Category: Canada

MIL-Evening Report: Travelling overseas? You could be at risk of measles. Here’s how to ensure you’re protected

Source: The Conversation (Au and NZ) – By Archana Koirala, Paediatrician and Infectious Diseases Specialist; Clinical Researcher, University of Sydney

Julia Suhareva/Shutterstock

On March 26 NSW Health issued an alert advising people to be vigilant for signs of measles after an infectious person visited Sydney Airport and two locations in western New South Wales.

The person recently returned from Southeast Asia where there are active measles outbreaks in several countries including Vietnam, Thailand and Indonesia.

The NSW alert follows a string of similar alerts issued around Australia in recent days and weeks.

If you’re travelling overseas soon, you could be at risk of measles. Here’s what to know to ensure you’re protected.

First, what is measles?

Measles is one of the most contagious viral illnesses. It spreads through the air when a person breathes, coughs or sneezes. On average, one person can infect 12 to 18 others who are not immune.

Initial symptoms include fever, a runny nose, cough and conjunctivitis. Then a non-itchy rash usually starts around the hairline before spreading around the body.

Measles is most common in children, and they’re also most vulnerable to getting very sick with the virus. Measles is severe in around one in ten children. Complications can include ear infection, diarrhoea and pneumonia, and, more rarely, encephalitis (brain swelling).

However, adults can also catch and spread the disease, making up 10–20% of measles cases during outbreaks.

Vaccination has saved millions of lives

The first measles vaccine was licensed for public use in 1963, and it changed the trajectory of this disease. In the 21st century alone, measles vaccination is thought to have saved more than 60 million lives globally.

The measles vaccine is free through Australia’s National Immunisation Program. It’s routinely given at 12 and 18 months of age. The first dose is combined with mumps and rubella (the MMR vaccine) and the second adds protection against chickenpox, or varicella (MMRV).

False suggestions the measles vaccination is linked with disorders such as autism have been thoroughly disproven. The vaccine is very safe and highly effective.

Measles is one of the most contagious viruses there is.
fotohay/Shutterstock

However, because the vaccine is made from a live virus, people with weakened immune systems (for example, those receiving chemotherapy for cancer or pregnant women) cannot have the vaccine even though they’re at higher risk of severe measles. Their safety depends on high community immunisation rates to reduce the spread of the virus.

Because measles is so infectious, at least 95% of the population needs to be immune to prevent its spread.

Immunity occurs from either two doses of measles vaccine or past infection. Measles vaccination was introduced in Australia in 1968. Most adults born before the mid-1960s would still be immune from a past infection. But vaccination is recommended for everyone else who is not immune.

Immunity gaps are opening up

Gaps in immunity to measles have opened up around the world due to challenges in delivering routine immunisations during the COVID pandemic, and, in some cases, reduced acceptance of vaccination.

In 2023 only 83% of the world’s children received at least one dose of measles vaccine by their first birthday, down from 86% in 2019. This is not enough to halt spread.

The withdrawal of US government funding from many global health programs, including a measles surveillance network that supports testing and outbreak responses, is throwing fuel on the fire.

In Australia, small but progressive declines in the uptake of childhood vaccines over the past five years and immunity gaps in other age groups means our risk of outbreaks in increasing.

Rates of childhood vaccination coverage have been declining slightly.
Inna photographer/Shutterstock

For example, coverage of the MMR vaccine at 24 months declined 0.4 percentage points between 2022 and 2023 (from 95.3% to 94.9% in Indigenous children and 95.1% to 94.7% in children overall).

On-time vaccination rates – within 30 days of the recommended age – are also falling. The proportion of children who had their MMR vaccine on time dropped from 75.3% to 67.2% for non-Indigenous children and 64.7% to 56% for Indigenous children between 2020 and 2023.

Measles outbreaks are increasing in Australia and across the world

Measles cases are rapidly rising across the globe and more cases are arriving from overseas into Australia. So far in 2025, 37 cases have been reported compared to 57 in all of 2024, 26 in 2023 and seven in 2022. Most cases have been imported from overseas, but we’ve ascertained eight cases so far in 2025 were locally acquired.

Many of the countries experiencing the largest measles outbreaks are popular travel destinations for Australians, including India, Thailand, Indonesia and Vietnam.

But few countries are free of measles. The United States, Canada, the United Kingdom and various countries in Europe are all tackling outbreaks.

As the incubation period – the gap between exposure and symptoms – is around seven to ten days, travellers may enter the country without knowing they’re about to become ill and potentially spread the virus to others.

Protecting yourself and your family

Although the usual age for the first measles dose is 12 months, the MMR vaccine can be given to babies as young as six months who are travelling to measles hotspots or during outbreaks.

