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MIL-OSI USA: Hagerty, Kaine Urge Mexican Government to Cease Unfair Treatment of U.S.-Based Vulcan Materials Company

US Senate News:

Source: United States Senator for Tennessee Bill Hagerty
NEW YORK CITY—Today, United States Senators Bill Hagerty (R-TN) and Tim Kaine (D-VA), members of the Senate Foreign Relations Committee, sent a letter urging Mexican Minister of Economy Ebrard Casaubon to address the country’s unfair treatment of the U.S.-based Vulcan Materials Company, which has operated in Mexico for decades and supports thousands of jobs in both countries.
The Mexican government has made efforts to expropriate property from Vulcan, which would both interfere with its ability to do business and undermine the crucial economic ties between the U.S. and Mexico.
“As you know, Vulcan Materials Company, a global leader in construction materials based in Alabama, has been operating in Mexico for over three decades…supporting thousands of jobs in Mexico and across Virginia and Tennessee,” the Senators wrote. “However, recent efforts by the Mexican government to expropriate Vulcan property undermine efforts to strengthen these ties, as they create a perception of unpredictability toward foreign investments. The Mexican government’s actions against Vulcan are a critical blow to investor confidence under the U.S.-Mexico-Canada Agreement (USMCA).”
“We strongly urge the Mexican government to reconsider its actions against Vulcan and to work with the company toward a resolution that respects the rights of foreign investors and Mexico’s commitments under international agreements,” the Senators continued. “By doing so, Mexico would demonstrate its commitment to honoring the principles of respect, transparency, and legal certainty that foster a stable and welcoming environment for all businesses. We understand Vulcan remains ready and willing to negotiate with you to reach an amicable solution. In the interest of reaching such a solution, we would encourage your Government to cease unfounded public accusations against the company as you work to resolve the issue. A balanced and fair approach to foreign investment will help ensure that both the U.S. and Mexico can continue to prosper.”
Background:
In May 2022, Mexican President Andrés Manuel López Obrador (AMLO) abruptly shut down Vulcan’s operations with false claims that the firm was violating its contract, and since then the Mexican Government, under AMLO’s direction, has waged an unceasing pressure campaign against Vulcan, including multiple lawsuits and at times sending military and law enforcement to its facilities. Last month, AMLO announced that he is pushing to designate the port and mine a “Protected Natural Area”.
In May 2022, Hagerty urged President Joe Biden to take action against the Mexican government’s moves to expropriate the property of U.S. companies with investments and operations in Mexico.
In March 2023, Hagerty pressed Secretary of State Antony Blinken on the seizure by Mexican military troops and civilian authorities of U.S.-based Vulcan Materials Company’s assets in Mexico.
In December 2023, Hagerty and Kaine spoke on the Senate floor imploring President López Obrador to halt harmful actions against American companies’ lawfully owned assets in Mexico, noting that these unlawful actions violate agreements made between the two countries under the USMCA and jeopardize a key U.S. trade relationship.
In September 2024, Hagerty and Kaine introduced legislation to impose retaliatory prohibitions that deter and punish any Western Hemisphere nation that unlawfully seizes American assets, responding to ongoing efforts by the Government of Mexico to seize a deep-water port owned by U.S.-based Vulcan Materials Company, which is a flagrant violation of the United Sates-Mexico-Canada Agreement (USMCA) governing trade between our two nations.
In December 2024, Hagerty and Kaine condemned ongoing efforts by U.S. Trade Representative (USTR) Katherine Tai to weaken protections for American companies under the U.S.-Mexico-Canada Agreement (USMCA), which makes American companies vulnerable to Mexico seizing their property and assets.
A copy of the letter can be found here and below.
Dear Secretary Ebrard Casaubon:
We are contacting your government to address the unfair treatment of Vulcan Materials Company (Vulcan) by the Government of Mexico.
The United States and Mexico enjoy a strong economic partnership and benefit from deep economic integration. U.S. companies support growth and job creation throughout Mexico. We are committed to helping maintain and build this relationship.
As you know, Vulcan Materials Company, a global leader in construction materials based in Alabama, has been operating in Mexico for over three decades. The firm has employed hundreds of people in Mexico and contributes to local economic development. Vulcan’s investment in Mexico highlights the mutual benefits of cross-border economic relations and plays a vital role in its broader business operations, supporting thousands of jobs in Mexico and across Virginia and Tennessee. However, recent efforts by the Mexican government to expropriate Vulcan property undermine efforts to strengthen these ties, as they create a perception of unpredictability toward foreign investments. The Mexican government’s actions against Vulcan are a critical blow to investor confidence under the U.S.-Mexico-Canada Agreement (USMCA).
We strongly urge the Mexican government to reconsider its actions against Vulcan and to work with the company toward a resolution that respects the rights of foreign investors and Mexico’s commitments under international agreements. By doing so, Mexico would demonstrate its commitment to honoring the principles of respect, transparency, and legal certainty that foster a stable and welcoming environment for all businesses.
We are ready to work with you to strengthen the bonds between our countries and sincerely hope that the Mexican government will take the necessary steps to address our bipartisan concerns. We understand Vulcan remains ready and willing to negotiate with you to reach an amicable solution. In the interest of reaching such a solution, we would encourage your government to cease unfounded public accusations against the company as you work to resolve the issue. A balanced and fair approach to foreign investment will help ensure that both the U.S. and Mexico can continue to prosper.
We appreciate your time and attention to this urgent matter. We look forward to hearing your thoughts on how we can work together to resolve these concerns in a mutually beneficial manner.
Sincerely,

MIL OSI USA News –

April 24, 2025

MIL-OSI USA: Kaine & Hagerty Urge Mexican Government to Cease Unfair Treatment of U.S.-Based Vulcan Materials Company

US Senate News:

Source: United States Senator for Virginia Tim Kaine
WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine, the Ranking Member of the Senate Foreign Relations Subcommittee on the Western Hemisphere, (D-VA) and U.S. Senator Bill Hagerty (R-TN) pressed Mexican Secretary of Economy Ebrard Casaubon to address the country’s unfair treatment of the U.S.-based Vulcan Materials Company, which has operated in Mexico for decades and supports thousands of jobs in both countries. The Mexican government has made efforts to expropriate property from Vulcan, which would both interfere with its ability to do business and undermine the crucial economic ties between the U.S. and Mexico.
“As you know, Vulcan Materials Company, a global leader in construction materials based in Alabama, has been operating in Mexico for over three decades … supporting thousands of jobs in Mexico and across Virginia and Tennessee,” wrote the senators in a letter to Secretary Casaubon. “However, recent efforts by the Mexican government to expropriate Vulcan property undermine efforts to strengthen these ties, as they create a perception of unpredictability toward foreign investments. The Mexican government’s actions against Vulcan are a critical blow to investor confidence under the U.S.-Mexico-Canada Agreement (USMCA).”
“We strongly urge the Mexican government to reconsider its actions against Vulcan and to work with the company toward a resolution that respects the rights of foreign investors and Mexico’s commitments under international agreements. By doing so, Mexico would demonstrate its commitment to honoring the principles of respect, transparency, and legal certainty that foster a stable and welcoming environment for all businesses,” the senators continued. “We understand Vulcan remains ready and willing to negotiate with you to reach an amicable solution. In the interest of reaching such a solution, we would encourage your Government to cease unfounded public accusations against the company as you work to resolve the issue. A balanced and fair approach to foreign investment will help ensure that both the U.S. and Mexico can continue to prosper.”
Kaine and Hagerty have long advocated for protecting American businesses abroad from having their lawful activity encroached upon by foreign governments. In May 2024, Kaine and Hagerty, alongside Senators Tommy Tuberville and Katie Britt (both R-AL), penned a letter to Mexico’s then-foreign minister Alicia Bárcena to first raise their concerns over the Mexican government’s attempts to forcibly take over Vulcan’s port and limestone quarry. In September 2024, Kaine, Hagerty, and several of their Senate colleagues introduced the Defending American Property Abroad Act to impose penalties on countries within the U.S.-Mexico-Canada Agreement (USMCA) that seize American companies’ property, ignore lawful contracts, or engage in other behavior that interferes with land owned by U.S. companies. In December 2024, Kaine and Hagerty participated in a colloquy on the Senate floor to discuss the importance of preventing the Mexican government from expropriating Vulcan’s lawful assets.
Full text of the letter can be found here and below.
Dear Secretary Ebrard Casaubon,
We are contacting your government to address the unfair treatment of Vulcan Materials Company (Vulcan) by the Government of Mexico.
The United States and Mexico enjoy a strong economic partnership and benefit from deep economic integration. U.S. companies support growth and job creation throughout Mexico. We are committed to helping maintain and build this relationship.
As you know, Vulcan Materials Company, a global leader in construction materials based in Alabama, has been operating in Mexico for over three decades. The firm has employed hundreds of people in Mexico and contributes to local economic development. Vulcan’s investment in Mexico highlights the mutual benefits of cross-border economic relations and plays a vital role in its broader business operations, supporting thousands of jobs in Mexico and across Virginia and Tennessee. However, recent efforts by the Mexican government to expropriate Vulcan property undermine efforts to strengthen these ties, as they create a perception of unpredictability toward foreign investments. The Mexican government’s actions against Vulcan are a critical blow to investor confidence under the U.S.-Mexico-Canada Agreement (USMCA).
We strongly urge the Mexican government to reconsider its actions against Vulcan and to work with the company toward a resolution that respects the rights of foreign investors and Mexico’s commitments under international agreements. By doing so, Mexico would demonstrate its commitment to honoring the principles of respect, transparency, and legal certainty that foster a stable and welcoming environment for all businesses.
We are ready to work with you to strengthen the bonds between our countries and sincerely hope that the Mexican government will take the necessary steps to address our bipartisan concerns. We understand Vulcan remains ready and willing to negotiate with you to reach an amicable solution. In the interest of reaching such a solution, we would encourage your government to cease unfounded public accusations against the company as you work to resolve the issue. A balanced and fair approach to foreign investment will help ensure that both the U.S. and Mexico can continue to prosper.
We appreciate your time and attention to this urgent matter. We look forward to hearing your thoughts on how we can work together to resolve these concerns in a mutually beneficial manner.
Sincerely,

MIL OSI USA News –

April 24, 2025

MIL-OSI Asia-Pac: President Lai delivers remarks at International Holocaust Remembrance Day event

Source: Republic of China Taiwan

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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.

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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.

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2025-04-18
President Lai meets US delegation from Senate Foreign Relations Subcommittee on East Asia and the Pacific
On the afternoon of April 18, President Lai Ching-te met with a delegation led by Senator Pete Ricketts, chairman of the United States Senate Foreign Relations Subcommittee on East Asia, the Pacific, and International Cybersecurity Policy. In remarks, President Lai said we hope to promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US, to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation. The president said that by deepening cooperation, Taiwan and the US will be better positioned to work together on building non-red supply chains. He said a more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. A translation of President Lai’s remarks follows: I warmly welcome you all to Taiwan. I want to take this opportunity to especially thank Chairman Pete Ricketts and Ranking Member Chris Coons for their high regard and support for Taiwan. Chairman Ricketts has elected to visit Taiwan on his first overseas trip since taking up his new position in January. Ranking Member Coons made a dedicated trip to Taiwan in 2021 to announce a donation of COVID-19 vaccines on behalf of the US government. He also visited last May, soon after my inauguration, continuing to deepen Taiwan-US exchanges. Thanks to support from Chairman Ricketts and Ranking Member Coons, the US Congress has continued to introduce many concrete initiatives and resources to assist Taiwan through the National Defense Authorization Act and Consolidated Appropriations Act, bringing the Taiwan-US partnership even closer. For this, I want to again express my gratitude. There has long been bipartisan support in the US Congress for maintaining security in the Taiwan Strait. Faced with China’s persistent political and military intimidation, Taiwan will endeavor to reform national defense and enhance whole-of-society defense resilience. We will also make special budget allocations to ensure that our defense budget exceeds 3 percent of GDP, up from the current 2.5 percent, so as to enhance Taiwan’s self-defense capabilities. We look forward to Taiwan and the US continuing to work together to maintain peace and stability in the region. We will also promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US. We hope to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation, jointly promoting prosperity and development. We believe that by deepening cooperation through the Taiwan plus one policy, Taiwan and the US will be better positioned to work together on building non-red supply chains. A more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. In closing, I wish Chairman Ricketts and Ranking Member Coons a smooth and successful visit. Chairman Ricketts then delivered remarks, first thanking President Lai for his hospitality. He said that he and his delegation have had a wonderful time meeting with government officials, industry representatives, and the team at the American Institute in Taiwan. Highlighting that Taiwan has long been a friend and partner of the US, he said their bipartisan delegation to Taiwan emphasizes long-time bipartisan support in the US Congress for Taiwan, and though administrations change, that bipartisan support remains. Chairman Ricketts stated that the US is committed to peace and stability in the Indo-Pacific and that they want to see peace across the Taiwan Strait. He also stated that the US opposes any unilateral change in the status of Taiwan and that they expect any differences between Taiwan and China to be resolved peacefully without coercion or the threat of force. To that end, he said, the US will continue to assist Taiwan in its self-defense and will also step up by bolstering its own defense capabilities, noting that there is broad consensus on this in the US Congress. Chairman Ricketts stated that they want to see Taiwan participate in international organizations and memberships where appropriate, and encourage Taiwan to reach out to current and past diplomatic allies to strengthen those bilateral relationships. He pointed out that the long economic relationship between the US and Taiwan is important for our as well as the entire world’s security and prosperity. He also noted that there are many opportunities for us to continue to grow the economic relationship that will help create more prosperity for our respective peoples and ensure that we are more secure in the world. Chairman Ricketts emphasized that they made this trip early on in the new US administration to work with Taiwan to develop three points: security, diplomatic relations, and the economy. He stated that in the face of rising aggression from communist China, the US will provide commensurate help to Taiwan in self-defense and that they will continue to provide the services and tools needed. In closing, Chairman Ricketts once again thanked President Lai for the hospitality and said he looks forward to dialogue on how we can continue these relationships. Ranking Member Coons then delivered remarks. Mentioning that their delegation also visited the Philippines on this trip, he said that there and in Taiwan, they have been focused on peace, stability, and security, and the ways for deepening and strengthening economic and security relations. He noted that 46 years ago, the US Senate passed the Taiwan Relations Act, adding that it was strongly bipartisan when enacted and that support for it is still strongly bipartisan today. Its core commitment, he said, is that the US will be engaged and will be a partner in ensuring that any dispute or challenge across the strait will be resolved peacefully, and that Taiwan will have the resources it needs for its self-defense. Ranking Member Coons said that between people, friendships are deepest and most enduring when they are based not just on interests but on values, and that the same is true between the US and Taiwan. Free press, free enterprise, free societies, democracy – these core shared values, he said, anchor our friendship and partnership, making them deeper. He remarked that they are grateful for the significant investment in the US being made by companies from Taiwan, but what anchors our partnership, in addition to these important investments and investments being made by Taiwan in its own security, are the values that mobilize our free-enterprise spirit and our commitment to free societies. In Europe in recent years, Ranking Member Coons said, an aggressive nation has tried to change boundaries and change history by force. He said that the US and dozens of countries committed to freedom have come to the aid of Ukraine to defend it, help it stabilize, and secure its future. So too in this region of the world, he added, the US and a bipartisan group in the US Senate are committed to stable, secure, peaceful relations and to deterring any unilateral effort to change the status quo by force. In closing, he said he is grateful for a chance to return to Taiwan after the pandemic and that he looks forward to our conversation, our partnership, and the important work we have in front of us. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

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2025-04-17
President Lai meets New Zealand delegation from All-Party Parliamentary Group on Taiwan
On the morning of April 17, President Lai Ching-te met with a delegation from New Zealand’s All-Party Parliamentary Group on Taiwan. In remarks, President Lai thanked the government of New Zealand for reiterating the importance of peace and stability across the Taiwan Strait on multiple occasions since last year. He also stated that this year, the Taiwan-New Zealand economic cooperation agreement (ANZTEC) is being implemented in its complete form. The president expressed hope that deeper collaboration in such fields as smart agriculture, food manufacturing, biomedicine, the digital economy, and clean energy, as well as exchanges among our indigenous peoples, will allow our economies and industries to continue evolving as they adapt to the challenges arising from global changes. A translation of President Lai’s remarks follows: I extend a warm welcome to all of our guests. New Zealand’s All-Party Parliamentary Group on Taiwan was established in 2023, marking a significant milestone in the deepening of Taiwan-New Zealand relations. I would like to thank Members of Parliament Stuart Smith and Tangi Utikere for leading this delegation, and thank all our guests for demonstrating support for Taiwan through action. We currently face a rapidly changing international landscape. Authoritarian regimes continue to converge and expand. Democracies must actively cooperate and jointly safeguard peace, stability, and the prosperous development of the Indo-Pacific region. Since last year, the government of New Zealand has on multiple occasions reiterated the importance of peace and stability across the Taiwan Strait. On behalf of the people of Taiwan, I would like to express our sincere gratitude for these statements and demonstrations of support. This year, ANZTEC is being implemented in its complete form. We look forward to exploring even more diverse markets with New Zealand. Deeper collaboration in such fields as smart agriculture, food manufacturing, biomedicine, the digital economy, and clean energy, as well as exchanges among indigenous peoples, will allow our economies and industries to continue evolving as they adapt to the challenges arising from global changes. Taiwan and New Zealand share the universal values of democracy, freedom, and respect for human rights, and parliamentary diplomacy is a tradition practiced by democracies around the world. Looking ahead, our parliamentary exchanges and mutual visits are bound to become more frequent. This will enable us to explore even more opportunities for cooperation and further deepen and solidify the democratic partnership between Taiwan and New Zealand. Thank you once again for making the long journey to visit us. I wish you a fruitful and successful trip. I also hope that everyone can take time to see more of Taiwan, try our local cuisine, and learn more about our culture. I hope our guests will fall in love with Taiwan. MP Smith then delivered remarks, saying that it is a great pleasure and an honor to be received by President Lai. The MP, noting that President Lai already covered many of the points he planned to make, went on to say that New Zealand and Taiwan share many values. He indicated that both are trading nations that rely on easy access for imports and exports, and that is why freedom of navigation is so important. That is why New Zealand had a naval vessel sail through the Taiwan Strait, he said, to underline the importance of freedom of navigation and our mutual security. MP Smith said that they look forward to building stronger relationships and enhancing the trade between our two nations. He added that New Zealand has much to offer in the field of geothermal energy to assist Taiwan, and mentioned that New Zealand is third largest in terms of the number of rocket launchers for satellites, which could assist Taiwan with communications in the future. New Zealand has other products as well, he said, but looks for assistance from Taiwan’s technology and technological sector. Lastly, MP Smith stated that he looks forward to a long and prosperous relationship between Taiwan and New Zealand. MP Utikere then delivered remarks, indicating that like Taiwan, New Zealand is a nation that is surrounded by ocean, which means that they rely on strong partnerships with communities of interest all around the globe. He said that the all-party parliamentary friendship group that was established and that they are a part of goes a long way in ensuring that a secure relationship between our two parliaments can continue to prosper. The MP also thanked Taiwan’s Representative to New Zealand Joanne Ou (歐江安) and her team for their work, which has ensured the success of the delegation’s visit. He said that the delegation experienced meetings with ministers in Taiwan’s government, members of the legislature, and those from the non-government organization sector as well. He also said that they enjoyed the opportunity to visit Wulai, and that the strength of the connections between the indigenous peoples of Taiwan and the indigenous peoples of Aotearoa New Zealand is something that certainly landed with members of the delegation. MP Utikere noted that he will take up President Lai’s offer on experiencing more of Taiwan, and will spend a few extra days in Tainan, which he understands has a very special place in the president’s heart, adding that he looks forward to his time and experiences there. The MP concluded his remarks by saying that this will be a relationship that continues to go from strength to strength. After their remarks, the New Zealand delegation sang the Māori song “Tutira Mai Nga Iwi” to extend best wishes to Taiwan. Also in attendance at the meeting were New Zealand Members of Parliament Jamie Arbuckle, Greg Fleming, Hamish Campbell, Cameron Luxton, and Helen White.

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2025-04-15
President Lai meets delegation led by Tuvalu Deputy Prime Minister Panapasi Nelesone
On the afternoon of April 15, President Lai Ching-te met with a delegation led by Tuvalu Deputy Prime Minister and Minister of Finance and Economic Development Panapasi Nelesone and his wife. In remarks, President Lai thanked Tuvalu for its staunch and long-term backing of Taiwan’s international participation. The president said he looks forward to our nations deepening bilateral ties in such areas as agriculture, medicine, education, and information and communications technology and working together toward greater peace, prosperity, and development in the Pacific region. A translation of President Lai’s remarks follows: I extend a very warm welcome to Deputy Prime Minister Nelesone and Madame Corinna Ituaso Laafai as they lead this delegation to Taiwan. Our distinguished guests are the first delegation from Tuvalu that I have received at the Presidential Office this year. During my visit to Tuvalu last year, I met and exchanged views with Deputy Prime Minister Nelesone and the ministers present. I am delighted to meet you again today and thank you once again for the hospitality you accorded my delegation. The culture of Tuvalu and the warmth of its people are not easily forgotten. Tuvalu’s support for Taiwan has also touched us deeply. I want to take this opportunity to thank Tuvalu for staunchly backing Taiwan’s international participation over the past several decades. Our two countries have supported each other like family and have together made contributions in the international arena. Last Tuesday, I received the credentials of Ambassador Lily Tangisia Faavae and expressed my hope for Taiwan and Tuvalu continuing to deepen bilateral relations. This visit by Deputy Prime Minister Nelesone is an important step in that regard. Our two countries will be signing a labor cooperation agreement and an agreement concerning the recognition of training and certification of seafarers. This will expand bilateral cooperation at multiple levels and bring our relations even closer. Taiwan and Tuvalu are maritime nations and share the values of democracy and freedom. Our two countries have stood shoulder to shoulder to protect marine resources and address the challenges posed by climate change and authoritarianism, and we aspire to work toward greater peace, prosperity, and development in the Pacific region. Our nations have produced fruitful results in such areas as agriculture, medicine, education, and information and communications technology. I anticipate that, with the support of Deputy Prime Minister Nelesone and our distinguished guests, we can continue to employ a more diverse range of strategies to begin a new chapter in our diplomatic partnership. Together, we can make even greater and more concrete contributions to regional development. Deputy Prime Minister Nelesone then delivered remarks, first thanking President Lai for his kind words of welcome and the warm hospitality extended to his delegation. On behalf of the government and people of Tuvalu, he conveyed their gratitude to the president and the people of Taiwan for the generous support, as well as for the enduring friendship we share. He said that Taiwan’s steadfast commitment to our bilateral relationship has been instrumental in advancing our shared values of democracy, resilience, and sustainable development. From vital development assistance to cooperation in health, education, and climate change resilience, he added, Taiwan’s contributions have made a significant impact on the lives of the people of Tuvalu. For Taiwan’s recent generous donation of shoes for Tuvaluan primary school students, Deputy Prime Minister Nelesone expressed thanks to President Lai. He commented that these gifts, which underscore a deep commitment to the welfare of their youth, transcend mere material support; they are symbols of care, friendship, and hope for the future generations. Noting that our bilateral relationship is built on mutual respect, shared values, and a common vision for sustainable development in the Pacific, he expressed confidence that this partnership will continue to flourish and will serve as a beacon of cooperation and solidarity within our region. The delegation also included Tuvalu Minister of Foreign Affairs, Labour, and Trade Paulson Panapa; Minister of Public Works, Infrastructure Development and Water Ampelosa Tehulu, and was accompanied to the Presidential Office by Tuvalu Ambassador Faavae.

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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 –

April 24, 2025

MIL-OSI: Jade Power Announces Director Appointment

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 23, 2025 (GLOBE NEWSWIRE) — Jade Power Trust (“Jade Power” or the “Trust”) (NEX:JPWR.H) is pleased to announce the appointment of an independent director, Bruce McCannel, to the Board of Directors of Jade Power Administrator Inc., effective immediately.

Bruce is currently a corporate consultant primarily focused on government and stakeholder engagement and communications strategies. Holding a Master of Public Administration degree, Bruce worked in budget development for the Saskatchewan Ministry of Finance, was an Executive Director for the Ministry of Parks, Culture and Sport, and was on the board of directors for the Canadian Parks Council. When he was the head coach of the University of Regina Cougars Track and Field program, Bruce was a member of the board of directors for Saskatchewan Athletics and the Excel Athletika Track and Field Club.

David Barclay, Chief Executive Officer stated “We look forward to working with Bruce on the Board. We are excited by the value that his experience in government and stakeholder relations will bring to the Trust.”

For further information please contact:

David Barclay
Chief Executive Officer
+1 954-895-7217
david.barclay@bellsouth.net

About Jade Power

The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, was formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. All material information about the Trust may be found under Jade Power’s issuer profile at www.sedarplus.ca.

Forward-Looking Statements

Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Jade Power and its business are discussed under the heading “Business Risks and Uncertainties” in the Trust’s annual Management’s Discussion & Analysis for the year ended December 31, 2023, a copy of which is available on Jade Power’s SEDAR+ profile at www.sedarplus.ca. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

The MIL Network –

April 24, 2025

MIL-OSI: Pulse Seismic Inc. Announces Voting Results at Shareholders’ Annual Meeting

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, April 23, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) announced today the voting results from its annual meeting held in Calgary, Alberta on April 23, 2025. Each of the nominee directors listed in the Company’s management proxy circular dated March 10, 2025, was elected as a director, with a vote being conducted by ballot:

Name of Nominee	Votes For	%	Votes Against	%
Neal Coleman	31,038,759	99.90	32,292	0.10
Paul Crilly	31,061,451	99.97	9,600	0.03
Dallas Droppo	30,880,344	99.39	190,707	0.61
Robert Robotti	31,045,648	99.92	25,403	0.08
Patrick Ward	31,047,955	99.93	23,096	0.07
Melanie Westergaard	31,055,358	99.95	15,693	0.05

The “Say on Pay” shareholder advisory vote on Pulse’s approach to executive compensation was approved by 99.78% of the votes cast.

The report on voting for the meeting will be available at www.sedarplus.ca and on the Company’s website at www.pulseseismic.com.

CORPORATE PROFILE

Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada’s oil and natural gas exploration and development occur.

For further information, please contact:
Neal Coleman, President and CEO
Or
Pamela Wicks, Vice President Finance and CFO

Tel.: (403) 237-5559
Toll-free: 1-877-460-5559
E-mail: info@pulseseismic.com.
Please visit our website at www.pulseseismic.com.

PDF available: http://ml.globenewswire.com/Resource/Download/9b5fd3a7-4102-47a8-93f6-f9e16fd4e04a

The MIL Network –

April 24, 2025

MIL-OSI: Precision Drilling Announces 2025 First Quarter Unaudited Financial Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, April 23, 2025 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, gain on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) announces 2025 first quarter results, confirms shareholder return targets, and lowers 2025 capital budget.

