some impact on the Australian federal election. The question was how disruptive he would be.

    The answer is very – but not in the ways we might have thought.

    As soon as Trump was elected president, the political debate in Australia focused on whether Prime Minister Anthony Albanese or Opposition Leader Peter Dutton would be best suited to managing him – and keeping the US-Australia security alliance intact.

    Initially, at least, this conversation was predictable.

    The Coalition looked set to continue an ideological alignment with Trumpism that had flourished under the prime ministership of Scott Morrison. Dutton prosecuted the argument that given his party’s experience with the first Trump administration, it would be better placed than Labor to handle the second.

    Albanese, meanwhile, appeared caught off guard by Trump’s victory and timid in his response.

    But as has become all too clear, the second Trump administration is radically different from the first. That has rattled the right of Australian politics and worked to Labor’s advantage.

    A turning point at the White House

    In January, the Coalition announced that NT Senator Jacinta Nampijinpa Price had been appointed shadow minister for government efficiency – a direct importation of the Department of Government Efficiency (DOGE) being led by Elon Musk in the US.

    In a barely disguised imitation of the Trump administration’s attacks on “diversity, equity and inclusion” (DEI) measures, members of the Coalition, including Price, singled out Welcome to Country ceremonies as evidence of the kind of “wasteful” spending it would cut.

    When the Coalition seemed to be riding high in the polls, Dutton, too, nodded at “wokeism” and singled out young white men feeling “disenfranchised”.

    Soon after, however, this began to change. The first few weeks of Trump’s second term were marked by a cascade of executive actions targeting trans people, climate action and immigration. Trump and his new appointees began the process of radically reshaping the United States and its role in the world.

    In February, polling by the independent think tank The Australia Institute found Australians saw Trump as a bigger threat to world peace than Russian President Vladimir Putin or Chinese leader Xi Jinping.

    And then Volodymyr Zelensky went to the White House.

    The Ukrainian president was humiliated in an Oval Office meeting with Trump and Vice President JD Vance, laying bare how the administration was willing to treat the leader of an ally devastated by a war it hadn’t started.

    Trump’s territorial threats towards Canada and Greenland, in addition to his dismissive statements about European allies, shattered the long-held assumptions about the US as a force for stability in the world.

    MAGA ideology isn’t ‘pick and choose’

    After this incident, Dutton was careful to distance himself from Trump’s abandonment of Ukraine. He even went so far as to say that leadership might require “standing up to your friends and to those traditional allies because our views have diverged”.

    Similarly, influential Coalition powerbroker Peta Credlin wrote in The Australian:

    it’s hard to see America made great again if the Trump administration’s message to the world is that the strong do what they will and the weak suffer what they must.

    Therein lies the bind for the Coalition – an ideological alignment with “Make America Great Again” cannot be fully reconciled with a nationalism that puts Australian interests first.

    MAGA ideology is all-or-nothing, not pick-and-choose.

    During the election campaign, the Coalition attempted to walk the path of “pick-and-choose”. And Labor quite successfully used this against them. Assertions the opposition leader was nothing but a “Temu Trump”, or “DOGE-y Dutton”, stuck because they had at least a ring of truth to them.

    The opposition’s pledge to dramatically reduce the size of the public service, for example, was clearly linked to Musk’s efforts at DOGE to take a chainsaw to the public service in the US. This idea has been deeply unpopular with Australian voters, and the Coalition has faced innumerable questions about it.

    For all the talk of “shared values” and how essential the US alliance is to Australian security, this campaign shows that Australia is not like America.

    Most Australians concerned about Trump’s impact

    When Trump’s tariffs arrived on “Liberation Day” in early April, both leaders claimed they were best placed to negotiate.

    Albanese insisted Australia had got one of the best results in the world, while Dutton asserted, without evidence, that he would be able to negotiate a better one.

    More broadly, the Trump tariffs have contributed to a growing sense of unease in the electorate.

    A recent YouGov poll found that 66% of Australians no longer believe the US can be relied on for defence and security. According to Paul Smith, the director of YouGov, this is a “fundamental change of worldview”.

    In the same poll, 71% of Australians also said they were either concerned or very concerned Trump’s policies would make Australia worse off.

    While neither party has signalled it would make a fundamental shift in Australia’s alliance with the US if elected, that doesn’t mean changes aren’t possible.

    Independents and minor parties may well play a significant role in the formation of the next government. Some, like Zoe Daniel and Jacqui Lambie, are increasingly vocal about the risks the Trump administration poses to Australia.

    A limit to Trumpism’s appeal

    As election day approaches, many of the assumptions driving conventional Australian political thinking are under pressure.

    Labor’s recovery in the polls, and the Liberals’ election win in Canada, suggest assumptions about the dangers of incumbency might have been misplaced. The dissatisfaction with incumbent governments last year may have had more to do with unresponsive political parties and systems.

    There’s evidence emerging, instead, that in more responsive democracies with robust institutions like Australia and Canada, Trumpism does not have great appeal.

    The idea that “kindness is not a weakness” may yet prove to be a winning political strategy.

    Emma Shortis is Director of International and Security Affairs at The Australia Institute, an independent think tank.

    ref. Donald Trump has cast a long shadow over the Australian election. Will it prove decisive? – https://theconversation.com/donald-trump-has-cast-a-long-shadow-over-the-australian-election-will-it-prove-decisive-255422

    MIL OSI – Global Reports

  • MIL-OSI: Rivalry Announces Grant of Management Cease Trade Order

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 02, 2025 (GLOBE NEWSWIRE) — Rivalry Corp. (TSXV: RVLY) (OTCQB: RVLCF) (“Rivalry” or the “Company”), the leading sportsbook and iGaming operator for digital-first players, announces today that it was unable to meet the April 30, 2025 deadline to file its Audited Annual Financial Statements, Management’s Discussion and Analysis, and related CEO and CFO certificates for the fiscal year ended December 31, 2024 (collectively, the “Annual Filings”), as required under applicable Canadian securities laws.

    In connection with the Company’s inability to file the Annual Filings on time, the Company applied, and received approval, for a Management Cease Trade Order (the “MCTO”) from the Ontario Securities Commission under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). The Company will have until June 30, 2025 to file its Annual Filings. The Company remains confident in its ability to complete the Annual Filings by this date.

    Until the Company files the Annual Filings, it will comply with the guidelines set out in Part 3(10) of NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports in the form of news releases.

    While the MCTO is in effect, the general investing public will continue to be able to trade freely in the Company’s listed subordinate voting shares. However, the MCTO will prohibit the Company’s Chief Executive Officer and Interim Chief Financial Officer from trading securities of the Company for so long as the Annual Filings are not filed. Additionally, the Company will be prohibited from directly or indirectly issuing or acquiring securities from insiders or employees of the Company until such time as the Annual Filings and all continuous disclosure filings have been filed by the Company, and the MCTO has been lifted.

    The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

    The Company also announces that it has secured a US$600,000 principal amount senior unsecured loan from its existing senior lender, maturing on September 30, 2025, with an interest rate of 10% per annum (the “Loan”). The Loan reinforces the Company’s senior lender’s support for the Company’s ongoing strategic review process and provides the Company with additional flexibility to continue pursuing its strategic initiatives to maximize long-term stakeholder value.

    About Rivalry

    Rivalry Corp. wholly owns and operates Rivalry Limited, a leading sport betting and media company offering fully regulated online wagering on esports, traditional sports, and casino for the digital generation. Based in Toronto, Rivalry operates a global team in more than 20 countries and growing. Rivalry Limited has held an Isle of Man license since 2018, considered one of the premier online gambling jurisdictions, as well as an internet gaming registration in Ontario, and is currently in the process of obtaining additional country licenses. With world class creative execution and brand positioning in online culture, a native crypto token, and demonstrated market leadership among digital-first users Rivalry is shaping the future of online gambling for a generation born on the internet.

    No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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 press release.

    Company Contact:
    Steven Salz, Co-founder & CEO
    ss@rivalry.com

    Investor Contact:
    investors@rivalry.com

    Cautionary Note Regarding Forward-Looking Information and Statements

    This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this news release include, but are not limited to, statements with respect to the timing, completion and filing of the Annual Filings by June 30, 2025, the Company’s ability to comply with the requirements of NP 12-203 and the Company’s strategic review process and any potential transactions that may arise in connection therewith.

    Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations and the Company’s ability to operate as a going concern; the Company’s ability to repay amounts owing under its secured and unsecured indebtedness; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s management’s discussion and analysis for the three and nine months ended September 30, 2024 under the heading “Risk Factors”, and other disclosure documents available on the Company’s SEDAR+ profile at www.sedarplus.ca.

    No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

    Source: Rivalry Corp.

    The MIL Network

  • MIL-OSI: Precision Drilling Corporation Holding Virtual-Only 2025 Annual and Special Meeting of Shareholders on May 15

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 02, 2025 (GLOBE NEWSWIRE) — Precision Drilling Corporation (Precision) would like to remind shareholders that it is holding its 2025 Annual and Special Meeting of Shareholders (the Annual Meeting) on Thursday, May 15, 2025 at 10:00 a.m. MST. As previously announced, the Annual Meeting will be held in a virtual-only meeting format. The meeting format will provide all shareholders an equal opportunity to participate in the Annual Meeting regardless of their geographic location.

    The Annual Meeting can be accessed by logging in online at http://meetnow.global/MWTY5VA. Registered shareholders and duly appointed proxyholders who participate in the Annual Meeting online will be able to listen to the Annual Meeting, ask questions and vote, all in real time, provided that they are connected to the internet. In all cases, shareholders must follow the instructions set out in their applicable proxy or voting instruction forms. Shareholders can vote by proxy in advance of the Annual Meeting as in prior years. Guests can listen to the Annual Meeting but will not be able to communicate or vote.

    Additional information regarding shareholder participation in the Annual Meeting (including voting instructions) may be found in Precision’s Management Information Circular, dated April 2, 2025, which is available on our website (https://www.precisiondrilling.com/investors/financial-information-public-filings/). Additionally, detailed instructions for shareholders to participate in the meeting are provided in Precision’s Virtual AGM User Guide, available on our website by selecting “Investor Relations,” then “Webcasts & Presentations.”

    If you have questions regarding your ability to participate or vote at the Annual Meeting, please contact Precision’s registrar and transfer agent, Computershare, at 1-800-564-6253.

    About Precision

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

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

    Additional Information

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

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

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

    The MIL Network

  • MIL-OSI Economics: ASEAN and Canada reaffirm commitment to strengthen Strategic Partnership

    Source: ASEAN

    The 13th Meeting of ASEAN-Canada Joint Cooperation Committee (ACJCC), convened today at ASEAN Headquarters/ASEAN Secretariat in Jakarta, discussed the progress of ASEAN-Canada Relations, including the status of implementation of Plan of Action to Implement the Joint Declaration on ASEAN-Canada Enhanced Partnership (2021-2025), as well as possible areas of future cooperation between ASEAN and Canada to further advance ASEAN-Canada Strategic Partnership.
     
    The Meeting was co-chaired by Permanent Representative of Lao PDR to ASEAN, H.E. Sitsangkhom Sisaketh, and Ambassador of Canada to ASEAN, H.E. Vicky Singmin, and attended by Permanent Representatives of ASEAN Member States and representative of the ASEAN Secretariat. Ambassador of Timor-Leste to ASEAN attended as Observer.

    MIL OSI Economics

  • MIL-OSI: Shell Plc 1st Quarter 2025 Unaudited Results

    Source: GlobeNewswire (MIL-OSI)

                                 
    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS
           
                                             
     
    SUMMARY OF UNAUDITED RESULTS
    Quarters $ million    
    Q1 2025 Q4 2024 Q1 2024   Reference      
    4,780    928    7,358    +415 Income/(loss) attributable to Shell plc shareholders        
    5,577    3,661    7,734    +52 Adjusted Earnings A      
    15,250    14,281    18,711    +7 Adjusted EBITDA A      
    9,281    13,162    13,330    -29 Cash flow from operating activities        
    (3,959)   (4,431)   (3,528)     Cash flow from investing activities        
    5,322    8,731    9,802      Free cash flow G      
    4,175    6,924    4,493      Cash capital expenditure C      
    8,575    9,401    8,997    -9 Operating expenses F      
    8,453    9,138    9,054    -7 Underlying operating expenses F      
    10.4% 11.3% 12.0%   ROACE D      
    76,511    77,078    79,931      Total debt E      
    41,521    38,809    40,513      Net debt E      
    18.7% 17.7% 17.7%   Gearing E      
    2,838    2,815    2,911    +1 Oil and gas production available for sale (thousand boe/d)        
    0.79    0.15    1.14 +427 Basic earnings per share ($)        
    0.92    0.60    1.20    +53 Adjusted Earnings per share ($) B      
    0.3580    0.3580    0.3440    Dividend per share ($)        

    1.Q1 on Q4 change

    Quarter Analysis1

    Income attributable to Shell plc shareholders, compared with the fourth quarter 2024, reflected lower exploration well write-offs, lower operating expenses and higher Products margins.

    First quarter 2025 income attributable to Shell plc shareholders also included a charge of $0.5 billion related to the UK Energy Profits Levy and impairment charges. These items are included in identified items amounting to a net loss of $0.8 billion in the quarter. This compares with identified items in the fourth quarter 2024 which amounted to a net loss of $2.8 billion.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items.

    Cash flow from operating activities for the first quarter 2025 was $9.3 billion and primarily driven by Adjusted EBITDA, partly offset by tax payments of $2.9 billion and working capital outflows of $2.7 billion. The working capital outflows mainly reflected accounts receivable and payable movements.

    Cash flow from investing activities for the first quarter 2025 was an outflow of $4.0 billion, and included cash capital expenditure of $4.2 billion, and net other investing cash outflows of $0.9 billion which included the drawdowns on loan facilities provided at completion of the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) in Nigeria, partly offset by divestment proceeds of $0.6 billion.

    Net debt and Gearing: At the end of the first quarter 2025, net debt was $41.5 billion, compared with $38.8 billion at the end of the fourth quarter 2024. This reflects free cash flow of $5.3 billion, which included working capital outflows of $2.7 billion, more than offset by share buybacks of $3.3 billion, cash dividends paid to Shell plc shareholders of $2.2 billion, lease additions of $1.3 billion including those related to the Pavilion Energy Pte. Ltd. acquisition and interest payments of $0.8 billion. Gearing was 18.7% at the end of the first quarter 2025, compared with 17.7% at the end of the fourth quarter 2024, mainly driven by higher net debt.


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    Shareholder distributions

    Total shareholder distributions in the quarter amounted to $5.5 billion comprising repurchases of shares of $3.3 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the first quarter 2025 amount to $0.3580 per share. Shell has now completed $3.5 billion of share buybacks announced in the fourth quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the second quarter 2025 results announcement.

    This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 3.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and depreciation, depletion and amortisation (DD&A) expenses.

    3.Not incorporated by reference.

    PORTFOLIO DEVELOPMENTS

    Integrated Gas

    In March 2025, we completed the previously announced acquisition of 100% of the shares in Pavilion Energy Pte. Ltd. (Pavilion Energy). Pavilion Energy, headquartered in Singapore, operates a global LNG trading business with contracted supply volume of approximately 6.5 million tonnes per annum (mtpa).

    Upstream

    In January 2025, we announced the start of production at the Shell-operated Whale floating production facility in the Gulf of America. The Whale development is owned by Shell (60%, operator) and Chevron U.S.A. Inc. (40%).

    In February 2025, we announced production restart at the Penguins field in the UK North Sea with a modern floating, production, storage and offloading (FPSO) facility (Shell 50%, operator; NEO Energy 50%). The previous export route for this field was via the Brent Charlie platform, which ceased production in 2021 and is being decommissioned.

    In February 2025, we signed an agreement to acquire a 15.96% working interest from ConocoPhillips Company in the Shell-operated Ursa platform in the Gulf of America. The transaction completed on May 1, 2025 which increases Shell’s working interest in the Ursa platform from 45.3884% to 61.3484%.

    In March 2025, we completed the sale of SPDC to Renaissance, as announced in January 2024.

    In March 2025, we announced the Final Investment Decision (FID) for Gato do Mato, a deep-water project in the pre-salt area of the Santos Basin, offshore Brazil. The Gato do Mato Consortium includes Shell (operator, 50%), Ecopetrol (30%), TotalEnergies (20%) and Pré-Sal Petróleo S.A. (PPSA) acting as the manager of the production sharing contract (PSC).

    Chemicals and Products

    In January 2025, CNOOC and Shell Petrochemicals Company Limited (CSPC), a 50:50 joint venture between Shell and CNOOC Petrochemicals Investment Ltd, took an FID to expand its petrochemical complex in Daya Bay, Huizhou, south China.

    In April 2025, we completed the previously announced sale of our Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd. (CAPGC), a joint venture between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd.

    In April 2025, we agreed to sell our 16.125% interest in Colonial Enterprises, Inc. (“Colonial”) to Colossus AcquireCo LLC, a wholly owned subsidiary of Brookfield Infrastructure Partners L.P. and its institutional partners (collectively, “Brookfield”), for $1.45 billion. The transaction is subject to regulatory approvals and is expected to close in the fourth quarter of 2025.

    Renewables and Energy Solutions

    In January 2025, we completed the previously announced acquisition of a 100% equity stake in RISEC Holdings, LLC, which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA.

             Page 2


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

                                             
                       
    INTEGRATED GAS        
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024   Reference      
    2,789    1,744    2,761    +60 Income/(loss) for the period        
    306    (421)   (919)     Of which: Identified items A      
    2,483    2,165    3,680    +15 Adjusted Earnings A      
    4,735    4,568    6,136    +4 Adjusted EBITDA A      
    3,463    4,391    4,712    -21 Cash flow from operating activities A      
    1,116    1,337    1,041      Cash capital expenditure C      
    126    116    137    +9 Liquids production available for sale (thousand b/d)        
    4,644    4,574    4,954    +2 Natural gas production available for sale (million scf/d)        
    927    905    992    +2 Total production available for sale (thousand boe/d)        
    6.60    7.06    7.58    -6 LNG liquefaction volumes (million tonnes)        
    16.49    15.50    16.87    +6 LNG sales volumes (million tonnes)        

    1.Q1 on Q4 change

    Integrated Gas includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.

    Quarter Analysis1

    Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

    Adjusted Earnings, compared with the fourth quarter 2024, reflected lower exploration well write-offs ($277 million), partly offset by lower LNG liquefaction volumes (decrease of $68 million). The net effect of contributions from trading and optimisation and realised prices was in line with the fourth quarter 2024 despite higher unfavourable (non-cash) impact of expiring hedging contracts.

    Identified items in the first quarter 2025 included favourable movements of $362 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These favourable movements compare with the fourth quarter 2024 which included impairment charges of $339 million and a loss of $96 million related to sale of assets, partly offset by favourable movements of $109 million due to the fair value accounting of commodity derivatives.

    Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, and net cash inflows related to derivatives of $542 million, partly offset by tax payments of $773 million and working capital outflows of $687 million.

    Total oil and gas production, compared with the fourth quarter 2024, increased by 2% mainly due to lower planned maintenance in Pearl GTL (Qatar), partly offset by unplanned maintenance and weather constraints in Australia. LNG liquefaction volumes decreased by 6% mainly due to unplanned maintenance and weather constraints in Australia.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

             Page 3


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                             
                       
    UPSTREAM          
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024   Reference      
    2,080    1,031    2,272    +102 Income/(loss) for the period        
    (257)   (651)   339      Of which: Identified items A      
    2,337    1,682    1,933    +39 Adjusted Earnings A      
    7,387    7,676    7,888    -4 Adjusted EBITDA A      
    3,945    4,509    5,727    -13 Cash flow from operating activities A      
    1,923    2,076    2,010      Cash capital expenditure C      
    1,335    1,332    1,331    Liquids production available for sale (thousand b/d)        
    3,020    3,056    3,136    -1 Natural gas production available for sale (million scf/d)        
    1,855    1,859    1,872    Total production available for sale (thousand boe/d)        

    1.Q1 on Q4 change

    The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.

