Category: Canada

MIL-OSI Global: Canada a 51st state? Here’s how American annexation could actually favour Canada

Source: The Conversation – Canada – By Felix Arndt, Professor and John F. Wood Chair in Entrepreneurship, University of Guelph

When United States President Donald Trump first floated the idea of annexing Canada, many observers rolled their eyes. The common assumption was that this proposal, like much of Trump’s bombast, amounted to little more than a fleeting soundbite.

Yet, amid continuing public remarks about Canada becoming the 51st state and suggestions of genuine intent, the idea has become part of a broader conversation about North America’s future.

The idea of the U.S. merging with Canada outright has not been received well in Canada, especially because Trump’s threats have been accompanied by economic warfare aimed at forcing Canada into submission. After all, the U.S. already has 50 states. Canada, with its population of about 40 million and its immense geographic size, would be an outsized “51st” by any comparison.

But any serious analysis of this proposition quickly reveals that annexation would be far more complicated — and far less one-sided — than the label “51st state.”

Our analysis is premised on an assumption that the U.S. remains a democratic system that has not turned into a pseudo-monarchy, in keeping with a Trump social media post in early February proclaiming “long live the King.”

The most important takeaway from our analysis is that a unified country would need to inaugurate a new president and Parliament. The path towards the integration of the countries would have to start with closer economic integration, not the alienation currently in place.

A multi-state reality

As we argue in our newest self-published book Make America Greater? A Scenario of a Friendly Canada-U.S. Merger, Canada would not simply become part of the U.S. as a single state under the provisions of the American Constitution.

Based on population and the distribution of power in U.S. Congress, Canada’s 10 provinces and three northern territories would almost certainly be carved into multiple states, perhaps nine or more.

This is no small detail.

America’s unique electoral arithmetic grants each state two senators, while seats in the House of Representatives depend on population size. With around 40 million new citizens, a unified North America would reshape the balance of power in both the Senate and the House.

Read more:
Canada as a 51st state? Republicans would never win another general election

Critically, the new country formed via unification might end up looking far more like Canada than many Americans imagine.

Why? Canadian voters lean more centrist — or even centre-left — than the average American does. Over time, that could tilt congressional priorities in favour of policies reflecting Canada’s taste for universal health care, stricter gun control and robust social welfare.

The longstanding political tug-of-war in the U.S. could see its centre of gravity shift, likely to the chagrin of some more conservative segments of the existing union.

Tariffs, politics and tensions

Officials on both sides of the border are already locked in a dance of retaliatory tariffs.

Each new measure escalates anxieties, threatening to derail one of the world’s largest bilateral trading relationships.

Some might argue that if tariffs are putting negative pressures on the economy and roiling the markets, perhaps deeper integration — or even full-blown unification — could serve as a release valve. But the path towards a friendly merger is best taken step-by-step and starts with stronger economic integration, not alienation.

Read more:
Canada’s response to Trump’s tariffs was strategic, but there is room for improvement

Forging a genuine union goes well beyond removing trade barriers. Canada and the U.S. differ on far more than just economics: from bilingualism laws to gun regulations, from health care to environmental policy, the two countries embody contrasting visions of how society should function.

Canadians would expect to preserve elements of their social contract that many regard as superior to American norms — particularly their single-payer health-care system and comparatively strict firearms restrictions.

A process genuinely aimed at integrating the two countries would take this into account. It would extend the United States-Mexico-Canada trade deal further to strengthen economic integration, elevate the rights of French and Spanish speakers in the U.S. in order to signal compatible cultural values and extend Medicare to show an appreciation of the common denominators of the two societies.

Trump’s current rhetoric, however, does not seem to indicate a genuine desire for a unification.

Why a merger could favour Canada

As surprising as it seems, our analysis suggests that a unified North America could lean Canada’s way over time.

Even if the American Electoral College were reimagined — or scrapped — Canadian provinces transformed into states would wield significant power, influencing everything from budget allocations to Supreme Court appointments.

Read more:
As Joe Biden becomes president, here’s an easy proposal for Electoral College reform

What’s more, cultural convergence has an asymmetrical pull. Younger Americans show a growing appetite for social safety nets, while Canadians remain broadly wedded to their publicly funded health-care model.

Over a few election cycles, these forces could converge into a more expansive welfare regime, something that would astonish traditional conservatives across the current 50 states.

A combined North America would boast one of the largest economies on Earth, including abundant natural resources and technological innovation.

The promise of frictionless trade, a single currency and vast internal markets might delight big business and certain multinational interests. Yet the path would be fraught.

Constitutional arrangements, Indigenous rights, linguistic protections and environmental regulations — all areas in which Canadian norms diverge significantly from American precedents — would have to be reconciled.

Canadians, proud of their universal healthcare, progressive climate policies and lower rates of gun violence, would worry about being subsumed by a more rambunctious, militarized neighbour. Americans, meanwhile, would fear they would be forced to adopt new taxes and policies at odds with their historic emphasis on individual freedoms.

A country more closely resembling Canada

Regardless of whether Trump’s annexation talk proves more than just bluster, the notion of a friendly U.S.–Canada merger invites reflection. It reminds us that North America’s two largest nations remain economically interlocked and geographically co-located, though culturally distinct.

With tariffs in place and cross-border tensions mounting, creative solutions are worth examining, even if a merger can — at best — be seen as a long-term vision.

A genuine offer of a merger would require that Canadians to be assured that if such a union did transpire, their voices might echo far more loudly than expected in the halls of Washington, D.C.

And Americans — facing shifting demographics and changing societal values — may discover that the annexation Trump initiated could bring surprises that tilt the new country much closer to its northern neighbour’s ideals than to the status quo below the 49th parallel.

Felix Arndt is an author of a book referred to in this article.

Barak Aharonson is an author of a book with a similar topic.

– ref. Canada a 51st state? Here’s how American annexation could actually favour Canada – https://theconversation.com/canada-a-51st-state-heres-how-american-annexation-could-actually-favour-canada-251547

MIL OSI – Global Reports –

April 2, 2025
MIL-OSI Global: Cannabis retail expansion in Canada came with only a small uptick in the number of consumers

Source: The Conversation – Canada – By Michael J. Armstrong, Associate Professor, Operations Research, Brock University

Ever since recreational cannabis was legalized across Canada in 2018, researchers have been studying what that decision changed for Canadians.

We’ve learned, for example, that some patients immediately left the medical cannabis system, presumably to use recreational products instead. Conversely, legalization appeared to have no effect on Canadian alcohol sales.

We’ve similarly seen how cannabis retailing has evolved since it became legal.

Retailers suffered from product shortages during legalization’s first six months, but steadily expanded soon after. Canada went from having some 210 stores in April 2019 to 3,500 in April 2023. The ensuing competition pushed prices down 28 per cent during that period.

Meanwhile, provincial governments have tried various regulatory approaches. Some initially restricted the number of stores to avoid tempting non-users. Québec still has 10 times fewer stores per capita than Ontario does as a result. Other provinces have set minimum prices to discourage people from overindulging. For example, Ontario won’t let wholesale prices drop below $2.28 per gram.

These developments in business and government policy prompted my latest research. I wanted to understand what effect retail expansion had on cannabis use. To do this, I analyzed consumer responses on government surveys collected between 2019 to 2023. I then compared these responses to the recreational cannabis consumer price index and the numbers of licensed stores in each province.

Did Canadians consume cannabis more widely, more frequently and at younger ages as it became more accessible and affordable? The answer was mostly no.

More women and older adult consumers

The percentage of men who used cannabis stayed around 28 per cent between 2019 and 2023 — despite retailers’ massive store growth and notable price cuts.

But usage did grow slightly among women — rising from 21 per cent in 2019 to 23 per cent in 2023. My analysis suggests this was related to the increasing affordability of cannabis, not its retail convenience. More women consumed cannabis when prices fell, not when more shops opened.

A similar contrast appeared between younger and older adults. Cannabis use among Canadians aged 25 and over crept upward from 21 to 23 per cent. That increase again seemed related to falling prices rather than expanding stores. Meanwhile, usage among those aged 16 to 24 varied year-to-year, but remained around 46 per cent.

The average age of first-time use consequently rose from 19.2 in 2019 to 20.8 years old in 2023. This finding also seemed correlated with both falling prices and expanding stores.

Same frequency, more edibles

One thing that didn’t change much was frequency of use. About one-quarter of cannabis consumers used it five or more days per week in both 2019 and 2023.

However, their product preferences shifted. The percentage who smoked dried cannabis decreased while the percentage of consumers who consumed edibles increased. Some consumers used both types of products, or used other products entirely — such as vapes. Both changes seemed related to prices rather than the number of retail stores. Consumers seemingly traded-up from basic dried cannabis to processed edibles as prices fell.

So overall, Canada’s substantial retail developments came with only modest usage growth.

The apparent relationships between usage and price might partly be coincidental. Product selection and quality also improved, so they likely contributed too. But falling prices do seem to be a plausible explanation for the increased cannabis consumption that was seen.

The lack of relationship between stores and usage might seem surprising. After all, Canada experienced a 16-fold explosion in stores between 2019 and 2023. But this finding correlates with what my previous research found; it showed that between 2018 and 2020, there was a similar non-relationship between retail expansion of cannabis stores and usage.

Read more:
Cannabis store openings in Canada only slightly affected the number of users

So, perhaps the main effect of retail stores was to draw existing users away from illegal dealers, rather than to tempt new ones.

I suspect retailers probably influenced usage somewhat in their local neighbourhoods. For example, someone who walked by a new store daily on their way to work might have decided to try cannabis. But this effect would have been too small to appear in province-level measurements.

Price restriction

The findings from my study suggests some tentative lessons for regulators.

If opening more stores has minimal impact on usage, there’s little need to limit their numbers. Provinces don’t need to ration store licenses, and municipalities (like Markham and Oakville in Ontario) don’t need to ban them.

But since price declines tempt more consumers, it’s important for policymakers to prevent prices from getting too low.

Other countries who are considering legalizing cannabis may want to consider these points, too.

For example, medical cannabis use is surging in Australia, much like it was in Canada a decade ago. And Australia’s Green Party is campaigning for recreational legalization in the upcoming federal election. If that election produces a coalition government, legalization might be on its agenda. They could look at our policies and hopefully improve on them.

Meanwhile in Germany, the previous government legalized recreational use, but not sales. So, Germans must grow their own plants or join a club that does. Commercial products are sold only through the country’s medical cannabis system. Unsurprisingly, medical use is soaring there. Based on what my research suggests, Germany will likely see similar usage growth, whether it allows stores or not. But allowing stores would mean consumers could buy products from licensed sources instead of illicit dealers.

Canada’s cannabis legalization was controversial at the time. But some Canadians say it has become a memorable part of Justin Trudeau’s complicated legacy. Now that he’s no longer prime minister, that’s something he and his biographers can contemplate.

Michael J. Armstrong 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. Cannabis retail expansion in Canada came with only a small uptick in the number of consumers – https://theconversation.com/cannabis-retail-expansion-in-canada-came-with-only-a-small-uptick-in-the-number-of-consumers-252008

MIL OSI – Global Reports –

April 2, 2025
MIL-OSI: LeddarTech Enters Into Further Amendments to Credit Facility and Bridge Financing Offer and Announces Receipt of Nasdaq Deficiency Notice
Source: GlobeNewswire (MIL-OSI)

QUEBEC CITY, Canada, April 01, 2025 (GLOBE NEWSWIRE) — LeddarTech^® Holdings Inc. (“LeddarTech”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-powered low-level sensor fusion and perception software technology, LeddarVision™, today announced that it has entered into:
- a seventeenth amending agreement (the “Seventeenth Amending Agreement”) with Fédération des caisses Desjardins du Québec (“Desjardins”) with respect to the amended and restated financing offer dated as of April 5, 2023 (the “Desjardins Credit Facility”), pursuant to which Desjardins has agreed to, among other things, (i) temporarily postpone payment of interest for the months of July through December 2024 until the earlier of (x) the date of the final disbursement of one or several equity investments in the borrower for minimum gross proceeds amount of US$35,000,000 in the aggregate (the “Short-Term Outside Date”), and (y) May 23, 2025; and (ii) decrease the minimum cash covenant under the Desjardins Credit Facility to C$1,800,000;
- a fifth amending agreement (the “Fifth Amending Agreement”) with the initial bridge lenders and certain members of management and the board of directors (collectively, the “Bridge Lenders”) with respect to the bridge financing offer dated as of August 16, 2024 (the “Bridge Financing Offer”) pursuant to which the Bridge Lenders have agreed to, among other things, extend the maturity of the bridge loan to the earlier of (x) May 23, 2025 and (y) the business day following the Short-Term Outside Date.
The Seventeenth Amending Agreement to the Desjardins Credit Facility and the Fifth Amending Agreement to the Bridge Financing Offer also provide that LeddarTech must initiate and produce a plan at the satisfaction of Desjardins and the other initial Bridge Lenders regarding a refinancing, recapitalization or any suitable transaction (the “Plan”). LeddarTech continues to fully consider all potential sources of financing and/or other alternatives. There is no certainty that LeddarTech will be able to raise additional funds and there can be no assurance that LeddarTech will be successful in pursuing and implementing any such alternatives (including the Plan), nor any assurance as to the outcome or timing of any such alternatives.

In addition, the Seventeenth Amending Agreement to the Desjardins Credit Facility provides for a monthly payment by LeddarTech to Desjardins of C$125,000, which monthly fee is earned and payable on the first day of each month, until the Short-Term Outside Date, which must occur on or prior to May 23, 2025. The payment of the monthly fees applicable for the month of August 2024 and for the months up until (and including) January 2025 is postponed to the earlier of (x) the Short-Term Outside Date and (y) May 23, 2025.

The foregoing descriptions of the Seventeenth Amending Agreement to the Desjardins Credit Facility and the Fifth Amending Agreement to the Bridge Financing Offer do not purport to be complete and are qualified in their entirety by reference to such amendments, copies of which will be filed under LeddarTech’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov, respectively.

Receipt of Nasdaq Deficiency Notice

LeddarTech also announces that it has received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC indicating that, based upon the closing bid price of LeddarTech’s common shares for the 30 consecutive business day period from February 14, 2025 to March 28, 2025, LeddarTech did not comply with the minimum market value of listed securities (“MVLS”) of US$35,000,000 (the “Listing Requirement”). The letter also indicated that LeddarTech will be afforded a period of 180 calendar days to regain compliance.

LeddarTech intends to actively monitor the MVLS of its common shares and will evaluate available options to regain compliance with the Listing Requirement. However, there can be no assurance that LeddarTech will be able to regain compliance with such Listing Requirement or maintain compliance with any of the other Nasdaq Capital Market continued listing requirements. Readers should also refer to the press release issued by LeddarTech on March 21, 2025 with respect to the non-compliance with the minimum bid price of US$1.00 per share required for continued listing on the Nasdaq Capital Market.

The letter has no immediate effect on the listing of LeddarTech’s common shares, which will continue to be listed and traded on the Nasdaq Capital Market under the symbol “LDTC,” subject to LeddarTech’s compliance with the other continued listing requirements of the Nasdaq Capital Market.

The foregoing also should be read in conjunction with the disclosures set forth in LeddarTech’s Report of Foreign Private Issuer on Form 6-K as filed with the Securities and Exchange Commission and under LeddarTech’s SEDAR+ profile on the date hereof, and LeddarTech’s Annual Report on Form 20-F for the year ended September 30, 2024 as filed with the Securities and Exchange Commission and under LeddarTech’s SEDAR+ profile on December 26, 2024, including the disclosures set forth under “Item 3.D – Key Information – Risk Factors” contained therein.

About LeddarTech

A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

LeddarTech is responsible for several remote-sensing innovations, with over 170 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

Forward-Looking Statements

Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market; (ii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iii) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (iv) discussions regarding potential alternatives relating to refinancing, recapitalization or any suitable transaction (including the Plan); (v) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vi) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (viii) changes in general economic and/or industry-specific conditions; (ix) our ability to retain, attract and hire key personnel; (x) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xi) legislative, regulatory and economic developments; (xii) the outcome of any known and unknown litigation and regulatory proceedings; (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Chris Stewart, Chief Financial Officer, LeddarTech Holdings Inc.

Tel.: + 1-514-427-0858, chris.stewart@leddartech.com

Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

The MIL Network –
April 2, 2025
MIL-OSI Asia-Pac: INFRASTRUCTURE DEVELOPMENT IN SHIPBUILDING CLUSTERS
Source: Government of India

Posted On: 01 APR 2025 3:28PM by PIB Delhi

The various steps taken to upgrade and modernise the shipbuilding sectors across India and the shipbuilding are as under:

(i). Ministry has amended the Shipbuilding Financial Assistance Policy(SBFAP) guidelines on 29.01.2025 to encourage more participation in the shipbuilding activities.