Financial Highlights

Revenue in the first quarter was $496 million compared to $528 million realized in the same period last year as strong drilling activity in Canada was offset by lower U.S. drilling activity.
Adjusted EBITDA⁽¹⁾ was $137 million and included $3 million of restructuring costs and $3 million of share-based compensation expense. In 2024, first quarter Adjusted EBITDA⁽¹⁾ was $143 million and included share-based compensation expense of $23 million.
First quarter net earnings attributable to shareholders was $35 million or $2.52 per share and comparable to $37 million or $2.53 per share in 2024. Precision has consistently delivered positive net earnings since mid-2022.
Cash provided by operations during the quarter was $63 million, allowing the Company to repurchase $31 million of common shares and repay $17 million of debt.
Capital expenditures were $60 million and the Company has lowered its 2025 capital budget to $200 million versus the $225 million previously announced.
Precision remains committed to repaying at least $100 million of debt in 2025 and allocating 35% to 45% of free cash flow, before debt repayments, to share buybacks.

Operational Highlights

Canada’s activity averaged 74 drilling rigs in the first quarter and surpassed the 73 active rigs in the same period last year.
Canadian revenue per utilization day was $35,601 and comparable to the $35,596 in the first quarter of 2024.
U.S. activity averaged 30 drilling rigs compared to 38 in the same period last year.
U.S. revenue per utilization day was US$33,157, which included US$1,263 per utilization day for idle but contracted rig revenue, versus US$32,867 in the first quarter of last year.
Internationally, we had eight rigs active in the first quarter, consistent with the first quarter of 2024, and realized revenue of US$36 million compared to US$38 million in 2024.
Service rig operating hours decreased 10% compared to the same quarter last year due to customer project deferrals and impacts of an earlier spring break up in Canada, plus lower U.S. activity.
(1) See “FINANCIAL MEASURES AND RATIOS.”

MANAGEMENT COMMENTARY

“I am pleased with Precision’s first quarter financial and operational results, and particularly with the efforts of the Precision team as we manage our way through a period of unusual volatility and market uncertainty. In the first quarter, our net earnings attributable to shareholders was $35 million, marking 11 consecutive quarters of positive earnings, and we are well on our way to meeting our capital allocation targets. During the quarter, we generated $63 million of cash provided by operations, allowing us to repay $17 million of debt and purchase $31 million of shares. Over the last four quarters, Precision has reduced its outstanding shares by nearly one million shares, representing 7% of our outstanding balance.

“During the first quarter our Canadian drilling activity remained slightly higher than last year, averaging 74 active rigs compared to 73 in 2024 and we expect this trend to continue through the first half of this year. In the U.S., we have modestly increased our activity levels from the fourth quarter, currently operating 34 rigs, primarily by capitalizing on the emerging opportunities in natural gas plays. With initial Liquefied Natural Gas (LNG) exports beginning shortly in Canada and significant LNG export capacity expansion underway in the U.S., we believe our market positioning for these increasing LNG opportunities is constructive.

“Second-half industry activity in North America will depend largely on customer realized cash flows and their capital allocation priorities. We believe industry capital discipline will remain a stabilizing market feature muting our customers’ short-term response to volatile commodity prices. However, global events and conflicts, including unexpected OPEC+ production increases, trade and tariff uncertainty, and geopolitical conflicts have the potential to impact global economic growth and access to commodity supplies, creating a range of commodity price scenarios which are difficult to predict.

“Tightly controlling all aspects of our business, adjusting spending and specifically managing Precision’s cash inflows and outflows at a pace that matches the cyclicality of our industry is a cornerstone of Precision’s business model. We are reducing our 2025 capital spending by $25 million to $200 million to mitigate increased market uncertainty and a potential reduction in customer demand. This includes trimming our expected upgrade spending by approximately $8 million and maintenance capital by $17 million. We remain poised to further adjust capital spending in response to actual customer demand.

“We have also reduced our fixed costs by approximately $10 million annually by streamlining our internal structure and focusing more directly on customer needs and aligning with current activity levels. These changes included flattening our operations leadership structure, exiting our North Dakota well-servicing business and reducing the related staffing levels.

“Our International drilling operations and Completion and Production business both contributed meaningful free cash flow for the quarter, and this is expected to continue for the rest of the year.

“With a predominantly variable cost business and low debt levels, a highly experienced team committed to serving our customers, and a high-performance rig fleet, Precision is better positioned than any time in the past decade to navigate uncertainty while simultaneously creating shareholder value,” concluded Mr. Neveu.

SELECT FINANCIAL AND OPERATING INFORMATION

Financial Highlights

	For the three months ended March 31,
(Stated in thousands of Canadian dollars, except per share amounts)		2025		2024		% Change
Revenue		496,331		527,788			(6.0	)
Adjusted EBITDA⁽¹⁾		137,497		143,149			(3.9	)
Net earnings		34,947		36,516			(4.3	)
Net earnings attributable to shareholders		34,511		36,516			(5.5	)
Cash provided by operations		63,419		65,543			(3.2	)
Funds provided by operations⁽¹⁾		109,842		117,765			(6.7	)

Cash used in investing activities		57,202		75,237			(24.0	)
Capital spending by spend category⁽¹⁾
Expansion and upgrade		19,546		14,370			36.0
Maintenance and infrastructure		40,419		41,157			(1.8	)
Proceeds on sale		(3,765	)	(5,186	)		(27.4	)
Net capital spending⁽¹⁾		56,200		50,341			11.6

Net earnings attributable to shareholders per share :
Basic		2.52		2.53			(0.4	)
Diluted		2.20		2.53			(13.0	)
Weighted average shares outstanding:
Basic		13,683		14,407			(5.0	)
Diluted		14,287		14,410			(0.9	)

(1) See “FINANCIAL MEASURES AND RATIOS.”

Operating Highlights

	For the three months ended March 31,
	2025		2024		% Change
Contract drilling rig fleet		215		214		0.5
Drilling rig utilization days:
Canada		6,680		6,617		1.0
U.S.		2,691		3,453		(22.1	)
International		720		728		(1.1	)
Revenue per utilization day:
Canada (Cdn$)		35,601		35,596		0.0
U.S. (US$)		33,157		32,867		0.9
International (US$)		49,419		52,808		(6.4	)
Operating costs per utilization day:
Canada (Cdn$)		20,822		19,959		4.3
U.S. (US$)		23,568		21,719		8.5

Service rig fleet		153		183		(16.4	)
Service rig operating hours		66,986		74,505		(10.1	)

Drilling Activity

	Average for the quarter ended 2024								Average for the quarter ended 2025
	Mar. 31		June 30		Sept. 30		Dec. 31			Mar. 31
Average Precision active rig count⁽¹⁾:
Canada		73		49		72		65			74
U.S.		38		36		35		34			30
International		8		8		8		8			8
Total		119		93		115		107			112

(1) Average number of drilling rigs working or moving.

Financial Position

(Stated in thousands of Canadian dollars, except ratios)	March 31, 2025			December 31, 2024
Working capital⁽¹⁾		(45,033	)		162,592
Cash		28,245			73,771
Long-term debt		567,824			812,469
Total long-term financial liabilities⁽¹⁾		632,369			888,173
Total assets		2,915,984			2,956,315
Long-term debt to long-term debt plus equity ratio⁽¹⁾		0.25			0.33

(1) See “FINANCIAL MEASURES AND RATIOS.”

Summary for the three months ended March 31, 2025:

Revenue was $496 million compared to $528 million in the first quarter of 2024 as strong drilling activity in Canada was offset by lower U.S. drilling activity.
Adjusted EBITDA decreased to $137 million from $143 million, primarily due to lower drilling activity in the U.S. and restructuring costs of $3 million that were partially offset by lower share-based compensation expense. Please refer to “Other Items” later in this news release for additional information on share-based compensation.
Adjusted EBITDA as a percentage of revenue was relatively stable at 28% compared to 27% in 2024.
Net earnings attributable to shareholders was $35 million or $2.52 per share and comparable with $37 million or $2.53 per share for the same period last year. On a diluted basis, net earnings attributable to shareholders was $2.20 versus $2.53 in 2024.
Cash provided by operations was $63 million, allowing the Company to repurchase 408,973 shares for $31 million, reduce debt by $17 million by repaying the outstanding balance on the Senior Credit Facility, and end the quarter with $28 million of cash and almost $550 million of available liquidity.
In Canada, revenue per utilization day was $35,601, consistent with the first quarter of 2024. Canadian operating costs per utilization day increased 4% to $20,822, mainly due to wage increases and Super Single rig reactivations. First quarter revenue and operating costs per utilization day were consistent with the fourth quarter of 2024.
In the U.S. revenue per utilization day, excluding idle but contracted rig revenue of US$1,263, was US$31,894 compared with US$32,867 in the first quarter of last year. First quarter revenue per utilization day, excluding idle but contracted rig revenue, increased by 4% from the fourth quarter of 2024.
U.S. operating costs per utilization day increased 9% to US$23,568 compared to the same quarter last year due to higher mobilization costs, additional rig reactivations, and fixed costs being spread over fewer activity days. These same factors caused operating costs per utilization per day in the first quarter to rise 9% compared to the fourth quarter of 2024.
Internationally, we realized revenue of US$36 million from eight active drilling rigs, which is similar to the US$38 million generated in the first quarter of 2024.
Completion and Production Services revenue was $79 million, a decrease of $8 million from 2024, as service rig operating hours decreased 10% due to a number of customer project deferrals and an earlier spring break up in Canada, plus less activity in the U.S. Adjusted EBITDA was $18 million, representing 22% of revenue compared to 21% in the first quarter of 2024.
General and administrative expenses were $30 million compared with $45 million in the first quarter of 2024 primarily due to lower share-based compensation expense.
Capital expenditures increased slightly to $60 million versus $56 million in 2024 and by spend category included $40 million for the maintenance of existing assets, infrastructure, and intangible assets and $20 million for expansion and upgrades. Precision has lowered its 2025 capital budget to $200 million.

STRATEGY

Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. We work toward this vision by defining and measuring our results against strategic priorities that we establish at the beginning of every year.

Precision’s 2025 strategic priorities and the progress made during the first quarter are as follows:

Maximize free cash flow through disciplined capital deployment and strict cost management.
- Generated cash from operations of $63 million, allowing the Company to reduce debt and buy back shares.
- Proactively reduced fixed cost structure to address market uncertainty and expect to realize approximately $10 million in annual savings.
- Reduced our 2025 capital budget to $200 million versus the $225 million previously announced.
Enhance shareholder returns through debt reduction and share repurchases. Plan to reduce debt by at least $100 million and allocate 35% to 45% of free cash flow before debt repayments for share repurchases.
- Returned $31 million of capital to shareholders by repurchasing 408,973 shares during the quarter.
- Reduced debt by $17 million and ended the quarter with almost $550 million of available liquidity.
- Remain committed to reducing debt by at least $100 million in 2025 and allocating 35% to 45% of free cash flow, before debt repayments, directly to shareholders.
Grow revenue in existing service lines through contracted upgrades, optimized pricing and utilization, and opportunistic consolidating tuck-in acquisitions.
- Increased Canadian rig utilization, averaging 74 active rigs for the first quarter versus 73 in 2024.
- Maintained strong pricing in Canada with revenue per utilization per day of $35,601, aligning with an average day rate of $35,596 in the first quarter of 2024.
- Invested $20 million in expansion and upgrade capital to enhance our drilling rigs.
- Current market conditions and commodity price volatility make acquisitions less likely in the near term.

OUTLOOK

Near-term expectations for global energy demand growth have been tempered by several geopolitical events including OPEC+ easing of curtailments, trade policy uncertainty, and international conflicts. However, we believe the long-term fundamentals for energy demand are positive, driven by economic growth, increasing demand from emerging economies, and new energy sources of power demand.

In Canada, the Trans Mountain pipeline expansion, which became operational in May of 2024, combined with the imminent startup of LNG Canada will provide significant tidewater access for Canadian crude oil and natural gas, supporting Canadian drilling activity. In the U.S., the next wave of LNG export terminals is expected to add approximately 13 bcf/d of export capacity over the next five years, supporting U.S. natural gas drilling activity beyond domestic demand growth and further supporting natural gas drilling.

Our Canadian drilling activity peaked at 82 rigs in the first quarter with our Super Triple and Super Single rigs near full utilization. We expect the traditional spring breakup period this year to have a historically small impact on our activity, as strong demand for our growing fleet of pad-capable rigs should allow 45 to 48 rigs to continue operating during this period versus 43 last year. Despite trade and tariff uncertainty and oil prices falling to approximately US$60 per barrel, we have not experienced any meaningful change in customer demand or their longer-term plans. Overall, we expect our Canadian drilling activity to be up for the first half of the year compared to the first six months of 2024.

In the U.S., we have modestly increased our activity levels from the fourth quarter, currently operating 34 rigs, primarily by capitalizing on the emerging opportunities in natural gas plays. With significant LNG export capacity expansion underway in the U.S., we believe our market positioning for these increasing LNG opportunities is constructive.

North American industry activity in the second half of this year will depend largely on customer realized cash flows and their capital allocation priorities. We believe industry capital discipline will remain a stabilizing market feature muting our customers’ short-term response to volatile commodity prices. However, global events and conflicts, including unexpected OPEC+ production increases, trade and tariff uncertainty, and geopolitical conflicts have the potential to impact global economic growth and access to commodity supplies, creating a range of commodity price scenarios which are difficult to predict.

Internationally, we have eight rigs on term contracts, five in Kuwait and three in the Kingdom of Saudi Arabia. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028, providing predictable cash flow for the next few years. In May and for the remainder of the year, we expect seven active rigs compared to eight for the first four months of the year but with no material impact on our 2025 cash flow. We continue to look for opportunities to leverage our international expertise.

As the premier well service provider in Canada, the outlook for this business remains strong, driven by increased takeaway capacity from Trans Mountain pipeline expansion and LNG Canada, and increased regulatory spending requirements for abandonment work. With continued labour constraints, we expect firm pricing into the foreseeable future.

Contracts

The following chart outlines the average number of drilling rigs under term contract by quarter as at April 23, 2025. For those quarters ending after March 31, 2025, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

As at April 23, 2025	Average for the quarter ended 2024								Average		Average for the quarter ended 2025								Average
	Mar. 31		June 30		Sept. 30		Dec. 31		2024		Mar. 31		June 30		Sept. 30		Dec. 31		2025
Average rigs under term contract:
Canada		24		22		23		23		23		20		19		18		14		18
U.S.		20		17		17		16		18		16		15		11		8		13
International		8		8		8		8		8		8		7		7		7		7
Total		52		47		48		47		49		44		41		36		29		38

SEGMENTED FINANCIAL RESULTS

Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

	For the three months ended March 31,
(Stated in thousands of Canadian dollars, except where noted)		2025		2024		% Change
Revenue		419,457		443,367			(5.4	)
Expenses:
Operating		272,412		276,692			(1.5	)
General and administrative		11,029		13,002			(15.2	)
Adjusted EBITDA⁽¹⁾		136,016		153,673			(11.5	)
Adjusted EBITDA as a percentage of revenue⁽¹⁾		32.4	%	34.7	%

(1) See “FINANCIAL MEASURES AND RATIOS.”

Canadian onshore drilling statistics:⁽¹⁾

2025

2024

Precision

Industry⁽²⁾

Precision

Industry⁽²⁾

Average number of active land rigs for quarters ended:

March 31

74

214

73

208

(1) Canadian operations only.
(2) Baker Hughes rig counts.

United States onshore drilling statistics:⁽¹⁾

2025

2024

Precision

Industry⁽²⁾

Precision

Industry⁽²⁾

Average number of active land rigs for quarters ended:

March 31

30

572

38

602

(1) United States lower 48 operations only.
(2) Baker Hughes rig counts.

SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

	For the three months ended March 31,
(Stated in thousands of Canadian dollars, except where noted)		2025		2024		% Change
Revenue		79,330		87,087			(8.9	)
Expenses:
Operating		59,112		65,480			(9.7	)
General and administrative		2,672		3,002			(11.0	)
Adjusted EBITDA⁽¹⁾		17,546		18,605			(5.7	)
Adjusted EBITDA as a percentage of revenue⁽¹⁾		22.1	%	21.4	%
Well servicing statistics:
Number of service rigs (end of period)		153		183			(16.4	)
Service rig operating hours		66,986		74,505			(10.1	)

(1) See “FINANCIAL MEASURES AND RATIOS.”

OTHER ITEMS

Share-based Incentive Compensation Plans

We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2024 Annual Report.

A summary of expense amounts under these plans during the reporting periods are as follows:

	For the three months ended March 31,
(Stated in thousands of Canadian dollars)	2025		2024
Cash settled share-based incentive plans		403		21,759
Equity settled share-based incentive plans		2,427		875
Total share-based incentive compensation plan expense		2,830		22,634

Allocated:
Operating		1,128		5,252
General and Administrative		1,702		17,382
		2,830		22,634

FINANCIAL MEASURES AND RATIOS

Non-GAAP Financial Measures

We reference certain additional Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS Accounting Standards to assess performance because we believe they provide useful supplemental information to investors.

Adjusted EBITDA

We believe Adjusted EBITDA (earnings before income taxes, gain on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

The most directly comparable financial measure is net earnings.

	For the three months ended March 31,
(Stated in thousands of Canadian dollars)		2025		2024
Adjusted EBITDA by segment:
Contract Drilling Services		136,016		153,673
Completion and Production Services		17,546		18,605
Corporate and Other		(16,065	)	(29,129	)
Adjusted EBITDA		137,497		143,149
Depreciation and amortization		75,036		78,213
Gain on asset disposals		(2,872	)	(3,237	)
Foreign exchange		367		394
Finance charges		15,760		18,369
Gain on investments and other assets		(49	)	(228	)
Income taxes		14,308		13,122
Net earnings		34,947		36,516
Non-controlling interests		436		—
Net earnings attributable to shareholders		34,511		36,516

Funds Provided by (Used in) Operations

We believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.

The most directly comparable financial measure is cash provided by (used in) operations.

Net Capital Spending

We believe net capital spending is a useful measure as it provides an indication of our primary investment activities.

The most directly comparable financial measure is cash provided by (used in) investing activities.

Net capital spending is calculated as follows:

	For the three months ended March 31,
(Stated in thousands of Canadian dollars)		2025		2024
Capital spending by spend category
Expansion and upgrade		19,546		14,370
Maintenance, infrastructure and intangibles		40,419		41,157
		59,965		55,527
Proceeds on sale of property, plant and equipment		(3,765	)	(5,186	)
Net capital spending		56,200		50,341
Purchase of investments and other assets		11		—
Receipt of finance lease payments		(208	)	(191	)
Changes in non-cash working capital balances		1,199		25,087
Cash used in investing activities		57,202		75,237

Working Capital

We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Working capital is calculated as follows:

	March 31,			December 31,
(Stated in thousands of Canadian dollars)		2025			2024
Current assets		481,111			501,284
Current liabilities		(526,144	)		(338,692	)
Working capital		(45,033	)		162,592

Total Long-term Financial Liabilities

We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Total long-term financial liabilities is calculated as follows:

	March 31,			December 31,
(Stated in thousands of Canadian dollars)		2025			2024
Total non-current liabilities		688,940			935,624
Deferred tax liabilities		(56,571	)		(47,451	)
Total long-term financial liabilities		632,369			888,173

Non-GAAP Ratios
We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
*Adjusted EBITDA % of Revenue*	We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
*Long-term debt to long-term debt plus equity*	We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage. For the period ended March 31, 2025 long-term debt includes long-term debt plus current portion of long-term debt as reported in our Consolidated Interim Consolidated Statements of Financial Position.
*Net Debt to Adjusted EBITDA*	We believe that the Net Debt (long-term debt plus current portion of long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations. For the period ended March 31, 2025 long-term debt includes long-term debt plus current portion of long-term debt as reported in our Consolidated Interim Consolidated Statements of Financial Position.
Supplementary Financial Measures
We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
*Capital Spending by Spend Category*	We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

In particular, forward-looking information and statements include, but are not limited to, the following:

our strategic priorities for 2025;
our capital expenditures, free cash flow allocation and debt reduction plans for 2025 and beyond;
anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2025;
the average number of term contracts in place for 2025;
customer adoption of Alpha™ technologies and EverGreen™ suite of environmental solutions;
potential commercial opportunities and rig contract renewals; and
our future debt reduction plans.

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
the status of current negotiations with our customers and vendors;
customer focus on safety performance;
existing term contracts are neither renewed nor terminated prematurely;
our ability to deliver rigs to customers on a timely basis;
the impact of an increase/decrease in capital spending; and
the general stability of the economic and political environments in the jurisdictions where we operate.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

volatility in the price and demand for oil and natural gas;
fluctuations in the level of oil and natural gas exploration and development activities;
fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
liquidity of the capital markets to fund customer drilling programs;
availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
the impact of weather and seasonal conditions on operations and facilities;
the impact of tariffs and trade disputes;
competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
ability to improve our rig technology to improve drilling efficiency;
general economic, market or business conditions;
the availability of qualified personnel and management;
a decline in our safety performance which could result in lower demand for our services;
changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
fluctuations in foreign exchange, interest rates and tax rates; and
other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2024, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars)	March 31, 2025			December 31, 2024
ASSETS
Current assets:
Cash	$	28,245		$	73,771
Accounts receivable		397,684			378,712
Inventory		49,176			43,300
Assets held for sale		6,006			5,501
Total current assets		481,111			501,284
Non-current assets:
Deferred tax assets		2,437			6,559
Property, plant and equipment		2,342,482			2,356,173
Intangibles		13,537			12,997
Right-of-use assets		63,223			66,032
Finance lease receivables		4,670			4,806
Investments and other assets		8,524			8,464
Total non-current assets		2,434,873			2,455,031
Total assets	$	2,915,984		$	2,956,315

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	271,696		$	314,355
Income taxes payable		4,526			3,778
Current portion of lease obligations		19,703			20,559
Current portion of long-term debt		230,219			—
Total current liabilities		526,144			338,692

Non-current liabilities:
Share-based compensation		5,391			13,666
Provisions and other		7,478			7,472
Lease obligations		51,676			54,566
Long-term debt		567,824			812,469
Deferred tax liabilities		56,571			47,451
Total non-current liabilities		688,940			935,624
Equity:
Shareholders’ capital		2,287,422			2,301,729
Contributed surplus		77,011			77,557
Accumulated other comprehensive income		197,827			199,020
Deficit		(866,323	)		(900,834	)
Total equity attributable to shareholders		1,695,937			1,677,472
Non-controlling interest		4,963			4,527
Total equity		1,700,900			1,681,999
Total liabilities and equity	$	2,915,984		$	2,956,315

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

	Three Months Ended March 31,
(Stated in thousands of Canadian dollars, except per share amounts)	2025			2024


Revenue	$	496,331		$	527,788
Expenses:
Operating		329,068			339,506
General and administrative		29,766			45,133
Earnings before income taxes, gain on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization		137,497			143,149
Depreciation and amortization		75,036			78,213
Gain on asset disposals		(2,872	)		(3,237	)
Foreign exchange		367			394
Finance charges		15,760			18,369
Gain on investments and other assets		(49	)		(228	)
Earnings before income taxes		49,255			49,638
Income taxes:
Current		1,106			1,017
Deferred		13,202			12,105
		14,308			13,122
Net earnings	$	34,947		$	36,516
Attributable to:
Shareholders of Precision Drilling Corporation	$	34,511		$	36,516
Non-controlling interests	$	436		$	—
Net earnings per share attributable to shareholders of Precision Drilling Corporation:
Basic	$	2.52		$	2.53
Diluted	$	2.20		$	2.53

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

	Three Months Ended March 31,
(Stated in thousands of Canadian dollars)	2025			2024
Net earnings	$	34,947		$	36,516
Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency		(658	)		32,253
Foreign exchange loss on net investment hedge with U.S. denominated debt		(535	)		(20,159	)
Comprehensive income	$	33,754		$	48,610
Attributable to:
Shareholders of Precision Drilling Corporation	$	33,318		$	48,610
Non-controlling interests	$	436		$	—

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended March 31,
(Stated in thousands of Canadian dollars)	2025			2024
Cash provided by (used in):
Operations:
Net earnings	$	34,947		$	36,516
Adjustments for:
Long-term compensation plans		3,016			7,451
Depreciation and amortization		75,036			78,213
Gain on asset disposals		(2,872	)		(3,237	)
Foreign exchange		(783	)		728
Finance charges		15,760			18,369
Income taxes		14,308			13,122
Gain on investments and other assets		(49	)		(228	)
Income taxes paid		(321	)		(234	)
Interest paid		(29,637	)		(33,430	)
Interest received		437			495
Funds provided by operations		109,842			117,765
Changes in non-cash working capital balances		(46,423	)		(52,222	)
Cash provided by operations		63,419			65,543

Investments:
Purchase of property, plant and equipment		(59,965	)		(55,527	)
Proceeds on sale of property, plant and equipment		3,765			5,186
Purchase of investments and other assets		(11	)		—
Receipt of finance lease payments		208			191
Changes in non-cash working capital balances		(1,199	)		(25,087	)
Cash used in investing activities		(57,202	)		(75,237	)

Financing:
Repayment of long-term debt		(17,110	)		(716	)
Repurchase of share capital		(30,766	)		(10,081	)
Lease payments		(3,587	)		(3,200	)
Cash used in financing activities		(51,463	)		(13,997	)
Effect of exchange rate changes on cash		(280	)		457
Increase (decrease) in cash		(45,526	)		(23,234	)
Cash, beginning of period		73,771			54,182
Cash, end of period	$	28,245		$	30,948

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

	Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus			Accumulated Other Comprehensive Income			Deficit			Total			Non- controlling interest		Total Equity
Balance at January 1, 2025	$	2,301,729		$	77,557		$	199,020		$	(900,834	)	$	1,677,472		$	4,527	$	1,681,999
Net earnings for the period		—			—			—			34,511			34,511			436		34,947
Other comprehensive income for the period		—			—			(1,193	)		—			(1,193	)		—		(1,193	)
Settlement of Executive Performance and Restricted Share Units		11,651			(2,790	)		—			—			8,861			—		8,861
Share repurchases		(26,141	)		—			—			—			(26,141	)		—		(26,141	)
Redemption of non-management directors share units		183			(183	)		—			—			—			—		—
Share-based compensation expense		—			2,427			—			—			2,427			—		2,427
Balance at March 31, 2025	$	2,287,422		$	77,011		$	197,827		$	(866,323	)	$	1,695,937		$	4,963	$	1,700,900

	Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus			Accumulated Other Comprehensive Income		Deficit			Total			Non- controlling interest		Total Equity
Balance at January 1, 2024	$	2,365,129		$	75,086		$	147,476	$	(1,012,029	)	$	1,575,662		$	—	$	1,575,662
Net earnings for the period		—			—			—		36,516			36,516			—		36,516
Other comprehensive income for the period		—			—			12,094		—			12,094			—		12,094
Settlement of Executive Performance and Restricted Share Units		21,846			(1,479	)		—		—			20,367			—		20,367
Share repurchases		(10,081	)		—			—		—			(10,081	)		—		(10,081	)
Share-based compensation expense		—			875			—		—			875			—		875
Balance at March 31, 2024	$	2,376,894		$	74,482		$	159,570	$	(975,513	)	$	1,635,433		$	—	$	1,635,433

2025 FIRST QUARTER RESULTS CONFERENCE CALL AND WEBCAST

Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Thursday, April 24, 2025.