    Quarter Analysis1

    Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

    Adjusted Earnings, compared with the fourth quarter 2024, reflected lower exploration well write-offs ($346 million), lower depreciation, depletion and amortisation expenses (decrease of $330 million), lower operating expenses ($194 million) and comparative favourable tax movements ($179 million), partly offset by lower volumes (decrease of $359 million).

    Identified items in the first quarter 2025 included a charge of $509 million related to the UK Energy Profits Levy, partly offset by gains of $159 million from disposal of assets and gains of $95 million related to the impact of the strengthening Brazilian real on a deferred tax position. These charges and favourable movements compare with the fourth quarter 2024 which included a loss of $161 million related to the impact of the weakening Brazilian real on a deferred tax position, and impairment charges of $152 million.

    Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

    Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $1,999 million and working capital outflows of $913 million.

    Total production, compared with the fourth quarter 2024, decreased mainly due to the SPDC divestment, largely offset by new oil production.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

             Page 4


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                             
                       
    MARKETING        
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024   Reference      
    814    103    896    +688 Income/(loss) for the period        
    (49)   (736)   (7)     Of which: Identified items A      
    900    839    781    +7 Adjusted Earnings A      
    1,869    1,709    1,686    +9 Adjusted EBITDA A      
    1,907    1,363    1,319    +40 Cash flow from operating activities A      
    256    811    465      Cash capital expenditure C      
    2,674    2,795    2,763    -4 Marketing sales volumes (thousand b/d)        

    1.Q1 on Q4 change

    The Marketing segment comprises the Mobility, Lubricants, and Sectors and Decarbonisation businesses. The Mobility business operates Shell’s retail network including electric vehicle charging services and the Wholesale commercial fuels business which provides fuels for transport, industry and heating. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors and Decarbonisation business sells fuels, speciality products and services including low-carbon energy solutions to a broad range of commercial customers including the aviation, marine, and agricultural sectors.

    Quarter Analysis1

    Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

    Adjusted Earnings, compared with the fourth quarter 2024, reflected lower operating expenses (decrease of $69 million), and higher Marketing margins (increase of $54 million) mainly due to higher Lubricants unit margins and seasonal impact of higher volumes partly offset by lower Mobility margins due to seasonal impact of lower volumes and lower Sectors and Decarbonisation margins. These net gains were partly offset by unfavourable tax movements ($109 million).

    Identified items in the first quarter 2025 included net losses of $61 million related to sale of assets. These losses compare with the fourth quarter 2024 which included impairment charges of $458 million, and net losses of $247 million related to sale of assets.

    Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

    Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, inflows relating to the timing impact of payments related to emission certificates and biofuel programmes of $540 million, and dividends (net of profits) from joint ventures and associates of $203 million. These inflows were partly offset by working capital outflows of $344 million and tax payments of $174 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the fourth quarter 2024, decreased mainly due to seasonality.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

             Page 5


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                             
                       
    CHEMICALS AND PRODUCTS        
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024   Reference      
    (77)   (276)   1,311    +72 Income/(loss) for the period        
    (581)   (99)   (458)     Of which: Identified items A      
    449    (229)   1,615    +296 Adjusted Earnings A      
    1,410    475    2,826    +197 Adjusted EBITDA A      
    130    2,032    (349)   -94 Cash flow from operating activities A      
    458    1,392    500      Cash capital expenditure C      
    1,362    1,215    1,430    +12 Refinery processing intake (thousand b/d)        
    2,813    2,926    2,883    -4 Chemicals sales volumes (thousand tonnes)        

    1.Q1 on Q4 change

    The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).

    Quarter Analysis1

    Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

    Adjusted Earnings, compared with the fourth quarter 2024, reflected higher Products margins (increase of $546 million) mainly driven by higher margins from trading and optimisation and higher refining margins. Adjusted Earnings also reflected higher Chemicals margins (increase of $115 million). In addition, the first quarter 2025 reflected lower operating expenses (decrease of $134 million). These net gains were partly offset by comparative unfavourable tax movements ($96 million).

    In the first quarter 2025, Chemicals had negative Adjusted Earnings of $137 million and Products had positive Adjusted Earnings of $586 million.

    Identified items in the first quarter 2025 included impairment charges of $277 million, and unfavourable movements of $202 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These charges and unfavourable movements compare with the fourth quarter 2024 which included impairment charges of $224 million, partly offset by favourable deferred tax movements of $114 million..

    Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

    Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, and inflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $125 million. These inflows were partly offset by working capital outflows of $1,081 million, and net cash outflows relating to commodity derivatives of $508 million.

    Chemicals manufacturing plant utilisation was 81% compared with 75% in the fourth quarter 2024, mainly due to lower planned and unplanned maintenance.

    Refinery utilisation was 85% compared with 76% in the fourth quarter 2024, mainly due to lower planned maintenance.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

             Page 6


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                             
                       
    RENEWABLES AND ENERGY SOLUTIONS        
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024   Reference      
    (247)   (1,226)   553    +80 Income/(loss) for the period        
    (205)   (914)   390      Of which: Identified items A      
    (42)   (311)   163    +87 Adjusted Earnings A      
    111    (123)   267    +190 Adjusted EBITDA A      
    367    850    2,466    -57 Cash flow from operating activities A      
    403    1,277    438      Cash capital expenditure C      
    76    76    77    +1 External power sales (terawatt hours)2        
    184    165    190    +12 Sales of pipeline gas to end-use customers (terawatt hours)3        

    1.Q1 on Q4 change

    2.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.

    3.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.

    Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

    Quarter Analysis1

    Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

    Adjusted Earnings, compared with the fourth quarter 2024, reflected higher margins (increase of $99 million) mainly due to higher trading and optimisation in the Americas as a result of higher seasonal demand and volatility, lower operating expenses (decrease of $90 million) and comparative favourable tax movements ($89 million). Most Renewables and Energy Solutions activities were loss-making in the first quarter 2025, which was partly offset by positive Adjusted Earnings from trading and optimisation.

    Identified items in the first quarter 2025 included a charge of $143 million related to the disposal of assets. These charges compare with the fourth quarter 2024 which included impairment charges of $996 million mainly relating to renewable generation assets in North America, partly offset by favourable movements of $50 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

    Cash flow from operating activities for the first quarter 2025 was primarily driven by net cash inflows relating to working capital of $380 million and Adjusted EBITDA, partially offset by outflows related to derivatives of $169 million.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

    Additional Growth Measures

                                             
    Quarters      
    Q1 2025 Q4 2024 Q1 2024          
            Renewable power generation capacity (gigawatt):        
    3.5    3.4    3.2    +4 – In operation2        
    4.0    4.0    3.5    -1 – Under construction and/or committed for sale3        

    1.Q1 on Q4 change

    2.Shell’s equity share of renewable generation capacity post commercial operation date. It excludes Shell’s equity share of associates where information cannot be obtained.

    3.Shell’s equity share of renewable generation capacity under construction and/or committed for sale under long-term offtake agreements (PPA). It excludes Shell’s equity share of associates where information cannot be obtained.

             Page 7


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                     
                 
    CORPORATE      
    Quarters $ million          
    Q1 2025 Q4 2024 Q1 2024   Reference    
    (483)   (335)   (354)   Income/(loss) for the period      
    (26)   45    14    Of which: Identified items A    
    (457)   (380)   (368)   Adjusted Earnings A    
    (261)   (24)   (92)   Adjusted EBITDA A    
    (531)   16    (545)   Cash flow from operating activities A    

    The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate Adjusted Earnings rather than in the earnings of business segments.

    Quarter Analysis1

    Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

    Adjusted Earnings, compared with the fourth quarter 2024, reflected unfavourable currency exchange rate effects, partly offset by lower operating expenses.

    Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

             Page 8


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    OUTLOOK FOR THE SECOND QUARTER 2025

    Full year 2024 cash capital expenditure was $21 billion. Our cash capital expenditure range for the full year 2025 is expected to be within $20 – $22 billion.

    Integrated Gas production is expected to be approximately 890 – 950 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.3 – 6.9 million tonnes. Second quarter 2025 outlook reflects scheduled maintenance across the portfolio.

    Upstream production is expected to be approximately 1,560 – 1,760 thousand boe/d. Production outlook reflects the SPDC divestment in March 2025 and the scheduled maintenance across the portfolio.

    Marketing sales volumes are expected to be approximately 2,600 – 3,100 thousand b/d.

    Refinery utilisation is expected to be approximately 87% – 95%. Chemicals manufacturing plant utilisation is expected to be approximately 74% – 82%. Second quarter 2025 utilisation outlook reflects the sale of the Energy and Chemicals Park in Singapore which was completed in April 2025.

    Corporate Adjusted Earnings1 were a net expense of $457 million for the first quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $400 – $600 million in the second quarter 2025.

    1.For the definition of Adjusted Earnings and the most comparable GAAP measure see reference A.

    FORTHCOMING EVENTS

               
     
    Date Event
    May 20, 2025 Annual General Meeting
    July 31, 2025 Second quarter 2025 results and dividends
    October 30, 2025 Third quarter 2025 results and dividends

             Page 9


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

                               
     
    CONSOLIDATED STATEMENT OF INCOME    
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    69,234    66,281    72,478    Revenue1    
    615    (156)   1,318    Share of profit/(loss) of joint ventures and associates    
    302    683    907    Interest and other income/(expenses)2    
    70,152    66,807    74,703    Total revenue and other income/(expenses)    
    45,849    43,610    46,867    Purchases    
    5,549    5,839    5,810    Production and manufacturing expenses    
    2,840    3,231    2,975    Selling, distribution and administrative expenses    
    185    331    212    Research and development    
    210    861    750    Exploration    
    5,441    7,520    5,881    Depreciation, depletion and amortisation2    
    1,120    1,213    1,164    Interest expense    
    61,194    62,605    63,659    Total expenditure    
    8,959    4,205    11,044    Income/(loss) before taxation    
    4,083    3,164    3,604    Taxation charge/(credit)2    
    4,875    1,041    7,439    Income/(loss) for the period    
    95    113    82    Income/(loss) attributable to non-controlling interest    
    4,780    928    7,358    Income/(loss) attributable to Shell plc shareholders    
    0.79    0.15    1.14    Basic earnings per share ($)3    
    0.79    0.15    1.13    Diluted earnings per share ($)3    

    1.See Note 2 “Segment information”.

    2.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    3.See Note 3 “Earnings per share”.

                               
                 
    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
    Quarters $ million        
    Q1 2025 Q4 2024 Q1 2024      
    4,875    1,041    7,439    Income/(loss) for the period    
          Other comprehensive income/(loss) net of tax:    
          Items that may be reclassified to income in later periods:    
    1,711    (4,899)   (1,995)   – Currency translation differences1    
      (11)   (6)   – Debt instruments remeasurements    
    (25)   224    53    – Cash flow hedging gains/(losses)    
    (42)   (50)   (14)   – Deferred cost of hedging    
    74    (91)   (12)   – Share of other comprehensive income/(loss) of joint ventures and associates    
    1,723    (4,827)   (1,974)   Total    
          Items that are not reclassified to income in later periods:    
    306    239    439    – Retirement benefits remeasurements    
    (16)   (50)   78    – Equity instruments remeasurements    
    (36)   46    10    – Share of other comprehensive income/(loss) of joint ventures and associates    
    254    235    528    Total    
    1,977    (4,592)   (1,445)   Other comprehensive income/(loss) for the period    
    6,852    (3,552)   5,994    Comprehensive income/(loss) for the period    
    105    50    56    Comprehensive income/(loss) attributable to non-controlling interest    
    6,748    (3,602)   5,937    Comprehensive income/(loss) attributable to Shell plc shareholders    

    1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

             Page 10


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                     
     
    CONDENSED CONSOLIDATED BALANCE SHEET
    $ million    
      March 31, 2025 December 31, 2024
    Assets    
    Non-current assets    
    Goodwill 16,072    16,032   
    Other intangible assets1 11,365    9,480   
    Property, plant and equipment 183,712    185,219   
    Joint ventures and associates 24,236    23,445   
    Investments in securities 2,284    2,255   
    Deferred tax 6,989    6,857   
    Retirement benefits 10,266    10,003   
    Trade and other receivables 7,269    6,018   
    Derivative financial instruments² 400    374   
      262,593    259,683   
    Current assets    
    Inventories 22,984    23,426   
    Trade and other receivables 48,247    45,860   
    Derivative financial instruments² 8,941    9,673   
    Cash and cash equivalents 35,601    39,110   
      115,773    118,069   
    Assets classified as held for sale1 10,881    9,857   
      126,654    127,926   
    Total assets 389,248    387,609   
    Liabilities    
    Non-current liabilities    
    Debt 65,120    65,448   
    Trade and other payables 5,487    3,290   
    Derivative financial instruments² 1,565    2,185   
    Deferred tax 13,257    13,505   
    Retirement benefits 6,756    6,752   
    Decommissioning and other provisions 20,313    21,227   
      112,498    112,407   
    Current liabilities    
    Debt 11,391    11,630   
    Trade and other payables 60,870    60,693   
    Derivative financial instruments² 6,371    7,391   
    Income taxes payable 4,343    4,648   
    Decommissioning and other provisions 5,104    4,469   
      88,079    88,831   
    Liabilities directly associated with assets classified as held for sale1 8,001    6,203   
      96,080    95,034   
    Total liabilities 208,578    207,441   
    Equity attributable to Shell plc shareholders 178,813    178,307   
    Non-controlling interest 1,856    1,861   
    Total equity 180,670    180,168   
    Total liabilities and equity 389,248    387,609   

    1.    See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    2.    See Note 6 “Derivative financial instruments and debt excluding lease liabilities”.

             Page 11


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                                         
     
    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
      Equity attributable to Shell plc shareholders      
    $ million Share capital1 Shares held in trust Other reserves² Retained earnings Total Non-controlling interest   Total equity
    At January 1, 2025 510    (803)   19,766    158,834    178,307    1,861      180,168   
    Comprehensive income/(loss) for the period —    —    1,967    4,780    6,748    105      6,852   
    Transfer from other comprehensive income —    —    11    (11)   —    —      —   
    Dividends³ —    —    —    (2,179)   (2,179)   (86)     (2,265)  
    Repurchases of shares4 (8)   —      (3,513)   (3,513)   —      (3,513)  
    Share-based compensation —    500    (663)   (405)   (567)   —      (567)  
    Other changes —    —    —    23    22    (24)     (2)  
    At March 31, 2025 502    (304)   21,090    157,527    178,813    1,856      180,670   
    At January 1, 2024 544    (997)   21,145    165,915    186,607    1,755      188,362   
    Comprehensive income/(loss) for the period —    —    (1,420)   7,358    5,937    56      5,994   
    Transfer from other comprehensive income —    —    138    (138)   —    —      —   
    Dividends3 —    —    —    (2,210)   (2,210)   (68)     (2,278)  
    Repurchases of shares4 (7)   —      (3,502)   (3,502)   —      (3,502)  
    Share-based compensation —    543    (426)   (392)   (275)   —      (275)  
    Other changes —    —    —        (4)      
    At March 31, 2024 537    (455)   19,445    167,038    186,565    1,739      188,304   

    1.    See Note 4 “Share capital”.

    2.    See Note 5 “Other reserves”.

    3.    The amount charged to retained earnings is based on prevailing exchange rates on payment date.

    4.     Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

             Page 12


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                     
     
    CONSOLIDATED STATEMENT OF CASH FLOWS    
    Quarters $ million  
    Q1 2025   Q4 2024 Q1 2024      
    8,959      4,205    11,044    Income before taxation for the period    
            Adjustment for:    
    636      665    576    – Interest expense (net)    
    5,441      7,520    5,881    – Depreciation, depletion and amortisation1    
    28      649    554    – Exploration well write-offs    
    127      288    (10)   – Net (gains)/losses on sale and revaluation of non-current assets and businesses    
    (615)     156    (1,318)   – Share of (profit)/loss of joint ventures and associates    
    523      1,241    738    – Dividends received from joint ventures and associates    
    854      131    (608)   – (Increase)/decrease in inventories    
    (2,610)     751    (195)   – (Increase)/decrease in current receivables    
    (907)     1,524    (1,949)   – Increase/(decrease) in current payables    
    (244)     111    1,386    – Derivative financial instruments    
    (100)     (58)   (61)   – Retirement benefits    
    (480)     (256)   (600)   – Decommissioning and other provisions    
    570      (856)   509    – Other1    
    (2,900)     (2,910)   (2,616)   Tax paid    
    9,281      13,162    13,330    Cash flow from operating activities    
    (3,748)     (6,486)   (3,980)      Capital expenditure    
    (413)     (421)   (500)      Investments in joint ventures and associates    
    (15)     (17)   (13)      Investments in equity securities    
    (4,175)     (6,924)   (4,493)   Cash capital expenditure    
    559      493    323    Proceeds from sale of property, plant and equipment and businesses    
    33      305    133    Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans    
          569    Proceeds from sale of equity securities    
    508      581    577    Interest received    
    506      1,762    857    Other investing cash inflows    
    (1,394)     (655)   (1,494)   Other investing cash outflows1    
    (3,959)     (4,431)   (3,528)   Cash flow from investing activities    
    80      65    (107)   Net increase/(decrease) in debt with maturity period within three months    
            Other debt:    
    139      (13)   167    – New borrowings    
    (2,514)     (2,664)   (1,532)   – Repayments    
    (846)     (1,379)   (911)   Interest paid    
    326      (833)   (297)   Derivative financial instruments    
    (25)     (10)   (4)   Change in non-controlling interest    
            Cash dividends paid to:    
    (2,179)     (2,114)   (2,210)   – Shell plc shareholders    
    (86)     (53)   (68)   – Non-controlling interest    
    (3,311)     (3,579)   (2,824)   Repurchases of shares    
    (768)     (309)   (462)   Shares held in trust: net sales/(purchases) and dividends received    
    (9,183)     (10,889)   (8,248)   Cash flow from financing activities    
    353      (985)   (379)   Effects of exchange rate changes on cash and cash equivalents    
    (3,509)     (3,142)   1,175    Increase/(decrease) in cash and cash equivalents    
    39,110      42,252    38,774    Cash and cash equivalents at beginning of period    
    35,601      39,110    39,949    Cash and cash equivalents at end of period    

    1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

             Page 13


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

    1. Basis of preparation

    These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and adopted by the UK, and on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 240 to 312) for the year ended December 31, 2024, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 223 to 296) for the year ended December 31, 2024, as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

    The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2024, were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

    Key accounting considerations, significant judgements and estimates

    Future commodity price assumptions and management’s view on the future development of refining and chemicals margins represent a significant estimate and were subject to change in 2024. These assumptions continue to apply for impairment testing purposes in the first quarter 2025. As per the normal process outlined in the 2024 Annual Report and Accounts and Form 20-F, these assumptions are subject to review later this year.

    The discount rates applied for impairment testing and the discount rate applied to provisions are reviewed on a regular basis. Both discount rates applied in the first quarter 2025 remain unchanged compared with 2024.

    2. Segment information

    With effect from January 1, 2025, segment earnings are presented on an Adjusted Earnings basis (Adjusted Earnings), which is the earnings measure used by the Chief Executive Officer, who serves as the Chief Operating Decision Maker, for the purposes of making decisions about allocating resources and assessing performance. This aligns with Shell’s focus on performance, discipline and simplification.