(ii). The Government, in November, 2021, has released Standard Tug Designs of five variants for use by Major Ports for procurement of tugs to be built in Indian Shipyards.

(iii). To promote indigenous shipbuilding, the Ministry of Ports, Shipping and Waterways on 20.09.2023 has revised the hierarchy of Right of First Refusal (RoFR) to be followed in any kind of charter of a vessel which is undertaken through a tender process. The revised hierarchy of RoFR is:

(1) Indian built, Indian flagged and Indian owned

(2) Indian built, Indian flagged and Indian IFSCA owned

(3) Foreign built, Indian flagged and Indian owned

(4) Foreign built, Indian flagged and Indian IFSCA owned

(5) Indian built, foreign flagged and foreign owned

(iv) Ministry of Ports, Shipping & Waterways has launched the Green Tug Transition Programme (GTTP) which aims to reduce carbon emissions and minimize environmental impact by encouraging adoption of environmentally sustainable tugboat operations.

(v) Government has launched the Harit Nauka guidelines for inland vessels which aim to promote the adoption of greener technologies in inland waterway vessels.

(vi). Government of India vide Gazette Notification No. 112 dated April 13, 2016 has included ‘Shipyards’ in the updated Harmonized Master List of Infrastructure Sub-sectors.

(vii). In order to promote indigenous shipbuilding, Government has issued guidelines on 19.05.2016 for evaluating and awarding tenders for new shipbuilding orders floated by government departments or agencies including public sector undertakings for acquisition of any type of vessel(s) used by them for Governmental purposes or for their own use. Whenever acquisition of a vessel(s) is undertaken through tendering route, the qualified Indian Shipyards will have a “Right of First Refusal” to enable them to match the evaluated lowest price offered by the foreign shipyard which is aimed at increasing ship building activities in Indian shipyards.

Further, the Government entities dealing with ship building and ship-owning are advised to ensure local content as per the Government of India Public Procurement (Preference to Make in India) Order, 2017. As per this Order, procurement of ships of less than ₹200 crores is required to be from Indian shipyards.

(viii) Government of India, in the budget speech, 2025, has made following announcements:
- The Shipbuilding Financial Assistance Policy will be revamped to address cost disadvantages. This will also include Credit Notes for shipbreaking in Indian yards to promote the circular economy.
· Large ships above a specified size will be included in the infrastructure harmonized master list (HML).

· Shipbuilding Clusters will be facilitated to increase the range, categories and capacity of ships. This will include additional infrastructure facilities, skilling and technology to develop the entire ecosystem.

· For long-term financing for the maritime industry, a Maritime Development Fund with a corpus of Rs. 25,000 crores will be set up. This will be for distributed support and promoting competition. This will have up to 49 per cent contribution by the Government, and the balance will be mobilized from ports and private sector.

· To continue the exemption of Basic Customs Duty (BCD) on raw materials, components, consumables or parts for the manufacture of ships for another ten years.

Cochin Shipyard Limited, a PSU under the administrative control of MoPSW, has signed important active Memorandums of Understanding (MoUs) with international parties and the details of which are as given below:

Fincantieri, Italy: On October 27, 2020, CSL signed an MoU with Fincantieri, Italy, to collaborate on design, shipbuilding, ship repair, and marine equipment manufacturing, as well as training and skill development.

IHC Holland BV: On November 26, 2020, CSL signed an MoU with Dredging Corporation of India (DCI) and IHC Holland BV to facilitate the construction of IHC-designed Trailing

Suction Hopper Dredgers (TSHDs) for DCI in India.

Robert Allan Limited, Canada: CSL entered into an MoU with Robert Allan Limited, Canada, on February 26, 2021, for design and consultancy services related to tugs, inland vessels, harbor crafts, and specialized vessels.

Seatrium LeTourneau: CSL signed an MoU with Seatrium LeTourneau, a division of Seatrium Offshore Technology (SOT), on November 20, 2024 for the development and execution of Jack-Up Rig projects in India under the ‘Make in India’.

Shipbuilding financial assistance policy with a financial outlay of 4000 crore was amended in August 2023, to include flat 30% Financial Assistance for vessels where main propulsion is achieved by means of green fuels such as Methanol/ Ammonia / Hydrogen fuel cells etc. This amendment also included ‘flat 20% Financial Assistance for vessels fitted with fully electric or hybrid propulsion. Under this scheme, 78.23 crore has been disbursed towards construction and delivery of hybrid vessels, till date.

This information was given by the Union Minister of Ports, Shipping and Waterways, Shri Sarbananda Sonowal in a written reply to the Rajya Sabha.

*****

GDH/HR/SJ

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MIL OSI Asia Pacific News –
April 2, 2025
MIL-OSI USA: NASA Trains for Orion Water Recovery Ahead of Artemis II Launch

Source: NASA

Preparations for NASA’s next Artemis flight recently took to the seas as a joint NASA and Department of Defense team, led by NASA’s Exploration Ground Systems Program, spent a week aboard the USS Somerset off the coast of California practicing procedures for recovering the Artemis II spacecraft and crew.
Following successful completion of Underway Recovery Test-12 (URT-12) on Monday, NASA’s Landing and Recovery team and their Defense Department counterparts are certified to recover the Orion spacecraft as part of the upcoming Artemis II test flight that will send NASA astronauts Reid Wiseman, Victor Glover, and Christina Koch, as well as CSA (Canadian Space Agency) astronaut Jeremy Hansen, on a 10-day journey around the Moon.
“This will be NASA’s first crewed mission to the Moon under the Artemis program,” said Lili Villarreal, the landing and recovery director for Artemis II. “A lot of practice led up to this week’s event, and seeing everything come together at sea gives me great confidence that the air, water, ground, and medical support teams are ready to safely recover the spacecraft and the crew for this historic mission.”

Once Orion reenters Earth’s atmosphere, the capsule will keep the crew safe as it slows from nearly 25,000 mph to about 325 mph. Then its system of 11 parachutes will deploy in a precise sequence to slow the capsule and crew to a relatively gentle 20 mph for splashdown off the coast of California. From the time it enters Earth’s atmosphere, the Artemis II spacecraft will fly 1,775 nautical miles to its landing spot in the Pacific Ocean. This direct approach allows NASA to control the amount of time the spacecraft will spend in extremely high temperature ranges.
The Artemis II astronauts trained during URT-11 in February 2024, when they donned Orion Crew Survival System suits and practiced a range of recovery operations at sea using the Crew Module Test Article, a stand -in for their spacecraft.
For the 12th training exercise, NASA astronauts Deniz Burnham and Andre Douglas, along with ESA (European Space Agency) astronaut Luca Parmitano, did the same, moving from the simulated crew module to USS Somerset, with helicopters, a team of Navy divers in small boats, NASA’s open water lead – a technical expert and lead design engineer for all open water operations – as well as Navy and NASA medical teams rehearsing different recovery scenarios.

“Allowing astronauts to participate when they are not directly involved in a mission gives them valuable experience by exposing them to a lot of different scenarios,” said Glover, who will pilot Artemis II. “Learning about different systems and working with ground control teams also broadens their skillsets and prepares them for future roles. It also allows astronauts like me who are assigned to the mission to experience other roles – in this case, I am serving in the role of Joe Acaba, Chief of the Astronaut Office.”

As the astronauts arrive safely at the ship for medical checkouts, recovery teams focus on returning the spacecraft and its auxiliary ground support hardware to the amphibious transport dock.
Navy divers attach a connection collar to the spacecraft and an additional line to a pneumatic winch inside the USS Somerset’s well deck, allowing joint NASA and Navy teams to tow Orion toward the ship. A team of sailors and NASA recovery personnel inside the ship manually pull some of the lines to help align Orion with its stand, which will secure the spacecraft for its trip to the shore. Following a safe and precise recovery, sailors will drain the well deck of water, and the ship will make its way back to Naval Base San Diego.
The Artemis II test flight will confirm the foundational systems and hardware needed for human deep space exploration, taking another step toward missions on the lunar surface and helping the agency prepare for human missions to Mars.

MIL OSI USA News –

April 2, 2025
MIL-Evening Report: Politics with Michelle Grattan: Kos Samaras on polls and the people who’ll decide this election

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

The demography that makes up the Australian electorate is changing and as voters desert the major parties polls are becoming harder to read.

Kos Samaras is a director of the political consultancy firm Redbridge, which undertakes both quantitative research and focus groups. Samaras now views campaigns from the outside but in the past, as a former Labor Party official, he’s experienced them from the insisde too.

On the state on the polls he says,

They’re going to switch around a bit, but we are seeing some trends now that are quite obvious, and that is the consolidation of the Labor primary [vote]. Labor has been successful in bringing back some of those people that did move away from them to minor parties over the last 18 months in some key areas around the country.

On why Labor is doing better compared to the Coalition, Samaras says Labor starting early was key,

That’s why it’s important that when you are running a campaign, you must start very early and you must start before the writ is issued and that [is] why Labor has been in that space aggressively now for some time. And this is where I think Dutton and his team have really missed the mark. They’ve waited until the writ to start their campaign. They’ve allowed a vacuum to be created. Labor has filled it with their narrative and their story and their mission, and it’s bearing fruit.

On the Trump effect and how that will play in this election, Samaras says Dutton should try to distance himself from the US president,

We do think that the Trump factor is having an impact, and we could see that in other countries as well. Canada is a really good example of that.

It’s hard for Labor to convince Australians that Dutton is like Trump, but Dutton has throughout this campaign made some errors, particularly on issues around dual citizenship, cuts to the public service. These policies just kind of remind people that he’s not Trump, because he’s an established player, but he does have some element to him that is similar and that can only hurt him.

Now that Gen X and the millennials have overtaken the baby boomers as voters, Samaras say of these younger voters,

They want the system turned on its head. They actually want to see significant reform, and at the moment, they’re just getting band-aids, and that’s fundamentally the problem. Now they may indeed a portion of them eventually just vote for one or the other of the major parties and there will be a number of them that do that. But I wouldn’t exactly describe that as enthusiastic support.

Michelle Grattan 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. Politics with Michelle Grattan: Kos Samaras on polls and the people who’ll decide this election – https://theconversation.com/politics-with-michelle-grattan-kos-samaras-on-polls-and-the-people-wholl-decide-this-election-253531

MIL OSI Analysis – EveningReport.nz –

April 2, 2025

MIL-OSI: Bitfarms Provides March 2025 Production and Operations Update

Source: GlobeNewswire (MIL-OSI)

– Operational hashrate of 19.5 EHuM and fleet efficiency of 19 w/TH–
-Completes acquisition of Stronghold Digital Mining & sale of Yguazu, Paraguay data center-
-Appoints two new key HPC/AI and Infrastructure Executives-

This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

TORONTO, April 01, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global energy and compute infrastructure company, today issued its latest monthly production report. All financial references are in U.S. dollars.

CEO Ben Gagnon stated, “March was a very productive month for Bitfarms. We successfully closed both our transformative acquisition of Stronghold Digital Mining, the largest M&A deal between two public miners in our industry, and the strategic sale of our 200 MW Yguazu data center. Through these transactions, we have rebalanced our portfolio to the U.S. where we expect to achieve greater yields per MW, reduced our average cost of power across our portfolio, minimized our 2025 capex requirements, and secured highly desirable sites that will enable us to diversify beyond Bitcoin mining into HPC/AI and energy generation.

“In addition, we advanced our HPC/AI strategy with both the appointments of James Bond, SVP of HPC, and Craig Hibbard, SVP of Infrastructure, and the continued evaluation of our three Pennsylvania sites for potential HPC conversion. Initial studies from our strategic partners confirmed that all three sites are well-suited: they are strategically located near other data center campuses and peering hubs and they have the necessary power, land and fiber infrastructure to support HPC. We expect to receive full, detailed feasibility studies in Q2. With the steps we’ve taken in Q1, we now have the properties, internal team, and strategic engineering and marketing advisors in place, taking a holistic approach to advancing our HPC/AI business.”

SVP of Global Mining Operations Alex Brammer said, “During March we grew our operational hashrate 21% to 19.5 EHuM and reached our Q2 efficiency target of 19 w/TH three months ahead of schedule. Our energy portfolio is now larger and more efficient, with stronger operating economics and significant U.S. growth potential.”

March 2025 Select Operating Highlights

Key Performance Indicators	March 2025 (proforma)	February 2025
Total BTC earned	280	213
Month End Operating EHuM	19.5	16.1
BTC/Avg. EH/s	17	16
Average Operating EHuM	16.4	13.4
Energized Capacity (MW)	461	437
Watts/Terahash Efficiency (w/TH)	19	20

19.5 EHuM operational at March 31, 2025, up 21% M/M.
16.4 EHuM average operational, up 22% M/M.
17 BTC/average EHuM, 6% higher M/M.
280 BTC earned on a proforma basis, 31% higher M/M.
9.0 BTC earned daily on average, equal to ~$738,000 per day based on a BTC price of $82,000 at March 31, 2025.

March 2025 Financial Update

Total liquidity of $132 million, including approximately $39 million in cash at March 31, 2025.
Treasury of 1,140 BTC, down from 1,260 BTC last month and representing $93.4 million based on the Bitcoin price of $82,000 at March 31, 2025.

About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global energy and compute infrastructure company that develops, owns, and operates vertically integrated energy generation and data centers. Bitfarms currently has 15 operating data centers situated in four countries: the United States, Canada, Argentina and Paraguay.

To learn more about Bitfarms’ events, developments, and online communities:

www.bitfarms.com
https://www.facebook.com/bitfarms/
https://x.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Glossary of Terms

Y/Y or M/M= year over year or month over month
BTC or BTC/day = Bitcoin or Bitcoin per day
EH or EH/s = Exahash or exahash per second
EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
MW or MWh = Megawatts or megawatt hour
GW or GWh= Gigawatts or gigawatt hour
w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
HPC/AI = High Performance Computing / Artificial Intelligence
Energized capacity= Power available

Forward-Looking Statements

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the benefits of the acquisition of Stronghold Digital Mining, Inc., the ability to enhance the business of the Company through adding additional human resources to HPC/AI strategies, its revenue diversification strategy, the North American energy and compute infrastructure strategy, opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the merits and ability to secure long-term contracts associated with HPC/AI customers, the success of the Company’s HPC/AI strategy in general and its ability to capitalize on growing demand for AI computing while securing predictable cash flows, the Company’s energy pipeline and its anticipated megawatt growth, the Company’s ability to drive greater shareholder value, projected growth, target hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to successfully integrate the business of Stronghold Digital Mining, Inc. as contemplated, or at all; an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov), including the management’s discussion & analysis for the year-ended December 31, 2024 Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Investor Relations Contact:

Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com

Media Contact:

Bitfarms
Caroline Brady Baker
Director, Communications
cbaker@bitfarms.com

The MIL Network –

April 2, 2025

MIL-OSI: Limekiln Wind Farm, Scotland: Boralex’s First Production Site in the United Kingdom Now Operational

Source: GlobeNewswire (MIL-OSI)

EDINBURGH, United Kingdom, April 01, 2025 (GLOBE NEWSWIRE) — Boralex inc. (“Boralex” or the “Company”) (TSX: BLX) is pleased to announce that the Limekiln Wind Farm and all its turbines are operational. Limekiln Wind Farm, located near Thurso in Caithness, is the Corporation’s flagship project in Scotland and its first operational site in the United Kingdom, with an installed capacity of 106 MW.

“I am extremely proud of the Boralex team, whose expertise and dedication over the past few years have enabled us to reach this historic milestone for the company today,” said Patrick Decostre, President and CEO. “The UK is a key geography in achieving our growth and diversification objectives, and the operation of Limekiln Wind Farm enables us to strengthen our strategic position in the UK, while contributing to the global energy transition.”

“The operational phase announced today is a major step towards achieving our ambition of increasing our portfolio of ready-to-build and operational renewable energy assets in the UK, a market with high development potential, to 1 GW by 2030,” said Nicolas Wolff, Senior Vice President and General Manager, Europe. “It is also the result of valuable consultation work with local communities carried out by our teams, who have been present on the ground since the very first stages of the project.”

Limekiln Wind Farm consists of 24 Vestas V136-4.5MW wind turbines, measuring 150m to the tip of the blade. Apart from zero-carbon electricity, the wind farm will also deliver a full package of social, economic and environmental benefits, including biodiversity enhancements such as a native species planting scheme and a peat restoration programme, as well as a Community Benefit Fund of over £500,000 annually for the life of the project.