To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

https://register-conf.media-server.com/register/BIfac587dca2994a30be564b41d99b43ac

The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

https://edge.media-server.com/mmc/p/gifawh57

About Precision

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

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

Additional Information

For further information, please 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 –

April 24, 2025

MIL-OSI Canada: Prime Minister announces Canadian delegation to the funeral of His Holiness Pope Francis

Source: Government of Canada – Prime Minister

The Prime Minister, Mark Carney, today announced that Their Excellencies the Right Honourable Mary Simon, Governor General of Canada, and Mr. Whit Fraser will travel to Vatican City on April 25, 2025, to attend the funeral of His Holiness Pope Francis, which will take place at St. Peter’s Basilica on April 26, 2025. They will lead a Canadian delegation that will also include the Speaker of the Senate, the Honourable Raymonde Gagné.

As Catholics in Canada and around the world mourn the late Pope Francis through tributes, memorial masses, vigils, and individual prayers, the funeral for His Holiness will be broadcast live from the heart of Rome, allowing everyone the opportunity to witness the official service.

Quote

“I join Canadians and Catholics around the world in mourning the passing of His Holiness Pope Francis, Bishop of Rome – a shepherd of deep moral clarity, spiritual courage, and boundless compassion. From every corner of the globe, the prayers of the faithful go with Pope Francis as he journeys to his eternal rest. Pope Francis leaves a spiritual and ethical legacy that will shape our collective conscience for generations to come. May we honour his memory by continuing to work for a world that reflects the solidarity, justice, and sustainability that he so powerfully embodied. Requiescat in pace.”

Quick Facts

His Holiness Pope Francis served as the head of the Catholic Church from March 13, 2013, until his death on April 21, 2025.
The first Jesuit and Latin American pope, His Holiness was born in 1936 in Buenos Aires, Argentina, as Jorge Mario Bergoglio. He chose Francis as his papal name in honour of Saint Francis of Assisi.
Pope Francis visited Canada in 2022. During his visit, he delivered a historic apology to Survivors of the residential school system, marking an important step on the shared path of reconciliation.
Pope Francis’s papacy was notable for his advocacy of the poor and marginalized, his commitment to environmental stewardship, and his efforts to foster greater inclusion within the Catholic Church.
The flags on all Government of Canada buildings and establishments across Canada, including the Peace Tower in Ottawa and at Canadian embassies to the Holy See and to Italy, have been half-masted until sunset on April 26, 2025.

Related Product

Associated Link

MIL OSI Canada News –

April 24, 2025

MIL-Evening Report: A golden era for personalized medicine is approaching, but are we ready?

Source: The Conversation (Au and NZ) – By Nazia Pathan, PhD, Postdoctoral Researcher, Population Health Research Institute, McMaster University

Biobanks have become some of the most transformative tools in medical research, enabling scientists to study the relationships between genes, health and disease on an unprecedented scale (Piqsels/Siyya)

If there’s a disease that seems to run in your family, if you’ve had a negative reaction to a drug or wondered why a standard treatment didn’t work on you, the answers may lie in your genes.

The unique sequence of DNA that acts as a blueprint for building and maintaining your body often plays a major role in shaping your predisposition to diseases and reactions to drugs.

Genes in the DNA make proteins, which can act as biomarkers or influence other types of biomarkers. Biomarkers are molecules in the body that help measure health conditions, such as those detected in blood or urine tests.

Blood glucose, for example, is a biomarker for diabetes, cholesterol levels can be biomarkers for heart diseases and albumin is a protein used to assess kidney and liver functions.

Tailoring treatments

By understanding a patient’s unique genetic profile, biomarker readings and lifestyle information, doctors could tailor the most effective and safest treatments for that individual.

Genetics offer the opportunity for individualized health care that can improve patient outcomes, save lives and alleviate strain on the health-care system.

This is the promise of personalized medicine, which is already making a difference in areas such as cardiovascular diseases, cancer, mental health and rare diseases.

The question is, are we prepared to seize this golden opportunity in Canada?

Genetic testing and data

Canadians are not averse to genetic testing. By 2018, a survey by Abacus Data showed around 11 per cent of Canadian adults had used direct-to-consumer genetic testing and analysis kits, and 60 per cent were open to ordering a test.

This level of interest highlights a general acceptance of and readiness for genetic advancements in health care, which is encouraging, since we need much more reliable, population-level genetic information to make the most of this opportunity.

Current genetic data is either scattered across relatively small, fragmented groups, which is severely limiting from a broader research perspective, or held by private companies. These companies have varying regulatory standards, raising concerns about privacy and data security, especially if a company is financially unstable or ceases to exist. This recently occurred when genetic testing company 23andMe filed for bankruptcy.

The better model is publicly managed biobanks, which prioritize broad societal health over profit and offer stronger data protection through robust regulation of access, storage and usage. Strict oversight ensures the protection of individual privacy while promoting transparency.

The potential of biobanks

In this age of big data, biobanks have become some of the most transformative tools in medical research, enabling scientists to study the relationships between genes, health and disease on an unprecedented scale.

This is possible because of technological advancements that allow large-scale genetic and biomarker testing, the adoption of cloud-based servers, and improvements in statistical modelling, machine learning and artificial intelligence.

Establishing a biobank begins with collecting small amounts (five to 10 millilitres) of blood, saliva or tissue from consenting participants in the presence of health experts.

Biobanks use next-generation sequencers to perform the genetic sequences at high speed, while the latest proteomics platforms enable measurement of thousands different biomarkers from a very small amount of blood. The resulting genetic and biomarker profiles are curated and made accessible through platforms like a national library.

Countries such as the United Kingdom and the United States are paving the way with national efforts such as the UK Biobank and the All of Us Research Program.

The British Biobank houses genetic and health data from more than 500,000 participants. Similarly, the U.S. program aims to enrol more than one million participants.

Genomics in Canada

As a genetic epidemiologist, I have had the opportunity to identify several potential genetic targets by using these treasure troves of information.

The problem is that we don’t yet have a ready way of knowing if the results are directly applicable to the Canadian population.

This is about to change. Genome Canada has launched the Canadian Precision Health Initiative to sequence the genomes of at least 100,000 Canadians.

Biobanks enable scientists to study the relationships between genes, health and disease on an unprecedented scale.
(Pixabay/Shameersrk)

A Pan-Canadian Genome Library (PCGL) is also in the works to harmonize genetic data produced across Canada. It aims to capture, store and provide access to Canadian genomic data in a secure and ethical manner. Although this work is in the developmental phase, and the target population size remains unclear, these efforts are significant.

These visions are closer to becoming a reality with the recent announcement of a $200 million investment in the Canadian Precision Health initiative. This is in addition to the more than $1 billion previously invested in health genomics research projects.

These funds will support Canada’s Genomic centres, the PCGL, and enhance the translation of genomics into real-world applications, boosting the development of personalized medicine and advanced diagnostics to treat diseases.

A potential model for the world

Canada, with its uniquely diverse population, has a rare opportunity to lead the way in equitable, multi-ethnic genetic research that would address current biases that predominantly focus on individuals with European ancestry.

This would ensure that everyone in Canada, including Indigenous communities, can benefit from this health-care revolution in an equitable, ethical and safe manner that balances privacy with the opportunities for groundbreaking research.

With public trust and robust oversight, and making population-level data internationally accessible, Canada’s biobank initiative could become a model for the world in the golden era of personalized medicine.

Nazia Pathan, PhD 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. A golden era for personalized medicine is approaching, but are we ready? – https://theconversation.com/a-golden-era-for-personalized-medicine-is-approaching-but-are-we-ready-250336

MIL OSI Analysis – EveningReport.nz –

April 24, 2025

MIL-OSI USA: Colorado Helps Lead Lawsuit to Stop Trump Administration’s Illegal Tariffs that Are Raising Prices, Causing Economic Uncertainty

Source: US State of Colorado

President Trump’s tariff tax disaster is creating uncertainty in the economy, and drying up investment by plunging markets into chaos

COLORADO – Today, Governor Polis and Attorney General Phil Weiser announced that the state will take legal action against the Trump administration over its failed tariff taxes that are destroying our economy, increasing costs on Americans, plunging markets, and putting America on the track to a recession. Colorado joins Oregon, Arizona, Connecticut, Delaware, Illinois, Maine, Minnesota, Nevada, New Mexico, New York, and Vermont.

“Tariffs are awful for Americans and our economy, and it’s important to use every legal tool possible to reduce trade barriers and increase prosperity. Today, Colorado is standing up against President Trump’s recessionary tariff tax increase, which has been disastrous and is jeopardizing both U.S. leadership and the world economy. Here in Colorado, tariffs are already hurting Colorado agriculture and small businesses. We will do everything we can legally to prevent tariffs that are bad for businesses and all Americans,” said Colorado Governor Jared Polis.

Today, Governor Polis hosted Colorado-Mexico Friendship Day and has met with businesses across the state about the negative impacts of Trump’s tariffs on Colorado jobs and the economy.

“Coloradans are already starting to feel the effects of the Trump tariffs, with rising prices to consumers and the State of Colorado resulting from them,” Weiser said. “Under the Constitution, only Congress has the power to tax and impose tariffs and there is no ‘emergency’ that justifies the Trump tariffs. We are challenging these tariffs in court because they are illegal and, as one study concluded, they will ‘increase inflation, result in nearly 800,000 lost jobs, and shrink the American economy by $180 billion a year’.”

The lawsuit challenges President Trump’s executive orders calling for higher tariffs on most products worldwide. These tariffs impose a 25 percent tariff on most products from Canada and Mexico, and a 10 percent tariff on most products from the rest of the world. It also challenges President Trump’s plan to raise tariffs on imports from 46 other trading partners on July 9.

Studies of the tariffs President Trump issued in his first term show that 95 percent of the cost of tariffs are paid by Americans. The Federal Reserve and the International Monetary Fund project that this round of tariffs will cause inflation.

The lawsuit explains that under Article I of the Constitution, only Congress has the “Power To lay and collect Taxes, Duties, Imposts and Excises.” The executive orders cite the powers granted by the International Emergency Economic Powers Act (IEEPA), but that law applies only when an emergency presents “unusual and extraordinary threat” from abroad and does not give the President the power to impose tariffs. Congress enacted IEEPA in 1977. No President had imposed tariffs based on IEEPA until President Trump did so this year.

The case is State of Oregon, et al., v. Trump, et al. and was filed in the U.S. Court of International Trade.

The case is led by Oregon Attorney General Dan Rayfield and Arizona Attorney General Kris Mayes. Also joining the lawsuit are the attorneys general of Colorado, Connecticut, Delaware, Illinois, Maine, Minnesota, Nevada, New Mexico, New York, and Vermont.

In 2024, Colorado exported a record $10.5 billion of goods to the world and imported $16.8 B in goods. Colorado’s top export partners are Mexico ($1.7B), Canada ($1.6B), China ($0.8B) South Korea ($0.6B), and Malaysia ($0.6 B), accounting for half of all Colorado exports in 2024. Top export commodities include meat (17%); nuclear reactors, boilers, machinery (15%); electric machinery (13%); optic, photo, medical or surgical instruments (11%); and aircraft, spacecraft, and related parts (5%). In 2022, exports from Colorado supported an estimated 40 thousand jobs.

Colorado in 2024 exported $500 million in aerospace, spacecraft, and related parts, accounting for roughly 4.8% of all Colorado exports. The European Union, Brazil, France, Canada and Mexico were the top five export destinations, accounting for 63% of Colorado’s aerospace exports. In 2024, Colorado imported $1 billion of aerospace, spacecraft and related parts, accounting for roughly 6.2% of all Colorado imports. Switzerland, the EU, Germany, Canada, and France were the top five import sources, accounting for over 90% of Colorado’s aerospace imports.

An estimated 820,200 jobs in Colorado are supported by international trade, representing 20.8% of all jobs in the state. Colorado’s top import partners are Canada ($5.4 B), China ($1.8 B), Mexico ($1.1 B), Switzerland ($0.9 B) and Germany ($0.9 B), accounting for 60% of imports in 2024. Top import commodities include oil, mineral fuel (20%); electric machinery (14%); nuclear reactors, boilers, machinery (11%); optic, photo, medical or surgical instruments (8%); and aircraft, spacecraft and related parts (6%).

In addition to the commodities traded, Colorado also trades services and runs a services trade surplus. In 2022, Colorado exported $16 B in services, supporting 97,260 jobs. Top services export markets were Canada ($1.3 B), the United Kingdom ($0.9 B), Mexico ($0.9 B), and China ($0.6 B). As a bloc, the EU was the top services export market with $3.8 B in services exports supporting over 18,900 jobs.

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MIL OSI USA News –

April 24, 2025

MIL-OSI: Ninepoint Partners Announces Estimated April 2025 Cash Distributions for Ninepoint Cash Management Fund – ETF Series

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 23, 2025 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint Partners”) today announced the estimated April 2025 cash distribution for the ETF Series of Ninepoint Cash Management Fund (the “Fund”). Ninepoint Partners expects to issue a press release on or about April 29, 2025, which will provide the final distribution rate. The record date for the cash distribution is April 30, 2025, payable on May 7, 2025.

All estimates in this document are based on the accounting data as of April 22, 2025. Due to subscriptions and/or redemptions and/or other factors, the final April 2025 distribution may differ from these estimates and the difference could be material. The information included in this letter is for reference purposes only. Please reconcile all information against your official client statements. This is not intended to be a statement for official tax reporting purposes or any form of tax advice.

The actual taxable amounts of distributions for 2025, including the tax characteristics of the distributions, will be reported to CDS Clearing and Depository Services Inc. in early 2026. Securityholders can contact their brokerage firm for this information.

The per-unit estimated April 2025 distribution is detailed below:

Ninepoint ETF Series	Ticker	Cash Distribution per unit	Notional Distribution per unit	CUSIP
Ninepoint Cash Management Fund	NSAV	$0.11828	$0.00000	65443X105

About Ninepoint Partners

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

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

Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

Please note that distribution factors (breakdown between income, capital gains and return of capital) can only be calculated when a fund has reached its year-end. Distribution information should not be relied upon for income tax reporting purposes as this is only a component of total distributions for the year. For accurate distribution amounts for the purpose of filing an income tax return, please refer to the appropriate T3/T5 slips for that particular taxation year. Please refer to the prospectus or offering memorandum of each Fund for details of the Fund’s distribution policy.

The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund’s performance, rate of return, or yield. If distributions paid by the Fund are greater than the performance of the Fund, then an investor’s original investment will shrink. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid. An investor’s adjusted cost base will be reduced by the amount of any returns of capital. If an investor’s adjusted cost base goes below zero, then capital gains tax will have to be paid on the amount below zero.

Sales Inquiries:

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

The MIL Network –

April 24, 2025

MIL-OSI: Picton Mahoney Asset Management Announces Risk Rating Changes to Certain Picton Mahoney Fortified Alternative Funds

Source: GlobeNewswire (MIL-OSI)

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

TORONTO, April 23, 2025 (GLOBE NEWSWIRE) — Picton Mahoney Asset Management (“Picton Mahoney”), the manager of the Picton Mahoney Fortified Market Neutral Alternative Fund (TSX: PFMN) and the Picton Mahoney Fortified Inflation Opportunities Alternative Fund (collectively, the “Funds”), announced that effective today, the risk ratings of the Fund have changed as follows:

Fund	New Risk Rating	Previous Risk Rating
Picton Mahoney Fortified Market Neutral Alternative Fund	Low	Low-to-Medium
Picton Mahoney Fortified Inflation Opportunities Alternative Fund	Medium	High

There are no changes to the investment objectives, strategies or management of the Funds associated with the new risk ratings.

The risk rating changes are based on the risk classification methodology mandated by the Canadian Securities Administrators to determine the risk level of mutual funds. Picton Mahoney reviews the risk rating for each of the funds it manages at least on an annual basis, as well as when a fund undergoes a material change. These changes are the result of an annual review and are not the result of any changes to the investment objectives, strategies or management of the funds.

To learn more about Picton Mahoney’s full suite of funds, visit www.pictonmahoney.com.

About Picton Mahoney
Picton Mahoney Asset Management specializes in differentiated investment solutions and rules-based volatility management. Picton Mahoney helps its clients fortify their portfolios based on experience honed over the years through different market cycles and investing environments.

Founded in 2004 and 100% employee-owned, Picton Mahoney is a portfolio management boutique entrusted with over $13.6 billion (as at March 31, 2025) in assets under management. Pioneers of Authentic Hedge^® investment principles and practices in Canada, the firm offers a full suite of investment solutions, including mutual and alternative funds, to institutional and retail investors across the country.

Commissions, trailing commissions, management fees, performance fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Alternative mutual funds can only be purchased through a registered dealer and are available only in those jurisdictions where they may be lawfully offered for sale.

For further information:
Leisha Roche, Chief Marketing Officer, Picton Mahoney Asset Management
Tel: (416) 955-4108
Email: service@pictonmahoney.com
Website: www.pictonmahoney.com

The MIL Network –

April 24, 2025

MIL-OSI Global: A golden era for personalized medicine is approaching, but are we ready?

Source: The Conversation – Canada – By Nazia Pathan, PhD, Postdoctoral Researcher, Population Health Research Institute, McMaster University

Biobanks have become some of the most transformative tools in medical research, enabling scientists to study the relationships between genes, health and disease on an unprecedented scale (Piqsels/Siyya)

If there’s a disease that seems to run in your family, if you’ve had a negative reaction to a drug or wondered why a standard treatment didn’t work on you, the answers may lie in your genes.

The unique sequence of DNA that acts as a blueprint for building and maintaining your body often plays a major role in shaping your predisposition to diseases and reactions to drugs.

Genes in the DNA make proteins, which can act as biomarkers or influence other types of biomarkers. Biomarkers are molecules in the body that help measure health conditions, such as those detected in blood or urine tests.

Blood glucose, for example, is a biomarker for diabetes, cholesterol levels can be biomarkers for heart diseases and albumin is a protein used to assess kidney and liver functions.

Tailoring treatments

By understanding a patient’s unique genetic profile, biomarker readings and lifestyle information, doctors could tailor the most effective and safest treatments for that individual.

Genetics offer the opportunity for individualized health care that can improve patient outcomes, save lives and alleviate strain on the health-care system.

This is the promise of personalized medicine, which is already making a difference in areas such as cardiovascular diseases, cancer, mental health and rare diseases.

The question is, are we prepared to seize this golden opportunity in Canada?

Genetic testing and data

Canadians are not averse to genetic testing. By 2018, a survey by Abacus Data showed around 11 per cent of Canadian adults had used direct-to-consumer genetic testing and analysis kits, and 60 per cent were open to ordering a test.

This level of interest highlights a general acceptance of and readiness for genetic advancements in health care, which is encouraging, since we need much more reliable, population-level genetic information to make the most of this opportunity.

Current genetic data is either scattered across relatively small, fragmented groups, which is severely limiting from a broader research perspective, or held by private companies. These companies have varying regulatory standards, raising concerns about privacy and data security, especially if a company is financially unstable or ceases to exist. This recently occurred when genetic testing company 23andMe filed for bankruptcy.

The better model is publicly managed biobanks, which prioritize broad societal health over profit and offer stronger data protection through robust regulation of access, storage and usage. Strict oversight ensures the protection of individual privacy while promoting transparency.

The potential of biobanks

In this age of big data, biobanks have become some of the most transformative tools in medical research, enabling scientists to study the relationships between genes, health and disease on an unprecedented scale.

This is possible because of technological advancements that allow large-scale genetic and biomarker testing, the adoption of cloud-based servers, and improvements in statistical modelling, machine learning and artificial intelligence.

Establishing a biobank begins with collecting small amounts (five to 10 millilitres) of blood, saliva or tissue from consenting participants in the presence of health experts.

Biobanks use next-generation sequencers to perform the genetic sequences at high speed, while the latest proteomics platforms enable measurement of thousands different biomarkers from a very small amount of blood. The resulting genetic and biomarker profiles are curated and made accessible through platforms like a national library.

Countries such as the United Kingdom and the United States are paving the way with national efforts such as the UK Biobank and the All of Us Research Program.

The British Biobank houses genetic and health data from more than 500,000 participants. Similarly, the U.S. program aims to enrol more than one million participants.

Genomics in Canada

As a genetic epidemiologist, I have had the opportunity to identify several potential genetic targets by using these treasure troves of information.

The problem is that we don’t yet have a ready way of knowing if the results are directly applicable to the Canadian population.

This is about to change. Genome Canada has launched the Canadian Precision Health Initiative to sequence the genomes of at least 100,000 Canadians.

Biobanks enable scientists to study the relationships between genes, health and disease on an unprecedented scale.
(Pixabay/Shameersrk)

A Pan-Canadian Genome Library (PCGL) is also in the works to harmonize genetic data produced across Canada. It aims to capture, store and provide access to Canadian genomic data in a secure and ethical manner. Although this work is in the developmental phase, and the target population size remains unclear, these efforts are significant.

These visions are closer to becoming a reality with the recent announcement of a $200 million investment in the Canadian Precision Health initiative. This is in addition to the more than $1 billion previously invested in health genomics research projects.

These funds will support Canada’s Genomic centres, the PCGL, and enhance the translation of genomics into real-world applications, boosting the development of personalized medicine and advanced diagnostics to treat diseases.

A potential model for the world

Canada, with its uniquely diverse population, has a rare opportunity to lead the way in equitable, multi-ethnic genetic research that would address current biases that predominantly focus on individuals with European ancestry.

This would ensure that everyone in Canada, including Indigenous communities, can benefit from this health-care revolution in an equitable, ethical and safe manner that balances privacy with the opportunities for groundbreaking research.

With public trust and robust oversight, and making population-level data internationally accessible, Canada’s biobank initiative could become a model for the world in the golden era of personalized medicine.

Nazia Pathan, PhD 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. A golden era for personalized medicine is approaching, but are we ready? – https://theconversation.com/a-golden-era-for-personalized-medicine-is-approaching-but-are-we-ready-250336

MIL OSI – Global Reports –

April 24, 2025

MIL-OSI USA: TRUMP EFFECT: A Running List of New U.S. Investment in President Trump’s Second Term

US Senate News:

Source: The White House
Since President Donald J. Trump took office, his unwavering commitment to revitalizing American industry has spurred trillions of dollars of investments in U.S. manufacturing, production, and innovation — and the list only continues to grow.
Here is a non-comprehensive running list of new U.S.-based investments in President Trump’s second term:
Project Stargate, led by Japan-based Softbank and U.S.-based OpenAI and Oracle, announced a $500 billion private investment in U.S.-based artificial intelligence infrastructure.
Apple announced a $500 billion investment in U.S. manufacturing and training.
NVIDIA, a global chipmaking giant, announced it will invest $500 billion in U.S.-based AI infrastructure over the next four years amid its pledge to manufacture AI supercomputers entirely in the U.S. for the first time.
Taiwan Semiconductor Manufacturing Company (TSMC) announced a $100 billion investment in U.S.-based chips manufacturing.
Johnson & Johnson announced a $55 billion investment over the next four years in manufacturing, research and development, and technology.
Roche, a Swiss drug and diagnostics company, announced a $50 billion investment in U.S.-based manufacturing and research and development, which is expected to create more than 1,000 full-time jobs and more than 12,000 jobs including construction.
Eli Lilly and Company announced a $27 billion investment to more than double its domestic manufacturing capacity.
United Arab Emirates-based ADQ and U.S.-based Energy Capital Partners announced a $25 billion investment in U.S. data centers and energy infrastructure.
Novartis, a Swiss drugmaker, announced a $23 billion investment to build or expand ten manufacturing facilities across the U.S., which will create 4,000 new jobs.
Hyundai announced a $21 billion U.S.-based investment — including $5.8 billion for a new steel plant in Louisiana, which will create nearly 1,500 jobs.
Hyundai also secured an equity investment and agreement from Posco Holdings, South Korea’s top steel maker.