This early measles vaccine dose does not replace those given at 12 and 18 months, but will help protect the infant in the interim.

It’s important all adults, particularly those planning overseas travel, know their vaccination or infection history. If you don’t, talk to your health-care provider about being vaccinated.

Everyone who doesn’t have immunity from an infection should have two lifetime doses. Some adults, including those who have migrated from overseas, may have had none or only one dose when they were younger. If you’re unsure, there’s no harm in receiving a vaccine if you’ve had measles or have been fully vaccinated already.

If you come back from overseas and need medical care, inform your health-care provider about your symptoms and recent travel before attending a clinic in person.

Archana Koirala has worked on projects funded by the Australian Department of Health and Aged Care and NSW Health. She is the chair of Vaccination Special Interest Group and a committee member of Australian and New Zealand Paediatric Infectious Diseases Group of the Australasian Society of Infectious Diseases.

Kristine Macartney is the Director of the Australian National Centre for Immunisation Research and Surveillance (NCIRS). NCIRS receives funding from the Australian government Department of Health and Department of Foreign Affairs and Trade, NSW and other state and territory health departments, Gavi the Vaccine Alliance, the World Health Organization, the NHMRC, the MRFF and the Wellcome Trust.

– ref. Travelling overseas? You could be at risk of measles. Here’s how to ensure you’re protected – https://theconversation.com/travelling-overseas-you-could-be-at-risk-of-measles-heres-how-to-ensure-youre-protected-252802

MIL OSI Analysis – EveningReport.nz –

March 28, 2025
MIL-OSI China: Trump’s sweeping auto tariffs trigger strong global backlash

Source: China State Council Information Office

People test-drive a vehicle during a media preview of the 2024 Los Angeles Auto Show in Los Angeles, California, the United States, on Nov. 21, 2024. [Photo/Xinhua]

U.S. President Donald Trump has announced sweeping 25 percent tariffs on imported automobiles and certain automobile parts, a move that has sparked strong reactions from major trading partners and industry leaders worldwide.

The announcement has drawn immediate backlash from American auto dealers and industry analysts, who warn that the tariffs will significantly drive up car prices and hurt consumers already facing rising costs.

Cody Lusk, president and CEO of the American International Automobile Dealers Association, issued a statement cautioning that the tariffs would burden American families.

“For auto dealers and their customers, already reeling from rising vehicle and parts prices, as well as high interest rates and insurance costs, these new tariffs pose an additional and unwelcome challenge to affordability,” Lusk said. “Tariffs can play an important role in balancing trade relationships and ensuring national security. But increasing barriers to trade also puts added pressure on the wallets of American families.”

Industry experts echo these concerns. Kenneth Kim, senior economist at KPMG, estimated in a research note that new vehicle prices could increase by several thousand U.S. dollars, with some reaching hikes of 10,000 dollars or more.

John Murphy, senior vice president at the U.S. Chamber of Commerce, warned that the tariffs would harm rather than help the U.S. auto industry.

“The tariffs announced today will harm — not help — the U.S. auto industry, endanger many American jobs, and lead to a hollowing out of auto manufacturing in the United States,” Murphy said.

Beyond the United States, global responses to the tariffs have been swift and firm. In Canada, Prime Minister Mark Carney condemned the measure, calling it “a direct attack” on Canadian workers. During his election campaign, Carney had vowed that his government would explore possible retaliatory measures.

Previously, Carney had announced a “strategic response fund” worth 2 billion Canadian dollars (1.4 billion U.S. dollars) to bolster domestic manufacturing and counteract the impact of the tariffs. He emphasized the need to strengthen Canada’s auto sector by reducing reliance on cross-border supply chains.

Auto parts often cross the border multiple times, and the added costs of tariffs and counter-tariffs would quickly snowball. Carney called that a “huge vulnerability” and promised to build an “all-in-Canada” manufacturing network to build more car parts domestically, limiting how often they cross the border during production.

In Europe, the reaction was similarly critical. European Commission President Ursula von der Leyen expressed deep regret over the U.S. decision, emphasizing the importance of transatlantic trade.

“The automotive industry is a driver of innovation, competitiveness and high-quality jobs, with deeply integrated supply chains on both sides of the Atlantic,” von der Leyen said in a statement. She added that tariffs “are bad for businesses, worse for consumers” in both the United States and the EU.

She added that the EU would assess the implications of the U.S. decision while continuing to seek negotiated solutions.

Germany’s automotive industry issued a strong rebuke, with Hildegard Muller, president of the German Association of the Automotive Industry, warning that the tariffs would disrupt global supply chains and damage trade relations.