This project benefits from a government-backed 15-year Contract for Difference (CfD) that will start in April 2028. Boralex has entered into a power purchase agreement (PPA) with Statkraft, one of the leading PPA providers in the UK, to cover the period between commissioning of the wind farm, and the beginning of the CfD.

In addition, the project offers local employment opportunities: the site’s operation would support at least 8 direct jobs and around 50 indirect jobs. Lastly, the wind farm will provide sufficient electricity to meet the needs of around 100,000 British homes every year, based on the average generation mix of UK power sources.

For more information, please visit the Limekiln Wind Farm page on our website.

Boralex accelerates its development in the United Kingdom

The operation of Limekiln Wind Farm comes at a time of strong growth for Boralex in the UK. Since 2023, the Company has expanded its team from 10 to 23 renewable energy professionals and aims to recruit more than a dozen new employees by the end of the year in all departments. Two major milestones were reached in the past year, with the closing of financing and the signing of the Corporate PPA for Limekiln Wind Farm. Boralex also acquired the Sallachy (wind – up to 50 MW) and Clashindarroch Extension (wind – 145 MW and storage – 50 MW) projects. Boralex opened a new office in Ringwood, in the south of England, in January 2025, allowing it to continue its growth in this region and in Wales.

Caution Regarding Forward-Looking Statements

Some of the statements contained in this press release are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measure it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular forward-looking statement. Unless otherwise specified by the Company, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made. There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes.

About Boralex

At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have development activities and production facilities in the United States and the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.1 GW. Our pipeline of projects and growth path total over 8 GW in wind, solar and electricity storage projects. We develop those projects guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

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

For more information

MEDIA	INVESTOR RELATIONS
Camille Laventure Senior Advisor, Public Affairs and External Communications Boralex Inc. 438 883-8580 camille.laventure@boralex.com	Stéphane Milot Vice President, Investor Relations and Financial Planning and Analysis Boralex Inc. 514 213-1045 stephane.milot@boralex.com

MEDIA – UNITED KINGDOM
Marlies Koutstaal Communications Manager Boralex United Kingdom 07876 341561 marlies.koutsaal@boralex.com

Source: Boralex inc.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7d9ca4d0-9894-41e3-9bb7-e3a68e59e4b5

The MIL Network –

April 2, 2025

MIL-OSI: Cielo Announces Relocation of First Planned Facility to British Columbia and Provides Update on Proposed Asset Acquisition and Corporate Matters

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, April 01, 2025 (GLOBE NEWSWIRE) — Cielo Waste Solutions Corp. (TSXV:CMC; OTC PINK:CWSFF) (“Cielo” or the “Company”) provides an update on certain business and corporate matters.

First Planned Waste to Fuels Facility – Scrap Railway Ties to Green Hydrogen

In light of changes in market conditions, the Company announces its intention to relocate its first planned commercial waste to fuel facility for the processing of scrap railway ties from Carseland, Alberta to British Columbia, and a transition in fuel to be produced from Renewable Diesel to Green Hydrogen. This shift remains aligned with the Company’s commitment to commercialize renewable energy initiatives.

This strategic pivot allows Cielo to explore funding opportunities through the British Columbia Low Carbon Fuel Standard (BCLCFS) credit program, which offers financial incentives for reducing carbon emissions.

Cielo is engaged in advanced discussions with a technology provider on a project in British Columbia that will utilize scrap railway ties as feedstock to produce Green Hydrogen for use in the British Columbia market.

“As Cielo completes a shift in our strategy, we also continue to be flexible in our project execution. We are willing and prepared to pivot as the political and technological landscapes change. In addition, as the demand for renewable fuels changes, Cielo understands the need to revise our approach to meet market demand,” said Ryan C. Jackson, CEO of Cielo. “This decision was not made in haste. We believe it is an important step forward in ensuring our resources are dedicated to projects that have the highest potential for success in the short term and sustainable growth in the long term.”

Rocky Mountain Clean Fuels Acquisition Update

In light of the foregoing changes, the Company also announces that it will not proceed with the previously announced proposed acquisition (the “Proposed Acquisition”) by Cielo of an Enhanced Gas to Liquids (“EGTL^TM”) facility located in Carseland, Alberta (the “EGTL^TMFacility”), currently owned and operated by Rocky Mountain Clean Fuels Inc. (“RMCFI”), which deploys patented Enhanced Gas-To-Liquids technology.

The Company had previously announced its intention to complete a proposed transaction with RMCFI with a view to enhancing the process deployed at the EGTL™ Facility and diversifying the inputs used to process synthetic diesel and jet fuel. Cielo had intended to build a gasifier on the land adjacent to the EGTL™ Facility.

Due to ongoing market uncertainty and after careful evaluation, Cielo has determined that the uncertainty around the regulatory landscape and shifting market conditions present significant challenges to advancing the Proposed Acquisition in a manner that aligns with the Company’s long-term strategic goals. The project development agreement between Cielo and RMCFI that had been acquired under the Asset Purchase Agreement with Expander (each as defined below) has expired.

Cielo remains focused on executing its broader strategy of sustainable and profitable fuel production, including new opportunities in Green Hydrogen and other low-carbon initiatives. The Company continues to explore alternative partnerships and funding opportunities to drive its commitment to innovation and environmental sustainability.

Expander Energy Dispute Resolution

In November 2023, pursuant to an asset purchase agreement dated September 15, 2023, as amended and restated on November 8, 2023 (the “Asset Purchase Agreement”) between Cielo and Expander Energy Inc (“Expander”), Cielo acquired certain assets and liabilities of Expander to use and operate Expander’s patented EBTL™ and BGTL™ technologies (the “Transaction”).

Concurrently with the closing of the Transaction, Cielo and Expander executed a license agreement (the “License Agreement”), providing Cielo with an exclusive license in Canada to use Expander’s patented EBTL™ and BGTL™ technologies and related intellectual property for all feedstocks, as well as an exclusive license in the United States for creosote and treated wood waste (the “Licensed Technologies”).

As a result of recent disagreements between Cielo and Expander on various matters, the Company has notified Expander of its intention to initiate a dispute resolution process in accordance with the terms of the License Agreement. Prior to this, Cielo had received from Expander notices of breach (collectively the “Notices”) with regard to the Asset Purchase Agreement, the License Agreement and a master service agreement executed between Cielo and Expander upon closing of the Transaction. Among other things, the Notices include Expander’s advice that Expander intends to terminate the License Agreement upon a second notice, which Cielo may expect to receive in or after April 2025. Cielo intends to dispute some or all of the assertions made in the Notices and intends to have its own commercial, financial and strategic concerns related to the Licensed Technologies addressed. The Company will continue to provide material updates as they become available.

“Through this challenging but in our view necessary juncture, we remain dedicated in our mission of investing in innovation in the renewable fuels sector,” said Mr. Jackson. “As we navigate these discussions, our priority is to act in the best interests of our shareholders and stakeholders while maintaining a constructive approach to resolving these matters.”

Cielo will continue to execute its existing business strategy and technological advancements, while ensuring its leadership role in sustainable waste-to-energy solutions.

Director Resignation

Cielo announces that James H. Ross has resigned from its Board of Directors, effective immediately. The Company thanks Mr. Ross for his contributions and leadership during his tenure and wishes him success in his future endeavors.

Mr. Ross was appointed to the Board of Directors in November 2023 pursuant to the Asset Purchase Agreement with Expander.

Annual General Meeting

As previously announced, Cielo had cancelled its rescheduled annual general meeting of shareholders (the “AGM”) to be held on December 19, 2024 due to a Canada Post Strike. Pursuant to the Business Corporations Act (British Columbia), the Company was required to hold the AGM on or before December 31, 2024 (the “Original AGM Deadline”), however it was determined that rescheduling the AGM for a date on or before the Original AGM Deadline was not feasible given the continuing postal strike and mailing requirements. As a result, the Company had made application to request an extension, which was granted until June 30, 2025. Cielo intends to hold the AGM in June 2025 and will provide additional details as they become available.

Corporate Update Webinar

Cielo is pleased to announce a corporate update webinar (the “Webinar”) with CEO, Ryan C. Jackson and CFO, Jasdeep K.B. Dhaliwal, scheduled for April 10th, 2025. This event is intended to provide shareholders and stakeholders with updates on the Company’s strategic initiatives and future outlook. Further details will be released prior the date of the Webinar.

ABOUT CIELO

Cielo Waste Solutions is a publicly traded company focused on transforming waste materials into high-value renewable fuels. Cielo seeks to address global waste challenges while contributing to the circular economy and reducing carbon emissions. Cielo is fueling renewable change with a mission to be a leader in the wood by-product-to-fuels industry by using environmentally friendly, economically sustainable and market-ready technologies. Cielo is committed to helping society ‘change the fuel, not the vehicle’, which we believe will contribute to generating positive returns for shareholders. Cielo shares are listed on the TSX Venture Exchange under the symbol “CMC,” as well as on the OTC Pink Market under the symbol “CWSFF.”

For further information please contact:

Cielo Investor Relations

Ryan Jackson, CEO
Phone: (403) 348-2972
Email: investors@cielows.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements are subject to both known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions. Cielo is making forward-looking statements, including but not limited to with respect to: the change of location of the first planned commercial facility and the focus on Green Hydrogen; the exploration and use of financial incentives in British Columbia; that the Company will not proceed with the Proposed Acquisition; the Company’s strategic focus; the Company’s intention to continue to explore alternative partnerships and funding opportunities; the dispute resolutions process with Expander, Cielo’s intentions with respect thereto and that the Company will provide further updates as they become available; that Cielo will continue to execute its existing business strategy and technological advancements, while ensuring its leadership role in sustainable waste-to-energy solutions; the AGM and the timing thereof; and the Webinar and the date thereof.

Investors should continue to review and consider information disseminated through news releases and filed by the Company on SEDAR+. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.

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

The MIL Network –

April 2, 2025
MIL-OSI: Combatting Cyber Threats with AI: Darktrace and Climb Channel Solutions Sign Distribution Agreement for North America

Source: GlobeNewswire (MIL-OSI)

EATONTOWN, N.J., April 01, 2025 (GLOBE NEWSWIRE) — Climb Channel Solutions, an international specialty technology distributor and wholly owned subsidiary of Climb Global Solutions, Inc. (NASDAQ: CLMB) today announced a new partnership with Darktrace, a global leader in AI for cybersecurity. Under this agreement, Climb Channel Solutions will now distribute Darktrace’s portfolio of AI-powered cybersecurity products across North America.

Darktrace provides the essential cybersecurity platform protecting organizations from unknown threats using its proprietary AI that learns from the unique patterns of life for each customer in real-time. The Darktrace ActiveAI Security Platform™ delivers a proactive approach to cyber resilience with pre-emptive visibility into security posture, real-time threat detection, and autonomous response – securing the business across the entire digital estate including cloud, email, identities, operational technology, endpoints, and network. Darktrace’s platform and services protect nearly 10,000 customers across all major industries globally.

“Darktrace’s pioneering use of AI in network detection and response has earned the trust of thousands of organizations worldwide,” said Dale Foster, CEO of Climb Channel Solutions. “Darktrace’s expertise aligns perfectly with our mission to enhance cybersecurity for our resellers and their clients. By integrating Darktrace into our portfolio, we are not only expanding our range of innovative vendors but also reinforcing our dedication to providing unique and differentiated solutions to the market.”

“Partners play an essential role in helping to protect customers against the rapidly evolving threat landscape,” said Dan Monahan, Chief Partner and Transformation Officer, Darktrace. “Our collaboration with Climb expands the reach of Darktrace’s solutions across North America to help more organizations increase their cyber resilience and take a more proactive approach to cybersecurity. Together, Darktrace and Climb are equipping partners with the tools they need to deliver best in class AI-powered cybersecurity solutions to customers.”

For more information about Climb Channel Solutions, visit www.climbcs.com.

About Climb Channel Solutions and Climb Global Solutions

Climb Channel Solutions is a global specialty technology distributor focusing on Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & Application Lifecycle. What sets Climb apart is our commitment to transform distribution by providing emerging and established IT technologies, flexible financing, real-time quoting, best of breed channel operations, speed to market, and exceptional service to our partners worldwide.

Climb Channel Solutions is a wholly owned subsidiary of Climb Global Solutions (NASDAQ: CLMB). Experience the Climb difference and learn how our people-first approach empowers VARs and MSPs to grow, scale, and accelerate their business. Visit www.ClimbCS.com, call 1-800-847-7078, and connect with us on LinkedIn!

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

Media contact:

Dan Walsh – dan@mustardpr.com.

The MIL Network –

April 2, 2025
MIL-OSI: Fengate consortium selected to deliver six new schools in Alberta, Canada

Source: GlobeNewswire (MIL-OSI)

EDMONTON, Alberta, April 01, 2025 (GLOBE NEWSWIRE) — Fengate Asset Management (Fengate), as part of the EllisDon Infrastructure consortium, has been selected by the Government of Alberta to deliver six new schools as part of the P3 Schools Bundle #5 project.

The consortium achieved ﬁnancial close on the project this week to design, build, ﬁnance, and maintain the schools under a public-private partnership (P3).

Three grade K-9 schools, located in Calgary (Nolan Hill), Chestermere, and Okotoks; one K-8 school in Aidrie; one K-5 school in Blackfalds; and one grade 7-12 school in Edmonton (Glenridding Heights), are anticipated to open in 2027 and provide an opening capacity for 5,550 students.

“We are honored to be part of this transformative project that will provide state-of-the-art educational facilities for students across Alberta,” said Mac Bell, Managing Director, Infrastructure Investments at Fengate.

“Achieving ﬁnancial close is a testament to the collaborative efforts of our consortium partners and the Alberta government, and we look forward to working shoulder-to-shoulder to build the future of education in the province.”

Fengate, which successfully delivered a P3 bundle of six schools in Prince George’s County, Maryland, near Washington D.C. in 2023, remains committed to delivering high- quality social infrastructure that enhances communities across Canada and the United States.

The EllisDon Infrastructure consortium – comprised of EllisDon Capital Inc., Fengate Asset Management, EllisDon Construction Services Inc., GEC Architecture, Smith + Andersen, Entuitive Corporation, Grade Consulting Inc., Scatliff + Miller + Murray Inc., Footprint, and FFA Consultants – was selected following a competitive procurement process.

About Fengate

Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies, with more than $10 billion of capital commitments under management. The ﬁrm has been investing in infrastructure since 2006 with a focus on mid- market greenﬁeld and brownﬁeld infrastructure assets in the transportation, social, energy transition and digital sectors. Fengate is one of North America’s most active infrastructure investors and developers with a portfolio of more than 45 assets. Learn more at www.fengate.com.

Media contact

Maddison Sharples
Vice President, Communications and Marketing
+1 416 254 3326
maddison.sharples@fengate.com

The MIL Network –

April 2, 2025
MIL-OSI Asia-Pac: US sanctions strongly condemned

Source: Hong Kong Information Services

The Hong Kong Special Administrative Region Government today issued a strong condemnation of the US for including central authorities and Hong Kong SAR officials on a “sanctions list”.

In a statement, it said the move was a despicable attempt to intimidate officials and amounted to barbarity.

The Hong Kong SAR Government stressed that it will make every effort to protect the legitimate rights and interests of all personnel, and that its officials will continue to resolutely discharge their duty of safeguarding national security.

It said that the reason absconders from Hong Kong who are at large in countries such as the US, the UK and Australia have had arrest warrants issued against them by Hong Kong courts is not because they have “exercised their freedom of speech”, but because they continue to engage in activities endangering national security. It explained that these activities include inciting secession and requesting that foreign countries impose “sanctions” or engage in other hostile activities against the People’s Republic of China and the Hong Kong SAR.

The statement outlined that it is necessary for the Hong Kong SAR to take all lawful measures to combat such acts. It said such measures are aimed at combating, deterring and preventing acts of abscondment, and at procuring the return of the absconded persons to Hong Kong to face judicial proceedings.

Moreover, it stressed that all the measures align with human rights requirements, adding that countries including the US, the UK and Canada would impose similar measures on wanted criminals.

The Hong Kong SAR Government said that in an attempt to mislead the public the US had deliberately smeared Hong Kong and spread irresponsible remarks about measures and actions taken in accordance with the law.

It also stated that the US has disregarded the non-interference principle of international law, choosing instead to interfere with other countries’ internal affairs, groom agents, instigate colour revolutions, and create social unrest and multiple humanitarian disasters through economic and military coercion, causing suffering to people in many countries.

The Hong Kong SAR Government said that with China’s central authorities enacting Hong Kong’s National Security Law and the Hong Kong SAR implementing Article 23 of its Basic Law, the legal regime in safeguarding national security in Hong Kong has been strengthened, prevented the US from succeeding in its aims.