    The Adjusted Earnings measure is presented on a current cost of supplies (CCS) basis and aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. Identified items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period.

    The segment earnings measure used until December 31, 2024 was CCS earnings. The difference between CCS earnings and Adjusted Earnings are the identified items. Comparative periods are presented below on an Adjusted Earnings basis.

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    REVENUE AND ADJUSTED EARNINGS BY SEGMENT    
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
          Third-party revenue    
    9,602    9,294    9,195    Integrated Gas    
    1,510    1,652    1,759    Upstream    
    27,083    27,524    30,041    Marketing    
    21,610    19,992    23,735    Chemicals and Products    
    9,417    7,808    7,737    Renewables and Energy Solutions    
    12    10    11    Corporate    
    69,234    66,281    72,478    Total third-party revenue1    
          Inter-segment revenue    
    2,675    2,024    2,404    Integrated Gas    
    9,854    9,931    10,287    Upstream    
    1,849    984    1,355    Marketing    
    8,255    8,656    10,312    Chemicals and Products    
    1,164    1,879    1,005    Renewables and Energy Solutions    
    —    —    —    Corporate    
          Adjusted Earnings    
    2,483    2,165    3,680    Integrated Gas    
    2,337    1,682    1,933    Upstream    
    900    839    781    Marketing    
    449    (229)   1,615    Chemicals and Products    
    (42)   (311)   163    Renewables and Energy Solutions    
    (457)   (380)   (368)   Corporate    
    5,670    3,766    7,804    Total Adjusted Earnings2    
    5,577    3,661    7,734    Adjusted Earnings attributable to Shell plc shareholders    
    94    106    70    Adjusted Earnings attributable to non-controlling interest    

    1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.

    2.See Reconciliation of income for the period to Adjusted Earnings below.

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    Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.

                               
     
    CASH CAPITAL EXPENDITURE BY SEGMENT
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
          Capital expenditure    
    943    1,123    858    Integrated Gas    
    1,727    2,205    1,766    Upstream    
    252    798    427    Marketing    
    451    1,121    474    Chemicals and Products    
    358    1,214    421    Renewables and Energy Solutions    
    17    25    34    Corporate    
    3,748    6,486    3,980    Total capital expenditure    
          Add: Investments in joint ventures and associates    
    174    214    184    Integrated Gas    
    197    (117)   244    Upstream    
      13    38    Marketing    
      271    26    Chemicals and Products    
    30    36      Renewables and Energy Solutions    
        —    Corporate    
    413    421    500    Total investments in joint ventures and associates    
          Add: Investments in equity securities    
    —    —    —    Integrated Gas    
    —    (11)   —    Upstream    
    —    —    —    Marketing    
    —    —    —    Chemicals and Products    
    14    28    10    Renewables and Energy Solutions    
    —    —      Corporate    
    15    17    13    Total investments in equity securities    
          Cash capital expenditure    
    1,116    1,337    1,041    Integrated Gas    
    1,923    2,076    2,010    Upstream    
    256    811    465    Marketing    
    458    1,392    500    Chemicals and Products    
    403    1,277    438    Renewables and Energy Solutions    
    19    30    37    Corporate    
    4,175    6,924    4,493    Total Cash capital expenditure    

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    RECONCILIATION OF INCOME FOR THE PERIOD TO ADJUSTED EARNINGS    
    Quarters $ million        
    Q1 2025 Q4 2024 Q1 2024      
    4,780    928    7,358    Income/(loss) attributable to Shell plc shareholders    
    95    113    82    Income/(loss) attributable to non-controlling interest    
    4,875    1,041    7,439    Income/(loss) for the period    
    (15)   (75)   (360)   Add: Current cost of supplies adjustment before taxation    
    (2)   23    84    Add: Tax on current cost of supplies adjustment    
    (510) (3,008) (1,244) Less: Identified items adjustment before taxation    
    301 (230) (604) Add: Tax on identified items adjustment    
    5,670    3,766    7,804    Adjusted Earnings    
    5,577    3,661    7,734    Adjusted Earnings attributable to Shell plc shareholders    
    94    106    70    Adjusted Earnings attributable to non-controlling interest    

    Identified items

    The objective of identified items is to remove material impacts on net income/loss arising from transactions which are generally uncontrollable and unusual (infrequent or non-recurring) in nature or giving rise to a mismatch between accounting and economic results, or certain transactions that are generally excluded from underlying results in the industry.

    Identified items comprise: divestment gains and losses, impairments and impairment reversals, redundancy and restructuring, fair value accounting of commodity derivatives and certain gas contracts that gives rise to a mismatch between accounting and economic results, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.

                                                   
     
    Q1 2025 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (106) (1) 154 (57) (15) (187)
    Impairment reversals/(impairments) (341) (21) 10 (293) (38)
    Redundancy and restructuring (44) (1) (15) (9) (13) (9) 4
    Fair value accounting of commodity derivatives and certain gas contracts1 194 420 (1) 12 (258) 20
    Other2 (212) (70) 4 (101) (46)
    Total identified items included in Income/(loss) before taxation (510) 348 121 (44) (679) (260) 4
    Less: Total identified items included in Taxation charge/(credit) 301 43 378 4 (99) (54) 29
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (208) 8 (61) (12) (143)
    Impairment reversals/(impairments) (317) (15) 6 (277) (31)
    Redundancy and restructuring (24) (1) (5) (1) (12) (7) 2
    Fair value accounting of commodity derivatives and certain gas contracts1 187 362 7 (202) 20
    Impact of exchange rate movements and inflationary adjustments on tax balances3 108 4 132 (28)
    Other2 (558) (59) (377) (77) (45)
    Impact on Adjusted Earnings (811) 306 (257) (49) (581) (205) (26)
    Impact on Adjusted Earnings attributable to non-controlling interest
    Impact on Adjusted Earnings attributable to Shell plc shareholders (811) 306 (257) (49) (581) (205) (26)

    1.Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end

             Page 17


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    1st QUARTER 2025 UNAUDITED RESULTS

    market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period; or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.

    2.Other identified items represent other credits or charges that based on Shell management’s assessment hinder the comparative understanding of Shell’s financial results from period to period.

    3.Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on: (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as recognised tax losses (this primarily impacts the Integrated Gas and Upstream segments); and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

                                                   
     
    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (288) (99) (66) (216) 42 51
    Impairment reversals/(impairments) (2,554) (523) (183) (493) (288) (1,065) (1)
    Redundancy and restructuring (175) (27) (62) (70) (5) (11) (1)
    Fair value accounting of commodity derivatives and certain gas contracts1 209 136 (14) 58 (38) 67
    Other1 (200) (165) (33) (2)
    Total identified items included in Income/(loss) before taxation (3,008) (514) (491) (753) (291) (958) (2)
    Less: Total identified items included in Taxation charge/(credit) (230) (92) 160 (17) (191) (43) (47)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (321) (96) (51) (247) 33 40
    Impairment reversals/(impairments) (2,170) (339) (152) (458) (224) (996) (1)
    Redundancy and restructuring (115) (16) (34) (52) (3) (8) (1)
    Fair value accounting of commodity derivatives and certain gas contracts1 184 109 (4) 46 (17) 50
    Impact of exchange rate movements and inflationary adjustments on tax balances1 (210) (57) (199) 46
    Other1 (147) (22) (212) (25) 113
    Impact on Adjusted Earnings (2,778) (421) (651) (736) (99) (914) 45
    Impact on Adjusted Earnings attributable to non-controlling interest
    Impact on Adjusted Earnings attributable to Shell plc shareholders (2,778) (421) (651) (736) (99) (914) 45

    1.For a detailed description, see the corresponding footnotes to the Q1 2025 identified items table above.

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    1st QUARTER 2025 UNAUDITED RESULTS

                                                   
     
    Q1 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) 10 (3) 27 (15) (9) 10
    Impairment reversals/(impairments) (227) (8) (96) (4) (178) 59
    Redundancy and restructuring (74) (1) (13) (20) (18) (15) (6)
    Fair value accounting of commodity derivatives and certain gas contracts1 (1,079) (1,068) (2) 6 (416) 400
    Other1 126 4 38 23 45 16
    Total identified items included in Income/(loss) before taxation (1,244) (1,075) (46) (11) (575) 469 (6)
    Less: Total identified items included in Taxation charge/(credit) (604) (157) (385) (4) (118) 80 (20)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (4) (2) 10 (11) (7) 6
    Impairment reversals/(impairments) (186) (5) (102) (3) (152) 77
    Redundancy and restructuring (53) (1) (9) (15) (14) (11) (4)
    Fair value accounting of commodity derivatives and certain gas contracts1 (896) (887) 5 (319) 306
    Impact of exchange rate movements and inflationary adjustments on tax balances1 403 (27) 412 18
    Other1 95 3 28 17 34 12
    Impact on Adjusted Earnings (641) (919) 339 (7) (458) 390 14
    Impact on Adjusted Earnings attributable to non-controlling interest
    Impact on Adjusted Earnings attributable to Shell plc shareholders (641) (919) 339 (7) (458) 390 14

    1.For a detailed description, see the corresponding footnotes to the Q1 2025 identified items table above.

    The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within “Share of profit/(loss) of joint ventures and associates” in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the table above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income.

    3. Earnings per share

                               
     
    EARNINGS PER SHARE
    Quarters    
    Q1 2025 Q4 2024 Q1 2024      
    4,780    928    7,358    Income/(loss) attributable to Shell plc shareholders ($ million)    
               
          Weighted average number of shares used as the basis for determining:    
    6,033.5    6,148.4    6,440.1    Basic earnings per share (million)    
    6,087.8    6,213.9    6,504.3    Diluted earnings per share (million)    

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    4. Share capital

                             
     
    ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
      Number of shares   Nominal value
    ($ million)
    At January 1, 2025 6,115,031,158      510     
    Repurchases of shares (98,948,766)     (8)    
    At March 31, 2025 6,016,082,392      502     
    At January 1, 2024 6,524,109,049      544     
    Repurchases of shares (88,893,999)     (7)    
    At March 31, 2024 6,435,215,050      537     

    At Shell plc’s Annual General Meeting on May 21, 2024, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €150 million (representing approximately 2,147 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 20, 2025, or the end of the Annual General Meeting to be held in 2025, unless previously renewed, revoked or varied by Shell plc in a general meeting.

    5. Other reserves

                                             
     
    OTHER RESERVES
    $ million Merger reserve Share premium reserve Capital redemption reserve Share plan reserve Accumulated other comprehensive income Total
    At January 1, 2025 37,298    154    270    1,417    (19,373)   19,766   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    1,967    1,967   
    Transfer from other comprehensive income —    —    —    —    11    11   
    Repurchases of shares —    —      —    —     
    Share-based compensation —    —    —    (663)   —    (663)  
    At March 31, 2025 37,298    154    279    754    (17,394)   21,090   
    At January 1, 2024 37,298    154    236    1,308    (17,851)   21,145   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    (1,420)   (1,420)  
    Transfer from other comprehensive income —    —    —    —    138    138   
    Repurchases of shares —    —      —    —     
    Share-based compensation —    —    —    (426)   —    (426)  
    At March 31, 2024 37,298    154    244    882    (19,132)   19,445   

    The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.

    6. Derivative financial instruments and debt excluding lease liabilities

    As disclosed in the Consolidated Financial Statements for the year ended December 31, 2024, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at March 31, 2025, are consistent with those used in the year ended December 31, 2024, though the carrying amounts of derivative financial instruments have changed since that date.

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    The movement of the derivative financial instruments between December 31, 2024 and March 31, 2025 is a decrease of $732 million for the current assets and a decrease of $1,020 million for the current liabilities.

    The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.

                     
     
    DEBT EXCLUDING LEASE LIABILITIES
    $ million March 31, 2025 December 31, 2024
    Carrying amount1 48,023    48,376   
    Fair value2 44,240    44,119   

    1.    Shell issued no debt under the US shelf or under the Euro medium-term note programmes during the first quarter 2025.

    2.     Mainly determined from the prices quoted for these securities.

    7. Other notes to the unaudited Condensed Consolidated Interim Financial Statements

    Consolidated Statement of Income

    Interest and other income

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    302    683    907    Interest and other income/(expenses)    
          Of which:    
    481    548    588    Interest income    
      25    23    Dividend income (from investments in equity securities)    
    (127)   (288)   10    Net gains/(losses) on sales and revaluation of non-current assets and businesses    
    (137)   267    66    Net foreign exchange gains/(losses) on financing activities    
    85    131    219    Other    

    Depreciation, depletion and amortisation

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    5,441    7,520    5,881    Depreciation, depletion and amortisation    
          Of which:    
    5,130 5,829 5,654 Depreciation    
    311 1,797 382 Impairments    
    (1) (106) (154) Impairment reversals    

    Impairments recognised in the first quarter 2025 of $311 million pre-tax ($287 million post-tax) principally relate to Chemicals and Products.

    Impairments recognised in the fourth quarter 2024 of $2,659 million pre-tax ($2,245 million post-tax), of which $1,797 million recognised in depreciation, depletion and amortisation and $863 million recognised in share of profit of joint ventures and associates, mainly relate to Renewables and Energy Solutions ($1,068 million pre-tax; $1,000 million post-tax), Integrated Gas ($532 million pre-tax; $345 million post-tax), Marketing ($495 million pre-tax; $459 million post-tax), Chemicals and Products ($315 million pre-tax; $247 million post-tax) and Upstream ($248 million pre-tax; $194 million post-tax).

    Impairments recognised in the first quarter 2024 of $382 million pre-tax ($332 million post-tax) include smaller

    impairments in various segments.

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    Taxation charge/credit

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    4,083    3,164    3,604    Taxation charge/(credit)    
          Of which:    
    4,024 3,125 3,525 Income tax excluding Pillar Two income tax    
    59 39 79 Income tax related to Pillar Two income tax    

    As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

    Consolidated Statement of Comprehensive Income

    Currency translation differences

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    1,711    (4,899)   (1,995)   Currency translation differences    
          Of which:    
    1,618 (5,028) (1,983) Recognised in Other comprehensive income    
    92 129 (12) (Gain)/loss reclassified to profit or loss    

    Condensed Consolidated Balance Sheet

    Other intangible assets

                       
       
    $ million      
      March 31, 2025 December 31, 2024  
    Other intangible assets 11,365    9,480     
           

    The increase in other intangible assets as at March 31, 2025 compared with December 31, 2024 is mainly related to initial recognition at fair value of favourable LNG, gas offtake and sales contracts. These were recognised following completion of the acquisition of Pavilion Energy Pte. Ltd. during the first quarter 2025. The fair value of unfavourable LNG, gas offtake and sales contracts acquired was recognised under trade and other payables.

    Assets classified as held for sale

                       
       
    $ million      
      March 31, 2025 December 31, 2024  
    Assets classified as held for sale 10,881    9,857     
    Liabilities directly associated with assets classified as held for sale 8,001    6,203     

    Assets classified as held for sale and associated liabilities at March 31, 2025 principally relate to Shell’s UK offshore oil and gas assets in Upstream, mining interests in Canada and an energy and chemicals park in Singapore, both in Chemicals and Products. Upon completion of the sale, Shell’s UK offshore assets will be derecognised in exchange for a 50% interest in a newly formed joint venture.

    The major classes of assets and liabilities classified as held for sale at March 31, 2025, are Property, plant and equipment ($8,866 million; December 31, 2024: $8,283 million), Inventories ($1,003 million; December 31, 2024: $1,180 million), Decommissioning and other provisions ($3,228 million; December 31, 2024: $3,053 million), deferred tax liabilities ($2,823 million; December 31, 2024: $2,042 million), Trade and other payables ($1,000 million; December 31, 2024: $484 million) and Debt ($839 million; December 31, 2024: $624 million).

             Page 22


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    1st QUARTER 2025 UNAUDITED RESULTS

    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    570    (856)   509    Other    

    ‘Cash flow from operating activities – Other’ for the first quarter 2025 includes $652 million of net inflows (fourth quarter 2024: $1,447 million net outflows; first quarter 2024: $188 million net inflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $255 million in relation to reversal of currency exchange gains on Cash and cash equivalents (fourth quarter 2024: $672 million losses; first quarter 2024: $253 million losses).

    Cash flow from investing activities – Other investing cash outflows

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    (1,394)   (655)   (1,494)   Other investing cash outflows    

    ‘Cash flow from investing activities – Other investing cash outflows’ for the first quarter 2025 includes $818 million secured term loans provided to The Shell Petroleum Development Company of Nigeria Limited (SPDC) upon completion of the sale of SPDC. The first quarter 2024 includes $645 million of debt securities acquired in the Corporate segment.

    8. Reconciliation of Operating expenses and Total Debt

                               
     
    RECONCILIATION OF OPERATING EXPENSES    
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    5,549    5,839    5,810    Production and manufacturing expenses    
    2,840    3,231    2,975    Selling, distribution and administrative expenses    
    185    331    212    Research and development    
    8,575    9,401    8,997    Operating expenses    
                               
                 
    RECONCILIATION OF TOTAL DEBT    
    March 31, 2025 December 31, 2024 March 31, 2024 $ million    
    11,391    11,630    11,046    Current debt    
    65,120    65,448    68,886    Non-current debt    
    76,511    77,078    79,931    Total debt    

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    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

    A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activities

    The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest when presenting the total Shell Group result but includes these items when presenting individual segment Adjusted Earnings as set out in the table below.

    We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. Management uses this measure to evaluate Shell’s performance in the period and over time.