“These additional tariffs will not only impact European manufacturers but also have direct consequences for the U.S. economy itself. The fallout from such measures threatens growth and prosperity on both sides of the Atlantic,” Muller stated, calling for immediate U.S.-EU negotiations to establish a fair trade agreement.

Britain has also raised concerns about the potential fallout. British Chancellor of the Exchequer Rachel Reeves warned that escalating trade tensions would harm both economies.

“Trade wars are no good for anyone. It will end up with higher prices for consumers, pushing up inflation after we’ve worked so hard to get a grip of inflation, and at the same time, will make it harder for British companies to export,” Reeves told local media on Thursday. “We are looking to secure a better trading relationship with the United States,” she added, noting that further discussions would take place later in the week.

British industry leaders echoed her concerns. Mike Hawes, CEO of the Society of Motor Manufacturers and Traders, described the tariffs as “disappointing” and urged the United States and Britain to seek a constructive resolution.

“Rather than imposing additional tariffs, we should explore ways in which opportunities for both British and American manufacturers can be created as part of a mutually beneficial relationship, benefitting consumers and creating jobs and growth across the Atlantic,” Hawes said, emphasizing the importance of maintaining strong trade ties.

Japan, a key supplier of automobiles to the United States, is also bracing for economic repercussions. According to the Japan Research Institute, automobile production in the country is expected to decline by 4.3 percent annually due to reduced U.S. sales, while overall industrial production could drop by 0.6 percent as a result of the expanded tariffs.

Japanese Prime Minister Shigeru Ishiba stated that Japan would consider all options to counter the impact of the tariffs.

“We are strongly urging the United States not to apply the 25 percent tariff to Japan,” Ishiba said, highlighting Japan’s contributions to the U.S. economy through investment and job creation. He also questioned the fairness of applying a uniform tariff to all countries.

As the global backlash mounts, tensions between the United States and its key trading partners are intensifying, raising the stakes for future trade negotiations and economic stability.

MIL OSI China News –

March 28, 2025
MIL-Evening Report: Gavin Ellis: Forensic detail on NZME but where are the guarantees?
Report by Dr David Robie – Café Pacific. –

KNIGHTLY VIEWS: By Gavin Ellis

Excoriating is the word that may best describe expat Canadian James Grenon’s 11-page critique of NZME. His forensic examination of the board he hopes to replace and the company’s performance is a sobering read.

You may not have seen the letter. At the time of writing, it was still sitting behind The New Zealand Herald’s Premium paywall. It is, however, available through the New Zealand Stock Exchange. You can access it here.

Grenon is highly critical in a number of areas that he breaks down into sections in the letter. The headings include:

“The combined performance of the two core businesses has been mediocre, to sliding, for the past eight years, despite a temporary period of covid gains.”

“There has been a consistent pattern of over promising and under delivering since covid.”

“Public disclosure is weak, with a slant that I interpret as supporting the status quo.”

Grenon’s letter includes an analysis of NZME’s share price in relation to the perceived value of its OneRoof real estate marketing arm, and the company’s dividend policy. He claims “the disclosure on these two critical elements is, in my opinion, lacking or even misleading”. He also criticises levels of management-level remuneration and high levels of staff turnover which he says “does not suggest a happy working environment”.

NZME’s board has yet to respond to the letter stating — in a note to the New Zealand Stock Exchange accompanying the release of Grenon’s letter — that it will do so in its notice to shareholders before the annual general meeting on April 29.

Were that the sum total of his challenge to the present board, it might be characterised as simply a move to improve the group’s financial performance and its return to shareholders. Much of what he says will, in fact, resonate with ordinary shareholders worried about the group’s financial performance and direction. It may well attract even more votes at the April AGM than he currently commands.

However, there is an enormous caveat hanging over any support for Grenon’s initiative.

He states categorically in his letter that he does not propose to act as a passive board chair (yes, there is an assumption that he will head an entirely new board). Instead, he leaves a strong impression he will be an executive chairman, in effect if not in name.

“I propose to be very active at the management level, leading a board and team that will delve into the operational details so as to be able to challenge management . . . This approach to governance is the only realistic way to ensure NZME gets a fresh set of eyes questioning every aspect of operational effectiveness and shareholder value creation.” The italics are mine and are highlighted for reasons I will return to shortly, but the import is clear: James Grenon and his team will have a finger in the pie.

The second reason for exercising caution on any endorsement of the Canadian’s move relates to the three paragraphs he groups under the heading “Journalism”.

On the surface, he promises better journalism, saying his intention is that “more quality content should be produced, not less”.