It added that false accusations by the US against Hong Kong SAR personnel involved in safeguarding national security dutifully, faithfully and in accordance with the law, and the imposition of “sanctions” in the guise of defending human rights and democracy, constitute a demonstration of shameless hypocrisy.

The Hong Kong SAR Government emphasised that it has a responsibility to pursue those who suspected of committing offences endangering national security and absconding overseas.

It added that Hong Kong law enforcement agencies’ actions are evidence-based and are taken in strict accordance with the law in respect of acts committed by people or entities, having nothing to do with their political views, background or occupation. In addition, it said, the Department of Justice makes prosecutorial decisions based on an objective analysis of all admissible evidence and applicable laws.

MIL OSI Asia Pacific News –

April 2, 2025
MIL-OSI United Kingdom: Payslip boost for millions as new minimum wage rates take effect
Source: United Kingdom – Executive Government & Departments

Press release

Payslip boost for millions as new minimum wage rates take effect

Over 3 million eligible workers set for a pay rise of up to £1,400 a year as new National Minimum Wage and National Living Wage rates take effect.
Pay rise worth an extra £1,400 per year for an eligible full-time worker delivered from today.

New rates put more money back into the pockets of working people, boosting productivity and ending low pay.

More money to be spent in Britain’s high streets, kickstarting growth as part of the Plan for Change.

Eligible full-time workers are set for a pay boost of up to £117 from this month thanks to the Government’s increase in the National Living Wage, which comes into effect today.

The move – which delivers the Government’s pledge to increase living standards in the Plan for Change – will put more money straight into working people’s pockets.

Thanks to the decision made in the Autumn Budget, the uplift means more money can be spent on the high street to boost the local economy and help kickstart economic growth – the Government’s central mission in its Plan for Change.

The changes will also see a pay boost for Britain’s young people – with the National Minimum Wage for younger workers and apprentices seeing a record cash increase.

This is the first step towards removing the unfair minimum wage age-bands that see a 21-year-old getting paid more than a 20-year-old for doing the same job.

Already, the UK is second in the G7 in terms of the minimum wage relative to average wages for a full-time worker – ahead of the US, Germany and Japan. This makes it one of the most financially secure countries in the world for workers.

Deputy Prime Minister Angela Rayner said:

This pay rise for over 3 million of the lowest paid workers was a priority for this government and means we’re already giving hard working people more money in their pockets and a proper wage increase worth over twice the rate of inflation.

These changes are part of our Plan for Change – to raise living standards for people across the county, including apprentices and young people, giving them more job security and the huge pay boost they deserve too.

Chancellor of the Exchequer, Rachel Reeves, said:

In the last Parliament, living standards were the worst on record and sky-high inflation was crushing working people’s finances.

Today we have raised the national minimum and living wages, meaning the lowest paid will receive an annual pay boost of up to £2,500 – something that wouldn’t have happened without my Budget last year.

Making work pay is good for workers, will strengthen businesses’ workforces, and will grow our economy for years to come. It’s a key milestone on my number one mission to get more money in people’s pockets as we deliver our Plan for Change.

Business Secretary Jonathan Reynolds said:

We promised to make low pay a thing of the past. Now, as part of our Plan for Change and the biggest upgrade to worker’s rights in a generation, we are delivering that.

Low pay is not only bad for workers, it prevents them from spending on our high streets and allowing local businesses to achieve their full potential.

By ensuring that everyone gets a fair wage for the hours they work, we’re delivering the financial stability needed to kick-start economic growth and ensure our country is fit for the future.

The Government is spending billions to support people suffering with the cost of living pressure that were inherited by the previous administration. This includes:

£7.8 billion on State Pension spending, in line with the Triple Lock commitment so pensioners don’t get left behind

£3 billion to freeze the fuel duty – to help Britain’s drivers

£1 billion, including Barnett impact, to extend the Household Support Fund in England and Discretionary Housing Payments in England and Wales in 2025-2026

£460 million on Warm Homes – to help the poorest households heath their homes

£25 million boost for the carers allowance to better support people caring for a loved one.

This is on top of the additional £7.8bn that the government is spending in 25/26 to protect the value of the state pension and to reflect changes in the population.

The Government is clear that the mission to grow the economy and raise living standards is a top priority and a strong economy can only be built when people have financial security whilst in work.

Recent research from ReWAGE and the University of Warwick shows that low pay can lead to mental health issues including depression, meaning more lost days and crippling productivity, leaving employers carrying the cost burden as well increasing costs to public services such as the NHS.

By putting more money into the pockets of the lowest paid, this increases workers’ financial security instead offering stability to help increase staff retention and lowering recruitment costs for businesses in the long run.

This uplift is an essential part of the Government’s plan for long-term national renewal and growth.

To ensure workers get the fairest deal, this rise is also the first that has taken into account the cost of living and inflation.

The uplift sits alongside the Employment Rights Bill, the most significant upgrade to workers’ rights in a generation, and commitments to improve economic stability, get Britain building again, kickstart a skills revolution and bring forward a modern industrial strategy, and a plan to tackle inactivity.

The Government recognises that businesses will need more support next year. Ahead of permanently lowering tax rates for high street retail, hospitality, and leisure (RHL) from 2026/27, we have prevented the current RHL relief from ending this April, extending it for one year to ensure that over 250,000 RHL properties see a full 40 per cent reduction on their liability, and we have frozen the small business multiplier.

Julian Richer, founder of both retailer Richer Sounds and the Good Business Charter said:

One of the best ways to increase living standards and productivity in the UK is to put more money straight into people’s pockets with a National Minimum Wage increase that can be spent in shops and the economy to boost growth.

From this increase we can expect to see employee morale, productivity and retention all going up and hopefully will benefit millions of workers.

TUC general secretary Paul Nowak said:

This increase in the national minimum wage will make a real difference to the lowest paid in this country and setting out a path to end the outdated and unfair youth rates will give young workers a boost up and down the country.

More money in working people’s pockets means more spend on our high streets – that’s good for workers and good for local economies.

Debbie Crosbie, CEO, Nationwide said:

The Government’s Plan for Change is a welcome and clear plan for growing the economy, strengthening businesses and supporting employees.

Eliminating low pay will make sure that everyone shares in the progress the country makes.

Nationwide has long championed the national minimum and living wage and we welcome this focus on improving living standards and boosting productivity.

Peter Jelkelby, Chief Executive and Chief Sustainability Officer, IKEA UK and Ireland said:

People are at the heart of IKEA’s success, and we recognise the challenges they face from inflationary pressures and rises in the cost of living.

Businesses rely on a skilled, engaged and committed workforce, so ensuring that wages reflect the cost of living is the right route to providing that.

Centrica Group Chief Executive, Chris O’Shea, said:

A strong, sustainable economy needs wages that rise in line with productivity and needs to ensure people can live well.

As a Real Living Wage employer, we applaud this uplift in the National Minimum Wage for the millions of workers who will power the country’s economic growth. Government and business need to work together to drive prosperity to ensure workers get their fair share and to reduce inequality and raising living standards.

With the right policy choices—particularly in our energy sector—we have a vital opportunity to unlock billions of pounds of investment, boost growth and productivity, while creating thousands more well-paid jobs across the UK.

Danielle Harmer, Chief People Officer, Aviva said:

We’re proud to be a real Living Wage Employer in the UK, including for our contractors and suppliers who work on our sites.

Supporting our colleagues to thrive is good for them, our business, and our customers.

Nicola Ryan, Director of Colleague Support at One+All in Greater Manchester, said:

“We are very pleased with the increase to the National Minimum and Living Wage.

“This is great news for the millions of lower paid workers, as we know far too many working parents and their children are in poverty.

“We know that employees who have less financial stress do a much better job which leads to higher productivity and customer satisfaction.”

Notes to editors:

The changes from 1 April mean:

The National Living Wage for those aged 21 and over will rise from £11.44 per hour to £12.21 per hour.

The National Minimum Wage for 18- to 20-year-olds rises from £8.60 to £10.00 per hour.

The apprenticeship rate, and for 16- to 17-year-olds rises from £6.40 per hour to £7.55 per hour.

If someone is concerned that they’re not being paid the correct wage, they should speak to their employer. If the problem is not resolved, they can contact Acas (the Advisory, Conciliation and Arbitration Service) by phoning 0300 123 1122, or complain to HMRC in confidence using the link www.gov.uk/minimum-wage-complaint. HMRC looks into every single complaint.

You can report possible underpayment of the National Minimum Wage to the ACAS Helpline and also online to HM Revenue and Customs (HMRC):

https://www.gov.uk/pay-and-work-rights

https://www.gov.uk/government/publications/pay-and-work-rights-complaints

Workers and employers in Northern Ireland can contact the Labour Relations Agency helpline on 03300 555 300 (Monday to Friday, 9am to 5pm) or their website: www.lra.org.uk.

As of 2023, the UK had the second highest minimum wage bite of the G7 countries, that is the ratio of the minimum wage relative to median wages for a full-time worker. The OECD estimate that the bite of the minimum wage in the UK was around 60%, behind France (62%), and ahead of Germany (52%), Canada (50%), Japan (46%) and the USA (26%).

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Updates to this page

Published 1 April 2025
MIL OSI United Kingdom –
April 1, 2025

MIL-OSI: Prairie Provident Resources Announces Fourth Quarter and Year-End 2024 Financial and Operating Results, 2024 Year-End Reserves and Basal Quartz Update

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, April 01, 2025 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) (TSX:PPR) announces its operating and financial results for the fourth quarter and year ended December 31, 2024 and year-end reserves. Prairie Provident’s audited annual consolidated financial statements and related Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024 and Annual Information Form, dated March 31, 2025 for the same period are available on the Company’s website at www.ppr.ca and filed on SEDAR+ at www.sedarplus.ca.

2024 ANNUAL HIGHLIGHTS

In the first quarter of 2024, the Company sold its Evi assets in northern Alberta and certain non-core assets located in the Provost area of Central Alberta. Net proceeds of approximately CAD$24.2 million were received from these dispositions, with CAD$20.0 million used to reduce indebtedness under the Company’s senior secured note facility.
In October 2024, the Company completed a rights offering raising aggregate gross proceeds of $12.0 million (the “Rights Offering”).
The net proceeds from the Rights Offering were used to retire indebtedness and drill two Basal Quartz horizontal wells in Prairie Provident’s Michichi core area. The Company reported IP60 (initial 60-day average production) rates on the two wells of approximately 333 boe/d (221 bbl/d of medium crude oil and 674 Mcf/d of natural gas) and approximately 305 boe/d (189 bbl/d of medium crude oil and 697 Mcf/d of natural gas), respectively.
For the year ended December 31, 2024, production averaged 2,310 boe/d (56% liquids).
Operating netback¹ for the year was $9.8 million ($11.57/boe) before the impact of derivatives in 2024, or $9.3 million ($11.00/boe) after realized losses on derivatives.
Operating expenses were $32.98 per boe in 2024.
As at December 31, 2024, net debt¹ totaled CAD$62.8 million, comprised of CAD$50.3 million under the senior secured note facility, CAD$5.2 million under its second lien notes (including deferred interest paid-in-kind) and a CAD$7.3 million working capital deficit.

__________________

1 Operating netback and net debt are non-GAAP financial measures and are defined below under “Non-GAAP and Other Financial Measures”.

FOURTH QUARTER 2024 AND 2025 YEAR TO DATE FINANCIAL AND OPERATIONAL HIGHLIGHTS

Production averaged 2,385 boe/d (57% liquids) for the fourth quarter of 2024.
Fourth quarter 2024 operating netback¹ before and after the impact of derivatives was $4.0 million ($18.05/boe).
Net capital expenditures¹ for the fourth quarter of 2024 of $9.0 million were primarily associated with the Company’s Basal Quartz drilling activities.
In February and March of 2025, the Company completed a brokered equity financing raising aggregate gross proceeds of $8.67 million to facilitate further development in the Basal Quartz formation.

FINANCIAL AND OPERATING SUMMARY

	Three Months Ended December 31,				Twelve Months Ended December 31,
($000s except per unit amounts)	2024		2023²		2024		2023²
Production Volumes
Crude oil and condensate (bbl/d)	1,298		2,049		1,226		2,190
Natural gas (Mcf/d)	6,107		7,374		6,093		7,579
Natural gas liquids (bbl/d)	69		135		68		105
Total (boe/d)	2,385		3,413		2,310		3,558
% Liquids	57%		64%		56%		64%
Realized Prices
Crude oil and condensate ($/bbl)	83.16		87.12		85.40		88.50
Natural gas ($/Mcf)	1.49		2.10		1.53		2.55
Natural gas liquids ($/bbl)	53.93		43.08		59.92		53.05
Total ($/boe)	50.65		58.54		51.15		61.46
Operating Netback($/boe)
Realized price	50.65		58.54		51.15		61.46
Royalties	(2.58	)	(11.00	)	(6.60	)	(9.14	)
Operating costs	(30.02	)	(36.45	)	(32.98	)	(34.14	)
Operating netback	18.05		11.09		11.57		18.18
Realized gains (losses) on derivatives	—		(0.96	)	(0.57	)	(0.72	)
Operating netback, after realized gains (losses) on derivatives	18.05		10.13		11.00		17.46

Note:

1 Operating netback and net capital expenditures are non-GAAP financial measures and are defined below under “Non-GAAP and Other Financial Measures”.
2 Incorporates adjustments as noted in Note 24 (Restatements) in the Company’s audited annual consolidated financial statements for the year ended December 31, 2024 available on the Company’s website at www.ppr.ca and filed on SEDAR+ at www.sedarplus.ca.

2024 RESERVES

The Company’s oil and gas properties were evaluated by Trimble Engineering Associates Ltd. (“Trimble”), effective December 31, 2024, in a report dated March 3, 2025 (the “Trimble Report“). Trimble is the Company’s independent reserves evaluator.

Overview

December 31, 2024	Proved Developed Producing		Total Proved		Total Proved plus Probable
Reserves (MMboe)		5.6		14.5		24.4
Net Present Value, discounted @10% ($Million)	$38.5		$185.5		$337.2
Reserve Life Index ⁽¹⁾ (years)		6.6		13.1		21.4

Reserve life index⁽¹⁾ is 6.6 years, 13.1 years, and 21.4 years, based on 2024 annual production on a proved developed producing (PDP), total proved (1P), and total proved plus probable (2P) basis, respectively.
Two Basal Quartz horizontal wells were drilled in Michichi in Q4 2024, adding 0.5 MMboe in reserves to PDP. Additionally, 4.1 MMboe 1P reserves and 9.4 MMboe 2P reserves were added with respect to additional Basal Quartz drilling locations.
The Company’s Evi property and non-core Provost assets were divested in 2024, reducing reserves by 2.9 MMboe proved developed producing (PDP), 6.3 MMboe total proved (1P), and 8.4 MMboe total proved plus probable (2P).
Technical revisions included removing Banff proved undeveloped locations to better reflect the Company’s near-term drilling plans in the Basal Quartz.

(1) Notes: “Reserve Life Index” does not have standardized meanings. See “Cautionary Statements – Disclosure of Oil and Gas Reserves Data and Operational Information”, and “Cautionary Statements – Reserve Life Index” below.

Reserves Summary

The following presentation summarizes certain information contained in the Trimble Report, which was prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the definitions, standards, and procedures contained in the Canadian Oil and Gas Evaluation Handbook (the “COGE Handbook”). Trimble evaluated 100% of the Company’s reserves. The Trimble Report is based on forecast prices and costs and applies the Sproule Associates Ltd. (“Sproule”) December 31, 2024 forecast escalated commodity price deck and foreign exchange rate and inflation rate assumptions. Estimated future net revenue is stated without any provisions for interest costs, other debt service charges, or general and administrative expenses, and after the deduction of royalties, estimated operating costs, estimated abandonment and reclamation costs, and estimated future development costs.

Additional information regarding the Company’s reserves data and other oil and gas information are included in the Company’s Annual Information Form for the year ended December 31, 2024 (the “AIF”), which is available on the Company’s issuer profile on SEDAR at www.sedar.com.

See also the “Cautionary Statements” below for further explanations and discussion.

Summary of Corporate Reserves^(1)(2)(5)

The following table is a summary of the Company’s estimated reserves as at December 31, 2024, as evaluated in the Trimble Report.