                                                   
     
    Q1 2025 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Income/(loss) for the period 4,875 2,789 2,080 814 (77) (247) (483)
    Add: Current cost of supplies adjustment before taxation (15)     52 (67)    
    Add: Tax on current cost of supplies adjustment (2)     (14) 12    
    Less: Identified items (811) 306 (257) (49) (581) (205) (26)
    Less: Income/(loss) attributable to non-controlling interest 95            
    Less: Current cost of supplies adjustment attributable to non-controlling interest (1)            
    Add: Identified items attributable to non-controlling interest            
    Adjusted Earnings 5,577            
    Add: Non-controlling interest 94            
    Adjusted Earnings plus non-controlling interest 5,670 2,483 2,337 900 449 (42) (457)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,784 803 2,619 391 99 63 (191)
    Add: Depreciation, depletion and amortisation excluding impairments 5,130 1,404 2,213 566 852 90 6
    Add: Exploration well write-offs 28 29        
    Add: Interest expense excluding identified items 1,119 51 200 12 14 2 841
    Less: Interest income 481 4 11 4 2 461
    Adjusted EBITDA 15,250 4,735 7,387 1,869 1,410 111 (261)
    Less: Current cost of supplies adjustment before taxation (15)     52 (67)    
    Joint ventures and associates (dividends received less profit) (178) (286) (159) 203 54 10
    Derivative financial instruments (38) 542 14 10 (508) (169) 73
    Taxation paid (2,900) (773) (1,999) (174) 63 52 (68)
    Other (206) (68) (386) 396 125 (17) (257)
    (Increase)/decrease in working capital (2,663) (687) (913) (344) (1,081) 380 (19)
    Cash flow from operating activities 9,281 3,463 3,945 1,907 130 367 (531)

             Page 24


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                                   
     
    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Income/(loss) for the period 1,041 1,744 1,031 103 (276) (1,226) (335)
    Add: Current cost of supplies adjustment before taxation (75)     (2) (73)    
    Add: Tax on current cost of supplies adjustment 23     2 21    
    Less: Identified items (2,778) (421) (651) (736) (99) (914) 45
    Less: Income/(loss) attributable to non-controlling interest 113            
    Less: Current cost of supplies adjustment attributable to non-controlling interest (7)            
    Add: Identified items attributable to non-controlling interest            
    Adjusted Earnings 3,661            
    Add: Non-controlling interest 106            
    Adjusted Earnings plus non-controlling interest 3,766 2,165 1,682 839 (229) (311) (380)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,371 635 2,618 266 (198) 97 (46)
    Add: Depreciation, depletion and amortisation excluding impairments 5,829 1,440 2,803 587 896 96 8
    Add: Exploration well write-offs 649 277 372
    Add: Interest expense excluding identified items 1,213 54 201 17 16 2 923
    Less: Interest income 548 3 10 7 529
    Adjusted EBITDA 14,281 4,568 7,676 1,709 475 (123) (24)
    Less: Current cost of supplies adjustment before taxation (75)     (2) (73)    
    Joint ventures and associates (dividends received less profit) 451 110 (22) 172 139 51
    Derivative financial instruments 319 120 (28) (8) 230 533 (527)
    Taxation paid (2,910) (635) (2,019) (130) 36 (41) (120)
    Other (1,461) 114 (486) (1,227) (313) 77 375
    (Increase)/decrease in working capital 2,407 114 (611) 845 1,394 353 312
    Cash flow from operating activities 13,162 4,391 4,509 1,363 2,032 850 16
                                                   
     
    Q1 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Income/(loss) for the period 7,439 2,761 2,272 896 1,311 553 (354)
    Add: Current cost of supplies adjustment before taxation (360)     (153) (207)    
    Add: Tax on current cost of supplies adjustment 84     30 54    
    Less: Identified items (641) (919) 339 (7) (458) 390 14
    Less: Income/(loss) attributable to non-controlling interest 82            
    Less: Current cost of supplies adjustment attributable to non-controlling interest (12)            
    Add: Identified items attributable to non-controlling interest            
    Adjusted Earnings 7,734            
    Add: Non-controlling interest 70            
    Adjusted Earnings plus non-controlling interest 7,804 3,680 1,933 781 1,615 163 (368)
    Add: Taxation charge/(credit) excluding tax impact of identified items 4,124 996 2,522 358 338 (91)
    Add: Depreciation, depletion and amortisation excluding impairments 5,654 1,410 2,727 535 870 106 6
    Add: Exploration well write-offs 554 8 546
    Add: Interest expense excluding identified items 1,163 42 169 12 17 1 922
    Less: Interest income 588 10 14 4 560
    Adjusted EBITDA 18,711 6,136 7,888 1,686 2,826 267 (92)
    Less: Current cost of supplies adjustment before taxation (360)     (153) (207)    
    Joint ventures and associates (dividends received less profit) (582) (197) (546) 93 56 13
    Derivative financial instruments 306 (1,080) (3) (39) (402) 1,978 (149)
    Taxation paid (2,616) (467) (1,802) (175) (19) (244) 91
    Other (97) 45 (231) 393 (378) (30) 104
    (Increase)/decrease in working capital (2,752) 275 421 (792) (2,639) 481 (499)
    Cash flow from operating activities 13,330 4,712 5,727 1,319 (349) 2,466 (545)

    Identified items

    The objective of identified items is to remove material impacts on net income/loss arising from transactions which are generally uncontrollable and unusual (infrequent or non-recurring) in nature or giving rise to a mismatch between accounting and economic results, or certain transactions that are generally excluded from underlying results in the industry.

             Page 25


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    Identified items comprise: divestment gains and losses, impairments and impairment reversals, redundancy and restructuring, fair value accounting of commodity derivatives and certain gas contracts that gives rise to a mismatch between accounting and economic results, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.

    See Note 2 “Segment information” for details.

    B.    Adjusted Earnings per share

    Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 3).

    C.    Cash capital expenditure

    Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.

    See Note 2 “Segment information” for the reconciliation of cash capital expenditure.

    D.    Capital employed and Return on average capital employed

    Return on average capital employed (“ROACE”) measures the efficiency of Shell’s utilisation of the capital that it employs.

    The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.

    In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest (NCI) excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense and after-tax interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period.

                           
     
    $ million Quarters
      Q1 2025 Q4 2024 Q1 2024
    Current debt 11,046 9,931 9,044
    Non-current debt 68,886 71,610 76,098
    Total equity 188,304 188,362 195,530
    Less: Cash and cash equivalents (39,949) (38,774) (42,074)
    Capital employed – opening 228,286 231,128 238,598
    Current debt 11,391 11,630 11,046
    Non-current debt 65,120 65,448 68,886
    Total equity 180,670 180,168 188,304
    Less: Cash and cash equivalents (35,601) (39,110) (39,949)
    Capital employed – closing 221,580 218,134 228,286
    Capital employed – average 224,933 224,630 233,442

             Page 26


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                           
     
    $ million Quarters
      Q1 2025 Q4 2024 Q1 2024
    Adjusted Earnings – current and previous three quarters (Reference A) 21,558 23,716 26,338
    Add: Income/(loss) attributable to NCI – current and previous three quarters 441 427 295
    Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters 25 14 (24)
    Less: Identified items attributable to NCI (Reference A) – current and previous three quarters 18 18 (11)
    Adjusted Earnings plus NCI excluding identified items – current and previous three quarters 22,005 24,139 26,620
    Add: Interest expense after tax – current and previous three quarters 2,639 2,701 2,718
    Less: Interest income after tax on cash and cash equivalents – current and previous three quarters 1,329 1,389 1,368
    Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters 23,315 25,452 27,971
    Capital employed – average 224,933 224,630 233,442
    ROACE on an Adjusted Earnings plus NCI basis 10.4% 11.3% 12.0%

    E.    Net debt and gearing

    Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risk relating to debt, and associated collateral balances. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under “Trade and other receivables” or “Trade and other payables” as appropriate.

    Gearing is a measure of Shell’s capital structure and is defined as net debt (total debt less cash and cash equivalents) as a percentage of total capital (net debt plus total equity).

                           
     
    $ million  
      March 31, 2025 December 31, 2024 March 31, 2024
    Current debt 11,391    11,630    11,046   
    Non-current debt 65,120    65,448    68,886   
    Total debt 76,511    77,078    79,931   
    Of which: Lease liabilities 28,488    28,702    26,885   
    Add: Debt-related derivative financial instruments: net liability/(asset) 1,905    2,469    1,888   
    Add: Collateral on debt-related derivatives: net liability/(asset) (1,295)   (1,628)   (1,357)  
    Less: Cash and cash equivalents (35,601)   (39,110)   (39,949)  
    Net debt 41,521    38,809    40,513   
    Total equity 180,670    180,168    188,304   
    Total capital 222,190    218,974    228,817   
    Gearing 18.7  % 17.7  % 17.7  %

    F.    Operating expenses and Underlying operating expenses

    Operating expenses

    Operating expenses is a measure of Shell’s cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses.

             Page 27


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                                   
     
    Q1 2025 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,549 947 2,139 349 1,621 486 8
    Selling, distribution and administrative expenses 2,840 38 42 2,053 442 153 111
    Research and development 185 22 32 42 25 21 43
    Operating expenses 8,575 1,006 2,213 2,444 2,088 661 162
                                                   
     
    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,839 982 2,470 270 1,632 480 5
    Selling, distribution and administrative expenses 3,231 39 96 2,258 471 241 126
    Research and development 331 40 69 73 46 37 66
    Operating expenses 9,401 1,061 2,635 2,602 2,149 757 196
                                                   
     
    Q1 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,810 956 2,269 366 1,634 579 5
    Selling, distribution and administrative expenses 2,975 62 58 2,188 420 158 89
    Research and development 212 26 58 34 34 12 49
    Operating expenses 8,997 1,044 2,385 2,587 2,088 749 144

    Underlying operating expenses

    Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors.

                               
         
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    8,575    9,401    8,997    Operating expenses    
    (44)   (174)   (73)   Redundancy and restructuring (charges)/reversal    
    (101)   (88)   —    (Provisions)/reversal    
    23    —    130    Other    
    (121)   (262)   57    Total identified items    
    8,453    9,138    9,054    Underlying operating expenses    

    G.    Free cash flow and Organic free cash flow

    Free cash flow is used to evaluate cash available for financing activities, including dividend payments and debt servicing, after investment in maintaining and growing the business. It is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”.

    Cash flows from acquisition and divestment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities.

             Page 28


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    9,281    13,162    13,330    Cash flow from operating activities    
    (3,959)   (4,431)   (3,528)   Cash flow from investing activities    
    5,322    8,731    9,802    Free cash flow    
    597    805    1,025    Less: Divestment proceeds (Reference I)    
    45      —    Add: Tax paid on divestments (reported under “Other investing cash outflows”)    
    130    525    62    Add: Cash outflows related to inorganic capital expenditure1    
    4,899    8,453    8,839    Organic free cash flow2    

    1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell’s activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.

    2.Free cash flow less divestment proceeds, adding back outflows related to inorganic expenditure.

    H.    Cash flow from operating activities excluding working capital movements

    Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.

    Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period.

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    9,281    13,162    13,330    Cash flow from operating activities    
    854    131    (608)   (Increase)/decrease in inventories    
    (2,610)   751    (195)   (Increase)/decrease in current receivables    
    (907)   1,524    (1,949)   Increase/(decrease) in current payables    
    (2,663)   2,407    (2,752)   (Increase)/decrease in working capital    
    11,944    10,755    16,082    Cash flow from operating activities excluding working capital movements    

    I.    Divestment proceeds

    Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key lever to deliver free cash flow.

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    559    493 323 Proceeds from sale of property, plant and equipment and businesses    
    33    305 133 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans    
      6 569 Proceeds from sale of equity securities    
    597    805 1,025 Divestment proceeds    

             Page 29


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    CAUTIONARY STATEMENT

    All amounts shown throughout this Unaudited Condensed Interim Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Interim Financial Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

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

    Forward-Looking statements

    This Unaudited Condensed Interim Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”, “aspiration”, ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, May 2, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.

    Shell’s net carbon intensity

    Also, in this Unaudited Condensed Interim Financial Report we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s net-zero emissions target

    Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

    Forward-Looking non-GAAP measures

    This Unaudited Condensed Interim Financial Report may contain certain forward-looking non-GAAP measures such as cash capital expenditure and Adjusted Earnings. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

    The contents of websites referred to in this Unaudited Condensed Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.

    We may have used certain terms, such as resources, in this Unaudited Condensed Interim Financial Report that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

             Page 30


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    This announcement contains inside information.

    May 2, 2025

         
    The information in this Unaudited Condensed Interim Financial Report reflects the unaudited consolidated financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.

    Contacts:

    – Sean Ashley, Company Secretary

    – Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

    Classification: Inside Information

             Page 31

    The MIL Network

  • MIL-OSI: Middlefield Canadian Income PCC – Proposed Rollover into UCITS ETF

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO, THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, IN ANY MEMBER STATE OF THE EEA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

    This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction in which the same would be unlawful. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

    The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which forms part of domestic law in the United Kingdom pursuant to The European Union Withdrawal Act 2018, as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.

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

                    
    2 May 2025

    Proposed Rollover into UCITS ETF

    Middlefield Canadian Income PCC (the “Company”) and Middlefield Canadian Income – GBP PC (the “Fund”) today announce their intention to propose a transaction whereby shareholders in the Fund (the “Shareholders”) would have the option to receive shares in a newly established, actively managed, listed and London Stock Exchange traded fund in the form of an authorised UCITS (Undertakings for Collective Investment in Transferable Securities) (the “ETF”) in exchange for their shareholding in the Fund (the “Transaction”). It is envisaged that the Transaction would involve the voluntary winding up of the Company and the Fund. The ETF would be managed by Middlefield Limited, the Company’s investment manager (“Middlefield”) and would offer continued exposure to the Company’s existing investment objective and policy. Advisory work on the structure of the Transaction is ongoing, and the Company will release an announcement with further details in due course.

    Under the proposed terms of the Transaction, Shareholders who do not wish to continue their exposure to the Company’s existing investment objective and policy via the ETF (whether with respect to their entire shareholding, or part thereof) would be able to participate in an uncapped cash exit at close to the Company’s net asset value (“NAV”) per share, or elect to receive a combination of both shares in the ETF and cash.

    As previously announced on 13 February 2025, the Company received a requisition notice from Saba Capital Management, L.P. (“Saba”) proposing that Shareholders be asked to consider, and, if thought fit, approve, the taking by the Company of all necessary steps to implement a scheme or process by which Shareholders would have the option of becoming shareholders of a UK-listed open-ended investment vehicle with a substantially similar strategy as that of the Company and managed by the Company’s existing manager (the “Requisition Notice”).

    Following receipt of the Requisition Notice, the board of the Company (the “Board”) consulted with a number of the Company’s largest Shareholders, including Saba. Following constructive discussions, Saba agreed to withdraw the Requisition Notice for a period of 60 days to enable the Company and its advisers to formulate proposals that would best serve the interests of all Shareholders.

    Further to the feedback received, the Board has concluded that the interests of Shareholders would be best served by proposing the Transaction and an alternative investment vehicle which would address the issue of limited liquidity in the Company’s shares and the discount to NAV at which the shares have been trading, whilst enabling those Shareholders who wish to retain exposure to high quality, Canadian and US large capitalisation businesses focusing on high levels of stable and increasing income, the option to do so. Further to ongoing discussions with the Company’s legal, tax and financial advisers and Middlefield, and having considered other potential closed-end fund rollover options, the Board has concluded that the ETF represents the most suitable rollover option for Shareholders.

    The intention in proposing the ETF as an alternative investment option for Shareholders would be to create a cost-effective vehicle which is positioned to grow and which should benefit from a tight bid-offer spread, a total expense ratio (“TER”) lower than the Company’s current TER and a share price that trades close to or at the NAV per share of the ETF, whilst offering continued exposure to the Company’s existing investment objective and policy. ETFs trade at prices close to or at NAV due to the in-kind creation and redemption mechanism which underpins their structure and which is utilised by authorised participants to address any material surplus or deficit of ETF shares in the market.

    The Company notes that over the last ten years, Middlefield has successfully rolled several of its Canadian closed-end funds into exchange traded funds listed on the Toronto Stock Exchange. For the year ended 31 December 2024, three of the exchange traded funds managed by Middlefield were ranked among the Top 10 Best-Performing Canadian ETFs, as recognised by Morningstar*.

    Saba has publicly expressed its support for enhanced liquidity options and, consistent with its earlier requisition, has indicated that it would vote in favour of the Transaction at any general meeting of Shareholders to be convened in due course to approve the Transaction.

    The ETF

    It is proposed that shares in the ETF would be admitted to trading on the London Stock Exchange’s main market for listed securities. In due course, the ETF may also seek listings on additional European exchanges to broaden investor access. The ETF would adopt the Company’s current investment objective and policy, maintaining a focus on delivering a high level of income and long-term capital growth through investment in a portfolio of larger capitalisation, high-yielding Canadian equities, with a focus on companies that consistently pay and grow their dividends. The ETF is expected to pay quarterly distributions at a level similar to the current dividends paid by the Company and to operate with a lower TER, targeted to be below 1 per cent. The Company uses short term borrowings to support its dividend policy. It is intended that the ETF may seek to use financial derivative instruments, such as total return equity swaps, to support its dividend policy with a similar effect to that provided by the use of borrowings by the Company.

    Middlefield has appointed HANetf, a leading white-label provider of exchange traded products, to advise on the structuring and establishment of the ETF. HANetf has extensive experience in structuring, distributing and marketing exchange traded funds and will provide ongoing operational, administrative and marketing support to Middlefield in its capacity as the manager of the ETF. The set-up costs of the ETF will be borne by Middlefield.

    Expected timetable

    Subject to the satisfactory completion of ongoing advisory work, the ETF is expected to be established and a circular relating to the Transaction sent to Shareholders by August 2025. The Transaction would be subject to usual regulatory and tax approvals.

    Michael Phair, the Chair of the Company and Fund, commented:

    “The Board continues to have strong conviction in the Company’s investment proposition and its ability to deliver a high level of income and long-term capital growth. However, the Board has listened to feedback from Shareholders and recognises that the constrained liquidity and persistent discount to NAV remain impediments to new and further investment.

    Accordingly, the Board is actively working on the terms of the Transaction, which, if approved, would provide Shareholders with an opportunity to continue their investment in the existing strategy through the ETF option, or the realisation of their investment at close to NAV, or a combination of both.”

    For further information, please contact:

    Middlefield Canadian Income – GBP PC                                via Investec Bank plc
    Michael Phair (Chairman)

    Investec Bank plc
    Corporate Broker
    Helen Goldsmith/David Yovichic/Denis Flanagan
    Tel: 020 7597 4000

    JTC Fund Solutions (Jersey) Limited
    Secretary
    Matt Tostevin/Hilary Jones/Jade Livesey
    Tel: 01534 700 000

    Burson Buchanan
    PR Advisers
    Charles Ryland/Henry Wilson
    Tel: 020 7466 5000

    * Middlefield Innovation Dividend ETF (Global Equity): over 5 years; Middlefield Sustainable Global Dividend ETF (Global Dividend & Income Equity): over 3, 5 and 10 years; Middlefield U.S. Equity Dividend ETF (US Dividend & Income Equity): over 5 years (source: Morningstar, Inc.) All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

    The MIL Network

  • MIL-OSI: Shell plc publishes first quarter 2025 press release

    Source: GlobeNewswire (MIL-OSI)

    London, May 2, 2025

    “Shell delivered another solid set of results in the first quarter of 2025. We further strengthened our leading LNG business by completing the acquisition of Pavilion Energy, and high-graded our portfolio with the completion of the Nigeria onshore and the Singapore Energy and Chemicals Park divestments.

    Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with the strategic direction we set out at our Capital Markets Day in March.”

    Shell plc Chief Executive Officer, Wael Sawan


     

    SOLID RESULTS; RESILIENT BALANCE SHEET; CONSISTENT DISTRIBUTIONS

    • Q1 2025 Adjusted Earnings1 of $5.6 billion reflect strong performance across the business. CFFO excluding working capital was $11.9 billion for the quarter. Working capital outflow was $2.7 billion in Q1 2025.
    • Strengthened LNG trading and optimisation capabilities with the Pavilion Energy acquisition and high-graded the portfolio with the completion of the divestments of the Singapore Energy and Chemicals Park2, and SPDC3 in Nigeria.
    • Disciplined capital allocation, with 2025 cash capex outlook of $20 – 22 billion.
    • Commencing another $3.5 billion share buyback programme for the next 3 months, making this the 14th consecutive quarter of at least $3 billion in buybacks. Total shareholder distributions paid over the last 4 quarters were 45% of CFFO, consistent with the 40 – 50% of CFFO through the cycle distribution target announced at Capital Markets Day 2025.
    • Resilient balance sheet with gearing (including leases) of 19%.
    $ million1 Adj. Earnings Adj. EBITDA CFFO Cash capex
    Integrated Gas 2,483 4,735 3,463 1,116
    Upstream 2,337 7,387 3,945 1,923
    Marketing 900 1,869 1,907 256
    Chemicals & Products4 449 1,410 130 458
    Renewables & Energy Solutions (42) 111 367 403
    Corporate (457) (261) (531) 19
    Less: Non-controlling interest (NCI) 94      
    Shell Q1 2025 5,577 15,250 9,281 4,175
    Q4 2024 3,661 14,281 13,162 6,924

    1Income/(loss) attributable to shareholders for Q1 2025 is $4.8 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
    2 Completed on April 1, 2025.
    3The Shell Petroleum Development Company of Nigeria Limited.
    4Chemicals & Products Adjusted Earnings at a subsegment level are as follows: Chemicals $(0.1) billion and Products $0.6 billion.