In contrast to NZME’s recent announcement to “set a new tone and build positive social momentum for New Zealanders”, our proposal will lift the company’s journalistic standards, resulting in the production of higher quality news content, characterised by independent, trustworthy and balanced perspectives. There will also be material for entertainment value as well. Then all the content will be used in any number of ways to generate proﬁt.

He also applauds the “audience leading ratings of NZME’s audio segment”.

All of this sounds laudible, until one asks the simple question: How?

He has yet to give any specific answers. A request from the journalists’ union E Tū for assurances simply led to Grenon asking more questions about what the union meant by “editorial independence”.

However, let’s return to what Grenon means by his references to NZME’s journalism.

If he means the board will limit itself to supporting an annual budget that will allow NZME’s editors to independently produce the sort of content to which his letter alludes, all well and good.

If he means the aims set out in his letter will be transmitted to editors as an expectation of their approach to journalism, no problem.

However, when read in conjunction with the intentions I italicised above, there are strong indications that he intends to be at least meddlesome and, at worst, to dictate editorial direction and content. There is a signal to his editorial preferences in the fact that he applauds radio ratings that are firmly anchored by NewstalkZB’s right-leaning content.

Nowhere in Grenon’s letter is there any undertaking to observe the principles of editorial independence that certainly permeated The New Zealand Herald when I was editor a couple of decades ago and which I inherited from a long list of predecessors. Nowhere is there recognition that NZME has responsibilities to the general public. Declining trust is seen only in terms of the impact on profits.

Responsible and accountable journalism is something editors and their staff hold in trust on behalf of society. They seek audiences for the dual purposes of spreading that journalism to the general public and, in the process, producing the profits that ensure its ongoing sustainability. Done well, it is a virtuous circle.

However, like all circles, once any part of it is fractured it collapses. If Mr Grenon views the editorial department in the same way he sees every other aspect of NZME’s business, he would be in boots and all. Then it would be only a matter of time before the circle falls in on itself.

James Grenon’s bid deserves support only if he gives cast-iron guarantees of editorial independence, and that requires more than a letter of reassurance. Mere words are not enough.

Well-founded concerns for the future of a vital component of our journalistic infrastructure will be allayed only by changing the constitution of NZME to prevent directors from instructing any employee on editorial policy or operational matters. That protection would be all the more vital if now-stalled discussions over the purchase of Stuff’s titles and associated digital outlets are resumed after NZME’s board battle is resolved.

Both Television New Zealand and Radio New Zealand have statutory protection against ministerial interference in editorial matters. The community deserves the same protection from board interference in private sector media in the public interest.

That, however, has never been a given and many news media enterprises rely on a mixture of tradition and peer pressure to ensure their journalists are insulated from undue influence.

The New York Times, for example, has a proud tradition of editorial independence but that owes more to the Salzberger family than to the company’s articles of association. The Daily Mail and General Trust have a tradition whereby its editors are appointed by the editor-in-chief in consultation with the board chairman, who also by tradition has been Viscount Rothermere (currently the fourth holder of the title). Each editor then controls the content of the respective titles. The editor-in-chief of The Guardian is not appointed by the board but by the Scott Trust, which owns the newspaper group, and reports directly to it.

I commend to Grenon and his fellow board aspirants an essay on editorial independence by the chairman of the New York Times Company, A G Salzberger. You can access it here.

For NZME to have effective guarantees of editorial independence, its articles would need to have a failsafe mechanism to prevent the sort of override that Rupert Murdoch affected with his news acquisitions. Such a mechanism might be special recourse to the Media Council in the event of an attempt by directors to interfere. The council could then independently investigate whether there had been a breach of the company constitution. Disclosure of such a breach could be damaging to both directors and the company.

The combination of protective governance plus an independent review process would allay most of the fears generated by Grenon’s utterances and his past brief encounters with news media — a former shareholding in the right-wing aggregator site The Centrist, and financing of legal action against mainstream media.

NZME shareholders and the public of New Zealand should be very wary if no such undertakings are forthcoming.
- Disclosure: I was formerly a shareholder in the previous parent company of the group but do not currently hold shares in NZME.
Dr Gavin Ellis holds a PhD in political studies. He is a media consultant and researcher. A former editor-in-chief of The New Zealand Herald, he has a background in journalism and communications — covering both editorial and management roles — that spans more than half a century. Dr Ellis publishes the website knightlyviews.com where this commentary was first published and it is republished by Café Pacific with permission.

This article was first published on Café Pacific.
MIL OSI Analysis – EveningReport.nz –
March 28, 2025
MIL-Evening Report: Trump is interested in joining the Commonwealth. It’s not up to him – or even the king

Source: The Conversation (Au and NZ) – By Dennis Altman, Vice Chancellor’s Fellow and Professorial Fellow, Institute for Human Security and Social Change, La Trobe University

It seems Britain has one key inducement to offer US President Donald Trump: a state visit hosted by King Charles.