Reserves Category

Light and
Medium Oil

Heavy Oil

Conventional Natural Gas⁽³⁾(other than
Solution Gas)

Conventional
Natural Gas
(Solution Gas)

Natural Gas
Liquids

Barrels of Oil
Equivalent⁽⁴⁾

(Mbbl)

(MMcf)

(Mbbl)

(Mboe)

Proved

Developed Producing

2,530

315

9,443

6,094

209

5,643

Developed Non-Producing

164

–

1,610

204

496

Undeveloped

4,939

466

–

16,516

224

8,381

Total Proved

7,632

782

11,053

22,813

463

14,520

Probable

5,678

532

2,430

18,136

281

9,919

Total Proved plus Probable

13,310

1,313

13,483

40,949

744

24,439

Notes:

(1) Reserves are presented on a “company gross” basis, which is defined as Prairie Provident’s working interest (operating and non-operating) share before deduction of royalties and without including any royalty interest of the Company.
(2) Based on the Sproule December 31, 2024 forecast prices and costs. Sproule’s commodity price forecasts as of December 31, 2024, which were used in the Trimble Report, can be found at www.sproule.com/price-forecast/.
(3) Including both non-associated gas and associated gas but excluding solution gas (gas dissolved in crude oil).
(4) Oil equivalent amounts have been calculated using a conversion ratio of six thousand cubic feet of natural gas to one barrel of oil. See “Cautionary Statements – Barrels of oil equivalent” below.
(5) Columns may not add due to rounding of individual items.

Net Present Values of Future Net Revenue Before Income Taxes Discounted at (%/year) ^{(1)(2)(3)(4)(5)}

The following table is a summary of the estimated net present values of future net revenue (before income taxes) associated with Prairie Provident’s reserves as at December 31, 2024, discounted at the indicated percentage rates per year, as evaluated in the Trimble Report.

Reserves Category	0%	5%	10%	15%	20%
Reserves Category	(MM$)	(MM$)	(MM$)	(MM$)	(MM$)
Proved
Developed Producing	-20.5	31.6	38.5	37.5	35.0
Developed Non-Producing	7.4	6.0	4.9	4.1	3.5
Undeveloped	227.2	177.3	142.2	116.6	97.4
Total Proved	214.2	214.9	185.5	158.2	136.0
Probable	300.2	208.8	151.6	114.8	90.0
Total Proved plus Probable	514.4	423.7	337.2	273.0	226.0

Notes:

(1) Based on the Sproule December 31, 2024 forecast prices and costs. Sproule’s commodity price forecasts as of December 31, 2024, which were used in the Trimble Report, can be found at www.sproule.com/price-forecast/.
(2) Estimated future net revenues are stated without any provision for interest costs, other debt service charges or general and administrative expenses, and after deduction of royalties, estimated operating costs, estimated abandonment and reclamation costs, and estimated future development costs.
(3) Estimated future net revenue, whether discounted or not, does not represent fair market value.
(4) Net present values of future net revenue after income taxes are estimated to approximate the before income tax values based on the estimated future revenues, available tax pools and future deductible expenses.
(5) Columns may not add due to rounding of individual items.

Reconciliation of Company Gross Reserves Based on Forecast Prices and Costs⁽¹⁾⁽²⁾

	Mboe
FACTORS	Proved	Probable	Proved plus Probable
December 31, 2023	21,123	9,020	30,143
Extensions	4,064	5,366	9,430
Dispositions	(6,254)	(2,191)	(8,445)
Pricing (Economic Factors)	(339)	(84)	(423)
Technical Revisions	(3,212)	(2,193)	(5,405)
Production	(861)	–	(861)
December 31, 2024	14,520	9,919	24,439

Notes:

(1) Columns may not add due to rounding.
(2) Company Gross Reserves exclude royalty volumes

BASAL QUARTZ UPDATE

In the first quarter of 2025, Prairie Provident continued development of the Basal Quartz oil play in the Michichi area. The Company spud the first of a three well program on February 26, 2025 and all three wells have now been drilled without incident and on budget. The first two wells, 100/14-32-29-18W4M and 102/13-32-29-18W4M are one-mile horizontal laterals, with the third well, 100/07-19-30-18W4M, being a mile and a half horizontal lateral. These three wells offset the two initial Basal Quartz horizontal wells that the Company brought on production in November, 2024. All three wells encountered similar reservoir rock as the two initial wells. Multi-stage fracture stimulation operations have been completed at 100/14-32-29-18W4M (49 stages) and 102/13-32-29-18W4M (48 stages), with the fracturing operations at 100/07-19-30-18W4M (78 stages) expected to commence the first week of April. Subsequent to the completion operations, tubing, rods, and bottomhole pump will be run, and the wells will be equipped for production with conventional artificial lift. The multi-well oil battery expansions are near completion, with all wells are expected to be on-stream, natural gas being conserved, by mid-April, 2025.

ABOUT PRAIRIE PROVIDENT

Prairie Provident is a Calgary-based company engaged in the development of oil and natural gas properties in Alberta. The Company’s strategy is to optimize cash flow from our existing assets to fund low risk development, maintain stable cash flow, while limiting its production decline.

For further information, please contact:

Dale Miller, Executive Chairman
Phone: (403) 292-8150
Email: investor@ppr.ca

Barrels of Oil Equivalent

The oil and gas industry commonly expresses production volumes and reserves on a “barrel of oil equivalent” basis (“boe”) whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. A boe conversion ratio of six thousand cubic feet to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead nor at the plant gate, which is where Prairie Provident sells its production volumes. Boes may, therefore, be a misleading measure, particularly if used in isolation. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency ratio of 6:1, utilizing a 6:1 conversion ratio may be misleading as an indication of value.

Reserve Life Index (“RLI”)

The Company calculates RLI based on the estimated reserves amount as at December 31, 2024 for the relevant reserves category, as evaluated by Trimble, divided by 2024 annual production.

Non-GAAP and Other Financial Measures

This news release discloses certain financial measures that are ‘non-GAAP financial measures’ or ‘supplementary financial measures’ within the meaning of applicable Canadian securities laws. Such measures do not have a standardized or prescribed meaning under International Financial Reporting Standards (IFRS) and, accordingly, may not be comparable to similar financial measures disclosed by other issuers. Non-GAAP and other financial measures are provided as supplementary information by which readers may wish to consider the Company’s performance but should not be relied upon for comparative or investment purposes. Readers must not consider non-GAAP and other financial measures in isolation or as a substitute for analysis of the Company’s financial results as reported under IFRS. For a reconciliation of each non-IFRS measure to its nearest IFRS measure, please refer to the “Non-GAAP and Other Financial Measures” section of the MD&A.

This news release also includes reference to certain metrics commonly used in the oil and gas industry, but which do not have a standardized or prescribed meanings under the Canadian Oil and Gas Evaluation (COGE) Handbook or applicable law. Such metrics are similarly provided as supplementary information by which readers may wish to consider the Company’s performance but should not be relied upon for comparative or investment purposes.

Following is additional information on non-GAAP and other financial measures and oil and gas metrics used in this news release.

Operating Netback – Operating netback is a non-GAAP financial measure commonly used in the oil and gas industry, which the Company believes is a useful measure to assist management and investors in evaluating operating performance at the oil and gas lease level. Operating netbacks included in this news release were determined as oil and gas revenues less royalties less operating costs. Operating netback may be expressed in absolute dollar terms or on a per-unit basis. Per unit amounts are determined by dividing the absolute value by gross working interest production. Operating netback after gains or losses on derivative instruments, adjusts the operating netback for only the realized portion of gains and losses on derivative instruments. Operating netback per boe and operating netback, after realized gains (losses) on derivatives per boe, are non-GAAP financial ratios.

Net Debt – Net debt is defined as borrowings under long-term debt (including principal and deferred interest) plus working capital surplus or deficit. Net debt is a measure commonly used in the oil and gas industry for assessing the liquidity of a company.

Working Capital – Working capital is calculated as current assets excluding the current portion of derivative instruments, less accounts payable and accrued liabilities. This measure is used to assist management and investors in understanding liquidity at a specific point in time. The current portion of derivatives instruments is excluded as management intends to hold derivative contracts through to maturity rather than realizing the value at a point in time through liquidation. The current portion of decommissioning expenditures is excluded as these costs are discretionary and warrant liabilities are excluded as it is a non-monetary liability. The current portion of long-term debt is excluded as it is reflected in borrowings. Lease liabilities have historically been excluded as they were not recorded on the balance sheet until the adoption of IFRS 16 – Leases on January 1, 2019.

Net Capital Expenditures – Net capital expenditures is a non-GAAP financial measure commonly used in the oil and gas industry, which the Company believes is a useful measure to assist management and investors to assess the Company’s investment in its existing asset base. Net capital expenditures is calculated by taking total capital expenditures, which is the sum of property and equipment expenditures and exploration and evaluation expenditures from the Consolidated Statement of Cash Flows, plus capitalized stock-based compensation, plus acquisitions from business combinations, which is the outflow cash consideration paid to acquire oil and gas properties, less asset dispositions (net of acquisitions), which is the cash proceeds from the disposition of producing properties and undeveloped lands.

The MIL Network –

April 1, 2025

MIL-Evening Report: Trump’s ‘Liberation Day’: why the US is on a war footing over tariffs and mass deportations

Source: The Conversation (Au and NZ) – By David Smith, Associate Professor in American Politics and Foreign Policy, US Studies Centre, University of Sydney

US President Donald Trump’s foreign policy is doing little to enhance his country’s standing abroad. But it is helping to reinforce his political authority at home.

Congress and the courts are typically deferential to the president on foreign policy – and, in particular, issues related to national security. By putting most of his agenda under the banner of foreign policy, Trump is now taking advantage of that deference to minimise challenges to his power.

Trump has claimed for decades that US domestic problems can be solved with a more aggressive foreign policy.

This focus certainly helps him deal with his political problems, allowing him to attack his enemies and evade accountability under the guise of “saving the country”.

Trump has even gone so far as to call April 2 – when sweeping new tariffs are imposed on foreign goods – “Liberation Day”.

This is a term usually used to celebrate the end of long wars rather than the beginning of them.

Congress ceded its foreign policy powers

We are used to thinking of the US president as having almost unlimited power over US foreign policy. But the Constitution actually gives a lot of that power to Congress.

For example, Article 1, Section 8 of the Constitution gives Congress, not the president, the power to declare war. It also gives Congress the power to “collect Taxes, Duties, Imposts and Excises”, which include tariffs.

Given these shared responsibilities, the legal scholar Edward Corwin described the Constitution as “an invitation to struggle for the privilege of directing American foreign policy.”

Since at least the Second World War, the president has been decisively winning that struggle. Or more accurately, Congress has been declining invitations to use its power.

For example, American wars no longer begin with declarations. The US has not declared war since 1941, even though the country has been at war almost every year since then. Presidents instead initiate and escalate military conflict in other ways, nearly always with Congressional approval. That approval usually remains in place until a war goes badly wrong.

Congress also passed legislation in 1934 giving the president power to negotiate trade agreements and adjust tariffs. That power expanded significantly with an act in 1962 that authorised the president to impose tariffs if imports threaten “national security”.

Although Trump claims tariffs will bring economic prosperity back to the US by reviving manufacturing, his administration justifies them on national security grounds. For example, it is currently using another federal act passed in 1977 that allows tariffs in response to an international emergency as justification for its tariffs on Canada and Mexico.

Given the dubiousness of these justifications and the economic damage tariffs might do, Congress could try to reassert its constitutional power to set tariffs.

But this isn’t likely to happen soon, given the loyalty of Republicans to Trump. Members of Congress are also reluctant to be seen standing in the way of the president if national security is at stake.

One revelation of “Signalgate” was the fact the US bombed Yemen without even the pretext of an urgent national security reason. But the Congressional grilling of Trump’s intelligence leaders, predictably, did not address this.

The courts are no better

The courts are supposed to review the constitutionality of government actions. But on foreign policy, the courts have been deferential to the president even longer than Congress.

In a sweeping judgement in 1918, the Supreme Court wrote that foreign relations counted as a “political power” of the executive and legislative branches, not subject to judicial review.

The Supreme Court has rarely ruled on foreign policy questions since then. When it does, it nearly always supports the president against anyone challenging his right to make foreign policy, including Congress.

A federal judge recently complained the Trump administration ignored his order blocking deportation flights of alleged Venezuelan gang members to El Salvador.

Trump invoked the 1798 Alien Enemies Act to justify deporting the Venezuelans, even though some have no criminal record.
And Secretary of State Marco Rubio argued the deportations were a “foreign policy matter”, and “we can’t have the judges running foreign policy”.

Mass deportation is one of Trump’s most popular policies. If he is going to pick fights with the judiciary, it makes political sense to do it on an issue where public opinion is on his side – even if the law is not.

Rubio’s comment is also a likely preview of the arguments Trump’s lawyers will make when cases about immigration reach the Supreme Court.

Similarly, the Trump’s administration is relying on the 1952 Immigration and Nationality Act to deport protesters who have committed no crimes. This law allows the secretary of state to deport non-citizens if their presence in the US has “potentially serious adverse foreign policy consequences”.

Deportations under both acts are going to face legal challenges. But the Trump administration is betting the Supreme Court will take Trump’s side, given its conservative members generally hold an expansive view of executive power.

A Supreme Court win would be a major political victory for Trump. It would encourage him to focus even more on using deportation as a political weapon, and making foreign policy justifications for legally dubious acts.

War as a political tool

Trump is effectively putting the US on a war footing. He is justifying his executive actions by recasting allies as enemies who menace national security with everything from illegal drugs to unfair subsidies, and by labelling millions of foreign nationals as “invaders”.

Many Americans don’t believe him. But as long as he can make threatening foreigners the main focus of American politics, he can find political and legal support for almost anything he wants to do.

David Smith 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. Trump’s ‘Liberation Day’: why the US is on a war footing over tariffs and mass deportations – https://theconversation.com/trumps-liberation-day-why-the-us-is-on-a-war-footing-over-tariffs-and-mass-deportations-252808

MIL OSI Analysis – EveningReport.nz –

April 1, 2025
MIL-OSI: CREDIT AGRICOLE S.A. ANNOUNCES REDEMPTION OF EUR 1,500,000,000 Senior Non-Preferred Fixed to Floating Rate Notes issued on April 22, 2020 (ISIN: FR0013508512)
Source: GlobeNewswire (MIL-OSI)

Montrouge, April 1, 2025

CREDIT AGRICOLE S.A. ANNOUNCES REDEMPTION OF

EUR 1,500,000,000 Senior Non-Preferred Fixed to Floating Rate Notes issued on April 22, 2020 (ISIN: FR0013508512)*

Crédit Agricole S.A. (the “Issuer”) announces today the redemption (the “Redemption”) with effect on April 22, 2025 (the “Redemption Date”) of all of its outstanding EUR 1,500,000,000 Senior Non-Preferred Fixed to Floating Rate Notes issued on April 22, 2020 (ISIN: FR0013508512) (the “Notes”) pursuant to Condition 6(e) (Redemption at the Option of the Issuer) of the terms and conditions of the Notes (the “Terms and Conditions”) included in the base prospectus dated April 9, 2020, which was granted the visa n°20-136 by the Autorité des marchés financiers on April 9, 2020 (as further amended and supplemented, the “Base Prospectus”) at the outstanding nominal amount thereof, together with any accrued interest thereon (the “Redemption Amount”).

On the Redemption Date, the Redemption Amount shall become due and payable and, in accordance with Condition 5(h) (Accrual of Interest) of the Terms and Conditions, unless the Redemption Amount is improperly withheld or refused, each Note shall cease to bear interest on the Redemption Date.

The terms and modalities of the Redemption are set out in the notice to the holders of the Notes appended to this press release.

For further information on Crédit Agricole S.A., please see Crédit Agricole S.A.’s website: https://www.credit-agricole.com/en/finance

DISCLAIMER

This press release does not constitute an offer to buy or the solicitation of an offer to sell the Notes in the United States of America, Canada, Australia or Japan or in any other jurisdiction. The distribution of this press release in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about, and to observe, any such restrictions.

No communication or information relating to the redemption of the Notes may be distributed to the public in a country where a registration obligation or an approval is required. No action has been or will be taken in any country where such action would be required. The redemption of the Notes may be subject to specific legal and regulatory restrictions in certain jurisdictions; Crédit Agricole S.A. accepts no liability in connection with a breach by any person of such restrictions.

This press release is an advertisement; and none of this press release, any notice or any other document or material made public and/or delivered, or which may be made public and/or delivered to the holders of the Notes in connection with the redemption of the Notes is or is intended to be a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council dated 14 June 2017 (as amended, the “Prospectus Regulation”). No prospectus will be published in connection with the redemption of the Notes for the purposes of the Prospectus Regulation.

This press release does not, and shall not, in any circumstances, constitute an offer to the public of Notes by Crédit Agricole S.A. nor an invitation to the public in connection with any offer in any jurisdiction, including France.