     

    • CFFO excluding working capital is $11.9 billion in Q1 2025 and reflects tax payments of $2.9 billion. Working capital outflow is $2.7 billion, consistent with outflows as we have seen in the first quarters of recent years.
    • Net debt of $41.5 billion includes the lease additions related to the Pavilion Energy acquisition as well as a drawdown on the loan facilities provided at the completion of the sale of SPDC in Nigeria.
    $ billion1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
    Working capital (2.8) (0.3) 2.7 2.4 (2.7)
    Divestment proceeds 1.0 0.8 0.2 0.8 0.6
    Free cash flow 9.8 10.2 10.8 8.7 5.3
    Net debt 40.5 38.3 35.2 38.8 41.5

    1 Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.


     

    Q1 2025 FINANCIAL PERFORMANCE DRIVERS

    INTEGRATED GAS

    Key data Q4 2024 Q1 2025 Q2 2025 outlook
    Realised liquids price ($/bbl) 63 64
    Realised gas price ($/thousand scf) 8.1 7.4
    Production (kboe/d) 905 927 890 – 950
    LNG liquefaction volumes (MT) 7.1 6.6 6.3 – 6.9
    LNG sales volumes (MT) 15.5 16.5
    • Adjusted Earnings were higher than in Q4 2024, reflecting lower exploration well write-offs. Trading and optimisation results were in line with Q4 2024, despite higher unfavourable (non-cash) impact from expiring hedging contracts.
    • Q2 2025 production and liquefaction outlook reflects higher scheduled maintenance across the portfolio.

    UPSTREAM

    Key data Q4 2024 Q1 2025 Q2 2025 outlook
    Realised liquids price ($/bbl) 71 71
    Realised gas price ($/thousand scf) 7.0 7.4
    Liquids production (kboe/d) 1,332 1,335
    Gas production (million scf/d) 3,056 3,020
    Total production (kboe/d) 1,859 1,855 1,560 – 1,760
    • Adjusted Earnings were higher than in Q4 2024, reflecting lower depreciation following year-end reserves updates and lower well write-offs, partially offset by lower sales volumes.
    • Q2 2025 production outlook reflects scheduled maintenance and the completed sale of SPDC in March 2025.

    MARKETING

    Key data Q4 2024 Q1 2025 Q2 2025 outlook
    Marketing sales volumes (kb/d) 2,795 2,674 2,600 – 3,100
    Mobility (kb/d) 2,041 1,964
    Lubricants (kb/d) 77 87
    Sectors & Decarbonisation (kb/d) 678 623
    • Adjusted Earnings were higher than in Q4 2024, supported by seasonally stronger margins in Lubricants.

    CHEMICALS & PRODUCTS

    Key data Q4 2024 Q1 2025 Q2 2025 outlook1
    Refinery processing intake (kb/d) 1,215 1,362
    Chemicals sales volumes (kT) 2,926 2,813
    Refinery utilisation (%) 76 85 87 – 95
    Chemicals manufacturing plant utilisation (%) 75 81 74 – 82
    Global indicative refining margin ($/bbl) 5.5 6.2
    Global indicative chemical margin ($/t) 138 126

    1Following the Singapore Energy and Chemicals Park divestment, IRM, ICM and associated sensitivities have been updated for Q2 2025; see the guidance tab of the Quarterly Databook, available at www.shell.com/investors.

    • Trading and optimisation results were significantly higher than in Q4 2024 and in line with contributions in Q2 and Q3 of 2024, while the Chemicals results continued to be impacted by a weak margin environment.
    • Q2 2025 outlook reflects the completed sale of the Energy and Chemicals Park in Singapore.

    RENEWABLES & ENERGY SOLUTIONS

    Key data Q4 2024 Q1 2025
    External power sales (TWh) 76 76
    Sales of pipeline gas to end-use customers (TWh) 165 184
    Renewables power generation capacity (GW)* 7.4 7.5
    • in operation (GW)
    3.4 3.5
    • under construction and/or committed for sale (GW)
    4.0 4.0

    *Excludes Shell’s equity share of associates where information cannot be obtained.

    • Adjusted Earnings were higher than in Q4 2024, with higher seasonal demand and volatility driving higher trading and optimisation, particularly in the Americas.

    Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

    CORPORATE

    Key data Q4 2024 Q1 2025 Q2 2025 outlook
    Adjusted Earnings ($ billion) (0.4) (0.5) (0.6) – (0.4)

    UPCOMING INVESTOR EVENTS

    May 20, 2025 Annual General Meeting
    July 31, 2025 Second quarter 2025 results and dividends
    October 30, 2025 Third quarter 2025 results and dividends


     

    USEFUL LINKS

    Results materials Q1 2025
    Quarterly Databook Q1 2025
    Webcast registration Q1 2025
    Dividend announcement Q1 2025
    Capital Markets Day 2025 materials


     

    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES
    This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

    This announcement may contain certain forward-looking non-GAAP measures such as Adjusted Earnings and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile the non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are estimated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

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

    This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; “anticipate”; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, May 2, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.
    All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.
    Shell’s Net Carbon Intensity
    Also, in this  announcement, we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s Net-Zero Emissions Target
    Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

    The content of websites referred to in this announcement does not form part of this announcement.

    We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

    The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2024 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

    The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s first quarter 2025 unaudited results available on www.shell.com/investors.

    CONTACTS

    • Media: International +44 207 934 5550; U.S. and Canada: Contact form

    The MIL Network

  • MIL-OSI: Shell plc First Quarter 2025 Interim Dividend

    Source: GlobeNewswire (MIL-OSI)

    London, May 2, 2025 − The Board of Shell plc (the “Company”) (XLON: SHEL, XNYS: SHEL, XAMS: SHELL) today announced an interim dividend in respect of the first quarter of 2025 of US$ 0.358 per ordinary share.

    Details relating to the first quarter 2025 interim dividend

    Per ordinary share
    (GB00BP6MXD84)
    Q1 2025
    Shell Shares (US$) 0.358

    Shareholders will be able to elect to receive their dividends in US dollars, euros or pounds sterling.

    An alternative ‘Electronic Election Entitlement’ (‘EEE’) process is available in CREST for dividends with options elections.

    Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive their dividends in euros.

    Absent any valid election to the contrary, shareholders (both holding in certificated and uncertificated form (CREST members)) and persons holding their shares through the Shell Corporate Nominee will receive their dividends in pounds sterling.

    The pound sterling and euro equivalent dividend payments will be announced on June 9, 2025.

    Per ADS
    (US7802593050)
    Q1 2025
    Shell ADSs (US$) 0.716

    Cash dividends on American Depositary Shares (“ADSs”) will be paid, by default, in US dollars.

    Each ADS represents two ordinary shares. ADSs are evidenced by an American Depositary Receipt (“ADR”) certificate. In many cases the terms ADR and ADS are used interchangeably.

    Dividend timetable for the first quarter 2025 interim dividend

    Event Date
    Announcement date May 2, 2025
    Ex- Dividend Date for ADSs May 16, 2025
    Ex- Dividend Date for ordinary shares May 15, 2025
    Record date May 16, 2025
    Closing of currency election date (see Note below) June 2, 2025
    Pound sterling and euro equivalents announcement date June 9, 2025
    Payment date June 23, 2025

    Note

    A different currency election date may apply to shareholders holding shares in a securities account with a bank or financial institution ultimately holding through Euroclear Nederland. This may also apply to other shareholders who do not hold their shares either directly on the Register of Members or in the corporate sponsored nominee arrangement. Shareholders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies.

    Taxation – cash dividends

    If you are uncertain as to the tax treatment of any dividends you should consult your tax advisor.

    Dividend Reinvestment Programmes (“DRIP”)

    The following organisations offer Dividend Reinvestment Plans (“DRIPs”) which enable the Company’s shareholders to elect to have their dividend payments used to purchase the Company’s shares:

    • Equiniti Financial Services Limited (“EFSL”), for those holding shares (a) directly on the register as certificate holder or as CREST Member and (b) via the Shell Corporate Nominee;
    • ABN-AMRO NV (“ABN”) for Financial Intermediaries holding shares via Euroclear Nederland;
    • JPMorgan Chase Bank, N.A. (“JPM”) for holders of ADSs; and
    • Other DRIPs may also be available from the intermediary through which investors hold their shares and ADSs.

    These DRIP offerors provide their DRIPs fully on their account and not on behalf of the Company. Interested parties should contact the relevant DRIP offeror directly.

    More information can be found at https://www.shell.com/drip

    To be eligible to participate in the DRIPs for the next dividend, shareholders must make a valid dividend reinvestment election before the published date for the close of elections. 

    Enquiries
    Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html

    Cautionary Note

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

    Forward-Looking statements

    This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’;  “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader.  Each forward-looking statement speaks only as of the date of this announcement, May 2, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

    Shell’s net carbon intensity

    Also, in this announcement we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s net-zero emissions target

    Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

    Forward-Looking non-GAAP measures

    This announcement may contain certain forward-looking non-GAAP measures such as adjusted earnings and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

    The contents of websites referred to in this announcement do not form part of this announcement.

    We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC.  Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

    LEI number of Shell plc: 21380068P1DRHMJ8KU70
    Classification: Additional regulated information required to be disclosed under the laws of the United Kingdom

    The MIL Network

  • MIL-OSI Asia-Pac: President Lai meets Japan’s LDP Youth Division delegation

    Source: Republic of China Taiwan

    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
    2025-04-23
    President Lai delivers remarks at International Holocaust Remembrance Day event
    On the afternoon of April 23, President Lai Ching-te attended an International Holocaust Remembrance Day event and delivered remarks, in which he emphasized that peace is priceless, and war has no winners, while morality, democracy, and respect for human rights are powerful forces against violence and tyranny. The president stated that Taiwan will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability, defending democracy, freedom, and human rights. He said we must never forget history, and must overcome our differences and join in solidarity to ensure that the next generations live in a world that is more just and more peaceful. Upon arriving at the event, President Lai heard a testimony from the granddaughter of a Holocaust survivor, followed by a rabbi’s recitation of the prayer “El Maleh Rachamim.” He then joined other distinguished guests in lighting candles in memory of the victims. A transcript of President Lai’s remarks follows: To begin, I want to thank the Israel Economic and Cultural Office (ISECO) in Taipei, German Institute Taipei, Taiwan Foundation for Democracy, and Ministry of Foreign Affairs for co-organizing this deeply significant memorial ceremony again this year. I also want to thank everyone for attending. We are here today to remember the victims of the Holocaust, express sympathy for the survivors, honor the brave individuals who protected the victims, and acknowledge all who were impacted by this atrocity. It was deeply moving to hear Ms. [Orly] Sela share the story of how her grandmother, Yehudit Biksz, escaped the Nazi regime. I want to thank her specially for traveling so far to attend this event. From the 1930s through World War II, the Nazi regime sought to exclude Jewish people from society. In their campaign, they perpetrated systematic genocide driven by their ideology. Policies and directives under the authoritarian Nazi regime resulted in the deaths of approximately 6 million Jews. Millions of others were persecuted, including Romani people, persons with disabilities, the gay community, and anyone who disagreed with Nazi ideology. It is one of the darkest chapters in human history. Many countries, including Taiwan, have enacted anti-massacre legislation, and observe a remembrance day each year. Those occasions help us remember the victims, preserve historical memory, and most importantly, reinforce our resolve to fight against hatred and discrimination. Twenty-three years ago, Chelujan (車路墘) Church in Tainan founded the Taiwan Holocaust Memorial Museum. It is the first Jewish museum in Taiwan, and the second Holocaust museum in Asia. Its founding mission urges us to forget hatred and love one another; put an end to war and advocate peace. Many of the exhibition items come from Jewish people, connecting Taiwan closer with Israel and helping Taiwanese better understand the experiences of Jewish people. In this way, we grow to more deeply cherish peace. When I was mayor of Tainan, I took part in an exhibition event at Chelujan Church. I was also invited by the Israeli government to join the International Mayors Conference in Israel, where I visited the World Holocaust Remembrance Center. I will never forget how deeply that experience moved me, and as a result, peace and human rights became even more important issues for me. These issues are valued by Taiwan and our friends and allies. They are also important links connecting Taiwan with the world. Peace is priceless, and war has no winners. We will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability. We will also continue to make greater contributions and work with the international community to defend democracy, freedom, and human rights. This year also marks the 80th anniversary of the end of World War II. However, we still see wars raging around the world. We see a resurgence of authoritarian powers, which could severely impact global democracy, peace, and prosperous development. Today’s event allows for more than reflection on the past; it also serves as a warning for the future. We are reminded of the threats that hatred, prejudice, and extremism pose to humanity. But we are also reminded that morality, democracy, and respect for human rights are powerful forces against violence and tyranny. We must never forget history. We must overcome our differences and join in solidarity for a better future. Let’s work together to ensure that the next generations live in a world that is more just and more peaceful. Also in attendance at the event were Member of the Israeli Knesset (parliament) and Taiwan friendship group Chair Boaz Toporovsky, ISECO Representative Maya Yaron, and German Institute Taipei Deputy Director General Andreas Hofem.

    Details
    2025-04-23
    President Lai pays respects to Pope Francis  
    On the morning of April 23, President Lai Ching-te visited the Taipei Archdiocesan Curia to pay respects in a memorial ceremony for His Holiness Pope Francis. As officiant of the ceremony, President Lai burned incense and presented flowers, fruits, and wine to pay his respects to Pope Francis. At the direction of the master of ceremonies, the president then bowed three times in front of Pope Francis’s memorial portrait, conveying his grief and deep respect for the late pope. After hearing of Pope Francis’s passing on April 21, President Lai promptly requested the Ministry of Foreign Affairs to express sincere condolences from the people and government of Taiwan to the Vatican. The president also instructed Minister of Foreign Affairs Lin Chia-lung (林佳龍) to convey condolences to the Holy See’s Apostolic Nunciature in Taiwan.  

    Details
    2025-04-23
    President Lai meets US CNAS NextGen fellows
    On the morning of April 23, President Lai Ching-te met with fellows from the Shawn Brimley Next Generation National Security Leaders Program (NextGen) run by the Center for a New American Security (CNAS). In remarks, President Lai thanked the government of the United States for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. The president pointed out that we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US, and form a “Taiwan investment in the US team” to expand investment and bring about even closer Taiwan-US trade cooperation, allowing us to reduce the trade deficit and generate development that benefits both sides. A translation of President Lai’s remarks follows: Ms. Michèle Flournoy, chair of the CNAS Board of Directors, is a good friend of Taiwan, and she has made major contributions to Taiwan-US relations through her long-time efforts on various aspects of our cooperation. I am happy to welcome Chair Flournoy, who is once again leading a NextGen Fellowship delegation to Taiwan. CNAS is a prominent think tank focusing on US national security and defense policy based in Washington, DC. Its NextGen Fellowship has fostered talented individuals in the fields of national security and foreign affairs. This year’s delegation is significantly larger than those of the past, demonstrating the increased importance that the next generation of US leaders attach to Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. The Taiwan Strait, an issue of importance for our guests, has become a global issue. There is a high degree of international consensus that peace and stability across the Taiwan Strait are indispensable elements in global security and prosperity. Facing military threats from China, Taiwan proposed the Four Pillars of Peace action plan. First, we are actively implementing military reforms, enhancing whole-of-society defense resilience, and working to increase our defense budget to more than 3 percent of GDP. Second, we are strengthening our economic resilience. As Taiwan’s economy must keep advancing, we can no longer put all our eggs in one basket. We are taking action to remain firmly rooted in Taiwan while expanding our global presence and marketing worldwide. In these efforts, we are already seeing results. Third, we are standing side-by-side with other democratic countries to demonstrate the strength of deterrence and achieve our goal of peace through strength. And fourth, Taiwan is willing, under the principles of parity and dignity, to conduct exchanges and cooperate with China towards achieving peace and stability in the Taiwan Strait. This April 10 marked the 46th anniversary of the enactment of the Taiwan Relations Act. We thank the US government for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. We look forward to Taiwan and the US continuing to strengthen collaboration on the development of both our defense industries as well as the building of non-red supply chains. This will yield even more results and further deepen our economic and trade partnership. The US is now the main destination for outbound investment from Taiwan. Moving forward, we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US. And our government will form a “Taiwan investment in the US team” to expand investment. We hope this will bring Taiwan-US economic and trade cooperation even closer and, through mutually beneficial assistance, allow us to generate development that benefits both our sides while reducing our trade deficit. In closing, thank you once again for visiting Taiwan. We hope your trip is fruitful and leaves you with a deep impression of Taiwan. We also hope that going forward you continue supporting Taiwan and advancing even greater development for Taiwan-US ties.  Chair Flournoy then delivered remarks, first thanking President Lai for making time to receive their delegation. Referring to President Lai’s earlier remarks, she said that it is quite an impressive group, as past members of this program have gone on to become members of the US Congress, leading government experts, and leaders in the think-tank world and in the private sector. She remarked that investing in this group is a wonderful privilege for her and that they appreciate President Lai’s agreeing to take the time to engage in exchange with them. Chair Flournoy emphasized that they are visiting Taiwan at a critical moment, when there is so much change and volatility in the geostrategic environment, a lot of uncertainty, and a lot of unpredictability. She stated that given our shared values, our shared passion for democracy and human rights, and our shared interests in peace and stability in the Indo-Pacific region, this is an important time for dialogue, collaboration, and looking for additional opportunities where we can work together towards regional peace and stability.

    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

  • MIL-OSI Submissions: Universities – Similar to owls, sharp hearing helps hunting harriers home in on their prey – Flinders

    Source: Flinders University

    Owls, well adapted to hearing the exact location of prey, have something in common with an unrelated group of raptors – harriers.

    A new study led by Canadian and Australian researchers has found that harriers across the world are able to keep a much better ear out for their next meal than previously thought.

    The international team of University of Lethbridge and Flinders University researchers made the discovery when they found unexpected owl-like traits in the ear and brain of several harrier species, such as the Australian spotted harrier.

    The new article published in Journal of Anatomy features the work of the Iwaniuk Lab at the University of Lethbridge in Alberta and Associate Professor Vera Weisbecker’s ‘Bones and Diversity Lab’ at Flinders University in South Australia.

    University of Lethbridge PhD student Sara Citron, who led the study, says owls have fine-tuned hearing abilities, allowing some of their species to locate prey in complete darkness.

    “Until recently, it was assumed that all their hearing adaptations were unique to owls. However, our study shows that harriers have independently evolved several key adaptations for finding prey by sound,” she says.

    The research team focused on harriers – a group of hawks found in North America, Australia, NZ, Europe, and parts of Africa and Asia – because they show some unusual, owl-like hunting behaviours.

    Senior author and PhD supervisor Dr Andrew Iwaniuk, Associate Professor at the Canadian Centre for Behavioural Neuroscience,  says: “Hawks tend to hunt primarily by sight. But unlike other hawks, harriers fly low over tall grass with their beak pointed to the ground.

    “During this so-called ‘quartering flight’, they are not only looking for prey, they are also listening for it,” he says.

    Co-author Aubrey Keirnan, a PhD student at Flinders University who is also co-supervised by Dr Iwaniuk and Flinders University Associate Professor Vera Weisbecker, says that simply by looking at the harrier, you can see similarities with owls.

    “The Australian Spotted Harrier is a great example,” she says. “When you look at this species’ face, you can see a distinctive disc-shaped face, which may improve their prey localisation just like owls.”

    The discovery matches older behavioural studies showing that harriers can locate sounds with similar accuracy to owls, but how they did this has been a mystery.

    Using specimens from wildlife rehabilitators and museums in Australia and Canada, the team examined the anatomy of the skull and brain of harriers and other closely related hawk species such as the wedge-tailed eagle.

    They found that, like owls, harriers have enlarged ear openings and two expanded brain regions that are essential for calculating where a sound is coming from.

    “These auditory nuclei are found in the brainstem and compare the time at which sounds arrive at the left or right ear,” says co-author Associate Professor in evolutionary biology Vera Weisbecker, from Flinders University’s College of Science and Engineering.