United Arab Emirates-based DAMAC Properties announced a $20 billion investment in new U.S.-based data centers.
France-based CMA CGM, a global shipping giant, announced a $20 billion investment in U.S. shipping and logistics, creating 10,000 new jobs.
Merck announced it will invest $8 billion in the U.S. over the next several years after opening a new $1 billion North Carolina manufacturing facility.
Clarios announced a $6 billion plan to expand its domestic manufacturing operations.
Stellantis announced a $5 billion investment in its U.S. manufacturing network, including re-opening its Belvidere, Illinois, manufacturing plant.
Regeneron Pharmaceuticals, Inc., a leader in biotechnology, announced a $3 billion agreement with Fujifilm Diosynth Biotechnologies to produce drugs at its North Carolina manufacturing facility.
NorthMark Strategies, a multi-strategy investment firm, announced a $2.8 billion investment to build a supercomputing facility in South Carolina.
ArcelorMittal, a steel manufacturer, announced a $1.2 billion investment to build an advanced manufacturing facility in Alabama.
Chobani, a Greek yogurt giant, announced a $1.2 billion investment to build its third U.S. dairy processing plant in New York, which is expected to create more than 1,000 new full-time jobs.
GE Aerospace announced a $1 billion investment in manufacturing across 16 states — creating 5,000 new jobs.
Corning, Inc., a solar component producer, announced a $900 million investment to build a manufacturing plant in Michigan.
Schneider Electric announced it will invest $700 million over the next four years in U.S. energy infrastructure.
GE Vernova announced it will invest nearly $600 million in U.S. manufacturing over the next two years, which will create more than 1,500 new jobs.
Abbott Laboratories announced a $500 million investment in its Illinois and Texas facilities.
AIP Management, a European infrastructure investor, announced a $500 million investment to solar developer Silicon Ranch.
London-based Diageo announced a $415 million investment in a new Alabama manufacturing facility.
Dublin-based Eaton Corporation announced a $340 million investment in a new South Carolina-based manufacturing facility for its three-phase transformers.
Germany-based Siemens announced a $285 million investment in U.S. manufacturing and AI data centers, which will create more than 900 new skilled manufacturing jobs.
Clasen Quality Chocolate announced a $230 million investment to build a new production facility in Virginia, which will create 250 new jobs.
Fiserv, Inc., a financial technology provider, announced a $175 million investment to open a new strategic fintech hub in Kansas, which is expected to create 2,000 new high-paying jobs.
Paris Baguette announced a $160 million investment to construct a manufacturing plant in Texas.
TS Conductor announced a $134 million investment to build an advanced conductor manufacturing facility in South Carolina, which will create nearly 500 new jobs.
Switzerland-based ABB announced a $120 million investment to expand production of its low-voltage electrification products in Tennessee and Mississippi.
Saica Group, a Spain-based corrugated packaging maker, announced plans to build a $110 million new manufacturing facility in Anderson, Indiana.
Charms, LLC, a subsidiary of candymaker Tootsie Roll Industries, announced a $97.7 million investment to expand its production plant and distribution center in Tennessee.
Toyota Motor Corporation announced an $88 million investment to boost hybrid vehicle production at its West Virginia factory, securing employment for the 2,000 workers at the factory.
AeroVironment, a defense contractor, announced a $42.3 million investment to build a new manufacturing facility in Utah.
Paris-based Saint-Gobain announced a new $40 million NorPro manufacturing facility in Wheatfield, New York.
India-based Sygene International announced a $36.5 million acquisition of a Baltimore biologics manufacturing facility.
Asahi Group Holdings, one of the largest Japanese beverage makers, announced a $35 million investment to boost production at its Wisconsin plant.
Cyclic Materials, a Canadian advanced recycling company for rare earth elements, announced a $20 million investment in its first U.S.-based commercial facility, located in Mesa, Arizona.
Guardian Bikes announced a $19 million investment to build the first U.S.-based large-scale bicycle frame manufacturing operation in Indiana.
Amsterdam-based AMG Critical Minerals announced a $15 million investment to build a chrome manufacturing facility in Pennsylvania.
NOVONIX Limited, an Australia-based battery technology company, announced a $4.6 million investment to build a synthetic graphite manufacturing facility in Tennessee.
LGM Pharma announced a $6 million investment to expand its manufacturing facility in Rosenberg, Texas.
ViDARR Inc., a defense optical equipment manufacturer, announced a $2.69 million investment to open a new facility in Virginia.
That doesn’t even include the U.S. investments pledged by foreign countries:
United Arab Emirates announced a $1.4 trillion investment in the U.S. over the next decade.
Saudi Arabia announced it intends to invest $600 billion in the U.S. over the next four years.
Japan announced a $1 trillion investment in the U.S.
Taiwan announced a pledge to boost its U.S.-based investment.
Last updated on April 23, 2025

MIL OSI USA News –

April 24, 2025

MIL-OSI USA: President Trump’s Vision Fuels Major U.S. Production Boom

US Senate News:

Source: The White House
President Donald J. Trump’s unrelenting commitment to revitalizing American manufacturing is continuing to deliver results, with another wave of companies announcing transformative investments in their U.S.-based operations — driving job creation and economic growth nationwide.
In just the past few days:
Roche, a Swiss drug and diagnostics company, announced a $50 billion investment in its U.S.-based manufacturing and R&D, which is expected to create more than 1,000 new full-time jobs and more than 12,000 jobs including construction.
Regeneron Pharmaceuticals, Inc., a leader in biotechnology, announced a $3 billion agreement with Fujifilm Diosynth Biotechnologies to produce drugs at its North Carolina manufacturing facility.
NorthMark Strategies, a multi-strategy investment firm, announced a $2.8 billion investment to build a supercomputing facility in South Carolina.
Chobani, a Greek yogurt giant, announced a $1.2 billion investment to build its third U.S. dairy processing plant in New York, which is expected to create more than 1,000 new full-time jobs.
Fiserv, Inc., a financial technology provider, announced a $175 million investment to open a new strategic fintech hub in Kansas, which is expected to create 2,000 new high-paying jobs.
Toyota Motor Corporation, a Japanese automaker, announced an $88 million investment to boost hybrid vehicle production at its West Virginia factory, securing employment for the factory’s 2,000 workers.
Hyundai Motor Group, a South Korean automaker, secured an equity investment and agreement from Posco Holdings, South Korea’s top steel maker, for the automaker’s planned steel plant in Louisiana.
Cyclic Materials, a Canadian advanced recycling company for rare earth elements, announced a $20 million investment in its first U.S.-based commercial facility, located in Mesa, Arizona.
Click here for more new investments secured in President Trump’s second term.

MIL OSI USA News –

April 24, 2025

MIL-OSI Canada: Tribunal Initiates Inquiry— Certain carbon or alloy steel wire from China, Chinese Taipei, India, Italy, Malaysia, Portugal, Spain, Thailand, Türkiye and Vietnam

Source: Government of Canada News (2)

Ottawa, Ontario, April 23, 2025—The Canadian International Trade Tribunal today initiated a preliminary injury inquiry into a complaint by Sivaco Wire Group 2004 L.P, of Marieville, Quebec and ArcelorMittal Long Products Canada G.P., of Contrecoeur, Quebec, that they have suffered injury as a result of the dumping of certain carbon or alloy steel wire originating in or exported from the People’s Republic of China, the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, the Republic of India, the Italian Republic, the Federation of Malaysia, the Portuguese Republic, the Kingdom of Spain, the Kingdom of Thailand, the Republic of Türkiye, and the Socialist Republic of Vietnam. The Tribunal’s inquiry is conducted pursuant to the Special Import Measures Act (SIMA) as a result of the initiation of a dumping investigation by the Canada Border Services Agency (CBSA).

On June 19, 2025, the Tribunal will determine whether there is a reasonable indication that the alleged dumping has caused injury or retardation, or is threatening to cause injury, as these words are defined in SIMA. If so, the CBSA will continue its investigation and, by July 21, 2025, will make a preliminary determination. If this preliminary determination indicates that there has been dumping, the CBSA will then continue its investigation and, concurrently, the Tribunal will initiate a final injury inquiry.

The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.

Any interested person, association or government that wishes to participate in the Tribunal’s inquiry may do so by filing a Form I – Notice of Participation.

MIL OSI Canada News –

April 24, 2025

MIL-OSI Canada: Turning forestry waste into industrial fuel

Countries around the world are looking for alternative fuel sources for industries like transportation, heavy manufacturing and power generation. As the largest energy producer in Canada, Alberta has the resources, business-friendly environment and expertise needed to become a world leader in developing hydrogen – a clean energy carrier that produces no emissions.

Alberta’s government is investing $3 million through Emissions Reduction Alberta to help Calgary-based Hydrogen Naturally turn forestry waste like woodchips, sawdust, plants and other organic material into hydrogen. This new technology will capture the carbon that would normally be released into the air during this process and store it underground.

“Hydrogen offers major potential for Alberta to leverage our vast natural resources, skilled workforce and existing energy infrastructure. Alberta is the largest hydrogen producer in Canada, and we’re just getting started. Investing in this promising, emissions-free, economically friendly fuel source is diversifying Alberta’s economy, creating jobs and positioning Alberta as a world leader.”

Dale Nally, Minister of Service Alberta and Red Tape Reduction

“We have the energy and the innovation to help power the world in the most environmentally responsible way. That’s why we are investing in technology and innovation to help create jobs, fuel our economy and keep attracting investments into our province.”

Rebecca Schulz, Minister of Environment and Protected Areas

Hydrogen Naturally will use provincial funding for a feasibility study that will provide the regulatory, engineering and environmental information needed to build its first hydrogen production unit in Alberta.

“This funding accelerates the scale-up of breakthrough technologies, paving the way for a low-carbon future in Alberta. Companies like Hydrogen Naturally showcase how innovation and strategic investment can deliver tangible emissions reductions while fueling economic growth.”

Justin Riemer, chief executive officer, Emissions Reduction Alberta

“The Government of Alberta, through Emissions Reduction Alberta, will play a pivotal role in advancing our negative-emission hydrogen facility, which uses innovative gasification technology to utilize forest harvest residuals and firekill. Together, Hydrogen Naturally and Alberta can leverage our extensive carbon capture and sequestration capabilities to become global leaders in low-emission energy and sustainable forest management.”

Brett Jackson, president, Hydrogen Naturally

Alberta is becoming the destination of choice for investors and innovators in the hydrogen sector, with a growing number of promising opportunities presented by hydrogen production and technologies across the province.

Quick facts

Hydrogen Naturally was incorporated in Alberta in 2022 and is headquartered in Calgary.
The company has plans for hydrogen production hubs across Canada and the United States.
The worldwide hydrogen market is estimated to be worth more than $2.5 trillion per year by 2050.
Alberta’s pipeline infrastructure, carbon capture technology, expertise in energy exports, and proximity to key markets give the province an advantage in hydrogen production and use.
Compared to other emissions-free alternatives, hydrogen is ideal for moving heavy freight in Alberta’s cold climate and shows promise for its ability to store and transport renewable energy.
To date, Alberta’s government has invested $43 million into 13 hydrogen technologies through Emissions Reduction Alberta, with a collective total value of more than $250 million.
This funding is through the industry-funded Technology Innovation and Emissions Reduction (TIER) program.

Related information

Emissions Reduction Alberta
Hydrogen Naturally
Hydrogen Roadmap
Natural Gas Vision and Strategy

MIL OSI Canada News –

April 24, 2025

MIL-OSI USA: Standing Up Against Illegal Federal Tariffs

Source: US State of New York

overnor Kathy Hochul and New York Attorney General Letitia James today announced that New York State and a coalition of 11 other states are suing the Trump administration for illegally imposing unprecedented tax hikes on Americans in the form of tariffs issued under the International Emergency Economic Powers Act (IEEPA). The Trump administration’s IEEPA tariffs raise taxes on imports from nearly every country on Earth, including America’s closest allies and trading partners, and they have already caused severe economic damage. The lawsuit, filed by Attorney General James and a coalition of attorneys general, argues that Congress has not granted the president the authority to impose these tariffs and therefore the administration violated the law by imposing them through executive orders, social media posts, and agency orders. The coalition seeks a court order halting these IEEPA tariffs, including the worldwide tariffs that were paused on April 9, and preventing the Trump administration from enforcing or implementing them.

“President Trump’s reckless tariffs have skyrocketed costs for consumers and unleashed economic chaos across the country. New York is standing up to fight back against the largest federal tax hike in American history,” Governor Hochul said. “Attorney General James and I are partnering on this litigation on behalf of New York consumers, because we can’t let President Trump push our country into a recession.”

New York State Attorney General Letitia James said, “The president does not have the power to raise taxes on a whim, but that’s exactly what President Trump has been doing with these tariffs. Donald Trump promised that he would lower prices and ease the cost of living, but these illegal tariffs will have the exact opposite effect on American families. His tariffs are unlawful and if not stopped, they will lead to more inflation, unemployment, and economic damage.”

Since February, President Trump has been unilaterally imposing sweeping tariffs against America’s closest trading partners. These tariffs expanded in a series of announcements in April to now cover nearly every country worldwide, including places that are not involved in international trade, such as the Heard and McDonald Islands, which have no known human inhabitants.

In addition to the severe economic damage that President Trump’s tariffs have already caused, the coalition warns they could cause even more destruction if allowed to continue. The lawsuit argues the IEEPA tariffs will increase unemployment, raise inflation, and threaten Americans’ wages by slowing economic growth. The president’s tariffs will harm the states and their residents by making important goods ranging from electronics to building materials more expensive and scarce.

These costs will severely impact New Yorkers. Economists estimate the increased tariffs will cost the average family thousands of dollars per year, and a report from the New York City Comptroller estimated that even a mild recession caused by the tariffs would lead to over 35,000 lost jobs in New York City alone. New York state agencies could end up paying over $100 million in extra costs due to tariffs increasing prices. Retaliatory tariffs imposed by Canada on the hundreds of millions of dollars in electricity that New York imports every year would cause New Yorkers’ energy bills to spike. Across the state, small businesses that rely on imports are already reeling from the threat of higher prices and uncertainty caused by the administration’s policies. In Central New York, the Cortland Standard, one of the oldest family-owned newspapers in the country, announced it would cease publication in part due to an expected tariff on newsprint.

The lawsuit, filed in the United States Court of International Trade, asserts that President Trump has no authority to impose tariffs as he has. While the president has declared emergencies and invoked IEEPA to justify these tariffs, not once has any other president used IEEPA to impose tariffs like this in the five decades since it became law. As the coalition argues in the lawsuit, the law was not designed to allow the president to unilaterally impose worldwide tariffs indiscriminately. In addition, the coalition argues that the Trump administration has overstepped its authority and violated the Constitution and the Administrative Procedure Act by imposing these tariffs.

With this lawsuit, the coalition is seeking a court order declaring the Trump administration’s IEEPA tariff orders to be in violation of the law and ordering the administration to stop implementing or enforcing these tariffs.

Joining Attorney General James in filing this lawsuit are the attorneys general of Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Minnesota, Nevada, New Mexico, Oregon, and Vermont.

Governor Hochul has been in contact with federal leaders regarding the devastating effects tariffs will have on New York’s residents, businesses and our economy. The Governor has consulted with federal partners, economists and heard from business owners, trade groups, agribusiness and other stakeholders on the hardships tariffs will have on New York State.

MIL OSI USA News –

April 24, 2025

MIL-OSI: Horizon Bancorp, Inc. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

MICHIGAN CITY, Ind., April 23, 2025 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”), the parent company of Horizon Bank (the “Bank”), announced its unaudited financial results for the three months ended March 31, 2025.

“Horizon’s first quarter earnings displayed continued positive momentum in our core financial metrics and management’s commitment to deliver long term value to its shareholders. Our results were highlighted by a sixth consecutive quarter of margin expansion, now above 3%, strong loan growth with exceptional credit metrics and a core funding base that continues to deliver value, even in an uncertain economic environment. The team also delivered a more efficient expense base entering 2025 and added optionality to our capital position through the successful sale of our mortgage warehouse business”, President and CEO, Thomas Prame stated. “We are pleased with our first quarter results and the positive momentum across our community banking model. The core franchise remains strong and our investments in expanding our local relationship banking model is paying dividends”.

Net income for the three months ended March 31, 2025 was $23.9 million, or $0.54 per diluted share, compared to net loss of $10.9 million, or $0.25, for the fourth quarter of 2024 and compared to $14.0 million, or $0.32 per diluted share, for the first quarter of 2024.

First Quarter 2025 Highlights

Net interest margin, on a fully taxable equivalent (“FTE”) basis¹, expanded for the sixth consecutive quarter, to 3.04% compared with 2.97% for the three months ended December 31, 2024 and 2.50% for the three months ended March 31, 2024.

Total loans held for investment (“HFI”) increased 5% linked quarter annualized, with strong organic commercial loan growth of $103.3 million, or 14% annualized. This growth was partially funded by the continued strategic runoff of lowering yielding indirect auto loans of approximately $36 million.

Core deposits continued to be stable, with non-interest-bearing balances growing $62.5 million during the period, or 24% annualized.

Credit quality remained strong, with annualized net charge offs of 0.07% of average loans during the first quarter. Non-performing assets remain well within expected ranges, with no material change from the prior quarter.

On January 17, 2025, the Company completed the sale of its mortgage warehouse business to an unrelated third party, resulting in a pre-tax gain of $7.0 million.

Expenses were down $5.6 million from the fourth quarter of 2024, reflecting management’s commitment to creating a more efficient expense base in 2025.

_________________________________
^¹ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.


Financial Highlights
(Dollars in Thousands Except Share and Per Share Data and Ratios)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Income statement:
Net interest income	$	52,267		$	53,127		$	46,910		$	45,279		$	43,288
Credit loss expense		1,376			1,171			1,044			2,369			805
Non-interest income (loss)		16,499			(28,954	)		11,511			10,485			9,929
Non-interest expense		39,306			44,935			39,272			37,522			37,107
Income tax expense (benefit)		4,141			(11,051	)		(75	)		1,733			1,314
Net income (loss)	$	23,943		$	(10,882	)	$	18,180		$	14,140		$	13,991

Per share data:
Basic earnings (loss) per share	$	0.55		$	(0.25	)	$	0.42		$	0.32		$	0.32
Diluted earnings (loss) per share		0.54			(0.25	)		0.41			0.32			0.32
Cash dividends declared per common share		0.16			0.16			0.16			0.16			0.16
Book value per common share		17.72			17.46			17.27			16.62			16.49
Market value – High		17.76			18.76			16.57			12.74			14.44
Market value – Low		15.00			14.57			11.89			11.29			11.75
Weighted average shares outstanding – Basic		43,777,109			43,721,211			43,712,059			43,712,059			43,663,610
Weighted average shares outstanding – Diluted		43,954,164			43,721,211			44,112,321			43,987,187			43,874,036
Common shares outstanding (end of period)		43,785,932			43,722,086			43,712,059			43,712,059			43,726,380

Key ratios:
Return on average assets		1.25	%	(0.55		)%		0.92	%		0.73	%		0.72	%
Return on average stockholders’ equity		12.44			(5.73	)		9.80			7.83			7.76
Total equity to total assets		10.18			9.79			9.52			9.18			9.18
Total loans to deposit ratio		85.21			87.75			83.92			85.70			82.78
Allowance for credit losses to HFI loans		1.07			1.07			1.10			1.08			1.09
Annualized net charge-offs of average total loans⁽¹⁾		0.07			0.05			0.03			0.05			0.04
Efficiency ratio		57.16			185.89			67.22			67.29			69.73

Key metrics (Non-GAAP)⁽²⁾:
Net FTE interest margin		3.04	%		2.97	%		2.66	%		2.64	%		2.50	%
Return on average tangible common equity		15.79			(7.35	)		12.65			10.18			10.11
Tangible common equity to tangible assets		8.20			7.83			7.58			7.22			7.20
Tangible book value per common share	$	13.96		$	13.68		$	13.46		$	12.80		$	12.65


⁽¹⁾ Average total loans includes loans held for investment and held for sale.
⁽²⁾ Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.

Income Statement Highlights

Net Interest Income

Net interest income was $52.3 million in the first quarter of 2025, compared to $53.1 million in the fourth quarter of 2024. Continued expansion of the Company’s net FTE interest margin was offset by a decline in average interest earning asset balances and two fewer days when compared with the prior quarter. Horizon’s net FTE interest margin² was 3.04% for the first quarter of 2025, compared to 2.97% for the fourth quarter of 2024, attributable to the favorable mix shift in average interest earning assets toward higher-yielding loans and in the average funding mix toward deposit balances, in addition to continued disciplined pricing strategies on both sides of the balance sheet. Additionally, as previously noted, the fourth quarter net FTE interest margin included approximately five basis points related to interest recoveries on specific commercial loans that did not recur.

Provision for Credit Losses

During the first quarter of 2025, the Company recorded a provision for credit losses of $1.4 million. This compares to a provision for credit losses of $1.2 million during the fourth quarter of 2024, and $0.8 million during the first quarter of 2024. The increase in the provision for credit losses during the first quarter of 2025 when compared with the fourth quarter of 2024 was primarily attributable to increased net growth in commercial loans HFI and changes in economic factors, partially offset by the reduction of specific reserves and the reserves for unfunded commitments in the current quarter.

For the first quarter of 2025, the allowance for credit losses included net charge-offs of $0.9 million, or an annualized 0.07% of average loans outstanding, compared to net charge-offs of $0.6 million, or an annualized 0.05% of average loans outstanding for the fourth quarter of 2024, and net charge-offs of $0.3 million, or an annualized 0.04% of average loans outstanding, in the first quarter of 2024.

The Company’s allowance for credit losses as a percentage of period-end loans HFI was 1.07% at March 31, 2025, compared to 1.07% at December 31, 2024 and 1.09% at March 31, 2024.

Non-Interest Income

For the Quarter Ended	March 31,			December 31,			September 30,		June 30,		March 31,
(Dollars in Thousands)	2025			2024			2024		2024		2024
Non-interest Income
Service charges on deposit accounts	$	3,208		$	3,276		$	3,320	$	3,130	$	3,214
Wire transfer fees		71			124			123		113		101
Interchange fees		3,241			3,353			3,511		3,826		3,109
Fiduciary activities		1,326			1,313			1,394		1,372		1,315
Loss on sale of investment securities		(407	)		(39,140	)		—		—		—
Gain on sale of mortgage loans		1,076			1,071			1,622		896		626
Mortgage servicing income net of impairment		385			376			412		450		439
Increase in cash value of bank owned life insurance		335			335			349		318		298
Other income		7,264			338			780		380		827
Total non-interest income (loss)	$	16,499		$	(28,954	)	$	11,511	$	10,485	$	9,929

Total non-interest income was $16.5 million in the first quarter of 2025, compared to non-interest loss of $29.0 million in the fourth quarter of 2024. The increase in non-interest income of $45.5 million is primarily due to a pre-tax loss on sale of investment securities of $39.1 million from the completion of the repositioning of $332.2 million of available-for-sale securities during the fourth quarter of 2024, compared to a loss on the sale of investment securities of $0.4 million in the first quarter of 2025. In addition, the Company completed the sale of its mortgage warehouse business to an unrelated third party in the current period, resulting in a pre-tax gain of $7.0 million.

_________________________________
^¹ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Non-Interest Expense

For the Quarter Ended	March 31,		December 31,		September 30,		June 30,		March 31,
(Dollars in Thousands)	2025		2024		2024		2024		2024
Non-interest Expense
Salaries and employee benefits	$	22,414	$	25,564	$	21,829	$	20,583	$	20,268
Net occupancy expenses		3,702		3,431		3,207		3,192		3,546
Data processing		2,872		2,841		2,977		2,579		2,464
Professional fees		826		736		676		714		607
Outside services and consultants		3,265		4,470		3,677		3,058		3,359
Loan expense		689		1,285		1,034		1,038		719
FDIC insurance expense		1,288		1,193		1,204		1,315		1,320
Core deposit intangible amortization		816		843		844		844		872
Merger related expenses		305		—		—		—		—
Other losses		228		371		297		515		16
Other expense		2,901		4,201		3,527		3,684		3,936
Total non-interest expense	$	39,306	$	44,935	$	39,272	$	37,522	$	37,107

Total non-interest expense was $39.3 million in the first quarter of 2025, compared with $44.9 million in the fourth quarter of 2024. The current period included $0.3 million of direct expenses related to the sale of the mortgage warehouse business. The decrease in non-interest expense during the first quarter of 2025 when compared with the prior period was primarily driven by a $3.2 million decrease in salaries and employee benefits expense, which is attributable to expenses incurred in the fourth quarter of 2024 related to the termination of legacy compensation and benefits programs that did not recur in the current period, and lower incentive compensation expense. Additionally, outside services and consultants expense decreased by $1.2 million, partially attributable to expense related to specific corporate initiatives in the fourth quarter of 2024 that did not recur in the current period. Other expenses decreased $1.3 million, partially attributable to a decrease in marketing expense.

Income Taxes

Horizon recorded a net tax expense of $4.1 million for the first quarter of 2025, representing an effective tax rate of 14.8%. Net tax expense in the fourth quarter of 2024 was impacted by the realized securities loss and the reversal of the $5.2 million tax valuation allowance.

Balance Sheet Highlights

Total assets decreased by $175.5 million, or 2.2%, to $7.6 billion as of March 31, 2025, from $7.8 billion as of December 31, 2024. The decrease in total assets is primarily due to the sale of the mortgage warehouse portfolio and a decrease in interest-bearing cash related to the payoff of FHLB advances and deposit outflows.

Total investment securities decreased by $26.1 million, or 1.2%, to $2.1 billion as of March 31, 2025.

Total loans were $4.9 billion at March 31, 2025, a decrease of $1.6 million from December 31, 2024 balances. The decrease is primarily due to the sale of the mortgage warehouse business during the quarter, which was offset by continued organic commercial loan growth.

Total deposits increased by $165.1 million, or 2.9%, to $5.8 billion as of March 31, 2025 when compared to balances as of December 31, 2024. Time deposits increased by $155.9 million, or 14.3% during the quarter, while non-interest bearing deposits grew by $62.5 million, or 5.9%. Total borrowings decreased by $330.1 million during the quarter, to $812.2 million as of March 31, 2025, due to the pay down of FHLB advances. Balances subject to repurchase agreements declined by $2.1 million, to $87.9 million.

Capital

The following table presents the consolidated regulatory capital ratios of the Company for the previous three quarters, and the Company’s preliminary estimate of its consolidated regulatory capital ratios for the quarter ended March 31, 2025:

For the Quarter Ended	March 31,			December 31,			September 30,			June 30,
	2025*			2024			2024			2024
Consolidated Capital Ratios
Total capital (to risk-weighted assets)		14.28	%		13.91	%		13.45	%		13.41	%
Tier 1 capital (to risk-weighted assets)		12.35			12.00			11.63			11.59
Common equity tier 1 capital (to risk-weighted assets)		11.34			11.00			10.68			10.63
Tier 1 capital (to average assets)		9.25			8.88			9.02			9.02
*Preliminary estimate – may be subject to change

As of March 31, 2025, the ratio of total stockholders’ equity to total assets is 10.18%. Book value per common share was $17.72, increasing $0.26 during the first quarter of 2025.

Tangible common equity³ totaled $611.4 million at March 31, 2025, and the ratio of tangible common equity to tangible assets¹ was 8.20% at March 31, 2025, up from 7.83% at December 31, 2024. Tangible book value, which excludes intangible assets from total equity, per common share¹ was $13.96, increasing $0.28 during the first quarter of 2025 behind the growth in retained earnings.

Credit Quality

As of March 31, 2025, total non-accrual loans increased by $3.0 million, or 12%, from December 31, 2024, to 0.59% of total loans HFI. Total non-performing assets increased $4.0 million, or 15%, to $31.4 million, compared to $27.4 million as of December 31, 2024. The ratio of non-performing assets to total assets increased to 0.41% compared to 0.35% as of December 31, 2024.

As of March 31, 2025, net charge-offs increased by $0.2 million to $0.9 million, compared to $0.6 million as of December 31, 2024 and remain just 0.07% annualized of average loans.

_________________________________
^¹ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Earnings Conference Call

As previously announced, Horizon will host a conference call to review its first quarter financial results and operating performance.

Participants may access the live conference call on April 24, 2025 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada or 1-412-317-5772 from international locations and requesting the “Horizon Bancorp, Inc. Call.” Participants are asked to dial in approximately 10 minutes prior to the call.

A telephone replay of the call will be available approximately one hour after the end of the conference through May 2, 2025. The replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada or 1–412–317-0088 from other international locations, and entering the access code 6313653.

About Horizon Bancorp, Inc.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $8 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

Use of Non-GAAP Financial Measures

Certain information set forth in this press release refers to financial measures determined by methods other than in accordance with GAAP. Specifically, we have included non-GAAP financial measures relating to net income, diluted earnings per share, pre-tax, pre-provision net income, net interest margin, tangible stockholders’ equity and tangible book value per share, efficiency ratio, the return on average assets, the return on average common equity, and return on average tangible equity. In each case, we have identified special circumstances that we consider to be non-recurring and have excluded them. We believe that this shows the impact of such events as acquisition-related purchase accounting adjustments and swap termination fees, among others we have identified in our reconciliations. Horizon believes these non-GAAP financial measures are helpful to investors and provide a greater understanding of our business and financial results without giving effect to the purchase accounting impacts and one-time costs of acquisitions and non–recurring items. These measures are not necessarily comparable to similar measures that may be presented by other companies and should not be considered in isolation or as a substitute for the related GAAP measure. See the tables and other information below and contained elsewhere in this press release for reconciliations of the non-GAAP information identified herein and its most comparable GAAP measures.