* The ISIN number is included solely for the convenience of the holders of the Notes. No representation is being made as to the correctness or accuracy of the ISIN number as contained herein.

CRÉDIT AGRICOLE S.A. PRESS CONTACT

Alexandre Barat        + 33 1 57 72 12 19
alexandre.barat@credit-agricole-sa.fr
Olivier Tassain        + 33 1 43 23 25 41        olivier.tassain@credit-agricole-sa.fr

Find our press release on: www.credit-agricole.com – www.creditagricole.info

Crédit_Agricole Groupe Crédit Agricole créditagricole_sa

ANNEX

NOTICE OF FULL REDEMPTION
TO THE NOTEHOLDERS OF

CREDIT AGRICOLE S.A.
EUR 1,500,000,000 Senior Non-Preferred Fixed to Floating Rate Notes due April 2026

ISIN: FR0013508512

Notice is hereby given that all of the outstanding EUR 1,500,000,000 Senior Non-Preferred Fixed to Floating Rate Notes due April 2026 (the “Notes”) issued by Crédit Agricole S.A. (the “Issuer”) on April 22, 2020 (ISIN: FR0013508512) will be redeemed by the Issuer pursuant to Condition 6(e) (Redemption at the Option of the Issuer) of the terms and conditions of the Notes (the “Terms and Conditions”) included in the base prospectus dated April 9, 2020, which was granted the visa n°20-136 by the Autorité des marchés financiers on April 9, 2020 (as further amended and supplemented, the “Base Prospectus”) on April 22, 2025 (the “Redemption Date”) at 100% of the outstanding nominal amount thereof, together with any accrued interest thereon (the “Redemption Amount”).

On the Redemption Date, the Redemption Amount shall become due and payable and, in accordance with Condition 5 (h) (Accrual of Interest) of the Terms and Conditions, unless the Redemption Amount is improperly withheld or refused, each Note shall cease to bear interest on the Redemption Date. Payment of the Redemption Amount shall be made in accordance with Condition 7 (Payments) of the Terms and Conditions.

Date: April 1, 2025        By: Crédit Agricole S.A.

Attachment
- CASA – SNP call April 2025 – Press release 01042025
The MIL Network –
April 1, 2025

MIL-OSI: POET Technologies Reports Fourth Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of Photonic Integrated Circuits (PICs), light sources and optical modules for the AI and data center markets, today reported its audited consolidated financial results for the fourth quarter ended December 31, 2024. The Company’s financial results as well as the Management Discussion and Analysis have been filed on SEDAR+. All financial figures are in United States dollars (“USD”) unless otherwise indicated.

Management Commentary:

“In Q4 2024, we strategically positioned our company for accelerated growth by strengthening our financial foundation, advancing critical technology developments, and implementing a new manufacturing strategy designed for rapid, profitable scaling,” stated POET Chairman & CEO, Dr. Suresh Venkatesan. “The market is experiencing unprecedented demand for photonic solutions, particularly in AI data center applications, and we’re still at the early stages of what industry experts anticipate will be a multi-year demand cycle. Despite challenging equity markets, we successfully raised an additional US$25 million through a registered direct offering, with robust investor support reflecting the market opportunity and POET’s positioning as a potential leader in the space.”

Dr. Venkatesan continued, “Every strategic move we have made over the past several months is to ensure that POET is positioned to scale and to optimize our supply chain as we approach a revenue inflection point later this year. based on the trajectory of existing customer relationships. Our acquisition of SPX gives us full control of our technology while enabling us to shift manufacturing toward Malaysia and away from China, reducing geopolitical risk to growth, while building on our established foundry relationship with Silterra Malaysia in a familiar and friendly market. For 2025, we’re focused on developing our wafer-level manufacturing in Malaysia, expanding into telecom systems and chip-to-chip data communications applications, and leveraging the solid financial foundation we set in 2024 to accelerate both our customer pipeline, deliveries and revenue realization. POET continues to receive attention from notable industry analysts, including Lightwave+BTR and we expect this momentum, along with existing contracts and relationships with industry leaders and partners like LuxshareTech, Foxconn and Mitsubishi Electric, to lead to significant revenue acceleration in the second half of 2025.”

The Company intends to pursue its voluntary delisting from the TSX Venture Exchange immediately following the closing of its planned US$25M financing with L5 Capital, which is expected to close within the next few weeks.

Notable Business Highlights:

The Company was recognized publicly for outstanding technical leadership, receiving multiple prestigious awards, including:
- “Elite Score” Lightwave+BTR Innovation Reviews (February 27, 2025)
- “Best in Artificial Intelligence” 2024 Global Tech Awards (October 16, 2024)
- “AI Innovator of the Year Gold Prize” 2024 Merit Awards (October 1, 2024)
- “Best Optical AI Solution, 2024 AI Breakthrough Awards (June 26, 2024)
- “Runner-Up Award for Most Innovative Hybrid PIC/Optical Integration” ECOC (October 1, 2024)
Closed a non-brokered private placement offering on November 26, 2024 of 5,555,556 common shares at an offering price of $4.50 and accompanying warrants to purchase 2,777,778 additional common shares at $6.00 per share for a period of five years from issuance. The Company raised gross proceeds of $25,000,002 from this offering, bringing the total equity capital raised during 2024 to $82.2 million.
Appointed Robert “Bob” Tirva to the Board of Directors and the Audit Committee. Mr. Tirva brings over 30 years of executive experience in technology and semiconductors, having held management positions at IBM, Broadcom Corporation, Dropbox and Intermedia Cloud Communications Inc. Most recently, he was President, Chief Operating Officer and Chief Financial Officer of Sonim Technologies, Inc. until it was acquired by AJP Holding Company in 2022. Mr. Tirva currently serves on the board of Skyworks Aeronautics and was recently on the boards of Costar Technologies and Resonant, Inc.
Completed the acquisition of 100% of Super Photonics Xiamen Co., Ltd (“SPX”), establishing full control over SPX, for a total of $6.5 million to be paid out over five years beginning in Q1 of 2025, enabling POET to establish manufacturing outside of China independent of the JV. The Company has subsequently decided to liquidate and close the SPX operation within the next few months.
Established a major wafer-level assembly and test facility for optical engines in Penang, Malaysia with the signing of several agreements with Globetronics Manufacturing Sdn. Bhd., a leading semiconductor manufacturer and contractor, equipping Globetronics with the capacity to manufacture an initial 1 million POET optical engines annually.

Non-IFRS Financial Summary
The Company reported non-recurring engineering (“NRE”) and product revenue of $29,032 in the fourth quarter of 2024 compared to $107,551 for the same period in 2023 and $3,685 in the third quarter of 2024. Historically the Company provided NRE services to multiple customers for unique projects that are being addressed utilizing the capabilities of the POET Optical Interposer. No billable NRE services were provided in the period. The Company only had small product revenue in Q4 2024.

The Company reported a net loss of $30.2 million, or ($0.48) per share, in the fourth quarter of 2024 compared with a net loss $5.5 million, or ($0.13) per share, for the same period in 2023 and a net loss of $12.7 million, or ($0.20) per share, in the third quarter of 2024. The net loss in the fourth quarter of 2024 included research and development costs of $3.4 million compared to $2.1 million for the same period in 2023 and $1.8 million in the third quarter of 2024. Fluctuations in R&D for a Company of this size and this stage of growth is expected on a period-over-period basis as the Company transitions from technology development to product development.

The largest component of the Company’s loss was from the non-cash fair value adjustment to derivative warrant liability of $12.4 million in the fourth quarter of 2024, compared to $25,000 in the same period in 2023 and $6.2 million in the third quarter of 2024. This non-cash item relates to warrants issued in a foreign currency and is periodically remeasured. The increase was a result of the issuance of warrants and the increase in the Company’s stock price during the third quarter.

Other non-cash expenses in the fourth quarter of 2024 included stock-based compensation of $1.4 million and depreciation and amortization of $0.5 million. Non-cash stock-based compensation and depreciation and amortization in the same period of 2023 were $1.0 million and $0.5 million, respectively. Third quarter 2024 stock-based compensation and depreciation and amortization were $1.5 million and $0.5 million, respectively. The Company had non-cash finance costs of $32,000 in the fourth quarter of 2024 compared to non-cash finance costs of $14,000 in the fourth quarter of 2023 and non-cash costs of $30,000 in the third quarter of 2024.

The Company recognized other income, including interest of $511,000 in the fourth quarter of 2024, compared to $54,000 in the same period in 2023 and $216,000 in the third quarter of 2024.

During the fourth quarter of 2024, the Company acquired the remaining 24.8% interest of SPX from SAIC. The acquisition of this interest resulted in a non-cash loss to the Company of $6,852,687.

Cash flow from operating activities in the fourth quarter of 2024 was ($8.7) million compared to ($2.9) million in the fourth quarter of 2023 and ($5.5) million in the third quarter of 2024.

The Company raised gross proceeds of $25.9 million, including $25 million from the issuance of units from a non-brokered private placement and $0.9 million from the exercise of warrants and stock options.

Summary of Financial Performance
The following is a summary of the Company’s operations over the five quarters ending December 31, 2024. This information should be read in conjunction with the Company’s financial statements filed on Sedar + on Marcy 31, 2025.

POET TECHNOLOGIES INC. PROFORMA – NON-IFRS AND IFRS PRESENTATION OF OPERATIONS (All figures are in U.S. Dollars)

	Dec 31/24			Sep 30/24			Jun 30/24			Mar 31/24			Dec 31/23

Revenue	$29,032			$3,685			$	–		$8,710			$107,551
Research and development		3,437,683			1,765,481			2,117,828			1,922,066			2,142,003
Depreciation and amortization		475,281			525,955			509,699			509,260			505,869
Professional fees		679,156			480,871			366,839			409,726			902,368
Wages and benefits		758,883			667,963			780,146			768,496			676,539
Loss on acquisition of SPX		6,852,687			–			–			–			–
Stock-based compensation ⁽¹⁾		1,404,995			1,525,131			1,591,741			947,502			1,050,088
General expense, rent and facility		474,937			465,448			448,357			570,819			317,333
Interest expense		31,605			30,482			20,833			19,753			13,547
Finance advisory fees		4,239,831			1,319,392			942,576			–			–
Derivative liability adjustment		12,444,661			6,179,836			1,376,761			629,824			24,865
Other (income), including interest		(511,448	)		(216,337	)		(174,911	)		(52,558	)		(54,047	)
Net loss, before taxes	$30,259,239			$12,740,537			$7,979,869			$5,716,178			$ 5,471,014
Net loss per share	$(0.48		)	$(0.20		)	$(0.14		)	$(0.13		)	$(0.13		)

About POET Technologies Inc.
POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.

Forward-Looking Statements

This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include expectations of industry analysts and experts with respect to industry growth, the Company’s own expectations with regard to the success of the Company’s product development efforts, the performance of its products, the expectation for revenue, including continued guidance for robust demand provided by current customers, the expected results of its operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations for approval of proposals at the Company’s annual meeting of shareholders.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, forecasts of industry analysts and experts with respect to industry growth, the Company’s own expectations with regard to management’s expectations regarding the success and timing for completion of its development efforts, the introduction of new products, its sales efforts and revenue generation, its financing activities, future growth, recruitment of personnel, opening of offices, the form and potential of its joint venture, plans for and completion of projects by the Company’s consultants, contractors and partners, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, the failure of its products to meet performance requirements, lack of sales in its products, once released, the failure to generate sales and revenue, the failure of continued robust guidance from customers to materialize, operational risks in the completion of the Company’s anticipated projects, lack of performance of its joint venture, risks affecting the Company’s ability to execute projects, the ability of the Company to generate sales for its products, the ability to attract key personnel, and the ability to raise additional capital if needed. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 – Fax: 416-322-5075

The MIL Network –

April 1, 2025

MIL-OSI: Brookfield Business Corporation Completes 2024 Annual Filings

Source: GlobeNewswire (MIL-OSI)

BROOKFIELD, NEWS, March 31, 2025 (GLOBE NEWSWIRE) — Brookfield Business Corporation (NYSE, TSX: BBUC) today announced that it has filed its 2024 annual report on Form 20-F, including its audited financial statements for the year ended December 31, 2024, with the SEC on EDGAR as well as with the Canadian securities authorities on SEDAR+. These documents are also available on our website at https://bbu.brookfield.com/bbuc in the Reports & Filings section and a hard copy will be provided to shareholders free of charge upon request.

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

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

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

For more information, please contact:

The MIL Network –

April 1, 2025
MIL-OSI USA: Shaheen Visits Derry Bakery, Highlights Harm from Trump’s Sweeping Tariffs on Canada

US Senate News:

Source: United States Senator for New Hampshire Jeanne Shaheen
(Derry, NH) – Today, U.S. Senator Jeanne Shaheen (D-NH) visited Chatila’s Bakery & Ice Cream to discuss the harmful impact of President Trump’s sweeping tariffs on Canada—New Hampshire’s largest trading partner. Following the tariff announcement, many of the bakery’s contracts with retailers in Canada were cancelled. You can view photos from the event here.
“What I heard today is what I’ve heard from too many small businesses across New Hampshire; these tariffs, and the threat of more tariffs, are causing real harm to the Granite State,” said Senator Shaheen. “The ongoing uncertainty creates a real challenge, particularly for small businesses who have more trouble being able to weather hard times than big business. And in New Hampshire that means higher prices, fewer jobs and a weaker economy.”
Mohamad Chatila has owned and operated Chatila’s Sugar Free Bakery for 38 years, with a particular focus on providing diabetic-friendly and dietary restriction-friendly baked goods. In addition to a retail store in Salem, Chatila operates a wholesale production facility in Derry. The bakery exports 85% of its wholesale products to Canadian companies; however, many of these contracts have been terminated by Canadian buyers due to recent tariffs imposed by the Trump Administration. At this time last year, Chatila’s Bakery employed 15 individuals at its wholesale facility to manage order fulfillment, but due to the economic challenges including those posed by tariffs, the bakery has reduced its workforce to just two employees.
Senator Shaheen is leading efforts in Congress to mitigate the harmful impacts of President Trump’s tariffs including through her Protecting Americans from Tax Hikes on Imported Goods Act which would limit the President’s ability to leverage sweeping tariffs that increase costs for American consumers and families. Her effort to pass this bill by unanimous consent was blocked by Senate Republicans. In recent weeks, Shaheen has traveled across the Granite State to visit businesses including C&J, DCI Furniture, Mount Cabot Maple and American Calan Inc. to hear directly from Granite Staters impacted by the looming tariffs.

MIL OSI USA News –

April 1, 2025
MIL-OSI: Prospera Energy Announces Monthly Operations Update

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, March 31, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera“, “PEI” or the “Corporation“)

Prospera Energy remains committed to providing stakeholders with transparent, timely, and data-driven updates on operational performance and field developments. This monthly report delivers key insights into the company’s production trends, optimization initiatives, and strategic advancements. All production figures represent the Company’s gross sales, reported in accordance with NI 51-101 and applicable industry standards.

Production averaged 773 boe/d (93% oil) from March 1^st-28^th, with production peaking on March 27^th at 881 boe/d (93% oil), despite continued winter conditions. Following the pipeline cutout failure analysis and third-party engineering review that was completed in February, conclusions from these evaluations have been incorporated into Prospera’s field-wide development strategy, as well as its abandonment, reclamation, and turnaround initiatives. This has led to temporary suspension of an injection line in Cuthbert in preparation for injection line replacements after spring break-up, which impacted production by ~105 barrels/day for the entirety of March. It is worth noting that these production numbers do not include the recent acquisition of White Tundra Petroleum.

WCS differentials are trading in record-low territory with certain summer months at less than $10 USD/bbl. With Prospera’s production base consisting of primarily heavy oil, this additional revenue and cash flow adds to the corporation’s ability to maximize netback and reallocate capital into further projects.

The company completed its Hearts Hill workover program with sixteen wells completed and now online, achieving capital efficiency of less than $5,000 per boe/d. Production continues rising consistently with March 27^th at 241 boe/d (88% oil) and oil cuts improving after load fluid recovery and with speedups. The company will monitor these wells and overall pool waterflood performance over spring break-up after which the next phase of workovers will be planned. Additionally, a pipeline upgrade project is underway which will open access to two further water injectors, adding 250 m3/d of injection capacity and further optimizing the waterflood.