    “If a sound arrives at both ears at the same time, then the sound is coming from directly in front of an animal. If there is a delay, this indicates that the prey is more to the left or right,” she says.

    “By having these two brain regions expanded, harriers can make such computations more accurately than other hawks, allowing them to locate where a potential rat, mouse or other prey is hiding in the grass.”

    “Harriers have therefore evolved an auditory system similar to owls, enabling them to target sounds as accurately as owls in a remarkable example of convergent evolution of both brain and behaviour in animals separated by over 60 million years,” adds first author Ms Citron.

    The team is careful to point out that the auditory system of many owls is far more sophisticated than that of harriers. This explains the ability of some owl species, such as the barn owl, to hunt in complete darkness whereas hawks only hunt during the day.

    “There are several other features that help owls with their keen hearing which we did not find in harriers. For example, some owl species have asymmetric ears that allow them to locate sound with greater acuity, and these owls also have several other enlarged brain regions that were not enlarged in harriers,” says Ms Citron.

    The team hopes their study results will encourage further research on bird anatomy to find out how a species perceives its surrounds.

    “Anatomical studies like ours are a window into how a bird perceives the world around it, which can be extremely useful for bird conservation,” adds Dr Iwaniuk. “For example, harriers’ reliance on sound for prey location means that they are likely more sensitive to traffic and industrial noise. This could be contributing to the large decreases in Northern Harrier populations we have seen in Canada.”

    The article, ‘The evolution of an “owl-like” auditory system in harriers: Anatomical evidence’ (2025) by Sara Citron, Cristian Gutierrez-Ibanez, Aubrey Keirnan, Vera Weisbecker, Douglas Wylie, Andrew N Iwaniuk has been published in Journal of Anatomy (Wiley Online Library) DOI: 10.1111/joa.14264.

    First published: 29 April 2025 https://doi.org/10.1111/joa.14264

    MIL OSI – Submitted News

  • MIL-OSI: Faircourt Gold Income Corp. Announces Net Asset Value for Annual Redemption of Class A Shares

    Source: GlobeNewswire (MIL-OSI)

    Toronto, May 01, 2025 (GLOBE NEWSWIRE) — Faircourt Asset Management Inc., the Manager of Faircourt Gold Income Corp. (the “Company”) announces today that Securityholders who tendered their Class A Shares for redemption on March 31, 2025 will be entitled to receive $3.9552 per Class A Share, which is equal to the Net Asset Value per Share calculated using a five day volume weighted average price for exchange-traded equity securities held by the Company, determined as of April 29 2025 less the pro rata share of the aggregate of all brokerage fees, commissions and other costs relating to disposition of portfolio securities necessary to fund such redemption. Payment will be made in full on May 21, 2025.

    This press release is not for distribution in the United States or over United States wire services.

    For further information on the Faircourt Funds, please visit www.faircourtassetmgt.com at (416) 364-8989 or
    1-800-831-0304.

    You will usually pay brokerage fees to your dealer if you purchase or sell Units of the Trust on CBOE Canada or other alternative Canadian trading system (an “exchange”). If the Units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying Units of the Trust and may receive less than the current net asset value when selling them.

    There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in the public filings available at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network

  • MIL-OSI USA: Senators Murray, Wyden, and Padilla and West Coast Ports Sound Alarm on Trump’s Tariffs Leaving Shelves Bare, Forcing Painful Layoffs

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ***WATCH THE FULL PRESS CONFERENCE HERE; DOWNLOAD HERE***
    Washington, D.C. — Today, U.S. Senators Patty Murray (D-WA), Ron Wyden (D-OR), and Alex Padilla (D-CA) held a virtual press call alongside West Coast ports to sound the alarm on the dramatic decline of container ships making the trip to West Coast ports and the harmful consequences of Trump’s tariffs across the American economy—price hikes, layoffs, empty store shelves, and more.
    The Senators were joined by Mario Cordero, Chief Executive Officer of the Port of Long Beach; Ryan Calkins, Port of Seattle Commissioner; and Dick Marzano, Port of Tacoma Commissioner. The press call comes just one day after the overwhelming majority of Senate Republicans rejected a bipartisan resolution led by Senator Wyden and unanimously supported by Democrats to repeal President Donald Trump’s global tariffs.
    A new forecast by Apollo Global Management contends that the U.S. economy is on the verge of a self-inflicted recession as a result of Trump’s tariff policies, drawing a plain timeline from Trump’s so-called “Liberation Day” on April 2nd to a dramatic slowdown of container ships making their way to U.S. ports. Apollo predicts this slowdown of container ships will lead to a sharp decrease in trucking demand by mid-to-late May, which will subsequently result in supply shortages and lower sales for retailers. By late May to early June, Apollo predicts layoffs will occur across trucking and retail industries and that the U.S. economy will fall into a recession by this summer.
    During the call, the West Coast Senators sounded the alarm on the major warning signs for the economy and continued to urge their Republican colleagues to join them in asserting Congressional authority over tariffs to put an end to Trump’s trade war and minimize the economic damage already inflicted by the President.
    “We are already seeing the consequences of Trump’s tariffs at our ports: fewer ships from across the Pacific, means less cargo at our ports, less cargo at our ports means less goods for our truckers to transport—and that ultimately means bare shelves for our retailers and the American consumer,” said Senator Murray. “Our ports know better than anyone that supply chains do not reset in an instant. The time to reverse these Republican tariffs was the same day they were announced. Every day This Republican Congress refuses to reject these tariffs is a day they are actively enabling Trump’s pro-recession agenda and higher taxes on every American. Congress needs to take the matches away from the President who is setting fire to the economy. Democrats are going to make sure Republicans continue to feel the pressure until this Congress takes action and overrides this President.”
    “Oregon knows firsthand that Trump’s tariff chaos is already hurting small businesses and drying up markets for red-white-and-blue products,” said Senator Wyden. “Speaking with small businesses and workers all over Oregon last week, every single one warned of damage from tariffs in the near future. West Coast senators will be on the front lines pushing back against these senseless Republican tariffs.”
    “California’s Ports of Los Angeles and Long Beach are keystones for the success of not just our state’s economy, but our national economy. So when the San Pedro Bay ports and other West Coast ports send warning signs about the damage of Trump’s tariffs, we know they’re really warning signs for our country,” said Senator Padilla. “The drop in cargo volume caused by Trump’s tariffs will mean empty shelves when products don’t reach our stores, rising prices on everything from groceries to clothes to cars, and undoubtedly, more Americans out of work. While today, it’s Western ports — we know it will only be a matter of weeks before the ripple effect causes pain across the nation.”
    “We take our mission as ports seriously because a lot is at stake. The current tariffs will have far-reaching consequences for Washington businesses and consumers, and the thousands of jobs that rely on international trade. We are fortunate to have such a great advocate in Senator Murray and are grateful for her continued attention to these critical issues,” said Northwest Seaport Alliance Managing Member and Port of Tacoma Commissioner, Dick Marzano.
    “At the Northwest Seaport Alliance, we have already started to see serious impacts of the tariff war on our docks. As our policy makers address economic and security concerns with international trading partners, we encourage them to tread carefully in order to preserve space for a commercial relationship. We thank Senator Murray for her advocacy for policies that support Washington businesses, jobs, and communities,” said Northwest Seaport Alliance Managing Member and Port of Seattle Commissioner, Ryan Calkins.  
    “As one of America’s largest ports, Long Beach moves more than $300 billion in cargo every year to and from every congressional district, supporting 2.7 million jobs. Due to the new trade policies, we are about to see a shift from cargo surge to cargo slowdown in the supply chain, and this will have a real impact on the American economy. For workers across the country whose jobs depend on cargo moving through the Port of Long Beach – dockworkers, truckers, logistics workers, retailers, farmers, factory workers – any sort of long-term, sustained downturn in shipments caused by the tariff will be detrimental to the job market. I remain hopeful that leaders in our nation’s capital recognize the significance of the goods movement industry and will take necessary action to ensure America’s economy can thrive,” said Mario Cordero, CEO of the Port of Long Beach.
    “Cargo volume at the nation’s busiest port will drop by about one-third next week,” said Port of Los Angeles Executive Director, Gene Seroka. “That means fewer jobs along with rising prices for consumers and businesses. Additionally, counter tariffs are having a severe impact on American agricultural exporters. We need agreements quickly with our trading partners that benefit and support the U.S. economy and supply chain.”
    Washington state has one of the most trade-dependent economies of any state in the country, with 40 percent of jobs tied to international commerce. Washington state is the top U.S. producer of apples, blueberries, hops, pears, spearmint oil, and sweet cherries—all of which risk losing vital export markets due to retaliatory tariffs from key trading partners including Canada. Additionally, more than 12,000 small and medium-sized companies in Washington state export goods and will struggle to absorb the impact of retaliatory tariffs. Canada is Washington’s largest trading partner, accounting for nearly $20 billion in imports and $10 billion in exports. China is the world’s second-largest economy and Washington state exported over $12 billion in goods to China last year—making China Washington state’s top export partner—and imported $11.2 billion in goods, the most in imports from any country aside from Canada. Trump’s tariffs during his first term were extremely costly for Washington state—for example, India imposed a 20 percent retaliatory tariff on U.S. apples, causing Washington apple shipments to India to fall by 99 percent and growers to lose hundreds of millions of dollars in exports.
    Senator Murray has been a vocal opponent of Trump’s chaotic trade war from the very start and has been lifting up the voices of people in Washington state harmed by this administration’s approach to trade and calling on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier last month, Senator Murray brought together leaders across Washington state who highlighted how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector. Senator Murray also took to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else.
    Murray has also been sounding the alarm on Trump’s tariffs across Washington state. Recently, Senator Murray held a roundtable discussion in Tacoma with local businesses and ports, met with farmers in Yakima to discuss the consequences of Trump’s tariffs, and held a roundtable discussion in Vancouver at a local metal fabrication company to highlight how Trump’s trade war is hurting businesses and our economy Washington state. Just last week, Senator Murray met with small business owners in Seattle’s University District to hear how Trump’s tariffs and the broader economic uncertainty are affecting them, and later she met with farmers in Skagit County to discuss tariffs, and visited Blaine near the Canadian border to highlight the impacts of Trump’s trade war.
    Senator Murray’s full remarks as delivered during today’s press call are below:
    “Thank you everyone for joining us, and I am so glad to be on this call today with some of my colleagues from the West Coast—the best coast. You’re going to hear from Senators Wyden and Padilla, and our West Coast ports. 
    “We are here to sound the alarm on Trump’s disaster of a trade policy with some of the ports that we represent, because the window of opportunity we have to minimize the worst consequences of this inane tariff agenda is rapidly shrinking. I want to be clear what’s happening here, one economically illiterate President is forcing a totally unpredictable and thoughtless trade war onto the entire world—and although Trump inherited a remarkably strong and resilient American economy, he is singlehandedly pushing this nation toward a painful Republican Recession while forcing a tax increase on everyone.
    “All of the major economic indicators are there, we’re talking big red, flashing sirens. We went from months of strong economic growth and predictions of more growth to come, to a shrinking economy all thanks to Trump and his tariffs. Consumer confidence is at its lowest level since COVID because it’s pretty obvious Trump is driving the economy into the ground on purpose. Small businesses in my state who rely on imports are telling me the situation is as dire for them as it was during COVID—during COVID! They’re actually calling Trump’s trade war a kind of COVID 2.0 for them.
    “They are facing tariffs on items we either don’t grow or make in the United States, and realistically never will, for things like coffee or Green Tea. They are shouting from the rooftop that Trump is singlehandedly detonating a mass extinction event for small businesses in America.
    “And listen, few people understand better than our Ports that you don’t need these tariffs to last very long for them to have a verybig impact. Fewer ships from across the Pacific, means less cargo at our ports, less cargo at our ports means less goods for our truckers to transport, and that ultimately means bare shelves for our retailers and the American consumer.
    “Now even if you assume the most optimistic outlook that Trump is going to cut amazing new trade deals with everyone he’s burned—which he won’t—there will still be a painful cost from the shock to the economy that has already been set in motion. Supply chains do not reset in an instant. The time to reverse these Republican tariffs was the same day they were announced.
    “Just three Republicans chose to support Senator Wyden’s resolution yesterday, with the majority blocking that bill. That is a dangerous and deliberate decision by Republicans to enable Trump’s pro-recession agenda and higher taxes on every American—and for every day that Republicans choose to allow Trump to sabotage the economy, more small businesses will continue to suffer.
    “Businesses in Washington state are already having to take cost cutting measures, they’re laying off employees, some may even close for good. For what? There’s no strategy here. It’s short-term pain for long-term pain. This entire debacle is already a prime example of self-inflicted economic arson. No one wins here.
    “Republicans need to cut their losses, and work with Democrats immediately to end this tax on consumers and stop these nonsense trade wars. Congress needs to take the matches away from the President who is setting fire to the economy. So, Democrats are going to make sure Republicans continue to feel the pressure until this Congress takes action and overrides this President.
    “So, with that, I want to turn it over to Senator Wyden. He has been a leader in our efforts to rein in Trump’s tariffs.”

    MIL OSI USA News

  • MIL-OSI: Red White & Bloom Brands Completes Transformative Restructuring, Announces Delay in Filing of Annual Financial Statements, and Granting of MCTO

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Red White & Bloom Brands Inc. (CSE: RWB) (“RWB” or the “Company”) today announced the successful completion of a series of transactions designed to significantly reduce potential shareholder dilution, lower debt carrying costs, continue to refocus operations on profitable growth initiatives, and facilitate the filing of its financial statements through the filing of a Management Cease Trade Order (“MCTO”).

    Successful Completion of Debt Restructuring

    The Company’s Board of Directors and Executive Management, in collaboration with a majority of its strategic lenders, successfully completed a comprehensive restructuring of approximately C$145 million of issued and outstanding debt, as part of a larger debt renewal program, through the entering into of various debenture and note amending agreements with such lenders with all applicable amended terms effective as of the respective renewal dates.

    The restructuring of the aforementioned debt accomplished the following:

    • Eliminated the potential dilution of 198 million common shares1, representing 42.1% of the issued and outstanding common shares, through the removal of debenture conversion rights.
    • Extended maturity dates for restructured debt to November 2026 (C$33 million) with the balance of the restructured debt ($112 million) extended through to September 2027.
    • Deferred all cash interest and principal payments for the restructured debt until their new respective maturity dates.
    • Achieved principal reductions of $5 million and annualized interest expense savings of $2.5 million associated with the restructured debt.

    Full financial statement disclosure regarding the debt renewal and applicable restructuring will be included in the Company’s interim financial statements for the first quarter ending March 31, 2025, expected to be filed on or before May 30, 2025, as of the date of this release.

    Granting of Management Cease Trade Order

    Due to unforeseen delays in completing its fiscal year-end audit, the Company advises that it has not been able to file its audited annual financial statements, management’s discussion and analysis, and related CEO and CFO certifications for the fiscal year ended December 31, 2024 (collectively, the “Annual Filings”) by the prescribed deadline of April 30, 2025, as required under National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”).

    The delay is primarily the result of the expanded scope of audit procedures required to address the complexity of certain transactions and the restatement of comparative financial information for prior periods. The restatement was initiated following comments received during a review conducted by the Canadian Public Accountability Board (CPAB) of the Company’s auditor.

    The Company is working diligently with its auditor and other advisors to complete the audit as soon as possible and currently expects to file the Annual Filings on or before May 30, 2025. The Company will issue a news release announcing the completion of the Annual Filings once they have been filed.

    The British Columbia Securities Commission has granted an MCTO under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). Pursuant to the MCTO, the Chief Executive Officer, President, and Chief Financial Officer of the Company may not trade in securities of the Company until such time as the Annual Filings have been filed and the MCTO has been revoked. The MCTO does not affect the ability of the general investing public to trade in the Company’s common shares.

    The Company intends to comply with the provisions of the alternative information guidelines as set out in NP 12-203 by issuing bi-weekly default status reports by way of news release until the Annual Filings are filed. These updates will include information regarding the progress of the Annual Filings and any material changes to the Company’s business, if any.

    About Red White & Bloom Brands Inc.

    Red White & Bloom Brands is a multi-jurisdictional cannabis operator and house of premium brands operating in the United States, Canada and select international jurisdictions. The Company is predominantly focusing its investments on major U.S. markets, including California, Florida, Missouri, Michigan, and Ohio in addition to Canadian and international markets.

    Red White & Bloom Brands Inc.
    Investor and Media Relations
    Edoardo Mattei, CFO
    IR@RedWhiteBloom.com
    947-225-0503
    Visit us on the web: https://www.redwhitebloom.com/.

    Follow us on social media:

    @rwbbrands

    Facebook @redwhitebloombrands

    Instagram @redwhitebloombrands

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

    FORWARD LOOKING INFORMATION

    Certain information contained in this news release may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information is often identified by the use of words such as “plans,” “expects,” “may,” “should,” “could,” “will,” “intends,” “anticipates,” “believes,” “estimates,” “forecasts,” or variations of such words and phrases, including the negative forms thereof, as well as terms such as “pro forma” and “scheduled,” and similar expressions that refer to future events or outcomes.

    Forward-looking statements in this release, including, without limitation, statements relating to the pursuit of profitable growth initiatives, anticipated timing, review, completion, and filing of the Company’s first quarter financial statements, the Annual Filings, the Company’s ongoing operations, and the expected duration of the MCTO, involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those expressed or implied by such statements. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated.

    Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking information contained herein, except as required by applicable securities laws.

    THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.


    1 Calculated in accordance with the applicable conversion price defined within the restructured debentures

    The MIL Network

  • MIL-OSI: Gran Tierra Energy Inc. Reports First Quarter 2025 Results, Record Production and Continued Exploration Success

    Source: GlobeNewswire (MIL-OSI)

    • Achieved Record Total Company Average Quarterly Production of 46,647 boepd
    • Ecuador Exploration Success Continues with Additional Oil Discoveries in Iguana Block
    • Solid Balance Sheet, Exited the Quarter with $77 Million in Cash Following Active Capital Campaign, Paid Down $27 Million of Debt
    • Additional Liquidity Secured with Signing of New $75 Million Credit Facility

    CALGARY, Alberta, May 01, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) announced the Company’s financial and operating results for the quarter ended March 31, 2025 (“the Quarter”) and provided an operational update. All dollar amounts are in United States (“U.S.”) dollars and all reserves and production volumes are on an average working interest before royalties (“WI”) basis unless otherwise indicated. Production is expressed in barrels (“bbl”) of oil equivalent (“boe”) per day (“boepd” or “boe/d”) and are based on WI sales before royalties. For per boe amounts based on net after royalty (“NAR”) production, see Gran Tierra’s Quarterly Report on Form 10-Q filed May 1, 2025.

    Message to Shareholders

    Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “Our first quarter performance reflects strong operational execution and disciplined financial management. Our front-loaded 2025 capital program, which had up to five rigs active during the quarter, delivered record drilling times and cost efficiencies across our key assets. We continue to generate returns through our share buyback program and ongoing debt reduction. Lowering leverage remains a key priority as we focus on projects which deliver quick cycle returns and maintain flexibility to invest in high-return opportunities across our portfolio. Our focused exploration efforts also continue to deliver successful results, reinforcing the quality of our assets and long-term strategy to create value. With current production of approximately 48,400(2) boe/d and a strong hedge position for the remainder of the year we are well positioned to generate value while remaining resilient amid commodity price volatility.”