Forward Looking Statements

This press release may contain forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, “Horizon”). For these statements, Horizon claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission (the “SEC”). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: effects on Horizon’s business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; uncertain conditions within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, and conditions in the investment, credit, interest rate, and derivatives markets, and their impact on Horizon and its customers; current financial conditions within the banking industry; changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities; increased interest rate sensitivity; the aggregate effects of elevated inflation levels in recent years; loss of key Horizon personnel; increases in disintermediation; potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms take a greater market share of the payment systems; estimates of fair value of certain of Horizon’s assets and liabilities; changes in prepayment speeds, loan originations, credit losses, market values, collateral securing loans and other assets; changes in sources of liquidity; legislative and regulatory actions and reforms; changes in accounting policies or procedures as may be adopted and required by regulatory agencies; litigation, regulatory enforcement, and legal compliance risk and costs; rapid technological developments and changes; cyber terrorism and data security breaches; the rising costs of cybersecurity; the ability of the U.S. federal government to manage federal debt limits; climate change and social justice initiatives; the inability to realize cost savings or revenues or to effectively implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; acts of terrorism, war and global conflicts, such as the Russia and Ukraine conflict and the Israel and Hamas conflict; and supply chain disruptions and delays. These and additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Horizon’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (www.sec.gov). Undue reliance should not be placed on the forward–looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward–looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.


	Condensed Consolidated Statements of Income
	(Dollars in Thousands Except Per Share Data, Unaudited)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,		March 31,
	2025			2024			2024			2024		2024
Interest Income
Interest and fees on loans	$	74,457		$	76,747		$	75,488		$	71,880	$	66,954
Investment securities – taxable		6,039			6,814			8,133			7,986		7,362
Investment securities – tax-exempt		6,192			6,301			6,310			6,377		6,451
Other		2,487			3,488			957			738		4,497
Total interest income		89,175			93,350			90,888			86,981		85,264
Interest Expense
Deposits		25,601			27,818			30,787			28,447		27,990
Short and long-term borrowings		9,188			10,656			11,131			11,213		11,930
Subordinated notes		829			829			830			829		831
Junior subordinated debentures issued to capital trusts		1,290			920			1,230			1,213		1,225
Total interest expense		36,908			40,223			43,978			41,702		41,976
Net Interest Income		52,267			53,127			46,910			45,279		43,288
Provision for loan losses		1,376			1,171			1,044			2,369		805
Net Interest Income after Credit Loss Expense		50,891			51,956			45,866			42,910		42,483
Non-interest Income
Service charges on deposit accounts		3,208			3,276			3,320			3,130		3,214
Wire transfer fees		71			124			123			113		101
Interchange fees		3,241			3,353			3,511			3,826		3,109
Fiduciary activities		1,326			1,313			1,394			1,372		1,315
Loss on sale of investment securities		(407	)		(39,140	)		—			—		—
Gain on sale of mortgage loans		1,076			1,071			1,622			896		626
Mortgage servicing income net of impairment		385			376			412			450		439
Increase in cash value of bank owned life insurance		335			335			349			318		298
Other income		7,264			338			780			380		827
Total non-interest (loss) income		16,499			(28,954	)		11,511			10,485		9,929
Non-interest Expense
Salaries and employee benefits		22,414			25,564			21,829			20,583		20,268
Net occupancy expenses		3,702			3,431			3,207			3,192		3,546
Data processing		2,872			2,841			2,977			2,579		2,464
Professional fees		826			736			676			714		607
Outside services and consultants		3,265			4,470			3,677			3,058		3,359
Loan expense		689			1,285			1,034			1,038		719
FDIC insurance expense		1,288			1,193			1,204			1,315		1,320
Core deposit intangible amortization		816			843			844			844		872
Merger related expenses		305			—			—			—		—
Other losses		228			371			297			515		16
Other expense		2,901			4,201			3,527			3,684		3,936
Total non-interest expense		39,306			44,935			39,272			37,522		37,107
Income (Loss) Before Income Taxes		28,084			(21,933	)		18,105			15,873		15,305
Income tax expense (benefit)		4,141			(11,051	)		(75	)		1,733		1,314
Net Income (Loss)	$	23,943		$	(10,882	)	$	18,180		$	14,140	$	13,991
Basic Earnings (Loss) Per Share	$	0.55		$	(0.25	)	$	0.42		$	0.32	$	0.32
Diluted Earnings (Loss) Per Share		0.54			(0.25	)		0.41			0.32		0.32

	Condensed Consolidated Balance Sheet
	(Dollar in Thousands)

	Three Months Ended for the Period
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets
Interest earning assets
Federal funds sold	$	—		$	—		$	113,912		$	34,453		$	161,704
Interest-bearing deposits in banks		80,023			201,131			12,107			4,957			9,178
Interest earning time deposits		—			735			735			1,715			1,715
Federal Home Loan Bank stock		45,412			53,826			53,826			53,826			53,826
Investment securities, available for sale		231,431			233,677			541,170			527,054			535,319
Investment securities, held to maturity		1,843,851			1,867,690			1,888,379			1,904,281			1,925,725
Loans held for sale		3,253			67,597			2,069			2,440			922
Gross loans held for investment (HFI)		4,909,815			4,847,040			4,803,996			4,822,840			4,618,175
Total Interest earning assets		7,113,785			7,271,696			7,416,194			7,351,566			7,306,564
Non-interest earning assets
Allowance for credit losses		(52,654	)		(51,980	)		(52,881	)		(52,215	)		(50,387	)
Cash and due from banks		89,643			92,300			108,815			106,691			100,206
Cash value of life insurance		37,409			37,450			37,115			36,773			36,455
Other assets		140,672			152,635			119,026			165,656			160,593
Goodwill		155,211			155,211			155,211			155,211			155,211
Other intangible assets		9,407			10,223			11,067			11,910			12,754
Premises and equipment, net		93,499			93,864			93,544			93,695			94,303
Interest receivable		38,663			39,747			39,366			43,240			40,008
Total non-interest earning assets		511,850			529,450			511,263			560,961			549,143
Total assets	$	7,625,635		$	7,801,146		$	7,927,457		$	7,912,527		$	7,855,707
Liabilities
Savings and money market deposits	$	3,393,371		$	3,446,681		$	3,420,827		$	3,364,726		$	3,350,673
Time deposits		1,245,088			1,089,153			1,220,653			1,178,389			1,136,121
Short and long-term borrowings		812,218			1,142,340			1,142,744			1,229,165			1,219,812
Repurchase agreements		87,851			89,912			122,399			128,169			139,309
Subordinated notes		55,772			55,738			55,703			55,668			55,634
Junior subordinated debentures issued to capital trusts		57,531			57,477			57,423			57,369			57,315
Total interest earning liabilities		5,651,831			5,881,301			6,019,749			6,013,486			5,958,864
Non-interest bearing deposits		1,127,324			1,064,818			1,085,535			1,087,040			1,093,076
Interest payable		11,441			11,137			11,400			11,240			7,853
Other liabilities		58,978			80,308			55,951			74,096			74,664
Total liabilities		6,849,574			7,037,564			7,172,635			7,185,862			7,134,457
Stockholders’ Equity
Preferred stock		—			—			—			—			—
Common stock		—			—			—			—			—
Additional paid-in capital		360,522			363,761			358,453			357,673			356,599
Retained earnings		452,945			436,122			454,050			442,977			435,927
Accumulated other comprehensive loss		(37,406	)		(36,301	)		(57,681	)		(73,985	)		(71,276	)
Total stockholders’ equity		776,061			763,582			754,822			726,665			721,250
Total liabilities and stockholders’ equity	$	7,625,635		$	7,801,146		$	7,927,457		$	7,912,527		$	7,855,707

	Loans and Deposits
	(Dollars in Thousands)
	March 31,		December 31,		September 30,		June 30,		March 31,		% Change
	2025		2024		2024		2024		2024		Q1’25 vs Q4’24			Q1’25 vs Q1’24
Loans:
Commercial real estate	$	2,262,910	$	2,202,858	$	2,105,459	$	2,117,772	$	1,984,723		3	%		14	%
Commercial & Industrial		918,541		875,297		808,600		786,788		765,043		5	%		20	%
Total commercial		3,181,451		3,078,155		2,914,059		2,904,560		2,749,766		3	%		16	%
Residential Real estate		801,726		802,909		801,356		797,956		782,071		—	%		3	%
Mortgage warehouse		—		—		80,437		68,917		56,548		—	%		(100	)%
Consumer		926,638		965,976		1,008,144		1,051,407		1,029,790		(4	)%		(10	)%
Total loans held for investment		4,909,815		4,847,040		4,803,996		4,822,840		4,618,175		1	%		6	%
Loans held for sale		3,253		67,597		2,069		2,440		922		(95	)%		253	%
Total loans	$	4,913,068	$	4,914,637	$	4,806,065	$	4,825,280	$	4,619,097		—	%		6	%

Deposits:
Interest-bearing demand deposits	$	1,713,991	$	1,767,983	$	1,688,998	$	1,653,508	$	1,613,806		(3	)%		6	%
Savings and money market deposits		1,679,380		1,678,697		1,731,830		1,711,218		1,736,866		—	%		(3	)%
Time deposits		1,245,088		1,089,153		1,220,653		1,178,389		1,136,121		14	%		10	%
Total Interest bearing deposits		4,638,459		4,535,833		4,641,481		4,543,115		4,486,793		2	%		3	%
Non-interest bearing deposits
Non-interest bearing deposits		1,127,324		1,064,819		1,085,534		1,087,040		1,093,077		6	%		3	%
Total deposits	$	5,765,783	$	5,600,652	$	5,727,015	$	5,630,155	$	5,579,870		3	%		3	%

	Average Balance Sheet
	(Dollars in Thousands, Unaudited)
	Three Months Ended
	March 31, 2025								December 31, 2024								March 31, 2024
	Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾			Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾			Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾
Assets
Interest earning assets
Interest-bearing deposits in banks	$	223,148		$	2,487		4.52	%	$	290,693		$	3,488		4.77	%	$	331,083			4,497		5.46	%
Federal Home Loan Bank stock		51,769			1,012		7.93	%		53,826			1,516		11.20	%		37,949			784		8.31	%
Investment securities – taxable ⁽¹⁾		974,109			5,027		2.09	%		1,079,377			5,298		1.95	%		1,326,246			6,578		1.99	%
Investment securities – non-taxable ⁽¹⁾		1,120,249			7,838		2.84	%		1,129,622			7,976		2.81	%		1,149,957			8,166		2.86	%
Total investment securities		2,094,358			12,865		2.49	%		2,208,999			13,274		2.39	%		2,476,203			14,744		2.39	%
Loans receivable ^{(2) (3)}		4,865,449			74,840		6.24	%		4,842,660			77,142		6.34	%		4,448,324			67,307		6.09	%
Total interest earning assets		7,234,724			91,204		5.11	%		7,396,178			95,420		5.13	%		7,293,559			87,332		4.82	%
Non-interest earning assets
Cash and due from banks		88,624								85,776								105,795
Allowance for credit losses		(51,863	)							(52,697	)							(49,960	)
Other assets		483,765								409,332								486,652
Total average assets	$	7,755,250							$	7,838,589							$	7,836,046

Liabilities and Stockholders’ Equity
Interest bearing liabilities
Interest-bearing demand deposits	$	1,750,446		$	6,491		1.50	%	$	1,716,598		$	6,861		1.59	%	$	1,658,709		$	6,516		1.58	%
Savings and money market deposits		1,674,590			8,263		2.00	%		1,701,012			9,336		2.18	%		1,664,518			9,373		2.26	%
Time deposits		1,212,386			10,847		3.63	%		1,160,527			11,621		3.98	%		1,176,921			12,101		4.14	%
Total interest bearing deposits		4,637,422			25,601		2.24	%		4,578,137			27,818		2.42	%		4,500,148			27,990		2.50	%
Borrowings		971,496			8,772		3.66	%		1,130,301			10,138		3.57	%		1,200,728			10,904		3.65	%
Repurchase agreements		88,469			416		1.91	%		91,960			518		2.24	%		138,052			1,026		2.99	%
Subordinated notes		55,750			829		6.03	%		55,717			829		5.92	%		55,558			831		6.02	%
Junior subordinated debentures issued to capital trusts		57,497			1,290		9.10	%		57,443			920		6.37	%		57,279			1,225		8.60	%
Total interest bearing liabilities		5,810,634			36,908		2.58	%		5,913,558			40,223		2.71	%		5,951,765			41,976		2.84	%
Non-interest bearing liabilities
Demand deposits		1,085,826								1,099,574								1,077,183
Accrued interest payable and other liabilities		78,521								70,117								82,015
Stockholders’ equity		780,269								755,340								725,083
Total average liabilities and stockholders’ equity	$	7,755,250							$	7,838,589							$	7,836,046
Net FTE interest income (non-GAAP) ⁽⁵⁾				$	54,296							$	55,197							$	45,356
Less FTE adjustments ⁽⁴⁾					2,029								2,070								2,068
Net Interest Income				$	52,267							$	53,127							$	43,288
Net FTE interest margin (Non-GAAP) ⁽⁴⁾⁽⁵⁾							3.04	%							2.97	%							2.50	%

⁽¹⁾ Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities.
⁽²⁾ Includes fees on loans held for sale and held for investment. The inclusion of loan fees does not have a material effect on the average interest rate.
⁽³⁾ Non-accruing loans for the purpose of the computation above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees.
⁽⁴⁾ Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate.
⁽⁵⁾ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
⁽⁶⁾ Includes dividend income on Federal Home Loan Bank stock

	Credit Quality
	(Dollars in Thousands Except Ratios)
	Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,			% Change
	2025			2024			2024			2024			2024			1Q25 vs 4Q24			1Q25 vs 1Q24
Non-accrual loans
Commercial	$	8,172		$	5,658		$	6,830		$	4,321		$	5,493			44	%		49	%
Residential Real estate		12,763			11,215			9,529			8,489			8,725			14	%		46	%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		7,875			8,919			7,208			5,453			4,835		(12		)%		63	%
Total non-accrual loans		28,810			25,792			23,567			18,263			19,053			12	%		22	%
90 days and greater delinquent – accruing interest		1,582			1,166			819			1,039			108			36	%		1365	%
Total non-performing loans	$	30,392		$	26,958		$	24,386		$	19,302		$	19,161			13	%		59	%

Other real estate owned
Commercial		360			407			1,158			1,111			1,124		(12		)%	(68		)%
Residential Real estate		641			—			—			—			—			—	%		—	%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		34			17			36			57			50			98	%	(32		)%
Total other real estate owned		1,035			424			1,194			1,168			1,174			144	%	(12		)%

Total non-performing assets	$	31,427		$	27,382		$	25,580		$	20,470		$	20,335			14.8	%		55	%

Loan data:
Accruing 30 to 89 days past due loans	$	19,034		$	23,075		$	18,087		$	19,785		$	15,154		(18		)%		26	%
Substandard loans		66,714			64,535			59,775			51,221			47,469			3	%		41	%
Net charge-offs (recoveries)
Commercial	$	(47	)	$	(32	)	$	(52	)	$	57		$	(171	)	(47		)%		73	%
Residential Real estate		(47	)		(10	)		(9	)		(4	)		(5	)	(370		)%	(840		)%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		963			668			439			534			488			44	%		97	%
Total net charge-offs	$	869		$	626		$	378		$	587		$	312			39	%		179	%

Allowance for credit losses
Commercial	$	32,640		$	30,953		$	32,854		$	31,941		$	30,514			5	%		7	%
Residential Real estate		3,167			2,715			2,675			2,588			2,655			17	%		19	%
Mortgage warehouse		—			—			862			736			659			—	%	(100		)%
Consumer		16,847			18,312			16,490			16,950			16,559		(8		)%		2	%
Total allowance for credit losses	$	52,654		$	51,980		$	52,881		$	52,215		$	50,387			1	%		4	%

Credit quality ratios
Non-accrual loans to HFI loans		0.59	%		0.53	%		0.49	%		0.38	%		0.41	%
Non-performing assets to total assets		0.41	%		0.35	%		0.32	%		0.26	%		0.26	%
Annualized net charge-offs of average total loans		0.07	%		0.05	%		0.03	%		0.05	%		0.04	%
Allowance for credit losses to HFI loans		1.07	%		1.07	%		1.10	%		1.08	%		1.09	%

Non–GAAP Reconciliation of Net Fully-Taxable Equivalent (“FTE”) Interest Margin
(Dollars in Thousands, Unaudited)
		Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Interest income (GAAP)	(A)	$	89,175		$	93,350		$	90,888		$	86,981		$	85,264
Taxable-equivalent adjustment:
Investment securities – tax exempt ⁽¹⁾			1,646			1,675			1,677			1,695			1,715
Loan receivable ⁽²⁾			383			395			340			328			353
Interest income (non-GAAP)	(B)		91,204			95,420			92,905			89,004			87,332
Interest expense (GAAP)	(C)		36,908			40,223			43,978			41,702			41,976
Net interest income (GAAP)	(D) =(A) – (C)	$	52,267		$	53,127		$	46,910		$	45,279		$	43,288
Net FTE interest income (non-GAAP)	(E) = (B) – (C)	$	54,296		$	55,197		$	48,927		$	47,302		$	45,356
Average interest earning assets	(F)		7,234,724			7,396,178			7,330,263			7,212,788			7,293,559
Net FTE interest margin (non-GAAP)	(G) = (E*) / (F)		3.04	%		2.97	%		2.66	%		2.64	%		2.50	%

⁽¹⁾ The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity
⁽²⁾ The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment
*Annualized

Non–GAAP Reconciliation of Return on Average Tangible Common Equity
(Dollars in Thousands, Unaudited)
		Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024

Net income (loss) (GAAP)	(A)	$	23,943		$	(10,882	)	$	18,180		$	14,140		$	13,991

Average stockholders’ equity	(B)	$	780,269		$	755,340		$	738,372		$	726,332		$	725,083
Average intangible assets	(C)		165,138			165,973			166,819			167,659			168,519
Average tangible equity (Non-GAAP)	(D) = (B) – (C)	$	615,131		$	589,367		$	571,553		$	558,673		$	556,564
Return on average tangible common equity (“ROACE”) (non-GAAP)	(E) = (A*) / (D)		15.79	%	(7.35		)%		12.65	%		10.18	%		10.11	%
*Annualized

Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets
(Dollars in Thousands, Unaudited)
		Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Total stockholders’ equity (GAAP)	(A)	$	776,061		$	763,582		$	754,822		$	726,665		$	721,250
Intangible assets (end of period)	(B)		164,618			165,434			166,278			167,121			167,965
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	611,443		$	598,148		$	588,544		$	559,544		$	553,285

Total assets (GAAP)	(D)	$	7,625,635		$	7,801,146		$	7,927,457		$	7,912,527		$	7,855,707
Intangible assets (end of period)	(B)		164,618			165,434			166,278			167,121			167,965
Total tangible assets (non-GAAP)	(E) = (D) – (B)	$	7,461,017		$	7,635,712		$	7,761,179		$	7,745,406		$	7,687,742

Tangible common equity to tangible assets (Non-GAAP)	(G) = (C) / (E)		8.20	%		7.83	%		7.58	%		7.22	%		7.20	%

Non–GAAP Reconciliation of Tangible Book Value Per Share
(Dollars in Thousands, Unaudited)
		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
		2025		2024		2024		2024		2024
Total stockholders’ equity (GAAP)	(A)	$	776,061	$	763,582	$	754,822	$	726,665	$	721,250
Intangible assets (end of period)	(B)		164,618		165,434		166,278		167,121		167,965
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	611,443	$	598,148	$	588,544	$	559,544	$	553,285
Common shares outstanding	(D)		43,785,932		43,722,086		43,712,059		43,712,059		43,726,380

Tangible book value per common share (non-GAAP)	(E) = (C) / (D)	$	13.96	$	13.68	$	13.46	$	12.80	$	12.65

Contact:	John R. Stewart, CFA
	EVP, Chief Financial Officer
Phone:	(219) 814–5833
Fax:	(219) 874–9280
Date:	April 23, 2025

The MIL Network –

April 24, 2025

MIL-OSI: Northrim BanCorp Earns $13.3 Million, or $2.38 Per Diluted Share, in First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

ANCHORAGE, Alaska, April 23, 2025 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $13.3 million, or $2.38 per diluted share, in the first quarter of 2025, compared to $10.9 million, or $1.95 per diluted share, in the fourth quarter of 2024, and $8.2 million, or $1.48 per diluted share, in the first quarter a year ago. The increase in first quarter 2025 profitability as compared to the first quarter a year ago was primarily the result of an increase in purchased receivable income, higher net interest income, increased mortgage banking income, and a benefit for the provision for credit losses, which were only partially offset by higher other operating expenses. Purchased receivable income increased primarily due to the Company’s acquisition of Sallyport Commercial Finance, LLC (“Sallyport or SCF”), which was completed on October 31, 2024. Sallyport and its direct and indirect subsidiaries provide services and products related to purchased receivable factoring and asset-based lending in the United States, Canada, and the United Kingdom.

Dividends per share in the first quarter of 2025 increased to $0.64 per share as compared to $0.62 per share in the fourth quarter of 2024 and $0.61 per share in the first quarter of 2024.

“Our record first quarter earnings are the result of Northrim’s focus on profitable, market share driven growth,” said Mike Huston, Northrim’s President and Chief Executive Officer. “Our strong financial performance is due to our history of investing in our people and banking infrastructure to consistently deliver ‘Superior Customer First Service’. We remain confident that our dedication to serving our customers and communities will support future growth.”

First Quarter 2025 Highlights:

Net interest income in the first quarter of 2025 increased 1% to $31.3 million compared to $30.8 million in the fourth quarter of 2024 and increased 18% compared to $26.4 million in the first quarter of 2024.
Net interest margin on a tax equivalent basis (“NIMTE”)^* was 4.61% for the first quarter of 2025, up 14-basis points from the fourth quarter of 2024 and up 39-basis points from the first quarter a year ago.
Return on average assets (“ROAA”) was 1.76% and return on average equity (“ROAE”) was 19.70% for the first quarter of 2025. ROAA was 1.19% and ROAE was 13.84% for the first quarter of 2024.
Portfolio loans were $2.12 billion at March 31, 2025, down slightly from the preceding quarter and up 17% from a year ago. Portfolio loans in the first quarter of 2025 decreased from the preceding quarter primarily due to the reclassification of $100 million of consumer mortgages previously held as residential real estate loans to loans held for sale. The consumer mortgages are expected to be sold in the second quarter of 2025 to reduce the concentration of residential real estate loans and provide additional liquidity for future commercial and construction loan growth.
Total deposits were $2.78 billion at March 31, 2025, up 4% from the preceding quarter, and up 14% from $2.43 billion a year ago. Non-interest bearing demand deposits increased 5% from the preceding quarter and increased 4% year-over-year to $742.6 million at March 31, 2025 and represent 27% of total deposits.
The average cost of interest-bearing deposits was 2.01% at March 31, 2025, down from 2.15% at December 31, 2024 and 2.13% at March 31, 2024.
Mortgage loan originations were $121.6 million in the first quarter of 2025, down from $185.9 million in the fourth quarter of 2024 and up from $101.7 million in the first quarter a year ago. Mortgage loans funded for sale were $108.5 million in the first quarter of 2025, compared to $162.5 million in the fourth quarter of 2024 and $84.3 million in the first quarter of 2024.

Financial Highlights	Three Months Ended
(Dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total assets	$	3,140,960		$	3,041,869		$	2,963,392		$	2,821,668		$	2,759,560
Total portfolio loans	$	2,124,330		$	2,129,263		$	2,007,565		$	1,875,907		$	1,811,135
Total deposits	$	2,777,977		$	2,680,189		$	2,625,567		$	2,463,806		$	2,434,083
Total shareholders’ equity	$	279,756		$	267,116		$	260,050		$	247,200		$	239,327
Net income	$	13,324		$	10,927		$	8,825		$	9,020		$	8,199
Diluted earnings per share	$	2.38		$	1.95		$	1.57		$	1.62		$	1.48
Return on average assets		1.76	%		1.43	%		1.22	%		1.31	%		1.19	%
Return on average shareholders’ equity		19.70	%		16.32	%		13.69	%		14.84	%		13.84	%
NIM		4.55	%		4.41	%		4.29	%		4.24	%		4.16	%
NIMTE^*		4.61	%		4.47	%		4.35	%		4.30	%		4.22	%
Efficiency ratio		64.47	%		66.96	%		66.11	%		68.78	%		68.93	%
Total shareholders’ equity/total assets		8.91	%		8.78	%		8.78	%		8.76	%		8.67	%
Tangible common equity/tangible assets^*		7.41	%		7.23	%		8.28	%		8.24	%		8.14	%
Book value per share	$	50.67		$	48.41		$	47.27		$	44.93		$	43.52
Tangible book value per share^*	$	41.47		$	39.17		$	44.36		$	42.03		$	40.61
Dividends per share	$	0.64		$	0.62		$	0.62		$	0.61		$	0.61
Common stock outstanding		5,520,892			5,518,210			5,501,943			5,501,562			5,499,578

^* References to NIMTE, tangible book value per share, and tangible common equity to tangible common assets, (both of which exclude intangible assets) represent non-GAAP financial measures. Management has presented these non-GAAP measurements in this earnings release, because it believes these measures are useful to investors. See the end of this release for reconciliations of these non-GAAP financial measures to GAAP financial measures.

Alaska Economic Update
(Note: sources for information included in this section are included on page 13.)

The Alaska Department of Labor (“DOL”) has reported Alaska’s seasonally adjusted unemployment rate in February of 2025 was 4.7% compared to the U.S. rate of 4.1%. The total number of payroll jobs in Alaska, not including uniformed military, increased 1.6% or 5,200 jobs between February of 2024 and February of 2025.

According to the DOL, the Oil and Gas sector had the largest growth rate in new jobs of 7.5% through February 2025 compared to the prior year, up 600 direct jobs. The Construction sector added 1,000 positions for a year-over-year growth rate of 6.1% in February of 2025. The larger Health Care sector grew by 1,400 jobs for an annual growth rate of 3.4%. Transportation, Warehousing and Utilities added 1,100 jobs for a 5% growth rate. Leisure and Hospitality increased 500 jobs year-over-year through February of 2025, up 1.6%.

The Government sector grew by 600 jobs for 0.7% growth, adding 100 Federal jobs, and 500 State positions in Alaska over the same period. Declining sectors between February 2024 and February 2025 were Manufacturing (primarily seafood processing) shrinking 500 positions (-4.4%), Financial Activities, down 100 jobs (-0.9%), and Retail lost 100 jobs (-0.3%).