One can only imagine what the king thinks of this, but he will undoubtedly maintain a stiff upper lip and preside over several lavish dinners.

Following reports of this offer, which would make Trump the only US president to be twice hosted by a British monarch, stories surfaced that the US might become an associate member of the Commonwealth.

Read more:
The king has a tricky diplomatic role to play in inviting Trump for a state visit

There has been no official confirmation of this, but the story has been floated in several British newspapers.

What is the Commonwealth?

The Commonwealth came into existence as a means of retaining links with former British colonies, so there is a certain historical justification for the idea.

Almost all of Britain’s former colonies are now members of the Commonwealth of Nations, with Ireland and the US notable exceptions.

The Commonwealth is an organisation that ties together 56 countries, including a few in Africa that have been admitted despite not having been British colonies.

Of the 56, only a minority recognise the British king as their head of state, a point local monarchists are reluctant to acknowledge.

Indeed, some members of the Commonwealth, such as Malaysia, Brunei and Tonga, have their own hereditary monarchs.

In theory, all members are democratic, and several, such as Fiji, have at times been suspended from membership for failing on this count.

Whatever doubts we might have about the state of US democracy, it is hard to argue the US would fail to meet a bar that allows continued membership to states such as Pakistan and Zimbabwe.

The Commonwealth is largely seen as less important than other international groupings, and its heads of government meetings are often skipped by leaders of the most significant members.

Other than turning up to the Commonwealth Games, few recent Australian prime ministers have paid it much attention, compared to our membership of the G20 or the Asia-Pacific Economic Cooperation (APEC).

Nonetheless, the Commonwealth does include a remarkable range of countries ranging from significant states such as India, Canada and South Africa to the many island states of the Pacific and the Caribbean.

While its work is largely unreported, it does provide a range of international assistance and linkages that otherwise would be out of reach for its smaller and poorer members.

Why is Trump interested in joining?

Trump, it can be assumed, has no interest in the Commonwealth as a means of better working with states such as Namibia and Belize.

The attraction seems to be linked to his strange reverence for royalty and a fundamental misunderstanding of the role of the British sovereign.

King Charles is head of the Commonwealth through agreement of its members, probably in recognition of the extraordinary commitment his mother showed as the Commonwealth developed out of the old British Empire. Indeed, she clashed several times with her British ministers because of her loyalty to the Commonwealth.

But unlike the king’s British – and Australian – crown, this is not a position that belongs automatically to the British monarch.

So, while inviting Trump to Windsor Castle may be the gift of UK Prime Minister Keir Starmer, admission to the Commonwealth would require the agreement of all its members.

Given Trump’s demands to acquire Canada and to punish South Africa for recent land expropriation law, it is hard to imagine unanimous enthusiasm.

Read more:
Donald Trump is picking fights with leaders around the world. What exactly is his foreign policy approach?

Most member states are cautious about being too closely linked to either the US or China, although Australia might end up the last true believer in US alliances. Others, such as Ghana and Pakistan, depend considerably on Chinese aid.

In a world dominated by increasingly autocratic leaders, a middle power like Australia needs as wide a range of friends as possible. Most of us have only a vague sense of what the Commonwealth entails.

Like all international institutions, the Commonwealth often seems more concerned with grand statements than actual commitment.

But there is value in a global organisation whose members claim to be committed to:

democracy and democratic processes, including free and fair elections and representative legislatures; the rule of law and independence of the judiciary; good governance, including a well-trained public service and transparent public accounts; and protection of human rights, freedom of expression, and equality of opportunity.

Would Trump’s America meet those demands?

Dennis Altman 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 is interested in joining the Commonwealth. It’s not up to him – or even the king – https://theconversation.com/trump-is-interested-in-joining-the-commonwealth-its-not-up-to-him-or-even-the-king-253217

MIL OSI Analysis – EveningReport.nz –

March 28, 2025
MIL-OSI USA: Cantwell Decries Trump Auto Tariffs Expected to Spike Vehicle Prices By $5,000 to $15,000
US Senate News:
Source: United States Senator for Washington Maria Cantwell
03.27.25

Cantwell Decries Trump Auto Tariffs Expected to Spike Vehicle Prices By $5,000 to $15,000

Trump declared today that he’ll impose a 25% tax on imported vehicles & some auto parts starting 4/2; Cantwell: “The Constitution gave Congress this power to set duties and to regulate foreign commerce… It’s time for Congress to reassert that authority”

WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, delivered a speech on the Senate floor excoriating President Donald Trump’s announcement that he’ll impose a 25% tariff on all imported vehicles starting on April 2.