    Operational Update:

    • Ecuador
      • Gran Tierra has successfully drilled two additional oil discoveries in Ecuador, the Iguana B1 and Iguana B2 wells on the Iguana Block. The combined wells have an average oil production rate over 30 days of ~1,684 bopd from the U-Sand formation (with a less than 1% watercut), an average API of 28° and 520 standard cubic foot per stock tank barrel of gas-to-oil ratio. The Iguana B1 well was drilled and completed in record time and under budget, establishing a new pace-setting well in Gran Tierra’s Ecuador exploration campaign.
      • The drilling rig has been stacked on the Iguana pad, pending mobilization to the new Conejo pad on the Charapa Block, to resume exploration drilling during the third quarter of 2025.
    • Colombia
      • Gran Tierra successfully drilled the first three of five wells from the Cohembi North Pad during the Quarter. All wells were under budget and drilled 60% faster than the previous operator. These wells represent the Company’s first drilling operations as operator, with the remaining two wells expected to be drilled during the second quarter of 2025. Upon completion of the program, the rig will move to the Costayaco Pad to commence a three well development program during the second quarter of 2025.
      • By the end of the Quarter, the civil, electrical and mechanical field works at Cohembi reached 100% mechanical completion. This project was initiated to facilitate the processing of new production from the Cohembi North Pad at the Cohembi Central Processing Facility.
      • Optimization of the Acordionero field is ongoing through waterflood expansion, which includes facility enhancements, electrical submersible pump upsizing, injector conversions and upgrades to gas-to-power generation. These initiatives are focused on reducing unit costs, offsetting natural declines and improving overall recovery factors. The field continues to perform strongly, with average production of 13,824 boepd in the Quarter. This represents a two percent increase from the fourth quarter of 2024, despite no wells being drilled since the first quarter of 2024. Current production (April 1 – 30, 2025) is approximately 14,500 boepd, a 5% increase from the first quarter of 2025 average, reflecting the strong reservoir response to the execution of our first quarter waterflood management optimization program. The Company continues to see significant development potential at Acordionero and is planning another drilling program of eight to ten wells in 2026 targeting high oil saturation, unswept infill locations.
    • Canada
      • Gran Tierra and its joint venture partner, Logan Energy Corp., successfully drilled and completed two Lower Montney wells at Simonette. These two wells were brought on stream from the 16-13-61-1W6 (“16-13”) pad and completed with a similar optimized Lower Montney completion design as the 13-13-61-1W6 offset well drilled in 2022. After 21 days since being placed on production, the average gross production per well was 674 bbl/d oil, 13 bbl/d NGLs and 767 Mcf/d of gas (814 boe/d at 84% liquids), Gran Tierra has a 50% Working Interest and the wells continue to clean-up. This early production performance surpasses the prior offset well by 80% for the same time period and are exceeding their budgeted type curves. After 21 days since being placed on production, the average gross production per well was 674 bbl/d oil, 13 bbl/d NGLs and 767 Mcf/d of gas (814 boe/d at 84% liquids). Gran Tierra has a 50% Working Interest and the wells continue to clean-up. This early production performance surpasses the prior offset well by 80% for the same time period and are exceeding their budgeted type curves.
      • Gran Tierra successfully acquired 21 sections of prospective land in Central Alberta along the Nisku fairway in March 2025, which adds over 50 potential drilling opportunities to its drilling inventory.
      • At Clearwater, Gran Tierra participated in the successful drilling of two gross (0.5 net) wells during the Quarter, and both wells are estimated to be on stream imminently. The first well drilled was a 4-legged injector to support a water flood pilot in the Marten Hills block, potentially increasing reserves based off nearby analogue waterflood results. The second well (non-op), with 14 legs, was drilled in the Seal block to test the productivity of heavy oil in the Bluesky formation.

    Key Highlights of the Quarter:

    • Production: Gran Tierra’s total average WI production was 46,647 boepd, which was 14% higher than fourth quarter 2024 (“the Prior Quarter”) and 45% higher than the first quarter of 2024. Higher production during the Quarter was due to the Company recognizing three full months of production from Canada and positive exploration well results in Ecuador.
    • Net Income: Gran Tierra incurred a net loss of $19 million, compared to a net loss of $34 million in the Prior Quarter and a net loss of nil in the first quarter of 2024.
    • Adjusted EBITDA(1): Adjusted EBITDA(1) was $85 million compared to $76 million in the Prior Quarter and $95 million in the first quarter of 2024. Twelve-month trailing Net Debt(1) to Adjusted EBITDA(1) was 1.9 times (only accounts for five months of Canadian operations Adjusted EBITDA) and the Company continues to have a long-term target ratio of 1.0 times.
    • Net Cash Provided by Operating Activities: Net Cash Provided by Operating Activities was $73 million ($2.05 per share), up 175% from the Prior Quarter and up 20% from the first quarter of 2024.
    • Funds Flow from Operations(1): Funds flow from operations(1) was $55 million ($1.55 per share), up 25% from the Prior Quarter and down 26% from the first quarter of 2024 as a result of lower oil prices.
    • Cash and Debt: As of March 31, 2025, the Company had a cash balance of $77 million, total debt of $760 million and net debt(1) of $683 million. During the Quarter, the Company repaid at maturity the remaining principal of its 6.25% Senior Notes due in 2025 in an amount of $25 million and repurchased $2 million of its 9.5% Senior Notes due in 2029.
    • Liquidity: In addition to the $77 million cash on hand as of March 31, 2025, the Company currently has approximately $110 million in undrawn credit and lending facilities. The Company has a revolving credit facility agreement in Canada with a borrowing base of C$100.0 million with available commitment of C$50.0 million and is available until October 31, 2025 with a repayment date of October 31, 2026, which may be extended by further periods of up to 364 days, subject to lender approval. On April 16, 2025, the Company announced an additional $75 million reserve-based lending facility in Colombia with a final maturity date in 36 months from the closing date.
    • Share Buybacks: Gran Tierra repurchased 453,050 shares of common stock during the Quarter. From January 1, 2023, to April 29, 2025, the Company repurchased approximately 5.2 million shares, or 15% of shares issued and outstanding on January 1, 2023.

    Additional Key Financial Metrics:

    • Capital Expenditures: Capital expenditures of $95 million were higher than the $79 million in the Prior Quarter and higher than $55 million in the first quarter of 2024 as a result of the addition of the Canadian development program, an active Ecuador exploration program and development activities in the Cohembi field in Colombia during the Quarter. During the Quarter, the Company had three rigs active in Canada, one in Ecuador and one in Colombia. Currently, the Company has one rig active in Colombia.
    • Oil Sales: Gran Tierra generated oil sales of $171 million, up 8% from the first quarter of 2024 as a result of 45% higher sales volumes due to higher production and the tightening of the Castilla, Vasconia and Oriente oil differentials which offset lower Brent pricing. Oil sales increased 16% from the Prior Quarter primarily due to 17% higher sales volumes, a 1% increase in Brent price and lower Castilla, Oriente, and Vasconia oil differentials.
    • South American Quality and Transportation Discounts: The Company’s quality and transportation discounts in South America per bbl were lower during the Quarter at $11.58, compared to $13.94 in the Prior Quarter and $15.36 in the first quarter of 2024. The Castilla oil differential per bbl tightened to $5.34, down from $8.33 in the Prior Quarter and $8.82 in the first quarter of 2024 (Castilla is the benchmark for the Company’s Middle Magdalena Valley Basin oil production). The Vasconia differential per bbl tightened to $2.27, down from $5.02 in the Prior Quarter, and $5.05 in the first quarter of 2024. The Ecuadorian benchmark, Oriente, per bbl was $7.65, down from $9.40 in the Prior Quarter and $8.02 one year ago. The current(2) differentials are approximately $4.94 per bbl for Castilla, $1.87 per bbl for Vasconia, and $7.26 per bbl for Oriente.
    • Operating Expenses: On a per boe basis, operating expenses decreased by 3% when compared to the first quarter of 2024 and the Prior Quarter. Operating expenses increased by 11% to $67 million, compared to the Prior Quarter and increased by 39% from $48 million compared to the first quarter of 2024, primarily due to new Canadian operations and increases in production volumes in Ecuador. The increase in total operating costs is commensurate with the 45% increase in production.
    • Transportation Expenses: The Company’s transportation expenses increased by 62% to $7 million, compared to the Prior Quarter’s transportation expenses of $4 million, and increased by 51% compared to the first quarter of 2024. Transportation expenses were higher due to new Canadian operations and higher sales volumes transported in Ecuador during the Quarter.
    • Operating Netback(1)(3): The Company’s operating netback(1)(3) was $22.70 per boe, up 2% from the Prior Quarter and down 36% from the first quarter of 2024 because of of the addition of the Canadian assets and approximately 50 of Canadian production tied to AECO gas pricing.
    • General and Administrative (“G&A”) Expenses: G&A expenses before stock-based compensation were $2.86 per boe, up from $2.75 per boe in the Prior Quarter due to increased audit fees relating to the acquisition of the Canadian assets, a full quarter of Canadian salaries and increased IT expenses. G&A expenses before stock-based compensation were down from $3.65 per boe, compared to the first quarter of 2024 as a result of higher sales volumes in the Quarter.
    • Cash Netback(1): Cash netback(1) per boe increased to $13.04, compared to $11.90 in the Prior Quarter primarily as a result of transaction costs of $1.20 per boe incurred in the Prior Quarter as a result of the acquisition of the Canadian operations. Compared to one year ago, cash netback(1) per boe decreased by $12.09 from $25.13 per boe as a result of lower operating netback primarily due to lower realized price.

    Gran Tierra Reconfirms Previously Disclosed 2025 Consolidated Guidance and Provides Country Breakdown:

    2025 Budget Low Case Base Case High Case
    Brent Oil Price ($/bbl) 65.00 75.00 85.00
    WTI Oil Price ($/bbl) 61.00 71.00 81.00
    AECO Natural Gas Price ($CAD/thousand cubic feet) 2.00 2.50 3.50
    Production (boepd) 47,000-53,000 47,000-53,000 47,000-53,000
    Operating Netback1,3($ million) 330-370 430-470 510-550
    EBITDA1($ million) 300-340 380-420 460-500
    Cash Flow1($ million) 200-240 260-300 300-340
    Capital Expenditures ($ million) 200-240 240-280 240-280
    Free Cash Flow1($ million) 20 60
    Number of Development Wells (gross) 8-12 10-14 10-14
    Number of Exploration Wells (gross) 6 6-8 6-8
    Budgeted Costs Costs per boe ($/boe)
    Lifting 12.00-14.00
    Workovers 1.50-2.50
    Transportation 1.00-2.00
    General and Administration 2.00-3.00
    Interest 4.00-4.50
    Current Tax 2.00-3.00
    2025 Budget by Country – Base Case Canada Colombia Ecuador
    Production (kboepd) 18 – 19* 25 – 27 4 – 7
           
    Per Barrel ($/boe)      
    Realized Price 22 – 24 51 – 53 43 – 45
    Operating and Transportation Expense 10 – 12 19 – 21 12 – 14
    Operating Netback 10 – 14 30 – 34 29 – 33

    *Canada’s production is comprised of approximately 50% natural gas, 21% oil and 29% natural gas liquids (“NGL”)

    Financial and Operational Highlights (all amounts in $000s, except per share and boe amounts)

    Consolidated Financial Data Three Months Ended March 31,   Three Months
    Ended
    December 31,
      2025 2024   2024
             
    Net Income (Loss) $(19,280) $(78)   $(34,210)
    Per Share – Basic and Diluted $(0.54) $—   $(1.00)
             
    Oil, Natural Gas and NGL Sales $170,533 $157,577   $147,290
    Operating Expenses (67,354) (48,466)   (60,770)
    Transportation Expenses (6,911) (4,584)   (4,279)
    Operating Netback(1)(3) $96,268 $104,527   $82,241
             
    G&A Expenses Before Stock-Based Compensation $12,143 $10,782   $10,191
    G&A Stock-Based Compensation (Recovery) Expense (517) 3,361   3,331
    G&A Expenses, Including Stock Based Compensation $11,626 $14,143   $13,522
             
    Adjusted EBITDA(1) $85,162 $94,792   $76,168
             
    EBITDA(1) $79,710 $91,891   $65,247
             
    Net Cash Provided by Operating Activities $73,230 $60,827   $26,607
             
    Funds Flow from Operations(1) $55,344 $74,307   $44,129
             
    Capital Expenditures $94,727 $55,331   $78,579
             
    Free Cash Flow(1) $(39,383) $18,976   $(34,450)
             
    Average Daily Production (boe/d)        
    WI Production Before Royalties 46,647 32,242   41,009
    Royalties (8,084) (6,397)   (7,327)
    Production NAR 38,563 25,845   33,682
    Decrease (Increase) in Inventory 461 235   (712)
    Sales 39,024 26,080   32,970
    Royalties, % of WI Production Before Royalties 17% 20%   18%
             
    Cash Netback ($/boe)(1)        
    Average Realized Price before Royalties 48.55 66.40   48.56
    Royalties (8.33) (13.08)   (8.83)
    Average Realized Price 40.22 53.32   39.73
    Transportation Expenses (1.63) (1.55)   (1.15)
    Average Realized Price Net of Transportation Expenses 38.59 51.77   38.58
    Operating Expenses (15.89) (16.40)   (16.39)
    Operating Netback(1)(3) 22.70 35.37   22.19
    G&A Expenses Before Stock-Based Compensation (2.86) (3.65)   (2.75)
    Transaction Costs   (1.20)
    Realized Foreign Exchange Gain (Loss) (0.51) (0.49)   0.07
    Cash settlement on derivative instruments 0.10   0.30
    Interest Expense, Excluding Amortization of Debt Issuance Costs (4.58) (5.12)   (5.40)
    Interest Income 0.10 0.23   0.34
    Other Gain   0.40
    Net Lease Payments 0.04 0.12   0.07
    Current Income Tax Expense (1.95) (1.33)   (2.12)
    Cash Netback(1) $13.04 $25.13   $11.90
             
    Share Information (000s)        
    Common Stock Outstanding, End of Period 35,524 31,401   35,972
    Weighted Average Number of Shares of Common Stock Outstanding – Basic and Diluted 35,777 31,813   34,333
    South American Operational Information Three Months Ended March 31,   Three Months
    Ended
    December 31,
      2025 2024   2024
    Operating Netback(1)(3)        
    Oil Sales $138,671 $157,577   $128,335
    Operating Expenses (50,827) (48,466)   (51,121)
    Transportation Expenses (4,304) (4,584)   (3,607)
    Operating Netback(1)(3) $83,540 $104,527   $73,607
             
    Average Daily Production (boe/d)        
    WI Production Before Royalties 29,686 32,242   29,695
    Royalties (5,844) (6,397)   (5,761)
    Production NAR 23,842 25,845   23,934
    Decrease (Increase) in Inventory 461 235   (712)
    Sales 24,303 26,080   23,222
    Royalties, % of WI Production Before Royalties 20% 20%   19%
             
    Operating Netback ($/boe)(1)(3)        
    Brent $74.98 $81.76   $74.01
    Quality and Transportation Discount (11.58) (15.36)   (13.94)
    Royalties (12.29) (13.08)   (11.94)
    Average Realized Price 51.11 53.32   48.13
    Transportation Expenses (1.59) (1.55)   (1.35)
    Average Realized Price Net of Transportation Expenses 49.52 51.77   46.78
    Operating Expenses (18.73) (16.40)   (19.17)
    Operating Netback(1)(3) $30.79 $35.37   $27.61
    Canadian Operational Information(4) Three Months Ended March 31,   Three Months
    Ended
    December 31,
      2025 2024   2024
    Operating Netback(1)(3)        
    Oil Sales $21,269 $—   $14,832
    Natural Gas Sales 7,561   3,546
    NGL Sales 7,997   4,193
    Royalties (4,966)   (3,616)
    Oil, Natural Gas and NGL Sales After Royalties $31,862 $—   $18,955
    Operating Expenses (16,527)   (9,649)
    Transportation Expenses (2,607)   (672)
    Operating Netback(1)(3) $12,728 $—   $8,634
             
    Average Daily Production        
    Crude Oil (bbl/d) 3,623   2,461
    Natural Gas (mcf/d) 49,860   32,814
    NGLs (bbl/d) 5,029   3,383
    WI Production Before Royalties (boe/d) 16,961   11,314
    Royalties (boe/d) (2,240)   (1,566)
    Production NAR (boe/d) 14,721   9,748
    Sales (boe/d) 14,721   9,748
    Royalties, % of WI Production Before Royalties 13% —%   14%
             
    Benchmark Prices        
    West Texas Intermediate ($/bbl) 71.47 77.01   70.42
    AECO Natural Gas Price (C$/GJ) 2.05 1.70   1.56
             
    Average Realized Price        
    Crude Oil ($/bbl) 65.23   65.50
    Natural Gas ($/mcf) 1.69   1.17
    NGLs ($/bbl) 17.67   13.47
             
    Operating Netback ($/boe)(1)(3)        
    Average Realized Price $24.12 $—   $21.69
    Royalties (3.25)   (3.47)
    Transportation Expenses (1.71)   (0.65)
    Operating Expenses (10.83)   (9.27)
    Operating Netback(1)(3) $8.33 $—   $8.30

    (1)Funds flow from operations, operating netback, net debt, cash netback, earnings before interest, taxes and depletion, depreciation and accretion (“DD&A”) (EBITDA) and EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gains or losses, stock-based compensation expense, other gains or losses, transaction costs and financial instruments gains or losses (“Adjusted EBITDA”), cash flow and free cash flow are non-GAAP measures and do not have standardized meanings under generally accepted accounting principles in the United States of America (“GAAP”). Cash flow refers to funds flow from operations. Free cash flow refers to funds flow from operations less capital expenditures. Refer to “Non-GAAP Measures” in this press release for descriptions of these non-GAAP measures and, where applicable, reconciliations to the most directly comparable measures calculated and presented in accordance with GAAP.
    (2) Gran Tierra’s second quarter-to-date 2025 total average differentials and average production are for the period from April 1 to April 30, 2025.
    (3) Operating netback as presented is defined as oil sales less operating and transportation expenses. See the table titled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.
    (4) Gran Tierra entered Canada with the acquisition of i3 Energy which closed October 31, 2024, therefore no comparative data is provided for the corresponding period of 2024.

    Conference Call Information:

    Gran Tierra will host its first quarter 2025 results conference call on Friday, May 2, 2025, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time. Interested parties may access the conference call by registering at the following link: https://register-conf.media-server.com/register/BI0f6a1e0b01bd474992543eb3e6d51c71. The call will also be available via webcast at www.grantierra.com.

    2024 Sustainability Report:

    Gran Tierra has published its 2024 Sustainability Report and is available on the Company website at www.grantierra.com/esg.

    Corporate Presentation:

    Gran Tierra’s Corporate Presentation has been updated and is available on the Company website at www.grantierra.com.

    Contact Information

    For investor and media inquiries please contact:

    Gary Guidry
    President & Chief Executive Officer

    Ryan Ellson
    Executive Vice President & Chief Financial Officer

    +1-403-265-3221

    info@grantierra.com

    About Gran Tierra Energy Inc.
    Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

    Gran Tierra’s Securities and Exchange Commission (the “SEC”) filings are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Forward Looking Statements and Legal Advisories:
    This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). All statements other than statements of historical facts included in this press release regarding our business strategy, plans and objectives of our management for future operations, capital spending plans and benefits of the changes in our capital program or expenditures, our liquidity and financial condition, and those statements preceded by, followed by or that otherwise include the words “expect,” “plan,” “can,” “will,” “should,” “guidance,” “forecast,” “budget,” “estimate,” “signal,” “progress” and “believes,” derivations thereof and similar terms identify forward-looking statements. In particular, but without limiting the foregoing, this press release contains forward-looking statements regarding: the Company’s leverage ratio target, the Company’s plans regarding strategic investments, acquisitions, including the anticipated benefits and operating synergies expected from the acquisition of i3 Energy, and growth, the Company’s drilling program and capital expenditures and the Company’s expectations of commodity prices, including future gas pricing in Canada, exploration and production trends and its positioning for 2024. The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, pricing and cost estimates (including with respect to commodity pricing and exchange rates), the ability of Gran Tierra to successfully integrate the assets and operations of i3 Energy or realize the anticipated benefits and operating synergies expected from the acquisition of i3 Energy, the general continuance of assumed operational, regulatory and industry conditions in Canada, Colombia and Ecuador, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned.