Alaska’s seasonally adjusted personal income was $56.5 billion in the fourth quarter of 2024 according to the Federal Bureau of Economic Analysis (“BEA”). This was an annualized improvement in the fourth quarter of 4.7% for Alaska, compared to the national average of 4.6%. Alaska enjoyed an annual personal income improvement of 6% in 2024 compared to the U.S. increase of 5.4%, ranking Alaska 6^th best in the nation. The $650 million increase in personal income in the fourth quarter in Alaska came from a $446 million increase in net earnings from wages, $154 million growth in government transfer receipts, and a $49 million increase in investment income.

Alaska’s Gross State Product (“GSP”) in 2024, reached $70 billion for the first time according to the BEA. Alaska’s inflation adjusted “real” GSP increased 1.5% in 2024 and 4% annualized in the fourth quarter of 2024, placing Alaska third best of all 50 states for the quarter. The average U.S. GDP growth rate was 2.8% for the year and 2.4% in the fourth quarter of 2024. Alaska’s real GSP improvement in the fourth quarter of 2024 was primarily caused by growth in the Mining, Oil & Gas; Transportation & Warehousing; and to a lesser extent the Health Care sector. Construction played a larger role in the annual state GSP performance.

Based on data from the U.S. Chamber of Commerce, Alaska exported $5.2 billion in goods to foreign countries in 2023. China is the largest importer of Alaska’s products at $1.2 billion, followed by Japan at $710 million and Korea at $702 million in 2023. Fish and related maritime products accounted for the largest volume at $2.1 billion, followed by minerals and ores $1.5 billion, and primary metals at $780 million in 2023. Chief Credit Officer and Bank Economist Mark Edwards stated, “President Trump’s significant changes to international tariffs has created uncertainty in trade markets. At this time, it is unknown how each country will respond. Alaska’s natural resources are highly valued commodities throughout the world. If issues arise with one country, such as China, it is most likely that Alaska’s products will be redirected to other markets like Japan and South Korea or sold domestically in the United States. Canada is the largest long-term investor in Alaska’s mining industry. This involves significant fixed capital investments made over decades that are unlikely to shift dramatically in the short-run.”

According to the US Bureau of Labor Statistics, the Consumer Price Index, or CPI, for the U.S. increased 2.8% between February of 2024 and February of 2025. In Alaska, the rate of increase was 2.9% for the same time period. Food and beverage; housing rents and mortgage rates; transportation; and medical care costs are the largest causes for inflation. Declining motor fuel prices, new and used car prices, and household furnishing costs have helped moderate inflationary pressures in Alaska.

The monthly average price of Alaska North Slope (“ANS”) crude oil was $76.39 in January, $74.03 in February and $73.39 in March of 2025. The Alaska Department of Revenue (“DOR”) calculated ANS crude oil production was 461 thousand barrels per day (“bpd”) in Alaska’s fiscal year ending June 30, 2024. Through nine months of the fiscal year 2025, production has averaged slightly above the State of Alaska forecast of 467 thousand bpd. In the Spring 2025 Revenue Forecast published March 12, 2025, the DOR expects production to continue to grow to 663 thousand bpd by fiscal year 2034. This is primarily a result of new production coming on-line in and around the NPR-A region west of Prudhoe Bay. A partnership between Santos and Repsol is constructing the new Pikka oil field and ConocoPhillips is developing the new Willow oil field. There are also a number of smaller new oil fields in Alaska’s North Slope that are contributing to the State of Alaska’s production growth estimates.

The Alaska Permanent Fund is seeded annually by the oil wealth the State continues to save each year and has grown significantly over 40 years of successful investment. As of February 28, 2025 the funds value was $81.35 billion. According to the DOR it is scheduled to contribute $3.7 billion to the Alaska General Fund in fiscal year 2025 for general government spending and to pay the annual dividend to Alaskan residents.

According to the Alaska Multiple Listing Services, the average sales price of a single family home in Anchorage rose 6.2% in 2024 to $510,109, following a 5.2% increase in 2023. This was the seventh consecutive year of price increases.

The average sales price for single family homes in the Matanuska Susitna Borough rose 3.8% in 2024 to $412,859, after increasing 4% in 2023. This continues a trend of average price increases for more than a decade in the region. These two markets represent where the vast majority of the residential lending activity for Northrim Bank (the”Bank”) occurs.

The Alaska Multiple Listing Services reported a 3.4% increase in the number of units sold in Anchorage when comparing 2024 to 2023. There was virtually no change in the number of homes sold in the Matanuska Susitna Borough, with only four fewer homes sold in 2024 than in 2023 or -0.2%.

Northrim Bank sponsors the Alaskanomics blog to provide news, analysis, and commentary on Alaska’s economy. Join the conversation at Alaskanomics.com, or for more information on the Alaska economy, visit: www.northrim.com and click on the “Business Banking” link and then click “Learn.” Information from our website is not incorporated into, and does not form, a part of this earnings release.

Review of Income Statement

Consolidated Income Statement

In the first quarter of 2025, Northrim generated a ROAA of 1.76% and a ROAE of 19.70%, compared to 1.43% and 16.32%, respectively, in the fourth quarter of 2024 and 1.19% and 13.84%, respectively, in the first quarter a year ago.

Net Interest Income/Net Interest Margin

Net interest income increased 1% to $31.3 million in the first quarter of 2025 compared to $30.8 million in the fourth quarter of 2024 and increased 18% compared to $26.4 million in the first quarter of 2024. Interest expense on deposits decreased to $9.9 million in the first quarter of 2025 compared to $10.6 million in the fourth quarter of 2024 and increased compared to $9.2 million in the first quarter of 2024.

NIMTE^* was 4.61% in the first quarter of 2025 up from 4.47% in the preceding quarter and 4.22% in the first quarter a year ago. NIMTE^* increased 39 basis points in the first quarter of 2025 compared to the first quarter of 2024 primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets, slightly higher yields on those assets, and a decrease in costs on interest-bearing liabilities. The weighted average interest rate for new loans booked in the first quarter of 2025 was 7.30% compared to 7.23% in the fourth quarter of 2024 and 7.84% in the first quarter a year ago. The yield on the investment portfolio in the first quarter of 2025 increased to 2.97% from 2.84% in the fourth quarter of 2024 and 2.82% in the first quarter of 2024. “We are starting to see some benefit from lower deposit costs that benefit our net interest margin and outweigh the impact of the recent Fed rate cuts on our loan portfolio, which we could continue to see for the next couple of quarters,” said Jed Ballard, Chief Financial Officer. Northrim’s NIMTE^* continues to remain above the peer average of 3.23% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of December 31, 2024.

Provision for Credit Losses

Northrim recorded a benefit to the provision for credit losses of $1.4 million in the first quarter of 2025, which was comprised of a benefit to the provision for credit losses on loans of $1.1 million, a $322,000 benefit to the provision for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $46,000. This compares to a provision for credit losses of $1.2 million in the fourth quarter of 2024, and provision for credit losses of $149,000 in the first quarter a year ago.

The benefit to the provision for unfunded commitments in the first quarter of 2025 was primarily due to a decrease in estimated loss rates due to changes in mix that was only partially offset by management’s assessment of economic conditions and estimated funding rates. The decrease to the provision for credit losses on loans in the first quarter of 2025 as compared to the prior quarter and the same quarter a year ago was primarily a result of the reclassification of $100 million in mortgage loans to loans held for sale, which provided a benefit to the provision of $2.2 million in the Home Mortgage Lending segment for the first quarter of 2025. This benefit was only partially offset by a $1.5 million provision for credit losses in the Home Mortgage Lending segment due to changes in the Company’s loss rate regression models for home mortgage loans. Additionally, the Company recorded $1.7 million net benefit for credit losses in the Community Banking segment related to changes in the Company’s loss rate regression models for commercial, commercial real estate, and construction loans. These decreases in the provision were only partially offset by increases in estimated loss rates for management’s assessment of economic conditions, an increase for higher loan balances in other loan segments, and specific provisions for credit losses in the Specialty Finance segment. These items reduced the overall benefit by $1.3 million. The provision for credit losses related to the Specialty Finance segment of $666,000 in the first quarter of 2025 consisted of a $621,000 provision for credit losses on loans and a $46,000 provision for credit losses on purchased receivables and represents management’s estimate of collateral shortfalls for four loans.

Nonperforming loans, net of government guarantees, increased during the quarter to $8.0 million at March 31, 2025, compared to $7.5 million at December 31, 2024, and $5.3 million at March 31, 2024.

The allowance for credit losses on loans was 262% of nonperforming loans, net of government guarantees, at the end of the first quarter of 2025, compared to 292% three months earlier and 333% a year ago.

Other Operating Income

In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities, including purchased receivables financing and wealth management. Other operating income contributed $14.2 million, or 31% of total first quarter 2025 revenues, as compared to $13.0 million, or 30% of revenues in the fourth quarter of 2024, and $7.8 million, or 23% of revenues in the first quarter of 2024. The increase in other operating income in the first quarter of 2025 as compared to the preceding quarter and the first quarter of 2024 was primarily the result of increased purchased receivable income due to the Company’s acquisition of Sallyport on October 31, 2024. The fair market value of marketable equity securities decreased $50,000 in the first quarter of 2025 compared to a decrease of $364,000 in the prior quarter and an increase of $314,000 in the first quarter of 2024. Additionally, the increase in other operating income in the first quarter of 2025 as compared to the fourth quarter of 2024 was partially offset by a decrease in mortgage banking income due to a lower volume of mortgage activity. See further discussion regarding mortgage activity contained under “Home Mortgage Lending” below.

Other Operating Expenses

Operating expenses were $29.3 million in the first quarter of 2025, compared to $29.4 million in the fourth quarter of 2024, and $23.6 million in the first quarter of 2024. The decrease in other operating expenses in the first quarter of 2025 compared to the fourth quarter of 2024 was primarily due to a decrease in salaries and other personnel expense, including $623,000 in lower mortgage commissions expense due to lower mortgage volume and a decrease in profit share expense. Professional fees decreased in the first quarter of 2025 compared to the fourth quarter of 2024 primarily due to one-time deal costs associated with the acquisition of Sallyport of $1.1 million recorded in the fourth quarter of 2024. These decreases were only partially offset by $600,000 in compensation expense for Sallyport acquisition payments and an increase in other operating expense for a decrease in fair value of loans held for sale of $1.2 million as a result of reclassifying the consumer mortgages discussed above. The increase in other operating expenses in the first quarter of 2025 compared to the first quarter a year ago was primarily due to an increase in salaries and other personnel expense, the increase in compensation expense for Sallyport acquisition payments, the increase in other operating expense for the decrease in fair value of loans held for sale, as well as an increase in other real estate owned, or OREO, expense due to a gain on sale recorded in the first quarter of 2024 for proceeds received related to a government guarantee on an OREO property in prior years. Total other operating expense increased $2.7 million in the Specialty Finance segment in the first quarter of 2025 compared to the first quarter of 2024 from the addition of Sallyport on October 31, 2024.

Income Tax Provision

In the first quarter of 2025, Northrim recorded $4.3 million in state and federal income tax expense for an effective tax rate of 24.2%, compared to $2.4 million, or 17.8% in the fourth quarter of 2024 and $2.3 million, or 21.9% in the first quarter a year ago. The increase in the tax rate in the first quarter of 2025 as compared to the fourth and first quarters of 2024 is primarily the result of a decrease in tax credits and tax exempt interest income as a percentage of pre-tax income in 2025 as compared to 2024.

Community Banking

Northrim is committed to meeting the needs of the diverse communities in which it operates. As a testament to that support, the Bank has branches in four regions of Alaska identified by the Federal Reserve as ‘distressed or underserved non-metropolitan middle-income geographies’.

Net interest income in the Community Banking segment totaled $28.2 million in the first quarter of 2025, compared to $27.6 million in the fourth quarter of 2024 and $24.2 million in the first quarter of 2024. Net interest income increased slightly in the first quarter of 2025 as compared to the fourth quarter of 2024 mostly due to lower interest expense on deposits and borrowings and higher interest income on loans. These increases were only partially offset by lower interest income on investments.

Other operating expenses in the Community Banking segment totaled $18.6 million in the first quarter of 2025, down $535,000 or 3% from $19.1 million in the fourth quarter of 2024, and up $1.4 million or 8% from $17.2 million in the first quarter a year ago. The decrease in the first quarter of 2025 as compared to the prior quarter was mostly due to decreases in salaries and other personnel expense, marketing expense, and professional and outside services expense. The increase in the first quarter of 2025 as compared to the first quarter a year ago was primarily due to an increase in OREO expense due to a gain on sale recorded in the first quarter of 2024 for proceeds received related to a government guarantee on an OREO property sold in prior years, as well as increases in data processing expense, insurance expense, salaries and other personnel expense, and marketing expense.

The following table provides highlights of the Community Banking segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	March 31, 2025			December 31, 2024		September 30, 2024		June 30, 2024			March 31, 2024
Net interest income	$	28,151		$	27,643	$	25,928	$	24,318		$	24,215
(Benefit) provision for credit losses		(1,768	)		771		1,492		(184	)		197
Other operating income		2,703			2,535		3,507		2,450			2,468
Other operating expense		18,581			19,116		18,723		18,068			17,178
Income before provision for income taxes		14,041			10,291		9,220		8,884			9,308
Provision for income taxes		3,253			1,474		2,133		1,786			1,966
Net income	$	10,788		$	8,817	$	7,087	$	7,098		$	7,342
Weighted average shares outstanding, diluted		5,608,102			5,597,889		5,583,055		5,558,580			5,554,930
Diluted earnings per share attributable to Community Banking	$	1.93		$	1.58	$	1.26	$	1.27		$	1.32

Home Mortgage Lending

During the first quarter of 2025, mortgage loans funded for sale were $108.5 million, compared to $162.5 million in the fourth quarter of 2024, and $84.3 million in the first quarter of 2024.

During the first quarter of 2025, the Bank purchased loans of $13.1 million from its subsidiary, Residential Mortgage. of which approximately half were jumbos, one-quarter were mortgages for second homes, and one-quarter were adjustable rate mortgages, with a weighted average interest rate of 6.39%, as compared to $23.4 million and 6.30% in the fourth quarter of 2024, and $17.4 million and 6.65% in the first quarter of 2024. Net interest income contributed $3.0 million to total Home Mortgage Lending revenue in the first quarter of 2025, down from $3.3 million in the prior quarter, and up from $2.2 million in the first quarter a year ago.

The income statement impact from the reclassification of the consumer mortgages was a decrease in provision for credit losses of $2.2 million and a $1.2 million decrease in the fair value of mortgages.

The Arizona, Colorado, and Pacific Northwest mortgage expansion markets were responsible for 20% of Residential Mortgage’s $122 million total production in the first quarter of 2025, 19% of $186 million total production in the fourth quarter of 2024, and 19% of $102 million total production in the first quarter of 2024.

The net change in fair value of mortgage servicing rights decreased mortgage banking income by $855,000 during the first quarter of 2025 compared to an increase of $873,000 for the fourth quarter of 2024 and a decrease of $25,000 for the first quarter of 2024. Mortgage servicing revenue decreased to $2.7 million in the first quarter of 2025 from $2.8 million in the prior quarter and increased from $1.6 million in the first quarter of 2024 due to an increase in production of Alaska Housing Finance Corporation (AHFC) mortgages, which contribute to servicing revenues at origination. In the first quarter of 2025, the Company’s servicing portfolio increased $24.0 million compared to a $294.1 million increase in the fourth quarter of 2024, which included the purchase of the AHFC servicing portfolio of $235.6 million, and an increase of $15.5 million in the first quarter of 2024.

As of March 31, 2025, Northrim serviced 6,391 loans in its $1.48 billion home-mortgage-servicing portfolio, a 2% increase compared to the $1.46 billion serviced as of the end of the fourth quarter of 2024, and a 40% increase from the $1.06 billion serviced a year ago.

The following table provides highlights of the Home Mortgage Lending segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Mortgage commitments	$	68,258		$	32,299		$	77,591		$	88,006		$	56,208

Mortgage loans funded for sale	$	108,499		$	162,530		$	209,960		$	152,339		$	84,324
Mortgage loans funded for investment		13,061			23,380			38,087			29,175			17,403
Total mortgage loans funded	$	121,560		$	185,910		$	248,047		$	181,514		$	101,727
Mortgage loan refinances to total fundings		11	%		11	%		6	%		6	%		4	%
Mortgage loans serviced for others	$	1,484,714		$	1,460,720		$	1,166,585		$	1,101,800		$	1,060,007

Net realized gains on mortgage loans sold	$	2,740		$	3,747		$	5,079		$	3,188		$	1,980
Change in fair value of mortgage loan commitments, net		660			(665	)		60			391			386
Total production revenue		3,400			3,082			5,139			3,579			2,366
Mortgage servicing revenue		2,696			2,847			2,583			2,164			1,561
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(322	)		1,372			(566	)		239			289
Other²		(533	)		(499	)		(402	)		(320	)		(314	)
Total mortgage servicing revenue, net		1,841			3,720			1,615			2,083			1,536
Other mortgage banking revenue		170			238			293			222			129
Total mortgage banking income	$	5,411		$	7,040		$	7,047		$	5,884		$	4,031

Net interest income	$	3,046		$	3,280		$	2,941		$	2,775		$	2,232
Provision (benefit) for credit losses		(307	)		305			571			64			(48	)
Mortgage banking income		5,411			7,040			7,047			5,884			4,031
Other operating expense		7,650			7,198			7,643			6,697			6,086
Income (loss) before provision for income taxes		1,114			2,817			1,774			1,898			225
Provision (benefit) for income taxes		310			842			497			532			63
Net income (loss)	$	804		$	1,975		$	1,277		$	1,366		$	162

Weighted average shares outstanding, diluted		5,608,102			5,597,889			5,583,055			5,558,580			5,554,930
Diluted earnings per share attributable to Home Mortgage Lending	$	0.14		$	0.35		$	0.23		$	0.25		$	0.03

¹Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
²Represents changes due to collection/realization of expected cash flows over time.

Specialty Finance

The Company’s Specialty Finance segment includes Northrim Funding Services and Sallyport Commercial Finance. Northrim Funding Services is a division of the Bank and has offered factoring solutions to small businesses since 2004. Sallyport is a leading provider of factoring, asset-based lending and alternative working capital solutions to small and medium sized enterprises in the United States, Canada, and the United Kingdom that the Company acquired on October 31, 2024 in an all cash transaction valued at approximately $53.9 million. The composition of revenues for the Specialty Finance segment are primarily purchased receivable income, but also includes interest income and other fee income.

The acquisition of Sallyport included $1.1 million in one-time deal related costs which are reflected in other operating expenses for the fourth quarter of 2024 in the tables below. Total pre-tax income for Sallyport for the first quarter of 2025 was $1.3 million compared to $945,000 for the two months of operations in the fourth quarter of 2024, excluding transaction costs.

Average purchased receivables and loan balances at Sallyport were $59.9 million for the first quarter of 2025, and yielded 35.8%. This included the recognition of $899,000 in fee income collected during the quarter related to two nonperforming receivables that was previously deferred and the collection of a $350,000 line termination fee. The yield excluding these items for the first quarter of 2025 was 27.4%.

The following table provides highlights of the Specialty Finance segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			September 30, 2024		June 30, 2024		March 31, 2024
Purchased receivable income	$	6,150		$	3,526		$	1,033	$	1,243	$	1,345
Other operating income		(64	)		(68	)		—		—		—
Interest income		596			407			158		170		212
Total revenue		6,682			3,865			1,191		1,413		1,557
Provision for credit losses		666			125			—		—		—
Compensation expense – SCF acquisition payments		600			—			—		—		—
Other operating expense		2,500			3,063			362		429		374
Interest expense		496			489			185		210		212
Total expense		4,262			3,677			547		639		586
Income before provision for income taxes		2,420			188			644		774		971
Provision for income taxes		688			53			183		218		276
Net income Specialty Finance segment	$	1,732		$	135		$	461	$	556	$	695
Weighted average shares outstanding, diluted		5,608,102			5,597,889			5,583,055		5,558,580		5,554,930
Diluted earnings per share attributable to Specialty Finance	$	0.31		$	0.02		$	0.08	$	0.10	$	0.13

Balance Sheet Review

Northrim’s total assets were $3.14 billion at March 31, 2025, up 3% from the preceding quarter and up 14% from a year ago. Northrim’s loan-to-deposit ratio was 76% at March 31, 2025, down from 79% at December 31, 2024, and up from 74% at March 31, 2024.

At March 31, 2025, our liquid assets, investments, and loans maturing within one year were $1.11 billion and our funds available for borrowing under our existing lines of credit were $571.7 million. Given these sources of liquidity and our expectations for customer demands for cash and for our operating cash needs, we believe our sources of liquidity to be sufficient for the foreseeable future.

Average interest-earning assets were $2.78 billion in the first quarter of 2025, down slightly from $2.79 billion in the fourth quarter of 2024 and up 9% from $2.56 billion in the first quarter a year ago. The average yield on interest-earning assets was 6.10% in the first quarter of 2025, up slightly from 6.02% in the preceding quarter and up from 5.69% in the first quarter a year ago.

Average investment securities decreased to $523.8 million in the first quarter of 2025, compared to $565.8 million in the fourth quarter of 2024 and $670.9 million in the first quarter a year ago. The average net tax equivalent yield on the securities portfolio was 2.97% for the first quarter of 2025, up from 2.84% in the preceding quarter and up from 2.82% in the year ago quarter. The average estimated duration of the investment portfolio at March 31, 2025, was approximately 2.4 years compared to approximately 2.7 years at March 31, 2024. As of March 31, 2025, $70.0 million of available for sale securities with a weighted average yield of 2.25% are scheduled to mature in the next six months, $80.7 million with a weighted average yield of 1.16% are scheduled to mature in six months to one year, and $168.6 million with a weighted average yield of 1.67% are scheduled to mature in the following year, representing a total of $319.4 million or 11% of earning assets that are scheduled to mature in the next 24 months.

Total unrealized losses, net of tax, on available for sale securities decreased by $2.8 million in the first quarter of 2025 resulting in total unrealized loss, net of tax, of $5.5 million compared to $8.3 million at December 31, 2024, and $17.2 million a year ago. The average maturity of the available for sale securities with the majority of the unrealized loss is 1.3 years. Total unrealized losses on held to maturity securities were $1.1 million at March 31, 2025, compared to $1.0 million at December 31, 2024, and $3.4 million a year ago.

Average interest bearing deposits in other banks decreased to $38.0 million in the first quarter of 2025 from $72.2 million in the fourth quarter of 2024 and decreased from $61.6 million in the first quarter of 2024, as cash was used to fund the loan growth and provide liquidity.

Loans held for sale increased to $159.6 million at March 31, 2025, compared to $60.0 million at December 31, 2024, and $43.8 million a year ago, largely due to the reclassification of $100 million consumer mortgage loans from portfolio loans in the first quarter of 2025. Management expects to sell these loans with servicing retained which will result in an increase to mortgage servicing rights when the sale closes in the second quarter of 2025.

Portfolio loans were $2.12 billion at March 31, 2025, consistent with the preceding quarter and up 17% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $1.94 billion at March 31, 2025, up $77.4 million or 4% from the preceding quarter and up 22% from a year ago. This increase in the first quarter of 2025 was diversified throughout the loan portfolio including nonowner-occupied commercial real estate and multi-family loans increasing by $70.8 million, commercial loans increasing by $55.4 million, and commercial real estate owner-occupied loans increasing $10.4 million from the preceding quarter. These increases were partially offset by a $57.9 million decrease in construction loans. Average portfolio loans in the first quarter of 2025 were $2.17 billion, which was up 5% from the preceding quarter and up 21% from a year ago. Yields on average portfolio loans in the first quarter of 2025 decreased to 6.89% from 6.93% in the fourth quarter and increased from 6.75% in the first quarter of 2024. The decrease in the yield on portfolio loans in the first quarter of 2025 compared to the fourth quarter of 2024 is primarily due to a change in the mix of loans as construction loans decreased and commercial real estate loans increased as a percentage of the overall portfolio. The yield on new portfolio loans, excluding consumer mortgage loans, was 7.43% in the first quarter of 2025 as compared to 7.40% in the fourth quarter of 2024 and 8.39% in the first quarter of 2024.

Northrim’s loans and credit lines are subject to approval procedures and amount limitations. These limitations apply to the borrower’s total outstanding indebtedness and commitments to us, including the indebtedness of any guarantor. Generally, Northrim is permitted to make loans to one borrower of up to 15% of the unimpaired capital and surplus of the Bank. The legal lending limit was $37.6 million at March 31, 2025. At March 31, 2025, Northrim had 23 relationships totaling $520.2 million in portfolio loans whose total direct and indirect commitments were greater than 50% of the legal lending limit.

Alaskans continue to account for substantially all of Northrim’s deposit base. Total deposits were $2.78 billion at March 31, 2025, up 4% from $2.68 billion at December 31, 2024, and up 14% from $2.43 billion a year ago. “The increase in deposits in the first quarter of 2025 was not consistent with our customers’ normal business cycles as we normally see decreases in balances during the first quarter, however deposits from new relationships in the quarter were more than able to offset our normal seasonal deposit movement,” said Ballard. At March 31, 2025, 74% of total deposits were held in business accounts and 26% of deposit balances were held in consumer accounts. Northrim had approximately 34,000 deposit customers with an average balance of $61,000 as of March 31, 2025. Northrim had 27 customers with balances over $10 million as of March 31, 2025, which accounted for $694.7 million, or 26%, of total deposits. Demand deposits increased by 5% from the prior quarter and increased 4% from the prior year to $742.6 million at March 31, 2025. Demand deposits remained consistent at 27% of total deposits at both March 31, 2025 and December 31, 2024 and were down from 29% of total deposits at March 31, 2024. Average interest-bearing deposits were up 2% to $2.00 billion with an average cost of 2.01% in the first quarter of 2025, compared to $1.95 billion and an average cost of 2.15% in the fourth quarter of 2024, and up 16% compared to $1.73 billion and an average cost of 2.13% in the first quarter of 2024. Uninsured deposits totaled $1.04 billion or 37% of total deposits as of March 31, 2025 compared to $1.08 billion or 40% of total deposits as of December 31, 2024.

Shareholders’ equity was $279.8 million, or $50.67 book value per share, at March 31, 2025, compared to $267.1 million, or $48.41 book value per share, at December 31, 2024 and $239.3 million, or $43.52 book value per share, a year ago. Tangible book value per share^* was $41.47 at March 31, 2025, compared to $39.17 at December 31, 2024, and $40.61 per share a year ago. The increase in shareholders’ equity in the first quarter of 2025 as compared to the fourth quarter of 2024 was largely the result of earnings of $13.3 million and an increase in the fair value of the available for sale securities portfolio, which increased $5.5 million, net of tax, which were only partially offset by dividends paid of $3.6 million. The Company did not repurchase any shares of common stock in the first quarter of 2025 and currently has no plans to continue to repurchase shares. Tangible common equity to tangible assets^* was 7.41% as of March 31, 2025, compared to 7.23% as of December 31, 2024 and 8.14% as of March 31, 2024. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of 9.76% at March 31, 2025, compared to 9.76% at December 31, 2024, and 11.55% at March 31, 2024.