The company’s high-impact Luseland workover program is also complete, with nine out of eleven completed wells now online. These wells were previously inactive due to lower commodity prices, lack of operational focus, limited capital availability by past operators, and outdated heavy oil downhole technology, which has since seen a step change during this timeframe and can now be leveraged by Prospera. All nine wells have started producing oil with four wells now producing at close to 100% oil cut displaying exceptional reservoir performance and aiding in bringing sand up the wellbore which further increases near-wellbore permeability. The remaining two wells are under surface equipment build and tie-in, and are expected to be online by April 5^th. Furthermore, bringing these wells online converts wells previously labeled as NRA (No-reserves associated) with only ARO (Asset Retirements Obligations) associated with them, into active producing wells with significant PDP reserves and cash flow associated.

In Brooks, the company has further accelerated well production by increasing fluid level drawdown, implementing casing gas compression to alleviate pressure on the reservoir, and enhanced wax and scale mitigation strategies. These efforts have led to increased production, with additional optimization capacity available on these fronts. Preparatory work in Brooks is ongoing, including evaluations of acid fracs versus cross-linked gel fracs and the most effective matrix stimulation techniques for the Pekisko wells. AFE’s have been finalized for various projects and are ready to be capitalized as part of the company’s development plans.

Prospera continues to make meaningful progress in addressing regulatory non-compliances. AER non-compliances have been fully addressed—down 100% from 16 to zero. MER non-compliances have also decreased significantly in Q1, dropping 37% with further major progress expected in Q2. These improvements reflect Prospera’s continued commitment to responsible and compliant resource development.

Given the scope of activity performed in Q1 and expected go-forward production increase activities, Prospera has committed to quarterly reserve report updates which grow both the company’s net asset value and lending capacity. These will be released along with the company’s quarterly results.

The corporation has also further strengthened its business structure, with a governance committee formed at the board level and a disclosure committee at the employee level. A governance committee plays a crucial role in ensuring a corporation operates ethically, transparently, and in compliance with legal and regulatory standards. By establishing clear policies and overseeing corporate practices, the committee helps to maintain accountability at all levels of the organization. It ensures that the board of directors is effective, and it provides guidance on risk management, strategy, and decision-making. This oversight not only enhances the company’s reputation and long-term success but also fosters trust among investors, stakeholders, and employees.

About Prospera

Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.

Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera’s working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting.

For Further Information:

Shawn Mehler, PR
Email: investors@prosperaenergy.com

Chris Ludtke, CFO
Email: cludtke@prosperaenergy.com

Shubham Garg, Chairman of the Board
Email: sgarg@prosperaenergy.com

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

Neither 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 1, 2025
MIL-OSI: LeddarTech to Demonstrate Advanced ADAS Sensor Fusion and Perception Solutions at Auto Shanghai 2025

Source: GlobeNewswire (MIL-OSI)

QUEBEC CITY, Canada, April 01, 2025 (GLOBE NEWSWIRE) — LeddarTech ^® Holdings Inc. (“LeddarTech”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-powered low-level sensor fusion and perception software technology, LeddarVision™, for ADAS, AD and parking applications, announces its participation at Auto Shanghai 2025, taking place from April 23 to May 2, 2025.

LeddarTech will be exhibiting at Booth # 1BG040 in Hall 1.2, where its team will engage with customers and industry partners to discuss its latest advancements in sensor fusion and perception technology. Attendees will also have the chance to take a live demonstration ride in the LeddarNavigator, LeddarTech’s demo vehicle equipped with LeddarVision. This AI-driven low-level sensor fusion software enhances object detection, improves situational awareness and optimizes driving automation. The demo ride offers a firsthand experience of how LeddarVision enhances ADAS performance and vehicle safety in real-world scenarios.

At Auto Shanghai 2025, LeddarTech will showcase its latest low-level sensor fusion innovations, powered by the Texas Instruments (TI) TDA4 processor platform. LeddarTech and TI’s collaboration optimizes performance and cost, addressing key challenges in the Chinese automotive market, such as the development of “see-through” perception solutions and efficient 5V5R sensor configurations for highway “Navigate on Autopilot” (NoA) applications.

“China is one of the fastest-growing markets for ADAS and AD technology, and we are excited to showcase how LeddarTech’s scalable and cost-efficient perception solutions help OEMs and Tier 1 suppliers achieve enhanced safety and driving intelligence,” said Clive Szeto, Senior Director of Sales and Business Development, Asia at LeddarTech. “Our collaboration with Texas Instruments and our industry-leading low-level sensor fusion technology make LeddarTech a key enabler of next-generation ADAS solutions in China and beyond.”

Join us at Auto Shanghai 2025 to experience the future of ADAS technology firsthand. Visit LeddarTech at Booth #1BG040, schedule a meeting with our team or learn more on LeddarTech’s website.

About LeddarTech

A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

LeddarTech is responsible for several remote-sensing innovations, with over 170 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

Forward-Looking Statements

Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market; (ii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iii) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (iv) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (v) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vi) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (vii) changes in general economic and/or industry-specific conditions; (viii) our ability to retain, attract and hire key personnel; (ix) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (x) legislative, regulatory and economic developments; (xi) the outcome of any known and unknown litigation and regulatory proceedings; (xii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiii) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Maram Fityani, Media and Public Relations, LeddarTech Holdings Inc.
Tel.: + 1-418-653-9000 ext. 623, maram.fityani@leddartech.com

Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

The MIL Network –

April 1, 2025
MIL-OSI: QCI’s Andrew Cardno to Speak on “Predicting the Future: How AI & Analytics Will Revolutionize Tribal Gaming” at the Indian Gaming Association Trade Show
Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Calif., March 31, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI) is pleased to announce that Andrew Cardno, Chief Technology & Growth Officer (CTO) at QCI, will be presenting at the Indian Gaming Association Trade Show on April 3rd at noon in San Diego, California. His session, titled “Predicting the Future: How AI & Analytics Will Revolutionize Tribal Gaming,” will delve into how artificial intelligence and data analytics are rapidly transforming the gaming industry, particularly within tribal gaming operations.

Session Description

AI and data analytics are transforming the gaming industry, offering powerful tools to predict player behavior, optimize operations, and enhance engagement. This session explores how tribal gaming can harness AI-driven insights while balancing innovation with privacy and cultural identity. Attendees will learn how predictive analytics will shape the future of iGaming, sports betting, and casino operations.

Key Discussion Points
- How AI-driven insights are reshaping tribal gaming operations
- Leveraging predictive analytics for player retention, engagement, and profitability
- Balancing innovative technologies with cultural identity and privacy concerns
- Future projections for iGaming, sports betting, and casino operations
Expert Insights

“Tribal gaming stands on the precipice of unprecedented transformation through AI and analytics,” said Andrew Cardno, CTGO of QCI. “We look forward to showcasing how predictive modeling and data-driven insights can help tribal gaming enterprises remain competitive while preserving their cultural heritage.”

“We are thrilled to have Andrew Cardno share QCI’s forward-thinking approach at our trade show,” said Victor Rocha, Conference Chair for the Indian Gaming Association. “His expertise in AI, analytics, and the tribal gaming market will provide an invaluable perspective to operators, regulators, and stakeholders alike.”

For more information on Andrew Cardno’s session or to register for the Indian Gaming Association Trade Show, visit www.indiangaming.org

ABOUT The 2025 Indian Gaming Tradeshow and Convention
As the premier events for the tribal gaming community, the Indian Gaming Tradeshow & Convention and Mid-Year Conference & Expo deliver the insight and strategies you need to rise to the top of the competitive gaming industry landscape. There’s no better opportunity to meet industry leaders, access cutting-edge trends and celebrate a proud tradition of success. For more information visit: www.indiangamingtradeshow.com.

ABOUT QCI
Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and Europe. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

ABOUT Andrew Cardno
Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

ABOUT Victor Rocha
Victor Rocha holds the distinguished position of Conference Chairman for the Indian Gaming Association, while also leading Victor-Strategies as its president. As the owner and publisher of Pechanga.net, he has been deeply engaged in the political landscape of U.S. tribal gaming since 1998. Rocha’s outstanding contributions to the industry have been recognized through numerous accolades, such as AGEM’s 2023 Peter Mead Memorial Award Honoring Excellence in Gaming Media & Communication, the National Center for American Indian Enterprise Development’s 2015 Tribal Gaming Visionary Award, the American Gaming Association’s 2013 Lifetime Achievement Award for Gaming Communications, Raving’s 2012 Casino Marketing Lifetime Achievement Award, the National Indian Gaming Association’s 2002 Outstanding Contribution to Indian Country, VCAT’s 2001 Catalyst Award, and Global Gaming Business Magazine’s 2000 “40 Under 40” list.

Contact:
Laurel Kay, Quick Custom Intelligence
Phone: 858-349-8354

The MIL Network –
April 1, 2025
MIL-OSI USA: Rosen, Cortez Masto Help Introduce Bill to Expand Affordable Housing Access in Fast-Growing Cities

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)

Despite Population Booms In Recent Decades, Cities Like Las Vegas Receive Far Fewer Affordable Housing Vouchers Than Smaller, Older Cities
WASHINGTON, DC – U.S. Senators Jacky Rosen (D-NV), Catherine Cortez Masto (D-NV), and Ruben Gallego (D-AZ) introduced the Housing Choice Vouchers Fairness Act to update the U.S. Department of Housing and Urban Development’s (HUD) decades-old Housing Choice Voucher allocation formula so fast-growing cities like Las Vegas can access more of them. The Housing Choice Voucher Program is the federal government’s major program that helps low-income families, elderly and disabled individuals, and veterans afford housing in the private market.
Currently, the federal formulas that allocate vouchers are based on outdated population calculations dating back to the 2000 census. This legislation authorizes an additional two billion dollars in funding for the Housing Choice Voucher program to make sure public housing authorities that represent the country’s 25 fastest-growing cities with a population of over 100,000 can provide enough vouchers to meet the needs of their populations.
“Nevada is facing an affordable housing crisis, and it makes no sense that an outdated allocation formula is preventing us from receiving our fair share of federal housing vouchers,” said Senator Rosen. “That’s why I’m helping to introduce a bill to update the formula and provide additional funding to fast-growing cities like Las Vegas. I’ll keep pushing for solutions to lower housing costs for Nevada families.”
“Las Vegas is one of the fastest growing cities in the country, and as our population expands, so does our need for affordable housing,” said Senator Cortez Masto. “Current housing voucher programs aren’t cutting it, and this legislation would fill that gap to help working Nevada families find homes.”
Senators Rosen and Cortez Masto are working to lower housing costs and prevent housing prices from increasing further. Earlier this month, Rosen sent a letter urging the Trump Administration to reverse course on imposing tariffs on Canada and Mexico, which can raise housing construction costs. Senator Rosen also recently introduced bipartisan legislation to invest in the construction workforce to be able to build more housing and help lower costs. Last year, Senator Rosen urged HUD to increase the Southern Nevada Regional Housing Authority’s (SNRHA) Housing Choice Vouchers allocation by 10,000 vouchers over five years.

MIL OSI USA News –

April 1, 2025
MIL-OSI Canada: Protecting private career college students
In recent years, there has been significant growth in Alberta’s private career college sector, with increases in student complaints, student enrolment and financial assistance applications being observed at some private career colleges. Alberta’s government is taking action to protect students by holding private career colleges accountable if they are not following legislative requirements or failing to meet their licensing obligations.

The new Private Career College Registry will increase transparency about any compliance action taken against a private career college and will let prospective students search for actions taken against a school they are interested in attending.

“Private career colleges play an important role in Alberta’s adult learning system, and they offer a diversity of learning approaches and vocational training. Unfortunately, there are also some bad actors, and it is our responsibility to ensure students are not taken advantage of and are spending their hard-earned money on high-quality educational experiences.”

Rajan Sawhney, Minister of Advanced Education

The Private Career College Registry offers a comprehensive list of all licensed vocational training programs in the province, providing key details like program names and duration, cost, location and licence status. The licence status of each program is clearly highlighted with indicators for active, stop order or suspended.

Advanced Education can take a range of compliance actions under the Private Vocational Training Act, including issuing compliance orders that require specific steps to be taken. Stop orders are issued when serious non-compliance with legislation, regulation or licensing policies are found. Stop orders place restrictions on private career college operations, which may range from a prohibition on enrolling new students to temporarily ceasing operations while the stop order is in place. In more severe cases, licence suspension or cancellation may restrict colleges from offering any training programs at all.

“A searchable online registry is a welcome change that can help improve student outcomes. This change makes it easier for students to find out if a college is breaking the rules. Students need transparent information on private career college costs and performance to make informed decisions on the schools and programs to attend.”

Jeff Loomis, executive director, Momentum

As part of ongoing efforts to ensure quality and compliance, Advanced Education has increased oversight and inspections of Alberta’s private career colleges, with a focus on colleges that have unusually high enrolment. Since June 2024, Advanced Education has issued compliance orders against 15 inspected institutions:
- Aug. 20, 2024: Nova Career College
- Oct. 10, 2024: QCOM College of Technology (QCT)
- Oct. 23, 2024: ERP College
- Nov.14, 2024: Alexander Brookes College
- Nov. 25, 2024: City College of Management
- Dec. 2, 2024: Glenbow College
- Dec. 6, 2024: Rosewood College
- Dec. 6, 2024: Aquinas College
- Dec. 20, 2024: ONE Beauty Academy – Edmonton
- Dec. 20, 2024: ONE Beauty Academy – Medicine Hat
- Dec. 23, 2024: Cypress College
- Feb. 26, 2025: Prairie Western College
- March 5, 2025: Global College of Business & Technology
- March 7, 2025: Alberta Paramount College
Advanced Education has also revoked the private vocational training licence of Ambber & Salma College of Esthetics & Spa, effective Sept. 11, 2024. Ambber & Salma College of Esthetics & Spa has filed an application for judicial review of this decision. Advanced Education has also revoked the private vocational training licence of Capstone Edge College, effective Oct. 16, 2024.

In addition to inspections, in 2024, Advanced Education completed audits of four Alberta private career colleges. These audits resulted in determinations under both the Student Financial Assistance Act and Private Vocational Training Act. The following private career colleges are no longer designated as eligible institutions for student aid, and they have Private Vocational Training Act compliance orders in place:
- June 14, 2024: AGA Academy
- June 26, 2024: Capstone Edge College
- Sept. 12, 2024: Hamptons College
- Sept. 30, 2024: Peerless Training Institute
- Oct. 16, 2024: Capstone Edge College
Alberta’s government is committed to protecting the investment students make in their education and supporting the integrity of the private career college sector.

Quick facts
- Alberta’s government regulates private career colleges across the province, ensuring compliance with the Private Vocational Training Act, regulations, and licensing policies.
- For general inquiries or compliance concerns, contact [email protected].
Related information
- Private Career Colleges Registry
- Private Vocational Training Act
- Student Financial Assistance Act
MIL OSI Canada News –
April 1, 2025
MIL-OSI USA: Chairman Mast Leads GOP in Demanding UN Reject Francesca Albanese’s Reappointment

Source: US House Committee on Foreign Affairs

Media Contact 202-226-8467

WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast led several members of the panel in demanding that UN Human Rights Council President Jürg Lauber reject Francesca Albanese’s reappointment to another three-year term as special rapporteur for the “occupied palestinian territories.”

Mast and his fellow Republicans specifically outlined that Albanese has repeatedly failed to uphold the UNHCR code of conduct and made inflammatory and offensive comments about Israel in the wake of the October 7th attacks.

“[Albanese] has consistently aligned herself with Hamas terrorists, accused Israel of genocide, likened the Government of Israel to the ‘Third Reich,’ and compared Prime Minister Benjamin Netanyahu to Adolf Hitler,” the lawmakers wrote in a letter to Lauber. “The Council has allowed antisemitism and anti-Americanism to thrive within, with a seeming unwillingness to hold the most egregious violators of human rights to account.”

In addition to Chairman Mast, the letter was co-signed Reps. Young Kim (R-CA), Michael Lawler (R-NY), Keith Self (R-TX), Maria Elvira Salazar (R-FL), Cory Mills (R-FL), and Ryan Zinke (R-MT).

Read the full letter here and below.

Dear Mr. President,

We are writing to strongly object to the renewal of UN Special Rapporteur for the “occupied Palestinian territories,” Francesca Albanese, for a second three-year term. As you are well aware, UN Special Rapporteurs have a duty to uphold the code of conduct as written in Council Resolution 5/2. The code of conduct expressly asserts that Special Rapporteurs must act in an independent capacity with a professional, impartial assessment, and maintain the highest standards of efficiency, competence, and integrity through impartiality, equity and honesty. Based on the following, Special Rapporteur Albanese has failed to uphold the code. Consequently, her term must not be renewed.