“We’re going to see the price of cars go up, and the fact that the American public can’t afford grocery costs, health care costs, or housing costs – we certainly don’t need to add in auto costs,” Sen. Cantwell said. “I’m pretty sure it’s a good deal for Elon Musk and Tesla. Don’t know that it’s such a good deal for everybody else.”

“The framers of the Constitution gave Congress this power to set duties and to regulate foreign commerce. Congress. Commerce, Article One, Section Eight, could not be clearer. It’s time for Congress to reassert that authority. We need checks and balances now more than ever. We need to invest in innovation. We need to invest in skilling and training a workforce. We need to invest in modernizing infrastructure and equipment at our factories, and we need to open foreign markets for exports,” she continued. “American business does not need an endless trade war that creates chaos and raises prices on our consumers.”

Following Trump’s announcement today, several Wall Street analysts reported that Tesla – the company owned by Elon Musk – stood to benefit the most, with one analyst calling the company the “clear structural winner” of the new tariff. The “Detroit Big Three” – General Motors, Ford, and Stellantis (formerly Chrysler) – stand to take the hardest hit.

The tariffs could also impact West Coast ports who import automobiles, such as the Port of Vancouver, Wash., which is the largest gateway for Subaru imports in the country. In 2023, 98,000 Subarus came through the Port of Vancouver.

Last week, Sen. Cantwell joined the Washington Council of International Trade for a Q&A session on the whiplash caused by the administration’s chaotic tariff policies – and how they particularly harm the Pacific Northwest, which is among the most trade-dependent regions in the country. Sen. Cantwell said that the current administration’s approach to trade focuses on punitive tariffs, even with America’s largest trading partners and closest allies, as opposed to innovation and alliance-building. That ethos is fundamentally at odds with how the Pacific Northwest has historically built its trade-oriented economy.

READ MORE:

CNBC: Wall Street analysts say Elon Musk is the clear auto tariff winner: ‘Tesla wins, Detroit bleeds’

KOMO Seattle: Washington Sen. Maria Cantwell says Congress should intervene before a trade war expands.

The Columbian: Record number of Subarus came through Port of Vancouver in 2023

In Washington state, two out of every five jobs are tied to trade and trade-related industries. More information on how President Trump’s tariffs on goods from Mexico, Canada, and China will affect consumers and businesses in the State of Washington can be found HERE. Nationwide:

A 25% tariff on Canada and Mexico would add an estimated $144 billion a year to the cost of manufacturing in the United States.

Tariffs on Canada and Mexico could increase U.S. car prices by as much as $15,000.

According to the Yale Budget Lab, Trump’s proposed tariffs would result in the highest U.S. effective tariff rate in more than 80 years, and depending on the level of retaliation by other trading partners, will result in increased costs of between $1,600 and $2,000 per household. According to their analysis, food, clothing, cars, and electronics will all see above-average price increases.

Sen. Cantwell has remained a steadfast supporter of increased trade to grow the economy and keep prices in check in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which was imposed in response to tariffs on steel and aluminum and devastated Washington state’s apple exports. India had once been the second-largest export market for American apples, but after President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted. The impact on Washington apple growers was severe: Apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023. In September 2023, following several years of Sen. Cantwell’s advocacy, India ended its retaliatory tariffs on apples and pulse crops which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.

For the past two months, President Trump has been sowing economic chaos across the country with unpredictable and ever-changing tariff announcements. His back-and-forth announcements and actions, which have whipsawed American businesses and consumers, as well as close neighbors and allies, include:

On January 31 — citing punishment for failing to crack down on fentanyl trafficking — the Trump administration announced plans to impose a 25% tax on many goods imported into the U.S. from Canada and Mexico and a 10% tax on goods imported from China, then abruptly postponed those tariffs.

Last month, he doubled down, announcing an additional 25% tax on all steel and aluminum imports.

At 12:01 a.m. ET on March 4, President Trump’s long-promised 25% tariffs on goods from Mexico and Canada and 10% tariff increase on goods from China took effect, causing stock prices in the United States to plummet.

Then, on March 5, he announced that automobiles from Canada and Mexico would be exempt from his tariffs for one month.

The morning of March 6, he announced that he would suspend the tariffs for some products from Mexico. Then, later that same afternoon, he announced he was suspending most new tariffs on products from both Mexico and Canada until April 2.

On March 11, Trump threatened to double tariffs on Canadian steel and aluminum – increasing them to 50% – before reversing himself later the same day.

On March 13, he threatened 200% tariffs on alcoholic products from the European Union, including all wine and Champagne.