Asset Quality

Northrim believes it has a consistent lending approach throughout economic cycles, which emphasizes appropriate loan-to-value ratios, adequate debt coverage ratios, and competent management.

Nonperforming assets (“NPAs”) net of government guarantees were $12.3 million at March 31, 2025, up from $11.6 million at December 31, 2024 and $5.4 million a year ago. Of the NPAs at March 31, 2025, $4.5 million are attributable to the Community Banking segment and $7.6 million are attributable to the Specialty Finance segment.

Net adversely classified loans were $20.4 million at March 31, 2025, as compared to $9.6 million at December 31, 2024, and $7.2 million a year ago. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. The increase in adversely classified loans, net of government guarantees, at March 31, 2025 as compared to the prior quarter and prior year is mostly attributable to two commercial relationships totaling $9.4 million. Net loan recoveries were $34,000 in the first quarter of 2025, compared to net loan recoveries of $51,000 in the fourth quarter of 2024, and net loan recoveries of $42,000 in the first quarter of 2024. Additionally, Northrim had three new loan modifications to borrowers experiencing financial difficulty totaling $813,000, for a total of 14 totaling $3.8 million, net of government guarantees in the first quarter of 2025.

Northrim had $140.7 million, or 7% of portfolio loans, in the Healthcare sector, $122.5 million, or 6% of portfolio loans, in the Tourism sector, $110.9 million, or 5% of portfolio loans, in the Accommodations sector, $91.2 million, or 4% of portfolio loans, in the Retail sector, $85.7 million, or 4% of portfolio loans, in the Aviation (non-tourism) sector, $75.5 million, or 4% of portfolio loans, in the Fishing sector, and $60.2 million, or 3% in the Restaurants and Breweries sector as of March 31, 2025.

Northrim estimates that $106.3 million, or approximately 5% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of March 31, 2025, and $1.5 million of these loans are adversely classified. As of March 31, 2025, Northrim has an additional $32.6 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and no unfunded commitments on adversely classified loans. Northrim defines direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that have been identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The Bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

www.northrim.com

Forward-Looking Statement
This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy, management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements, are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include: descriptions of Northrim’s and Sallyport’s financial condition, results of operations, asset based lending volumes, asset and credit quality trends and profitability and statements about the expected financial benefits and other effects of the acquisition of Sallyport by Northrim Bank; expected cost savings, synergies and other financial benefits from the acquisition of Sallyport by Northrim Bank might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; the ability of Northrim and Sallyport to execute their respective business plans; potential further increases in interest rates; the value of securities held in our investment portfolio; the impact of the results of government initiatives, including tariffs, on the regulatory landscape, natural resource extraction industries, and capital markets; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; potential further increases in inflation, supply-chain constraints, and potential geopolitical instability, including the wars in Ukraine and the Middle East; financial stress on borrowers (consumers and businesses) as a result of higher rates or an uncertain economic environment; the general condition of, and changes in, the Alaska economy; our ability to maintain or expand our market share or net interest margin; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to current expected credit losses accounting guidance; our ability to maintain asset quality; our ability to implement our marketing and growth strategies; our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking,” and identity theft; disease outbreaks; and our ability to execute our business plan. Further, actual results may be affected by competition on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward-looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.

References:

https://www.bea.gov/

http://almis.labor.state.ak.us/

http://www.tax.alaska.gov/programs/oil/prevailing/ans.aspx

http://www.tax.state.ak.us/

www.mba.org

https://www.alaskarealestate.com/MLSMember/RealEstateStatistics.aspx

https://www.akleg.gov/basis/Bill/Text/34?Hsid=HJR011C

https://www.uschamber.com/assets/static/maps/international-trade/AK_Chamber_2024.pdf

https://tax.alaska.gov/programs/programs/reports/RSB.aspx?Year=2025&Type=Spring

https://www.capitaliq.spglobal.com/web/client?auth=inherit&overridecdc=1&#markets/indexFinancials

Income Statement
(Dollars in thousands, except per share data)	Three Months Ended
(Unaudited)	March 31,			December 31,			March 31,
		2025			2024			2024
Interest Income:
Interest and fees on loans	$	37,470		$	37,059		$	30,450
Interest on portfolio investments		3,675			3,844			4,520
Interest on deposits in banks		416			883			838
Total interest income		41,561			41,786			35,808
Interest Expense:
Interest expense on deposits		9,935			10,568			9,180
Interest expense on borrowings		329			377			181
Total interest expense		10,264			10,945			9,361
Net interest income		31,297			30,841			26,447

(Benefit) provision for credit losses		(1,409	)		1,201			149
Net interest income after provision for credit losses		32,706			29,640			26,298

Other Operating Income:
Purchased receivable income		6,150			3,526			1,345
Mortgage banking income		5,411			7,040			4,031
Bankcard fees		1,074			1,148			917
Service charges on deposit accounts		677			622			549
Unrealized gain (loss) on marketable equity securities		(50	)		(364	)		314
Other income		938			949			688
Total other operating income		14,200			13,033			7,844

Other Operating Expense:
Salaries and other personnel expense		17,223			18,254			15,417
Data processing expense		3,104			3,108			2,659
Occupancy expense		1,889			1,893			1,962
Professional and outside services		1,115			1,967			755
Insurance expense		1,017			894			779
Marketing expense		672			965			513
Compensation expense – SCF acquisition payments		600			—			—
OREO expense, net rental income and gains on sale		3			2			(391	)
Other operating expense		3,708			2,294			1,944
Total other operating expense		29,331			29,377			23,638

Income before provision for income taxes		17,575			13,296			10,504
Provision for income taxes		4,251			2,369			2,305
Net income	$	13,324		$	10,927		$	8,199

Basic EPS	$	2.41		$	1.99		$	1.49
Diluted EPS	$	2.38		$	1.95		$	1.48
Weighted average shares outstanding, basic		5,519,998			5,509,078			5,499,578
Weighted average shares outstanding, diluted		5,608,102			5,597,889			5,554,930

Balance Sheet
(Dollars in thousands)
(Unaudited)	March 31,			December 31,			March 31,
		2025			2024			2024

Assets:
Cash and due from banks	$	29,671		$	42,101		$	30,159
Interest bearing deposits in other banks		35,852			20,635			50,205
Investment securities available for sale, at fair value		463,096			478,617			592,479
Investment securities held to maturity		36,750			36,750			36,750
Marketable equity securities, at fair value		8,669			8,719			13,467
Investment in Federal Home Loan Bank stock		5,342			5,331			3,236
Loans held for sale		159,603			59,957			43,818

Portfolio loans		2,124,330			2,129,263			1,811,135
Allowance for credit losses, loans		(20,922	)		(22,020	)		(17,533	)
Net portfolio loans		2,103,408			2,107,243			1,793,602
Purchased receivables, net		95,489			74,078			37,698
Mortgage servicing rights, at fair value		26,814			26,439			20,055
Other real estate owned, net		—			—			—
Premises and equipment, net		37,070			37,757			40,836
Lease right of use asset		7,632			7,455			8,867
Goodwill and intangible assets		50,824			50,968			15,967
Other assets		80,740			85,819			72,421
Total assets	$	3,140,960		$	3,041,869		$	2,759,560

Liabilities:
Demand deposits	$	742,560		$	706,225		$	714,244
Interest-bearing demand		1,187,465			1,108,404			889,581
Savings deposits		256,650			250,900			246,902
Money market deposits		193,842			196,290			209,785
Time deposits		397,460			418,370			373,571
Total deposits		2,777,977			2,680,189			2,434,083
Other borrowings		13,136			23,045			13,569
Junior subordinated debentures		10,310			10,310			10,310
Lease liability		7,682			7,487			8,884
Other liabilities		52,099			53,722			53,387
Total liabilities		2,861,204			2,774,753			2,520,233

Shareholders’ Equity:
Total shareholders’ equity		279,756			267,116			239,327
Total liabilities and shareholders’ equity	$	3,140,960		$	3,041,869		$	2,759,560

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Composition of Portfolio Loans
	March 31, 2025					December 31, 2024					September 30, 2024					June 30, 2024					March 31, 2024
	Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total
Commercial loans	$	573,593		27	%	$	518,148		24	%	$	492,414		24	%	$	495,781		26	%	$	475,220		26	%
Commercial real estate:
Owner occupied properties		430,442		20	%		420,060		20	%		412,827		20	%		383,832		20	%		372,507		20	%
Nonowner occupied and multifamily properties		690,277		32	%		619,431		29	%		584,302		31	%		551,130		30	%		529,904		30	%
Residential real estate:
1-4 family properties secured by first liens		188,219		9	%		270,535		13	%		248,514		12	%		222,026		12	%		218,552		12	%
1-4 family properties secured by junior liens & revolving secured by first liens		53,836		3	%		48,857		2	%		45,262		2	%		41,258		2	%		35,460		2	%
1-4 family construction		34,017		2	%		39,789		2	%		39,794		2	%		29,510		2	%		27,751		2	%
Construction loans		156,211		7	%		214,068		10	%		185,362		9	%		154,009		8	%		153,537		8	%
Consumer loans		7,424		—	%		7,562		—	%		7,836		—	%		6,679		—	%		6,444		—	%
Subtotal		2,134,019					2,138,450					2,016,311					1,884,225					1,819,375
Unearned loan fees, net		(9,689	)				(9,187	)				(8,746	)				(8,318	)				(8,240	)
Total portfolio loans	$	2,124,330				$	2,129,263				$	2,007,565				$	1,875,907				$	1,811,135

Composition of Deposits
	March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024
	Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total
Demand deposits	$	742,560	27	%	$	706,225	27	%	$	763,595	29	%	$	704,471	29	%	$	714,244	29	%
Interest-bearing demand		1,187,465	43	%		1,108,404	41	%		979,238	37	%		906,010	36	%		889,581	37	%
Savings deposits		256,650	9	%		250,900	9	%		245,043	9	%		238,156	10	%		246,902	10	%
Money market deposits		193,842	7	%		196,290	7	%		204,821	8	%		195,159	8	%		209,785	9	%
Time deposits		397,460	14	%		418,370	16	%		435,870	17	%		420,010	17	%		373,571	15	%
Total deposits	$	2,777,977			$	2,680,189			$	2,628,567			$	2,463,806			$	2,434,083

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Asset Quality	March 31,		December 31,		March 31,
		2025		2024		2024
Nonaccrual loans – Community Banking	$	4,274	$	4,337	$	4,472
Nonaccrual loans – Home Mortgage Lending		221		233		263
Nonaccrual loans – Specialty Finance		3,573		2,946		525
Nonaccrual loans – Total		8,068		7,516		5,260
Loans 90 days past due and accruing – Community Banking		—		17		—
Loans 90 days past due and accruing – Total		—		17		—
Total nonperforming loans – Community Banking		4,274		4,354		4,472
Total nonperforming loans – Home Mortgage Lending		221		233		263
Total nonperforming loans – Specialty Finance		3,573		2,946		525
Total nonperforming loans – Total		8,068		7,533		5,260
Nonperforming loans guaranteed by gov’t – Community Banking		80		—		—
Nonperforming loans guaranteed by gov’t – Total		80		—		—
Net nonperforming loans – Community Banking		4,194		4,354		4,472
Net nonperforming loans – Home Mortgage Lending		221		233		263
Net nonperforming loans – Specialty Finance		3,573		2,946		525
Net nonperforming loans – Total		7,988		7,533		5,260

Repossessed assets – Community Banking		297		297		—
Repossessed assets – Total		297		297		—

Nonperforming purchased receivables – Specialty Finance		4,007		3,768		183

Net nonperforming assets – Community Banking		4,491		4,651		4,472
Net nonperforming assets – Home Mortgage Lending		221		233		263
Net nonperforming assets – Specialty Finance		7,580		6,714		708
Net nonperforming assets – Total	$	12,292	$	11,598	$	5,443

Adversely classified loans, net of gov’t guarantees – Community Banking	$	16,592	$	6,332	$	6,374
Adversely classified loans, net of gov’t guarantees – Home Mortgage Lending		252		358		307
Adversely classified loans, net of gov’t guarantees – Specialty Finance		3,573		2,946		525
Adversely classified loans, net of gov’t guarantees – Total	$	20,417	$	9,636	$	7,206

Special mention loans, net of gov’t guarantees – Community Banking	$	14,496	$	19,769	$	9,976
Special mention loans, net of gov’t guarantees – Home Mortgage Lending		637		—		—
Special mention loans, net of gov’t guarantees – Total	$	15,133	$	19,769	$	9,976

Asset Quality, Continued	March 31,			December 31,			March 31,
		2025			2024			2024
Nonperforming loans, net of government guarantees / portfolio loans		0.38	%		0.35	%		0.29	%
Nonperforming loans, net of government guarantees / portfolio loans, net of government guarantees		0.40	%		0.38	%		0.31	%
Nonperforming assets, net of government guarantees / total assets		0.39	%		0.38	%		0.20	%
Nonperforming assets, net of government guarantees / total assets net of government guarantees		0.41	%		0.40	%		0.20	%

Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans		0.04	%		0.11	%		0.03	%
Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans, net of government guarantees		0.04	%		0.11	%		0.04	%

Allowance for credit losses for loans / portfolio loans		0.98	%		1.03	%		0.97	%
Allowance for credit losses for loans / portfolio loans, net of gov’t guarantees		1.06	%		1.10	%		1.03	%
Allowance for credit losses for loans / nonperforming loans, net of government guarantees		262	%		292	%		333	%

Gross loan charge-offs for the quarter – Community Banking	$	50		$	44		$	25
Gross loan charge-offs for the quarter – Specialty Finance		—			105			—
Gross loan charge-offs for the quarter – Total		50			149			25

Gross loan recoveries for the quarter – Community Banking		(84	)		(200	)		(67	)
Gross loan recoveries for the quarter – Home Mortgage Lending		—			—			—
Gross loan recoveries for the quarter – Specialty Finance		—			—			—
Gross loan recoveries for the quarter – Total	$	(84	)	$	(200	)	$	(67	)

Net loan (recoveries) charge-offs for the quarter – Community Banking	$	(34	)	$	(156	)	$	(42	)
Net loan (recoveries) charge-offs for the quarter – Specialty Finance		—			(105	)		—
Net loan (recoveries) charge-offs for the quarter – Total	$	(34	)	$	(51	)	$	(42	)

Net loan charge-offs (recoveries) for the quarter / average loans, for the quarter		—	%		—	%		—	%

Allowance for credit losses for purchased receivables / purchased receivables		3.72	%		4.69	%		—	%

Net purchased receivable charge-offs (recoveries) for the quarter	$	—		$	—		$	—

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates
	Three Months Ended
	March 31, 2025					December 31, 2024					March 31, 2024
				Average					Average					Average
	Average			Tax Equivalent		Average			Tax Equivalent		Average			Tax Equivalent
	Balance			Yield/Rate		Balance			Yield/Rate		Balance			Yield/Rate
Assets
Interest bearing deposits in other banks	$	37,969		4.44	%	$	72,212		4.72	%	$	61,561		5.38	%
Portfolio investments		523,753		2.97	%		565,785		2.84	%		670,937		2.82	%
Loans held for sale		46,223		5.86	%		83,304		5.97	%		32,635		6.13	%
Portfolio loans		2,173,425		6.89	%		2,066,216		6.93	%		1,793,425		6.75	%
Total interest-earning assets		2,781,370		6.10	%		2,787,517		6.02	%		2,558,558		5.69	%
Nonearning assets		293,415					251,364					201,137
Total assets	$	3,074,785				$	3,038,881				$	2,759,695

Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	2,002,594		2.01	%	$	1,954,495		2.15	%	$	1,731,923		2.13	%
Borrowings		37,081		3.55	%		29,251		3.95	%		23,944		2.95	%
Total interest-bearing liabilities		2,039,675		2.04	%		1,983,746		2.18	%		1,755,867		2.14	%

Noninterest-bearing demand deposits		697,534					738,911					705,134
Other liabilities		63,348					49,815					60,407
Shareholders’ equity		274,228					266,409					238,287
Total liabilities and shareholders’ equity	$	3,074,785				$	3,038,881				$	2,759,695
Net spread				4.06	%				3.84	%				3.55	%
NIM				4.55	%				4.41	%				4.16	%
NIMTE^*				4.61	%				4.47	%				4.22	%
Cost of funds				1.52	%				1.59	%				1.53	%
Average portfolio loans to average interest-earning assets		78.14	%				74.12	%				70.10	%
Average portfolio loans to average total deposits		80.49	%				76.71	%				73.59	%
Average non-interest deposits to average total deposits		25.83	%				27.43	%				28.93	%
Average interest-earning assets to average interest-bearing liabilities		136.36	%				140.52	%				145.71	%

Additional Financial Information
(Dollars in thousands, except per share data)
(Unaudited)

Capital Data (At quarter end)
	March 31, 2025			December 31, 2024			March 31, 2024
Book value per share	$	50.67		$	48.41		$	43.52
Tangible book value per share^*	$	41.47		$	39.17		$	40.61
Total shareholders’ equity/total assets		8.91	%		8.78	%		8.67	%
Tangible Common Equity/Tangible Assets^*		7.41	%		7.23	%		8.14	%
Tier 1 Capital / Risk Adjusted Assets		9.76	%		9.76	%		11.55	%
Total Capital / Risk Adjusted Assets		10.62	%		10.94	%		12.47	%
Tier 1 Capital / Average Assets		8.02	%		7.68	%		9.01	%
Shares outstanding		5,520,892			5,518,210			5,499,578
Total unrealized loss on AFS debt securities, net of income taxes	$	(5,452	)	$	(8,295	)	$	(17,205	)
Total unrealized gain on derivatives and hedging activities, net of income taxes	$	1,097		$	1,272		$	1,172

Profitability Ratios
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
For the quarter:
NIM	4.55	%	4.41	%	4.29	%	4.24	%	4.16	%
NIMTE^*	4.61	%	4.47	%	4.35	%	4.30	%	4.22	%
Efficiency ratio	64.47	%	66.96	%	66.11	%	68.78	%	68.93	%
Return on average assets	1.76	%	1.43	%	1.22	%	1.31	%	1.19	%
Return on average equity	19.70	%	16.32	%	13.69	%	14.84	%	13.84	%

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although we believe these non-GAAP financial measures are frequently used by stakeholders in the evaluation of the Company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP.

Net interest margin on a tax equivalent basis

Net interest margin on a tax equivalent basis (“NIMTE”) is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in both 2025 and 2024. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin for the periods indicated.

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net interest income	$	31,297		$	30,841		$	28,842		$	27,053		$	26,447
Divided by average interest-bearing assets		2,781,370			2,787,517			2,674,291			2,568,266			2,558,558
Net interest margin (“NIM”)²		4.55	%		4.41	%		4.29	%		4.24	%		4.16	%

Net interest income	$	31,297		$	30,841		$	28,842		$	27,053		$	26,447
Plus: reduction in tax expense related to tax-exempt interest income		379			379			385			378			379
	$	31,676		$	31,220		$	29,227		$	27,431		$	26,826
Divided by average interest-bearing assets		2,781,370			2,787,517			2,674,291			2,568,266			2,558,558
NIMTE²		4.61	%		4.47	%		4.35	%		4.30	%		4.22	%

²Calculated using actual days in the quarter divided by 365 for the quarters ended in 2025 and 366 for the quarters ended in 2024, respectively.

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Tangible Book Value Per Share

Tangible book value per share is a non-GAAP measure defined as shareholders’ equity, less intangible assets, divided by shares outstanding. The most comparable GAAP measure is book value per share and the following table sets forth the reconciliation of tangible book value per share and book value per share for the periods indicated.

	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Total shareholders’ equity	$	279,756	$	267,116	$	260,050	$	247,200	$	239,327
Divided by shares outstanding		5,521		5,518		5,502		5,502		5,500
Book value per share	$	50.68	$	48.41	$	47.26	$	44.93	$	43.52

	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Total shareholders’ equity	$	279,756	$	267,116	$	260,050	$	247,200	$	239,327
Less: goodwill and intangible assets		50,824		50,968		15,967		15,967		15,967
	$	228,932	$	216,148	$	244,083	$	231,233	$	223,360
Divided by shares outstanding		5,521		5,518		5,502		5,502		5,500
Tangible book value per share	$	41.47	$	39.17	$	44.36	$	42.03	$	40.61

Tangible Common Equity to Tangible Assets

Tangible common equity to tangible assets is a non-GAAP ratio that represents total equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. The most comparable GAAP measure of shareholders’ equity to total assets is calculated by dividing total shareholders’ equity by total assets and the following table sets forth the reconciliation of tangible common equity to tangible assets and shareholders’ equity to total assets for the periods indicated.

Northrim BanCorp, Inc.	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Total shareholders’ equity	$	279,756		$	267,116		$	260,050		$	247,200		$	239,327
Total assets		3,140,960			3,041,869			2,963,392			2,821,668			2,759,560
Total shareholders’ equity to total assets		8.91	%		8.78	%		8.78	%		8.76	%		8.67	%

Northrim BanCorp, Inc.	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total shareholders’ equity	$	279,756		$	267,116		$	260,050		$	247,200		$	239,327
Less: goodwill and other intangible assets, net		50,824			50,968			15,967			15,967			15,967
Tangible common shareholders’ equity	$	228,932		$	216,148		$	244,083		$	231,233		$	223,360

Total assets	$	3,140,960		$	3,041,869		$	2,963,392		$	2,821,668		$	2,759,560
Less: goodwill and other intangible assets, net		50,824			50,968			15,967			15,967			15,967
Tangible assets	$	3,090,136		$	2,990,901		$	2,947,425		$	2,805,701		$	2,743,593
Tangible common equity ratio		7.41	%		7.23	%		8.28	%		8.24	%		8.14	%

Contact:		Mike Huston, President, CEO, and COO (907) 261-8750 Jed Ballard, Chief Financial Officer (907) 261-3539

Note Transmitted on GlobeNewswire on April 23, 2025, at 12:15 pm Alaska Standard Time.

The MIL Network –

April 24, 2025

MIL-OSI: Ninepoint Partners Announces April 2025 Cash Distributions for ETF Series Securities

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 23, 2025 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint Partners”) today announced the April 2025 cash distributions for its ETF Series securities. The record date for the distributions is April 30, 2025. All distributions are payable on May 7, 2025.

The per-unit April 2025 distributions are detailed below:

About Ninepoint Partners

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

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

Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

Please note that distribution factors (breakdown between income, capital gains and return of capital) can only be calculated when a fund has reached its year-end. Distribution information should not be relied upon for income tax reporting purposes as this is only a component of total distributions for the year. For accurate distribution amounts for the purpose of filing an income tax return, please refer to the appropriate T3/T5 slips for that particular taxation year. Please refer to the prospectus or offering memorandum of each Fund for details of the Fund’s distribution policy.

The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund’s performance, rate of return, or yield. If distributions paid by the Fund are greater than the performance of the Fund, then an investor’s original investment will shrink. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid. An investor’s adjusted cost base will be reduced by the amount of any returns of

capital. If an investor’s adjusted cost base goes below zero, then capital gains tax will have to be paid on the amount below zero.

Sales Inquiries:

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

The MIL Network –

April 24, 2025

MIL-OSI: UPDATE – BTQ Technologies Corp. to Present at the OTCQX Best 50 Virtual Investor Conference April 24th

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, April 23, 2025 (GLOBE NEWSWIRE) — BTQ Technologies Corp. (OTCQX: BTQQF) (CBOE CA: BTQ) (FSE: NG3), a global quantum technology company focused on securing mission-critical networks, today announced that Nicolas Roussy Newton, Co-Founder and COO will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on April 24^th, 2025.

This live presentation, led by COO Nicolas Roussy Newton, will cover BTQ’s strategic growth plan, outline its global research initiatives currently underway and detail recent acquisitions and partnerships aimed at accelerating the commercialization of its advanced post quantum solutions.

DATE: Thursday April 24, 2025
TIME: 1:00 pm EST
LINK: CLICK HERE TO REGISTER

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 BTQ Highlights:

About BTQ
BTQ was founded by a group of post-quantum cryptographers with an interest in addressing the urgent security threat posed by large-scale universal quantum computers. With the support of leading research institutes and universities, BTQ is combining software and hardware to safeguard critical networks using unique post-quantum services and solutions.

Connect with BTQ: Website | LinkedIn

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:
BTQ Technologies Corp.
Bill Mitoulas
Investor Relations
+1.416.479.9547
bill@btq.com

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

Neither CBOE Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

The MIL Network –

April 24, 2025

MIL-OSI Asia-Pac: International Conference “Shaping the Energy Future: Challenges and Opportunities” (SEFCO-2025) inaugurated at CSIR-Indian Institute of Petroleum, Dehradun

Source: Government of India

Posted On: 23 APR 2025 6:21PM by PIB Delhi

CSIR-Indian Institute of Petroleum, Dehradun is organising an International Conference “Shaping the Energy Future: Challenges and Opportunities” (SEFCO-2025) from April 23 to 25, 2025. SEFCO conference is annually organized by students and young scientists at CSIR-IIP, Dehradun which is a platform to facilitate discussions on innovative solutions, explore collaborative opportunities in energy & chemical sector.

1^stedition of “SEFCO” Conference was organized in 2017. The present 7^thedition is an international conference with a theme of “Catalysing a Sustainable Future with Affordable Energy and Chemicals.”

The inauguration ceremony of SEFCO held on 23 April 2025 was graced by Chief Guest Prof. K.K. Pant, Director, IIT Roorkee and Guest of Honour Sh Alok Sharma, Director (R&D), Indian Oil Corporation Ltd. Dr. Manoj Srivastava, Secretary, SEFCO 2025 in his opening remarks gave an overview of genesis and relevance of SEFCO and its journey since inception. Dr. Harender Singh Bisht, Director, CSIR-IIP and Chief Patron of the conference, after paying homage to his holiness Pope Francis, welcomed distinguished guests and delegates and highlighted work done at CSIR-IIP and shared his vision on the way forward.

Sh Alok Sharma in his guest of honour address highlighted the approaches and measures adopted by Indian refineries towards achieving GoI’snet-zero goal by 2070.

In his keynote address, Chief guest Prof. K K Pant emphasized various pathways of producing green and sustainable energy and chemicals. He also mentioned that new challenges emerge when the technologies are scale-up from lab to commercial level. He inspired young researchers to think out of box to overcome these challenges.

This 3-day conference will feature talks from various national and international experts, young scientists and research students from universities, research institutes and industries. Notable International speakers include Prof. Paul A. Webley from Monash University, Australia; Dr. Richard Blom from SINTEF, Norway; Prof. Samira Siahrostami, Simon Fraser University, Canada; Prof. Keiichi Tomishige, Tohoku University, Japan, and Prof. Eric van Steen, SARChI Reaction Engineering, University of Cape Town, South Africa.