Ms. Albanese has repeatedly violated the code of conduct since she took the position on May 1, 2022. She has consistently aligned herself with Hamas terrorists, accused Israel of genocide, likened the Government of Israel to the “Third Reich,” and compared Prime Minister Benjamin Netanyahu to Adolf Hitler. Ms. Albanese unapologetically uses her position as a UN Special Rapporteur to purvey and attempt to legitimize antisemitic tropes, while serving as a Hamas apologist. Moreover, she has erroneously accused the United States Congress and our Executive of being bought and paid for by the Israel lobby. In her malicious fixation, she has even called for Israel to be removed from the United Nations while likening Israel to apartheid South Africa.

Since the abhorrent and cowardly October 7th attacks, Ms. Albanese’s inflammatory rhetoric has only increased in atrociousness. For example, following Hamas’ murder of over 1,200 people, 250 hostages taken – 59 of whom are still held by Hamas terrorists – and irreversibly changed the lives of countless others, Ms. Albanese wrote that the “violence must be put in context,” and that the attack occurred in response to Israeli “aggression.” In a statement that was rightfully condemned by the United States, France, and Germany, Ms. Albanese attempted to justify that the October 7th massacre was “in response to Israel’s oppression.” Such comments alone violate several provisions within the code of conduct.

Regrettably, Ms. Albanese’s rhetoric has perverted the very institution and its foundational principles in which she was appointed to serve. Her comments above, and many others she has made, are case in point as to why President Trump rightfully withdrew the United States from the Human Rights Council (Council). The Council has allowed antisemitism and anti-Americanism to thrive within, with a seeming unwillingness to hold the most egregious violators of human rights to account. Notably, in January 2023, I, along with many of my colleagues, sent a letter to the United Nations Secretary General and High Commissioner for Human Rights calling for Ms. Albanese’s removal. We were not alone in our requests for her admonishment. Several governments, including France, Germany, Canada and the Netherlands, have all condemned her statements as antisemitic, as well. To this day, no action has been taken.

Francesca Albanese’s service as a UN Special Rapporteur must end at the conclusion of her first term. Given the numerous instances provided above, but certainly not limited to, her behavior is not only reprehensible, but most unbecoming of a UN Special Rapporteur. As such, it is the view of the undersigned that Ms. Albanese must face serious consequences. As the new President of the Human Rights Council, it is your sworn duty to utilize your authority as stated in Presidential Statement 8/2 (PRST/8/2) to “convey to the Council any information brought to [your] attention of concerning cases of persistent non-compliance by a mandate-holder with the provisions of Council Resolution 5/2, especially prior to the renewal of mandate holders in office.” By rejecting the renewal of Ms. Albanese’s term, the Council would bring much needed credibility, integrity, and accountability back to the institution – attributes of which it has been severely lacking in recent years.

###

MIL OSI USA News –

April 1, 2025
MIL-OSI: Sprott Physical Platinum and Palladium Trust Updates Its “At-The-Market” Equity Program

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — Sprott Asset Management LP (“Sprott Asset Management”), a subsidiary of Sprott Inc., on behalf of the Sprott Physical Platinum and Palladium Trust (NYSE: SPPP) (TSX: SPPP / SPPP.U) (the “Trust”), a closed-ended mutual fund trust created to invest and hold substantially all of its assets in physical platinum and palladium bullion, today announced that the Trust has updated its at-the-market equity program (“ATM Program”) to issue an additional US$50 million of units of the Trust (“Units”) in the United States and Canada pursuant to a prospectus supplement dated March 31, 2025 (the “Prospectus Supplement”) to the short form base shelf prospectus dated September 6, 2024 (the “Base Shelf Prospectus”). Copies of the Prospectus Supplement and the Base Shelf Prospectus are available on EDGAR at the SEC’s website at www.sec.gov and the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca. Distributions will no longer be made under previous ATM Program prospectus supplements, including the amended and restated prospectus supplement dated December 6, 2024.

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

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

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

The offering under the ATM Program is being made pursuant to a prospectus supplement dated March 31, 2025 (the “U.S. Prospectus Supplement”) to the Trust’s U.S. base prospectus (the “U.S. Base Prospectus”) included in its registration statement on Form F-10 (the “Registration Statement”) (File No. 333-281996) filed with the United States Securities and Exchange Commission (the “SEC”) on September 6, 2024, and pursuant to the Prospectus Supplement and the Base Shelf Prospectus (together with the Prospectus Supplement, the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement, the “Offering Documents”). The U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC’s website at www.sec.gov, and the Prospectus Supplement and the Base Shelf Prospectus are available on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.

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

Listing of the Units sold pursuant to the ATM Program on the NYSE and the TSX will be subject to fulfilling all applicable listing requirements.

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

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

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

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

For more information:
Glen Williams
Managing Partner
Investor and Institutional Client Relations
Direct: 416-943-4394
gwilliams@sprott.com

The MIL Network –

April 1, 2025
MIL-OSI: Pender Growth Fund announces the merger of Pender Software Holdings and Acorn Partners

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — (TSXV: PTF) Pender Growth Fund Inc. (“Pender” or the “Company”) is pleased to announce a merger between Pender Software Holdings Ltd. (“Pender Software”) and Acorn Partners Inc. (“Acorn”). With this merger, the Acorn team joins Pender Software to further its aim of becoming the go-to capital partner for exceptional software companies.

The merger of the Acorn team with Pender Software fuses the proven acquisition expertise of both parties, and brings additional operational expertise, positioning Pender Software to focus entirely on expanding the portfolio and driving long-term value creation. This alignment strengthens Pender Software’s ability to scale its operations and execute strategic acquisitions, enabling its portfolio of software businesses to reach their potential.

Pender Software is dedicated to empowering management teams, driving operational excellence, and delivering value to all stakeholders. We aim to partner with outstanding management teams with a mandate to scale effectively, enhance customer satisfaction and compound cash flows. By leveraging a strategic operational framework and a long-term investment horizon, Pender Software is committed to enabling its portfolio companies to achieve sustained success.

Pender Software is actively seeking opportunities to acquire high-quality software companies as new investments or add-ons to its portfolio of companies in Canada, the United States, and the United Kingdom.

For additional information about Pender Software, please visit www.pendersoftwareholdings.com.

About Pender Growth Fund
Pender Growth Fund Inc is an investment firm. Its investment objective is to achieve long-term capital growth. The Company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The firm invests in public and private companies principally in the technology sector. It trades on the TSX Venture Exchange under the symbol “PTF” and posts its NAV on its website, generally within five business days of each month end.

Please visit www.pendergrowthfund.com.

For further information, please contact:
Ampere Chan
Managing Partner, Pender Software Holdings
ampere@pendersoftwareholdings.com

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

Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company’s decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the Company’s annual information form available at www.sedarplus.ca. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

The MIL Network –

April 1, 2025
MIL-OSI: Dundee Corporation Announces Acquisition of Shares of SPC Nickel Corp.

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — In accordance with regulatory requirements, Dundee Corporation (TSX: DC.A) (“Dundee”) announces that its wholly owned subsidiary, Dundee Resources Limited, has acquired an aggregate of 4,568,000 common shares of SPC Nickel Corp. (the “Issuer”) by way of open market purchases.

Immediately prior to the acquisition of securities described in this news release, Dundee and its affiliates owned or controlled 19,180,555 common shares and 3,000,000 warrants representing an approximate 9.97% interest on an undiluted basis and a 11.36% interest on a partially diluted basis. Immediately following the transaction that triggered the requirement to file this news release, Dundee and its affiliates own or control an aggregate of 23,748,555 common shares and 3,000,000 warrants representing an approximate 12.35% interest on an undiluted basis and a 13.70% interest on a partially diluted basis.

Dundee acquired the securities of the Issuer for investment purposes only. Dundee intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the Issuer, subsequent developments affecting the Issuer or its business, and the general market and economic conditions. Based upon these and other factors, Dundee may decide to purchase additional securities of the Issuer or may decide in the future to sell all or part of its investment.

This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report. The early warning report respecting the acquisition will be filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedarplus.ca under the Issuer’s profile. To obtain a copy of the early warning report filed by Dundee, please contact:

Dundee Corporation
Legal Department
80 Richmond Street West, Suite 2000
Toronto, Ontario M5H 2A4
Tel: (416) 365-5172

ABOUT DUNDEE CORPORATION

Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.

FOR FURTHER INFORMATION PLEASE CONTACT:

Investor and Media Relations
T: (416) 864-3584
E: ir@dundeecorporation.com

The MIL Network –

April 1, 2025
MIL-OSI Global: Free open access needs to be the norm for Canadian research

Source: The Conversation – Canada – By Richard Hayman, Associate Professor & Digital Initiatives Librarian, Mount Royal University

Public access to research generates new ideas, informs policy decisions and fuels innovation and technological development. Open access to knowledge helps address social issues, enhance democracy and reduce inequality.

These are key reasons why publicly funded research should be available to the public.

Millions of research dollars

The federal government’s 2024 budget shows that Canadian taxpayers have funded over $16 billion in research and development since 2016. Each year, millions of those research dollars flow from the Canadian Institutes of Health Research (CIHR), the Natural Sciences and Engineering Research Council of Canada (NSERC) and the Social Sciences and Humanities Research Council (SSHRC).

These publicly funded federal agencies each offer unique grants and programs covering different research disciplines. When they work in unison, such as when setting research guidelines and policies that apply across all three agencies like the one described in this article, they are collectively known as the Tri-Agency. This money is an investment is Canada’s future, and researchers and their institutions rely on Tri-Agency funding to conduct and share their research.

In 2015, the Tri-Agency implemented its open access (OA) policy requiring that most published research articles funded by Tri-Agency grants should be openly available in some format, and free to anyone anywhere, with no sharing or distribution restrictions.

For Canadians and readers around the world, that means no subscription fees or paywalls. This mandate enshrined the principle that publicly funded research should be available to the public. It reached across disciplines by including research supported by all three funding bodies.

Strengthening the open access mandate

Following consultation with researchers, institutions, publishers, libraries, Indigenous advisers and others, the Tri-Agency released a draft revision of its open access policy in February 2025. This update explicitly mentions that Canadians at large are part of the research audience.

Key improvements include eliminating the 12-month embargo period that allowed publishers to delay open access, and requiring researchers to use open copyright licenses (like Creative Commons). Authors must also maintain copyright over their works, including secondary publishing rights. Together these provisions ensure that research can be accessed, shared and used.

The Tri-Agency plans to implement the new policy in January 2026, leaving some time for final revisions. This presents an opportunity to make the mandate even stronger.

There is a need for researchers seeking national funding to commit to reporting on the openness of their research.
(Shutterstock)

Creating opportunities from open policy pitfalls

Unfortunately, the revised policy repeats some mistakes from the past. Addressing just two key areas will improve accountability and transparency, and reinforce the commitment to making publicly funded research available to the public.

1. Meaningful monitoring and reporting: A weakness in the existing and revised policy is a lack of effective compliance measures. Research evidence shows that mandating open access reinforces compliance compared to just recommending that authors to make their research open. Many Canadian researchers are meeting this mandate, but overall the Tri-Agency has a significant open access compliance problem.

Even the Tri-Agency itself doesn’t know whether authors are meeting the current mandate.

After a decade, the mandate doesn’t seem to be very effective. And nothing in the proposed revisions empowers authors or institutions to track and report on the open access status of their publications, or demonstrate they’ve met their open access expectations.

Read more:
Why we need open-source science innovation — not patents and paywalls

Instead of repeating past shortcomings, a commitment to reporting and monitoring at organizational and Tri-Agency levels would help. There’s an opportunity here for collaboration.

The Tri-Agency could commit to monitoring open access outcomes, and researchers seeking national funding could commit to reporting on the openness of their research. This would improve adherence, allow the Tri-Agency to highlight the benefits of public research funding, give Canadian researchers some time in the spotlight and strengthen public trust in our institutions.

2. Reduce financial barriers and incentivize open access: Academic publishing is dominated by a small group of commercial scholarly publishers who profit by controlling access and distribution of research articles. These same publishers have successfully monetized open access by using article processing charges, or APCs.

Under this model, authors must pay an extra publication fee to the journal to make their article open access, and many researchers are using research funds to pay expensive fees instead of directing that money toward more research. Similar to compliance rates, the Tri-Agency doesn’t know how much of their funding is being redirected to publishers as publication fees.

These fees benefit for-profit publishers but are a barrier to research sharing. This is not the first call to remove the fees, and Canadian researchers themselves question whether research funds should be used to pay these costs. Worldwide, increasing publication costs are straining research funds and increasing inequities around who gets to publish.

We have an opportunity to implement real change by requiring free open access in the updated mandate. With nearly 100 open research repositories registered in Canada, and over 13,000 fee-less journals registered in the Directory of Open Journals, paying to publish is unnecessary. The Tri-Agency could also limit the use of agency funding to pay these fees.

Now is the time to act

I am an academic librarian engaged in open publishing, and a researcher subject to the same funding mandate. In my professional opinion the policy updates prove that the Tri-Agency is committed to change.

Now is the time to make the open access mandate stronger, by improved monitoring and by directing researchers toward free open access publishing options.

The power to make these changes and put solutions in place all rests with the Tri-Agency. It’s in their hands. The fact that this policy is being revised right now means it’s the perfect time to explicitly support free and open access to research paid for by Canadians.

As the Tri-Agency weighs feedback from recent public consultations, let us hope that policy-makers, universities, libraries, publishers and individual researchers will come together to make free and open access the norm.

Richard Hayman has received SSHRC funding in the past. The views expressed here are his own and in no way influenced by SSHRC or any other organisation.

– ref. Free open access needs to be the norm for Canadian research – https://theconversation.com/free-open-access-needs-to-be-the-norm-for-canadian-research-252584

MIL OSI – Global Reports –

April 1, 2025
MIL-OSI Canada: Recovery program opens, supports healing for people in northern B.C.

Source: Government of Canada regional news

More people living with substance-use challenges now have access to treatment and recovery with the opening of the new Northern BC Therapeutic Community in Prince George.

The recovery program has 25 publicly funded treatment and recovery beds and opened on March 13, 2025, following building renovations and program updates.

“People living in B.C.’s northern communities need access to treatment and care as close to home as possible,” said Josie Osborne, Minister of Health. “As we expand services around the province, it is essential that people in remote communities can also connect with the right recovery options. These new beds in Prince George mean that more people will be able to access treatment and recovery services, while removing some of the significant barriers faced by people living in rural and remote communities.”

The Northern BC Therapeutic Community is located 30 kilometres southwest of Prince George on the former Baldy Hughes site. It provides a safe environment for individuals to build community while focusing on recovery from substance-use challenges, and equips participants with the tools needed to sustain long-term success in their post-care journeys.

“When people need support in their recovery journey, every barrier removed helps them get closer to reaching their goals,” said Jonny Morris, CEO, Canadian Mental Health Association of B.C. “The new publicly funded treatment and recovery beds will help people access the supports they need, while staying closer to home – closing the distance and removing the financial costs that could otherwise hold them back. We are grateful to work with the Province of B.C. and Connective Support Society in providing these accessible, life-changing supports.”

The Therapeutic Community is operated by Connective, a community-based social services non-profit organization working throughout B.C. and Yukon to create safe, healthy and inclusive communities. Program stays will last between six and 12 months, with after-care services available for one year after program completion. This new holistic model focuses on rebuilding physical, emotional, mental, and spiritual well-being using personal and social responsibility within the recovery community as a vehicle for growth and development.

“As the toxic-drug crisis continues to cause tremendous harm in our communities, it is critical that we diversify the range of supports available for long-term recovery and stability,” said Mark Miller, CEO, Connective. “We are eager to offer this vital northern resource to those facing substance-use challenges, and to contribute our experience in response to this urgent and under-served need.”

These 25 beds are part of the 180 publicly funded beds announced in January 2024 and surpasses that for a total of 190 beds. Since 2017, the Province has added more than 750 substance-use beds, bringing the total number of publicly funded substance-use beds throughout B.C. to 3,778.

The Province is expanding treatment and recovery options in all regions of B.C. so more people can find the pathway to recovery that works for them. Adding bed-based services is one part of the government’s work to build up the entire continuum of mental-health and substance-use care for people to get the right support for them.

Quotes:

Amna Shah, parliamentary secretary for mental health and addictions –

“The network of full-service support and care for people battling substance use is increasing in B.C. The opening of this therapeutic community removes an obstacle for people in northern communities seeking help and relief from substance-use challenges.”

Debra Toporowski, parliamentary secretary for rural health –

“No matter where people live in B.C., they should have access to treatment and recovery care. The opening of the Northern BC Therapeutic Community means that now people in northern B.C. have expanded access to treatment when they are ready to take the first courageous step in their recovery. These 25 beds represent hope and healing for people struggling with substance-use challenges and provide life-saving care for those seeking support.”

Learn More:

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

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

MIL OSI Canada News –

April 1, 2025

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