Today, he announced plans to impose a 25% tax on all imported sedans, SUVs, crossovers, minivans, cargo vans, and light trucks, as well as some auto parts, beginning on April 2.

Video of Sen. Cantwell’s speech is HERE; audio is HERE; and a transcript is HERE.
MIL OSI USA News –
March 28, 2025
MIL-OSI Security: Cadotte Lake — Peace Regional RCMP locate wanted male

Source: Royal Canadian Mounted Police

On Jan. 29, 2025, Alberta’s Crime Reduction Team (CRT), Police Dog Services (PDS) and Peace Regional RCMP responded to a report of suspicious persons near a vacant building in the area of Simon Lake, Alta.

CRT, PDS and Peace River RCMP attended the location and were able to locate a vehicle associated to a theft of motor vehicle file received earlier in the morning. Containment was established and with the assistance of PDS dog Peyak, a 21-year-old individual, a resident of Cadotte Lake, was located hiding in a trailer.

The 21-year-old individual, who had several active warrants, would not comply with police demands, so Peyak assisted police by securing the 21-year-old individual.

The 21-year-old individual was arrested for his warrants which included: assault with a weapon, robbery with firearm, pointing firearm, possession of firearm for dangerous purpose and unauthorized possession of firearm.

The 21-year-old individual was held for a justice of the peace and was remanded with an upcoming court date of Feb. 3, 2025, at the Alberta Court of Justice in Peace River, Alta.

This investigation is ongoing.

The Peace Regional RCMP is seeking the public’s assistance in identifying the location of, or sightings of crimes in the area. Anyone with information in relation to this incident is asked to please contact the Peace Regional RCMP at 780-624-6611 or your local police. If you wish to remain anonymous, you can contact Crime Stoppers at 1-800-222-8377 (TIPS), online at www.P3Tips.com or by using the “P3 Tips” app available through the Apple App or Google Play Store.

MIL Security OSI –

March 28, 2025
MIL-OSI: Abaxx Announces Closing of C$22,850,000 First Tranche of Convertible Debenture Offering

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, March 27, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announces that it has closed the first tranche (the “First Tranche”) of its previously announced non-brokered private placement (the “Offering”) of secured convertible debentures (the “Debentures”) for aggregate gross proceeds of C$22.85 million. The Company may close a second and final tranche (the “Second Tranche”) of the Offering for gross proceeds of up to C$17.15 million at a later date.

The outstanding principal amount of the Debentures, together with any accrued and unpaid interest, will become due and payable in full on March 26, 2028 (the “Maturity Date”) and will be payable in cash. Each Debenture consists of C$1,000 principal amount of secured convertible debentures of the Company and is convertible into common shares of the Company (each, a “Debenture Share”) at the option of the holder thereof prior to the Maturity Date at a conversion price equal to $13.00 per Debenture Share (the “Conversion Price”).

The Company has the right to redeem the Debentures at redemption price equal to 105% of the principal amount of the outstanding Debentures plus any accrued and unpaid interest to the date prior to the date of redemption: (a) at any time, should the VWAP of the Company’s common shares exceed 130% of the Conversion Price for no fewer than 20 out of 30 consecutive trading days, or (b) after March 26, 2027.

The Debentures were issued at an original issue discount equal to 2.5% of the aggregate principal amount of the Debentures and bear interest at a rate of 7.0% per annum from the date of issue, payable semi-annually in arrears in cash on June 30 and December 31 of each year following the first interest payment date of September 30, 2026. The Debentures are secured against certain publicly-traded securities owned by the Company.

The Offering is subject to the receipt of all necessary regulatory approvals, including the final approval of Cboe Canada. The net proceeds of the First Tranche are expected to be used for general corporate and working capital purposes. The Debentures and Debenture Shares issuable pursuant to the First Tranche are subject to statutory hold periods of four months and one day from the date of issuance.

In connection with the Offering, so long as the Debentures remain outstanding, the Company has agreed to not assume any additional indebtedness without the consent of a majority of the holders of Debentures as may be outstanding from time to time, other than: (a) certain permitted debt arrangements of up to C$10,000,000 for working capital or regulatory capital requirements in the normal course of business, and (b) trade indebtedness in the normal course of its business.

The Company paid eligible finders a total cash commission of C$510,400 in connection with gross proceeds received from subscribers introduced to the Company by such finders.

A certain holder of greater than 10% of the Company’s common shares acquired $4,000,0000 principal amount of Debentures under the First Tranche (the “Insider Participation”). The Insider Participation constitutes a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) of MI 61-101, on the basis that the Insider Participation does not exceed 25% of the fair market value of the Company’s market capitalization. The Company did not file a material change report in respect of the Insider Participation at least 21 days before the closing of the First Tranche, which the Company believes is reasonable in the circumstances in order to complete the First Tranche in an expeditious manner.