More than 300 delegates from various national and international organizations are attending the conference. An exhibition showcasing CSIR-IIP’s technological achievements is part of this conference. SEFCO-2025 is supported by ONGC, EIL, BPCL, CRISTOL,IOCL, GAIL, AIRBUS, NRL, CPCL & R L Solutions.

***

NKR/PSM

(Release ID: 2123894) Visitor Counter : 64

MIL OSI Asia Pacific News –

April 24, 2025

MIL-OSI Security: Sheet Harbour — Sheet Harbour RCMP arrests two impaired drivers within 12 hours

Source: Royal Canadian Mounted Police

RCMP officers from Sheet Harbour arrested two impaired drivers in less than 12 hours.

On April 14, at approximately 10:50 a.m., RCMP Halifax Regional Detachment responded to reports of a possible impaired driver on Hwy. 7 who had parked his vehicle and entered a hardware store in Sheet Harbour. RCMP officers quickly located the vehicle, a Toyota Tacoma, and its driver, who was inside the store showing signs of impairment.

The 66-year-old Spry Bay man provided a breath samples into an approved screening device, which resulted in a “fail.” He was arrested and transported to the Sheet Harbour RCMP detachment where he subsequently provided breath samples that registered 100 mg% and 90 mg%.

Later that evening, at approximately 9:30 p.m., RCMP officers observed a Kia Rio speeding on Hwy. 7 in Murphy Cove and attempted to conduct a traffic stop. The driver initially stopped the vehicle but then drove off and parked at a nearby home where he was arrested for Flight from a Peace Officer. During his interaction with the officer, the driver exhibited signs of impairment and had open liquor in the vehicle.

The 48-year-old man was transported to the Sheet Harbour RCMP detachment where he subsequently provided breath samples that registered 140 mg% and 130 mg%.

Both drivers were later released and will appear in court at a later date to face charges of Operation while Impaired.

In Nova Scotia, drivers who provide breath samples of 80 mg% and above are issued an immediate 90-day driving suspension.

Road safety is a shared responsibility. Nova Scotians who suspect an impaired driver is operating a vehicle are asked to call 911; it could save a life.

File #: 25-51181, 25-51473

MIL Security OSI –

April 24, 2025

MIL-OSI Global: Forgotten futures? Canada urgently needs a national discussion about young people’s futures

Source: The Conversation – Canada – By J-C Couture, Adjunct faculty and Associate Lecturer, Department of Secondary Education, University of Alberta

This federal election cycle has seen laudable efforts to raise awareness around neglected issues.

We’ve heard more about the need for greater co-operation between provincial and territorial governments to respond to chaos triggered by United States President Donald Trump’s policies. In the same time frame, municipal politicans have been calling for climate change action through co-ordinated sustainable infrastructure development.

For policy experts and pundits alike, a growing consensus is emerging that Canada has for too long ignored deeper economic and political structural problems.

Some political analysts, (like pundit Andrew Coyne), have framed these issues as being part of Canada’s growth crisis, underscoring problems like a lack of a coherent industrial policy, flat or declining productivity and weak competitiveness.

Others, including provincial, municipal and First Nations leaders, note Canada also lacks a coherent approach to infrastructure that addresses decades of neglect in cities, towns and Indigenouscommunities alike.

As researchers committed to advancing more intentional conversations concerning the future of public education, we also see a huge gap in terms of co-ordinated, pan-Canadian federal efforts to support young people’s futures through education.

Need to knit vision together

For example, we have a national early learning and child-care strategy, (which could be imperilled, depending on who wins the election). It’s often shorthanded as being about “child care,” which diminishes the long-term significance of paying attention to how we invest in young people and families, and the quality of early education.

A recent open letter by the chair of the Toronto District School Board called on the leaders of Canada’s federal party leaders to address the growing diversity and complexity of the city’s student population.

We don’t have a federal department for education. While the Council of Ministers of Education Canada (CMEC) serves as a forum to discuss policy issues, as education scholar Jennifer Wallner notes, “effective creativity and co-ordination” is needed.

In the early 2000s, the Canadian Council on Learning was making ground-breaking contributions towards helping Canada develop comprehensive and coherent approaches to lifelong learning. But the council’s work was hobbled in 2011 when it was defunded by Stephen Harper’s Conservative government.

Sen. Rosemary Moodie’s introducton of Bill S-282, a “National Strategy for Children and Youth Act,” in November 2023 is one example of a positive effort to develop a pan-Canadian youth development framework.

There are solid pieces of a puzzle that can contribute to nurturing hopeful young people and a socially healthy and empowered society. But these sorely need to be knit together, as they have in places like like Iceland and Finland
to name a few.

Refraining from taking democracy for granted

The question of what public education actually means is much more than a semantic exercise; it’s a practical and foundational exercise in building a civil society and nation.

Three decades ago, American cultural and media critic Neil Postman invoked the truism that “public education creates a public” — a reminder that the vibrancy of our communities and democracy can’t be taken for granted. As we look at the U.S. and the rise of neo-liberalism and authoritarian populism, Canadians need to remember Postman.

Our colleague, David King, former minister of education in Alberta from 1979 to 1986, observes that of all institutions citizens have created, “public school education is the only such institution that remains where we can share common stories, and conventions and imagination.”

What we should value about public education

Yet the role of public education in contributing to Canada’s democratic traditions is often taken for granted. A shared sense of what we should value about public education remains elusive — and is played out amid debate about structural and political reforms, around matters like who controls schools.

Meanwhile, researchers highlight how families continue moving to private schooling. Consider Australians, who see public education as a universal right, yet 35 per cent of students attend private schools..

In Canada, a network of university researchers and advocacy groups — the Public Education Exchange (PEX) research network —has documented growing privatization and commercialization of public education. Sue Winton, PEX project director and education professor, describes how the privatization of public education in Canada continues to undermine equality and democracy.

Sue Winton discusses her book ‘Unequal Benefits: Privatization and Public Education in Canada.’

Across Canada, processes towards privatization involve policies and practices that shift responsibilities from governments to private bodies, with corresponding shifts in lower investment in per-student public school learning.

Shifts towards privatization go beyond funding private and charter schools. They include underfunding school facilities and movements that promote sloganeering around “parent rights” and “parental choice.”

Post-secondary investment declines

In higher education, privatization has also accelerated. Students, particularly international students, have provided an increasing portion of funding. In Ontario, according to Higher Education Strategy Associates, international students contributed approximately 76 per cent of all tuition fee revenue in the college sector in 2023-24. In the university sector, it’s more than 50 per cent. Other provinces saw similar shifts.

A decline in per capita public investment has encouraged the growth of the private college and university sector and investments in AI-enabled learning through corporate learning systems. Technology-related fields have developed corporate partnerships that shape what is taught and how.

The precarity of public higher education in Canada threatens our social and economic future.

Making futures possible for young people

Whether it’s through local community schools, a university or college campus or larger community initiatives, we can’t drop the promise of universal access to an inclusive and broad education.

Keeping this promise is even more pressing given generational inequity. As discusssed by Paul Kershaw, policy professor and founder of “Gen Squeeze” think tank, and Kareem Kudus, research analyst, “generationally unfair policies … have contributed to today’s housing, affordability, medical care and climate crises.”

Initiatives established in the 1970s focused on building connections between different regions: Open House Canada was a high-school student exchange program, and Katimavik, a youth service program founded by the visionary author Jacques Hébert, who would later become a senator and champion for intercutural and global travel experiences for our young people.

Programs like these have presented significant and rich opportunities for building relationships across difference, and an equitable and inclusive sense of social cohesion. But governments at all levels have failed to sustain and expand such programs, or connect them with school learning.

Broader discussions on what we care about

The current existential threat to Canada fuelled by Trump’s presidency should mobilize not just an “elbows up” approach, but also “heads up” when it comes to the need for a pan-Canadian a youth policy framework that bolsters public education. As many Americans are also realizing, we need public education to help address current challenges, but it’s under attack.

As American organizational behaviour expert and writer Margaret J. Wheatley reminds us: “There is nothing more powerful than a community discovering what it cares about.”

In the aftermath of the federal election, we’d love to see much more dialogue surrounding the “publicness” of public education — to go further in at least deciding on what we really care about as a country.

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

– ref. Forgotten futures? Canada urgently needs a national discussion about young people’s futures – https://theconversation.com/forgotten-futures-canada-urgently-needs-a-national-discussion-about-young-peoples-futures-254883

MIL OSI – Global Reports –

April 24, 2025

MIL-OSI Global: Two-thirds of Canadians have experimented with generative AI, but most don’t understand its impacts

Source: The Conversation – Canada – By Anatoliy Gruzd, Professor and Canada Research Chair in Privacy-Preserving Digital Technologies, Toronto Metropolitan University

Canadians need literacy around AI, its applications and uses. (Shutterstock)

When ChatGPT entered the public imagination in 2022, Canadians were curious, hopeful, anxious and had plenty of questions. Just three years later, our new report, The State of Generative AI Use in Canada 2025, finds that two-thirds of Canadians have already experimented with generative AI (GenAI) tools.

That is an astonishing rate of adoption for a technology so novel, and it speaks to the profound impact it’s already having on our lives.

But alongside this rapid uptake is a sobering reality: most Canadians are still unsure about what these tools are, how they work or how they affect society. Our new national survey of 1,500 adults, conducted in February and March, reveals that while GenAI use is widespread, deep understanding is not.

Canadians are being ushered into a new era of AI-powered productivity, creativity and communication. But they are forging ahead without the digital literacy needed to navigate AI technologies and their impacts effectively, safely and critically.

News and politics

Only 38 per cent of respondents indicated they felt confident using these tools effectively. Even fewer — 36 per cent — told us they were familiar with the rules and ethics around GenAI. These numbers should concern all of us.

Nowhere is this tension clearer than in how Canadians view GenAI’s impact on information, media and politics. Canadians’ comfort levels with GenAI use in newsrooms vary sharply depending on the topic: people are relatively at ease with AI-generated content in entertainment and lifestyle reporting, but not as much with more sensitive topics such as politics, crime or global affairs.

Only 36 per cent of survey respondents were familiar with the rules and ethics around GenAI.
(Social Media Lab), CC BY

Our survey also reveals that two‑thirds (67 per cent) worry GenAI could be used to manipulate voters or interfere with democratic processes. At the same time, trust in political information online is eroding, with 59 per cent saying they no longer trust the political news they see online due to concerns that it may be fake or manipulated.

Although GenAI tools like chatbots could help voters assess policies proposed by different parties and their potential implications, most Canadians (54 per cent) are unlikely to use them to get information about elections or politics.

Responsible innovation

So what are Canadians asking for? More than anything, our findings show overwhelming support for regulatory guardrails. Canadians want clear rules for companies that develop, use or provide GenAI-powered tools and services.

Seventy-eight per cent of Canadians say GenAI companies should be held accountable when their tools cause harm. Nearly eight in 10 also support both the regulation of current state-of-the-art GenAI tools and the proactive regulation of GenAI tools on the horizon.

This is a call for leadership and action. Canada has the chance to set a global standard for responsible AI governance, but must act quickly and decisively. We offer three core recommendations to help chart that path:

1. Policy leadership: Considering the ongoing race among GenAI companies to build the most advanced model, the principles of privacy by design should not be sacrificed simply to gather more user data. The risks associated with data breaches and accidental leaks of personal information in GenAI outputs are significant.

This means prompts and other user inputs should not be used for fine-tuning or training future models without obtaining meaningful consent first. Furthermore, to address Canadians’ concerns about how GenAI companies manage personal information, the Office of the Privacy Commissioner of Canada should take stock of popular GenAI tools and proactively review their privacy and data use policies to ensure compliance with existing privacy regulations.

The Office of the Privacy Commissioner of Canada should review privacy and data use policy.
(Shutterstock)

2. Education reform: Given the relatively low level of GenAI literacy among Canadians, integrating GenAI — and AI literacy more broadly — into the education system is essential. From K-12 through post-secondary, students must learn not just how to use GenAI tools effectively (for example, prompt engineering). They should also understand how these technologies function, where the training data come from and how to evaluate outputs for accuracy and potential biases.

3. GenAI use transparency: Organizations deploying GenAI must clearly disclose when and how these tools are being used, alongside mandatory risk assessments for high-impact deployments. This transparency is particularly important for for-profits, media outlets and public sector entities, as these groups are viewed with the highest levels of distrust among Canadians regarding the safe and ethical use of GenAI.

Dizzying change

As researchers who have spent years studying technology’s impact on society, we are both excited and cautious about what GenAI means for Canada. The pace of change is dizzying, but speed alone is not a measure of progress. What matters is whether this technology serves the public good.

Canadians are not anti-technology. They are curious, pragmatic and hopeful, but they are also alert to the risks. They want to be part of the conversation, and they want to see that conversation lead to thoughtful, inclusive action.

We urge policymakers, educators, tech companies and civil society to listen closely and act urgently. GenAI is not a passing trend. It is reshaping how we work, learn and spend leisure time. Whether that transformation uplifts or undermines society depends on our current choices.

Anatoliy Gruzd receives funding from the Department of Canadian Heritage Digital Citizen Contribution Program and the Canada Research Chairs Program.

Philip Mai receives funding from the Department of Canadian Heritage’s Digital Citizen Contribution Program.

Anthony Clements Haines 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. Two-thirds of Canadians have experimented with generative AI, but most don’t understand its impacts – https://theconversation.com/two-thirds-of-canadians-have-experimented-with-generative-ai-but-most-dont-understand-its-impacts-254351

MIL OSI – Global Reports –

April 24, 2025

MIL-OSI Global: Will TGL have staying power in golf, or is it just a fad?

Source: The Conversation – Canada – By Joseph Dick, PhD Student in Sport Management, University of Guelph

Over the past several months, the upstart TGL golf league has tried to establish a foothold among golf fans. The league began its inaugural season in January 2025, fusing advanced technology with golf to offer an innovative product.

TGL was created in partnership with the PGA Tour, featuring its star players in matches to complement rather than compete with the PGA Tour.

In terms of viewership, TGL came out of the gates running, averaging 919,000 viewers on ESPN in its debut. As the season progressed, however, TGL averaged 502,400 viewers per telecast, with the final garnering the fifth highest viewership of the 12 TGL matches.

Some have suggested this decline in viewership indicates TGL may be unsustainable. Will TGL have the staying power to keep fans interested, or will it simply prove to be a passing fad?

With the inaugural season finishing, and the Atlanta Drive golf club capturing the league’s first title, now is the time to consider the outlook for golf’s newest upstart.

Team play

The PGA Tour has cemented itself as the preeminent tour in men’s professional golf, integrating its operations within the major tournaments, feeder leagues and the World Ranking system. The TGL, therefore, hopes to integrate and be an addition to the PGA Tour’s position within the history and traditions central to the sport.

TGL differs from traditional golf as players hit their tee and approach shots into a giant simulator at one end of SoFi Centre in Palm Beach Gardens before proceeding to the opposite end of the playing surface to chip and putt around the green.

Players are mic’d up for condensed rounds with a referee and a shot clock. Additionally, TGL has introduced the dynamics of team play, with six teams representing various cities across the United States.

Sacred to fans

As examined in early graduate research of the lead author of this story, Joseph Dick, golf has become a sport sacred to many of its fans. Winning and getting to the highest level of the sport are highly meaningful.

When an experience or pastime like golf becomes sacred to consumers, it gains a higher level of meaning that requirees it to be treated with the utmost respect. A comparison is a gift from a family member that exemplifies the important relationship you share, giving the gift a high level of meaning.

The golfer’s story, and the progression necessary to make it in professional golf, is central to professional golf. The sport has become sacred through the meaning connected to winning and performing at a high level.

As a result, golf events also become highly sacred, and grow to “matter,” with some fans calling it a “holy experience” to attend.

Does the TGL matter to fans?

Some have reported that fans of the upstart league only “sort of care” about it. Research on fandom in sports suggests that people stop being fans when they experience an ongoing conflict between their values and the values of the sport that cannot be realigned.

If TGL fails to resonate with golf fans who deeply cherish the sport, it risks losing fans when it undermines what they see as sacred aspects of the game.

So what should TGL consider doing going forward to align itself more with the culture of golf? Looking ahead, there is already talk of the league looking to expand to new cities. However, further expansion will result in the inclusion of lower-ranked players, demonstrating the prioritization of revenue generation over elite competition.

This change would likely undermine the tenuous connection TGL currently has with the dedication and perseverance of top golfers, further watering down the intense competition that is central to golf.

Introducing elements like a simulator golf world ranking or yearly promotion and relegation of teams in and out of the league could help to introduce features that more closely align with what fans appreciate about golf while preventing TGL’s shine from wearing off.

Finally, the league must continue to have players buy in, but simultaneously be in the league for the authentic values of perseverance and the pursuit of victory.

Money cannot be viewed by fans as a player’s core motivation as players motivated more by paycheques than their passion and dedication to mastering the sport can erode the sacred, meaningful essence that makes a sport revered by its fans.

If TGL’s organizers are not concerned with creating deep-seeded fandom, then the league may instead simply act as mundane entertainment, with little connection with golf fans. But this position will likely ensure that TGL will matter less within golf’s broader culture — something it should strive to integrate with, at least somewhat.

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

– ref. Will TGL have staying power in golf, or is it just a fad? – https://theconversation.com/will-tgl-have-staying-power-in-golf-or-is-it-just-a-fad-252607

MIL OSI – Global Reports –

April 24, 2025

MIL-OSI Canada: New affordable homes open in Castlegar

Source: Government of Canada regional news

Thirteen new rental homes are now available for families, seniors and individuals, including adults with developmental disabilities, in Castlegar with the opening of Eagle Estates.

“People in B.C. deserve secure, affordable homes in the communities they love,” said Ravi Kahlon, Minister of Housing and Municipal Affairs. “The opening of these new homes in Castlegar means more people will have the stable foundation they need to thrive. This development shows what’s possible when we work together to expand access to housing and make our communities stronger, healthier and more inclusive.”

Eagle Estates at 1101 2nd St. is ready to welcome its first residents. The development features eight one-bedroom apartments on the upper floor, providing affordable housing for individuals with low or moderate incomes.

The ground floor is home to a five-bedroom, staffed living space for adults with developmental disabilities. Tenants will have access to full-time, on-site support services funded by Community Living BC.

“Eagle Estates is an incredible example of what happens when community organizations, different levels of government and local leadership work together to meet real needs,” said Maria McFaddin, mayor of Castlegar. “This development brings more than just housing to Castlegar. It brings dignity, opportunity and a sense of belonging to the people who live here.”

The new building is a partnership between the Province (through BC Housing), the Kootenay Society for Community Living (KSCL), the City of Castlegar and Columbia Basin Trust. KSCL owns and operates the building, which is centrally located in downtown Castlegar, close to parks, medical services and shops.

This project is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has nearly 92,000 homes that have been delivered or are underway, including more than 1,500 homes in the Kootenay region.

Quotes:

Steve Morrissette, MLA for Kootenay-Monashee –

“The completion of Eagle Estates means more people in our community will have stable, supportive homes close to everything they need. It feels like just yesterday we were announcing this project, and now we’re excited to see it come to life. This is a clear example of our commitment to prioritizing housing in Castlegar, and it shows just how important our community partners are in making it happen.”

Kathleen Elias, executive director, Kootenay Society for Community Living –

“KSCL’s administration and board started with a plan for this housing 10 years ago. It seems surreal that it is coming to life to serve individuals, families and others in our community who need affordable housing. This project promotes our goals of inclusion, recognizing everyone’s diversities and being part of our Castlegar community.”

Johnny Strilaeff, president and CEO, Columbia Basin Trust –

“Safe and welcoming homes are essential to strong communities, and affordable housing projects like Eagle Estates help make that possible. By working together, locally in Castlegar and across the region, we’re helping build stronger, more inclusive communities throughout the Columbia basin.”

Learn More:

To learn more about government’s new Homes for People action plan, visit: https://news.gov.bc.ca/releases/2023HOUS0019-000436

To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://strongerbc.gov.bc.ca/housing/

A map showing the location of all announced provincially funded housing projects in B.C. is available here: https://www.bchousing.org/projects-partners/Building-BC/homes-for-BC

A backgrounder follows.

MIL OSI Canada News –

April 24, 2025

MIL-OSI Security: Marystown — Arrest warrant issued for Bradley Stacey

Source: Royal Canadian Mounted Police

Marystown RCMP is looking to arrest wanted man, 43-year-old Bradley Melvin Stacey, who is actively evading police. Stacey is known to frequent St. John’s and was last seen in Marystown.

Stacey is wanted in relation the following charges:

Possession of property obtained by crime – two counts
Possession of a forged document – two counts

No photo is currently available of Stacey.

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

MIL Security OSI –

April 24, 2025

MIL-OSI Canada: Affordable homes safeguarded in Kamloops

Source: Government of Canada regional news

Twenty-five families, seniors, and individuals will continue to stay in their affordable homes with housing protected by the Province and B.C.’s Rental Protection Fund (RPF).

“The acquisition of 25 homes provides much-needed support for people in Kamloops who are struggling to find affordable housing when they need it,” said Ravi Kahlon, Minister of Housing and Municipal Affairs. “Protecting existing affordable rental housing is an important way we are providing stability to people faced with a global housing-affordability crisis and rising costs. This is a step in the right direction when it comes to making progress for renters.”

With contributions from the fund, Connective Support Society Kamloops has purchased the 25-unit Riverside Gardens property at 139 Tranquille Rd. The acquisition protects the long-term affordability of the homes and ensures tenants will continue to have reliable, affordable housing at that location.

“Connective is proud to be the new owner of Riverside Gardens and would like to thank and commend the B.C. government and the RPF for working rapidly and diligently in addressing the housing crisis through innovative programs,” said Lindsay Lord, CEO of Connective Kamloops. “Connective remains committed to the development, acquisition and protection of affordable housing for our community.”

Riverside Gardens has a mix of studio, one-bedroom, and two-bedroom homes that are affordable and well-maintained, with rents more than 40% lower than market rates in Kamloops. Homes on the property range from approximately $800 a month for a studio unit to approximately $1,235 a month for a two-bedroom unit, on average. The property is located close to transit, parks, child care and community centres.

The B.C. Rental Protection Fund provided $2.8 million in capital contributions to purchase the property and ensure rents remain affordable for residents, as well as $230,000 in renewal grants to fund building improvements that will ensure Riverside Gardens remains in good condition.

“Riverside Gardens shows what’s possible when community-based organizations take the lead in preserving the homes people already rely on,” said Katie Maslechko, CEO of the Rental Protection Fund. “By keeping this housing in community hands, Connective Kamloops is not only protecting affordability, they’re helping to ensure that renters have a lasting place in the neighbourhoods they call home. It’s a powerful example of how locally driven solutions can shape a more secure and inclusive future.”

The B.C. Rental Protection Fund provides one-time capital contributions to non-profit housing organizations so they can purchase existing affordable rental buildings and co-operatives, protecting the people living there, safeguarding the units and keeping those units as affordable, long-term housing.

The fund is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has nearly 92,000 homes delivered or underway, including more than 2,100 homes in Kamloops.

Learn More:

For more information about the Rental Protection Fund, visit: https://rentalprotectionfund.ca

To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for people in British Columbia, visit: https://strongerbc.gov.bc.ca/housing/

MIL OSI Canada News –

April 24, 2025

MIL-OSI Canada: New child care spaces, training centre open in North Vancouver

Source: Government of Canada regional news

Students and families will have more access to affordable child care spaces and a new centre to train early childhood educators (ECE) at Capilano University (CapU) in North Vancouver.

“Access to high-quality, affordable child care is essential, not only for advancing equality but also for strengthening our economy by helping more people pursue an education or find a job,” said Bowinn Ma, Minister of Infrastructure. “The new Fulmer Family Centre for Childhood Studies doubles the number of child care spaces on campus, supporting families in the community, while also providing more opportunities for early childhood education students to get the education they need to join the workforce in their chosen field.”

The centre adds 74 child care spaces for infants, toddlers and preschoolers, for a total of 143 on-campus spaces. A purpose-built learning space with labs and classrooms is also opening to provide education for 20 additional early childhood educators, bringing the practicum placements for students on campus to 48.

“As I finish the final year of my bachelor’s degree in early childhood education at Capilano University, I look back on my educational journey that started 30 years ago when only diplomas were available,” said Kate Berry-deWynter, student, CapU. “Now, as a mother of three university-age children, I am achieving my dream of completing a degree. Being an ECE student at CapU has reinvigorated my passion for education, social justice and advocacy for educators.”

The Fulmer Family Centre for Childhood Studies is Western Canada’s only degree-granting, integrated centre for early childhood care, research and education. The child care centre will be on the main floor and the education facility for ECE students will be upstairs.

“As we continue to build a future where affordable, quality and inclusive child care is a core service that working families, women and single parents can count on, we know early childhood educators play a vital role,” said Rohini Arora, parliamentary secretary for child care. “This new centre is co-located, increasing access to child care and providing more practicum opportunities for students. This is not only great news for families on the North Shore, but any community where these future ECEs decide to live and work.”

The $25-million Centre for Childhood Studies project received more than $11 million from the Province, including nearly $3 million from the ChildCareBC New Spaces Fund. Capilano University contributed more than $8 million toward the project, with nearly $6 million from donors.

“The Centre for Childhood Studies at Capilano University is one of many ways our government is investing in education and training for early childhood educators, and we are making a difference,” said Anne Kang, Minister of Post-Secondary Education and Future Skills. “Since 2017, over 8,900 students have enrolled in early childhood education programs at public post-secondary institutions across B.C., an 85% increase. By expanding opportunities for on-the-job training for future early child care educators and creating more child care spaces for families, this new centre will set up learners of all ages for success.”

Since 2018, ChildCareBC’s accelerated space-creation programs have helped fund the creation of more than 40,000 new licensed child care spaces in B.C., with more than 23,000 of these operational. Funding the creation of new child care spaces is part of the Province’s ChildCareBC plan to build access to affordable, quality and inclusive child care as a core service for families.

Children will begin attending the child care centre in June 2025 and classes for the ECE program will begin in the new centre in fall 2025.

Quotes:

Susie Chant, MLA North Vancouver-Seymour –

“As a parent and foster parent, I know how vital stable support is in a child’s early years. Families thrive when they have access to reliable care and skilled early childhood educators. That’s why the new centre at Capilano University is so important. It offers a safe, supportive space where children, parents and future educators can learn and grow together.”

Brad Martin, dean, faculty of education, health and human development, Capilano University –

“The opening of this innovative teaching, learning and research space reimagines how we prepare future educators to meet the needs of 21st-century children and provides quality child care that is vital for children, families and communities to thrive.”

Learn More:

For more information about how B.C. is delivering quality and affordable child care to more families in the province, visit: https://gov.bc.ca/childcare

For more information about supports, training and professional development opportunities for child care and early learning professionals, visit: https://gov.bc.ca/childcare/ecestrategy

MIL OSI Canada News –

April 24, 2025

Category: Canada

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