    Among the important factors that could cause our actual results to differ materially from the forward-looking statements in this press release include, but are not limited to: certain of our operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to local operations; global health events; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from actual or anticipated tariffs and trade policies, global health crises, geopolitical events, including the conflicts in Ukraine and the Gaza region, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil prices and oil consumption more than we currently predict, which could cause further modification of our strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges; the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of our products; our ability to execute our business plan, which may include acquisitions, and realize expected benefits from current or future initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of our common stock or bonds; the risk that we do not receive the anticipated benefits of government programs, including government tax refunds; our ability to access debt or equity capital markets from time to time to raise additional capital, increase liquidity, fund acquisitions or refinance debt; our ability to comply with financial covenants in our indentures and make borrowings under our credit agreements; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2024 filed February 20, 2024 and its other filings with the SEC. These filings are available on the SEC website at http://www.sec.gov and on SEDAR+ at www.sedarplus.ca.

    The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on management’s experience and other factors believed to be appropriate. Gran Tierra believes these assumptions to be reasonable at this time, but the forward-looking statements are subject to risk and uncertainties, many of which are beyond Gran Tierra’s control, which may cause actual results to differ materially from those implied or expressed by the forward looking statements. The risk that the assumptions on which the 2024 outlook are based prove incorrect may increase the later the period to which the outlook relates. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra 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 expressly required by applicable law. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

    The estimates of future production (aggregate and per country), EBITDA, net cash provided by operating activities (described in this press release as “cash flow”), free cash flow, certain prices and expenses (aggregate and per country) and operating netback (aggregate and per country) may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained in this press release about prospective financial performance, financial position or cash flows are provided to give the reader a better understanding of the potential future performance of the Company in certain areas and are based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected operational and financial information for 2025. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. The actual results of Gran Tierra’s operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

    Non-GAAP Measures

    This press release includes non-GAAP financial measures as further described herein. These non-GAAP measures do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as alternatives to net income or loss, cash flow from operating activities or other measures of financial performance as determined in accordance with GAAP. Gran Tierra’s method of calculating these measures may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as to not imply that more emphasis should be placed on the non-GAAP measure.

    Operating netback, as presented, is defined as oil sales less operating and transportation expenses. See the table entitled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.

    Cash netback as presented is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain or loss, other gain or loss and unrealized derivative instruments loss. Management believes that operating netback and cash netback are useful supplemental measures for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra’s principal business activities prior to the consideration of other income and expenses. A reconciliation from net income or loss to cash netback is as follows:

      Three Months Ended March 31,   Three Months
    Ended
    December 31,
    Cash Netback – (Non-GAAP) Measure ($000s)   2025     2024       2024  
    Net Loss $ (19,280 ) $ (78 )   $ (34,210 )
    Adjustments to reconcile net loss to cash netback        
    DD&A expenses   72,202     56,150       63,406  
    Deferred tax (recovery) expense   (4,712 )   13,479       4,444  
    Stock-based compensation (recovery) expense   (517 )   3,361       3,331  
    Amortization of debt issuance costs   3,833     3,306       3,743  
    Non-cash lease expense   1,736     1,413       1,759  
    Lease payments   (1,567 )   (1,058 )     (1,495 )
    Unrealized foreign exchange loss (gain)   1,687     (2,266 )     (223 )
    Other loss   52            
    Unrealized derivative instrument loss   1,910           3,374  
    Cash netback $ 55,344   $ 74,307     $ 44,129  

    EBITDA, as presented, is defined as net income or loss adjusted for DD&A expenses, interest expense and income tax expense or recovery. Adjusted EBITDA, as presented, is defined as EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gain or loss, stock-based compensation expense, transaction costs, other gain or loss and unrealized derivative instruments loss. Management uses this supplemental measure to analyze performance and income generated by our principal business activities prior to the consideration of how non-cash items affect that income, and believes that this financial measure is useful supplemental information for investors to analyze our performance and our financial results. A reconciliation from net income or loss to EBITDA and adjusted EBITDA is as follows:

      Three Months Ended March 31,   Three Months
    Ended
    December 31,
    EBITDA – (Non-GAAP) Measure ($000s)   2025     2024       2024  
    Net Loss $ (19,280 ) $ (78 )   $ (34,210 )
    Adjustments to reconcile net loss to EBITDA and Adjusted EBITDA        
    DD&A expenses   72,202     56,150       63,406  
    Interest expense   23,235     18,424       23,752  
    Income tax expense   3,553     17,395       12,299  
    EBITDA $ 79,710   $ 91,891     $ 65,247  
    Non-cash lease expense   1,736     1,413       1,759  
    Lease payments   (1,567 )   (1,058 )     (1,495 )
    Foreign exchange loss (gain)   3,838     (815 )     (496 )
    Stock-based compensation expense   (517 )   3,361       3,331  
    Transaction costs             4,448  
    Other loss   52            
    Unrealized derivative instrument loss   1,910           3,374  
    Adjusted EBITDA $ 85,162   $ 94,792     $ 76,168  

    Funds flow from operations, as presented, is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain, other gain or loss and unrealized gain or loss on derivative instruments. Management uses this financial measure to analyze performance and income or loss generated by our principal business activities prior to the consideration of how non-cash items affect that income or loss, and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. Free cash flow, as presented, is defined as funds flow from operations adjusted for capital expenditures. Management uses this financial measure to analyze cash flow generated by our principal business activities after capital requirements and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. A reconciliation from net income or loss to both funds flow from operations and free cash flow is as follows:

      Three Months Ended March 31,   Three Months
    Ended
    December 31,
    Funds Flow From Operations –
    (Non-GAAP) Measure ($000s)
      2025     2024       2024  
    Net Loss $ (19,280 ) $ (78 )   $ (34,210 )
    Adjustments to reconcile net loss to funds flow from operations        
    DD&A expenses   72,202     56,150       63,406  
    Deferred tax (recovery) expense   (4,712 )   13,479       4,444  
    Stock-based compensation (recovery) expense   (517 )   3,361       3,331  
    Amortization of debt issuance costs   3,833     3,306       3,743  
    Non-cash lease expense   1,736     1,413       1,759  
    Lease payments   (1,567 )   (1,058 )     (1,495 )
    Unrealized foreign exchange loss (gain)   1,687     (2,266 )     (223 )
    Other loss   52            
    Unrealized derivative instrument loss   1,910           3,374  
    Funds flow from operations $ 55,344   $ 74,307     $ 44,129  
    Capital expenditures $ 94,727   $ 55,331     $ 78,579  
    Free cash flow $ (39,383 ) $ 18,976     $ (34,450 )

    Net debt as of March 31, 2025, was $683 million, calculated using the sum of the aggregate principal amount of 7.75% Senior Notes, and 9.50% Senior Notes outstanding, excluding deferred financing fees, totaling $760 million, less cash and cash equivalents of $77 million.

    Presentation of Oil and Gas Information

    Boes have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 boe of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf: 1 boe would be misleading as an indication of value.

    References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium heavy crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids for which there is no precise breakdown since the Company’s sales volumes typically represent blends of more than one product type. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.

    This press release contains certain oil and gas metrics, including operating netback and cash netback, 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. These metrics are calculated as described in this press release and management believes that they are useful supplemental measures for the reasons described in this press release.

    Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

    References in this press release to “potential drilling opportunities” are references to unbooked locations for which there are no reserves or resources attributed by any of the Company’s qualified reserves auditors or evaluators but which the Company internally estimates can be drilled based on current land holdings, industry practice regarding well density, and internal review of geologic, geophysical, seismic, engineering, production and resources information. There is no certainty that the Company will drill any particular locations, or that drilling activity on any locations will result in additional reserves, resources or production. Locations on which the Company in fact drills wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, commodity prices, costs, actual drilling results, additional reservoir information and other factors. There is a higher level of risk associated with locations that are potential drilling opportunities and not “booked” locations to which any qualified reserves evaluator or auditor may have attributed reserves or resources. The Company generally has less information about reservoir characteristics associated with locations that are potential drilling opportunities and, accordingly, there is greater uncertainty whether wells will ultimately be drilled in such locations and, if drilled, whether they will result in additional reserves, resources or production.

    The MIL Network

  • MIL-OSI: Marksmen Energy Inc. Announces Delay in Filing its 2024 Annual Financial Statements and Issuance of Promissory Note

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, ALBERTA,, May 01, 2025 (GLOBE NEWSWIRE) — Marksmen Energy Inc. (“Marksmen” or the “Company“) announced today that its annual financial statements, accompanying management’s discussion and analysis and related chief executive officer (“CEO“) and chief financial officer (“CFO“) certifications for the financial year ended December 31, 2024 (the “Annual Filings“), may not be filed within the period prescribed for the filing of such documents under Parts 4, 5 and 6 of National Instrument 51-102 Continuous Disclosure Obligations and pursuant to National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, namely within 120 days of year-end, being April 30, 2025 (the “Filing Deadline“).

    The delay in filing the Annual Filings is related to the Company’s inability to raise capital for the year 2024 and through Q1 2025 due to market conditions. As such, the Company experienced an unanticipated delay in receipt of funds to pay the Company’s external auditor to complete the audit. Such funds have since been received by the Company on April 24, 2025 pursuant to the Loan described below. The Company has since engaged with its auditor to complete the audit to address the completion of the Annual Filings.

    Marksmen is working closely with its auditor MNP LLP and is making every effort to submit the Annual Filings in a timely fashion and expects to file no later than June 15, 2025.

    The Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203“). The Company has made an application to the Alberta Securities Commission, as principal regulator of the Company, a management cease trade order (“MCTO“) under NP 12-203 in respect of the default regarding the Annual Filings. The MCTO will prohibit the CEO and the CFO from trading in securities of Marksmen for two full business days after all the required filings have been filed on SEDAR+. The issuance of the MCTO, if issued, does not affect the ability of persons other than the CEO and the CFO of the Company to trade in the Company’s securities. The application for the MCTO remains subject to the risk factors described in “Forward Looking Information and Risk Factors” below, including the risk that the MCTO application may not be successful or may not be completed prior to a securities commission issuing a failure-to-file cease trade order against the Company following the Filing Deadline.

    The Company confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 9 and 10 of NP 12-203 respecting Management Cease Trade Orders for so long as it remains in default as a result of the late filing of the Annual Filings. During the period of default, the Company will issue biweekly default status reports in the form of further news releases, which will also be filed on SEDAR+. The Company confirms that there are no insolvency proceedings against it as of the date of this news release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this news release.

    Promissory Note

    The Company also announces that it has obtained an unsecured non-convertible loan (the “Loan“) in the amount of CAD$250,000 from Conex Services Inc. (“Conex“). The Loan is evidenced by a promissory note issued by the Company to Conex on April 24, 2025 (the “Promissory Note“). The amount outstanding under the Promissory Note bears interest at a rate of 15% per annum and is due and payable in full on December 31, 2025.

    Related Party Participation

    The Loan is being provided by Conex, which is an entity wholly owned by Glenn Walsh, an insider of the Company by virtue of holding more than 10% of the outstanding common shares of the Company. As an insider of the Company participated in this transaction, it is deemed to be a “related party transaction” as defined under Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions (“MI 61-101“).

    Since the Promissory Note is not convertible into shares of Marksmen, there will be no effect on the voting interests of any related parties. The Promissory Note was approved by all of the directors of Marksmen.

    The entering into of the Promissory Note with respect to the Loan is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(b) and 5.7(1)(f)) as the Company is not listed on a specified market and the Loan is not convertible into or repayable with equity or voting securities of the Company.

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

    Forward Looking Information and Risk Factors

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

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

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

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

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

    The MIL Network

  • MIL-OSI: Diversified Royalty Corp. Announces Additions to the Mr. Lube + Tires Royalty Pool, May 2025 Cash Dividend and Q1 2025 Earnings Release Date

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) and Mr. Lube Canada Limited Partnership (“Mr. Lube + Tires”) announced today that effective May 1, 2025 the Mr. Lube + Tires royalty pool (the “Mr. Lube + Tires Royalty Pool”) has been adjusted to include the royalties from six new flagship Mr. Lube + Tires locations and remove one flagship Mr. Lube + Tires location that has permanently closed. With the adjustment for these five net new locations, the Mr. Lube + Tires Royalty Pool now includes 149 flagship locations.

    Sean Morrison, President and Chief Executive Officer of DIV, stated, “Mr. Lube + Tires continues to generate strong same-store-sales-growth across its franchise system and is well positioned to continue this impressive growth moving forward”.

    Pamela Lee, President and Chief Executive Officer of Mr. Lube + Tires, stated, “Mr. Lube + Tires is proud of the performance of our franchisees in 2024. We continue to be focused on growing the Mr. Lube + Tires brand, strengthening the store level economics of our franchisees, and continuing to provide best-in-class service to our customers”.

    Additions to the Mr. Lube + Tires Royalty Pool

    Subject to certain performance criteria being met, and the LP Amendment as described further below, the Mr. Lube + Tires Royalty Pool is adjusted annually on May 1 (the “Adjustment Date”) to include new Mr. Lube + Tires locations that have been open since July 1 of the previous reporting period and to remove Mr. Lube + Tires locations that have been permanently closed during the previous year.

    The initial consideration paid to Mr. Lube + Tires for the estimated net additional royalty revenue was $4.0 million, representing 80% of the total estimated consideration of $5.0 million. The initial consideration of $4.0 million was elected by DIV to be paid in the form of 1,460,419 Common Shares of DIV on the basis of the 20-day volume weighted average closing price of the Common Shares for the period ended April 24, 2025 of $2.7363 per Common Share.

    The remaining consideration payable for the additional royalty revenue of the six new Mr. Lube + Tires locations added to the Royalty Pool on May 1, 2025 will be paid to Mr. Lube + Tires on May 1, 2026, the next Adjustment Date, and will be adjusted to reflect the actual system sales of these six new locations for the year ending December 31, 2025, net of the lost system sales of the one permanently closed Mr. Lube + Tires location removed from the Mr. Lube + Tires Royalty pool on May 1, 2025.

    On May 1, 2023, the Mr. Lube + Tires Royalty Pool was adjusted to include royalties from five new flagship Mr. Lube + Tires locations. The initial consideration previously paid by DIV was $4.7 million, which represented 80% of the total estimated consideration for those five locations, which estimate was based on the forecast system sales of these five locations for year ending December 31, 2023. As a result of a previously-announced amendment (the “LP Amendment”) to the amended and restated limited partnership agreement (the “LP Agreement”) of DIV’s direct subsidiary ML Royalties Limited Partnership (“ML LP”), the remaining consideration payable for the additional royalty revenue of the five Mr. Lube + Tires locations (the “2023 True-Up Locations”) added to the Mr. Lube + Tires Royalty Pool on May 1, 2023 was to be paid to Mr. Lube + Tires on May 1, 2025 (as opposed to May 1, 2024), and adjusted to reflect the actual system sales of these five new locations for the year ending December 31, 2024 (as opposed to the actual system sales for the year ending December 31, 2023).

    The actual system sales for the 2023 True-Up Locations added to the Royalty Pool on May 1, 2023 has now been determined for the year ended December 31, 2024 to be $10.1 million. The total consideration payable to Mr. Lube + Tires for the net additional royalty revenue of these 2023 True-Up Locations based on their actual system sales for the year ended December 31, 2024 is $7.1 million. After taking into account the $4.7 million previously paid by DIV to Mr. Lube + Tires on May 1, 2023 for the 2023 True-Up Locations, DIV paid Mr. Lube + Tires the remaining $2.4 million of cash consideration for the net additional royalty revenue of these 2023 True-Up Locations on May 1, 2025.

    For further details with respect to the manner in which annual adjustments of the Mr. Lube + Tires Royalty Pool occur and the agreements underlying the procedures therefor, see DIV’s Annual Information Form dated March 24, 2025 as well as the LP Amendment, copies of each of which are available on SEDAR+ at www.sedarplus.com.

    May 2025 Cash Dividend

    DIV is pleased to announce that its board of directors has approved a cash dividend of $0.02083 per common share for the period of May 1, 2025 to May 31, 2025, which is equal to $0.25 per common share on an annualized basis. The dividend will be paid on May 30, 2025 to shareholders of record as of the close of business on May 15, 2025.

    Q1 2025 Earnings Release Date

    DIV will release earnings results for the three months ended March 31, 2025 following the closing of regular trading on the Toronto Stock Exchange on May 14, 2025.

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” or “financial outlook” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or financial outlook. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intend” and similar expressions are intended to identify forward-looking information and financial outlook, although not all forward-looking information and financial outlook contain these identifying words. Specifically, forward-looking information and financial outlook in this news release includes, but is not limited to, statements made in relation to: the amount and timing of the payment for the remaining consideration payable to Mr. Lube + Tires for the additional royalty revenue from the six Mr. Lube + Tires locations added to the Mr. Lube + Tires Royalty Pool on May 1, 2025; DIV’s belief that Mr. Lube + Tires will continue to generate strong same-store-sales-growth across its franchise system and is well positioned to continue its impressive growth moving forward; Mr. Lube + Tires being focused on growing the Mr. Lube + Tires brand, strengthening the store level economics of its franchisees, and continuing to provide best-in-class service to its customers; the amount and timing of the May 2025 dividend to be paid to DIV’s shareholders; the timing of DIV releasing earnings results for the three months ended March 31, 2025; DIV’s objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied in such forward-looking information and financial outlook. DIV believes that the expectations reflected in the forward-looking information and financial outlook are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: Mr. Lube + Tires will continue to make royalty payments in the amounts and at the times required, or at all; the amount of, or timing of the payment for, the additional consideration payable to Mr. Lube + Tires for the six additional Mr. Lube + Tires locations added to the Mr. Lube + Tires Royalty Pool on May 1, 2025 will occur in the amount or at the time estimated; that transactions completed with Mr. Lube + Tires for the additions to the Mr. Lube + Tires Royalty Pool will be accretive to DIV shareholders; that Mr. Lube + Tires will realize any of the intended benefits of its growth strategy; that Mr. Lube + Tires will continue to grow its brand; that Mr. Lube + Tires will continue opening new stores, or that such stores will be successful if opened; that Mr. Lube + Tires will succeed in strengthening store level economics of its franchisees; that Mr. Lube + Tires will continue to provide best-in-class service to its customers; DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information and financial outlook included in this news release are not guarantees of future performance, and such forward-looking information and financial outlook should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in DIV’s most recently filed management’s discussion and analysis, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

    In formulating the forward-looking information and financial outlook contained herein, management has assumed that DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; lenders will provide any necessary waivers required in order to allow DIV to continue to pay dividends; the performance of the Mr. Lube + Tires flagship locations in the Mr. Lube + Tires Royalty Pool will be consistent with DIV’s expectations; and the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    To the extent any forward-looking information in this news release constitutes a “financial outlook” within the meaning of applicable securities laws, such information is being provided to provide investors with an estimate of the financial impact to DIV of transactions with Mr. Lube + Tires described in this news release.

    All of the forward-looking information and financial outlook in this news release is qualified in its entirety by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking information and financial outlook included in this news release is presented as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (604) 235-3146

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (604) 235-3146

    The MIL Network