The securities offered in the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release does not constitute an offer to sell or the solicitation of any offer to buy securities in the United States, nor in any other jurisdiction.

About Abaxx Technologies
Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is an indirect majority-owner of subsidiaries Abaxx Exchange and Abaxx Clearing, recognized by MAS as a “recognised market operator” (RMO) and “approved clearing house” (ACH), respectively.

Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

For more information about this press release, please contact:

Steve Fray, CFO
Tel: +1 647-490-1590

Media and investor inquiries:

Abaxx Technologies Inc.
Investor Relations Team
Tel: +1 246 271 0082
E-mail: ir@abaxx.tech

Cautionary Statement Regarding Forward-Looking Information

This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information related to Abaxx in this press release includes, but is not limited to: matters related to the Offering and the conversion of the Debentures, statements related to the closing of the Second Tranche including the timing and size thereof, regulatory approvals, the agreement to not assume additional indebtedness except certain permitted indebtedness, and the inability of Abaxx to apply the use of proceeds from the Offering as anticipated. Such factors impacting forward-looking information include, among others: the inability to obtain required approvals for the Offering, risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management’s discussion & analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

The MIL Network –

March 28, 2025

MIL-OSI: Draganfly Reports Q4 and 2024 Results

Source: GlobeNewswire (MIL-OSI)

Saskatoon, SK., March 27, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce its fourth quarter and fiscal 2024 financial results. Revenue for the fourth quarter was up 76% year over year. Total 2024 revenue saw a modest increase as the Company’s capacity to meet demand in the Military and Public Safety sectors did not start to come on stream until late Q3.

Key Financial Highlights for 2024:

‎Total revenue for the year ended December 31, 2024, was $6,561,055, an increase of 0.1% from the prior year. Product sales increased $81,383 in 2024 as compared to 2023, while services revenue decreased $75,170. The Company continued its product line transition focus on preparation of public safety expansion and production capabilities.
Gross Profit was $1,398,204, a decrease of $665,910 or down 32.3% from the prior year. As a percentage of sales, gross margin decreased from 31.5% in 2023 to 21.3% in 2024. This year’s gross profit included a one-time non-cash write-down of inventory of $627,105 while last year’s gross profit included a non-cash downward adjustment of $331,671. Excluding these adjustments, gross profit decreased by $370,476 year over year. As a percentage of sales, adjusted gross margin decreased from 36.5% in 2023 to 30.9% in 2024.
The Company recorded a comprehensive loss including all non-cash items of $14,062,534 compared to a comprehensive loss of $23,709,851 in 2023. The comprehensive loss for the year ended December 31, 2024, includes non-cash changes comprised of a gain in fair value of derivative liability from warrants of $1,842,618, a recovery of impairment of notes receivable of $40,020, and a write down of inventory of $627,105 and would otherwise have been a comprehensive loss of $15,318,067 compared to a comprehensive loss of $23,400,524 excluding non-cash items in the same period last year.
Cash used in operating activities decreased by $6,939,383 or 37% year over year.
The Company’s cash balance on December 31, 2024, was $6,252,409.

Key Financial and Operational Highlights for Q4 2024:

Fourth quarter revenue was $1,613,162 compared to $916,299 for Q4 2023 largely due to a year over year increase in product sales slightly offset by lower services sales.
Gross Profit was $215,740 for Q4 2024 compared to $258,879 for Q4 2023 representing a decrease of $43,139 year over year. Gross profit for Q4 2024 would have been $383,255 if it wasn’t for a non-cash write down of inventory of $167,515 while Q4 2023 would have been $382,303 if it wasn’t for a one time non-cash write down of inventory of $123,424. Gross profit as a percentage of sales for Q4 2024 was 13.4% but on an adjusted basis was 23.8%.

The Company recorded a comprehensive loss including non-cash items for Q4 2024 of $4,715,931 compared to a comprehensive loss of Q4 2023 of $4,191,796 for the same period in 2023, an increase of 12.5% over 2023. The comprehensive loss for the fourth quarter of 2024 includes non-cash changes comprised of a loss in fair value derivative liability of $946,116 as well as a one time write down of inventory of $167,515 and would otherwise be a comprehensive loss of $3,602,300 compared to a comprehensive loss of $4,222,170 excluding non-cash items in the same period last year. The decrease in loss was primarily due to lower professional fees, wages, and share based compensation charges.

The company successfully completed its First Proof-of-Concept Flights in Drone Delivery Research Project for Mass General Brigham. The project aims to enhance home hospital care by utilizing drones for efficient medical deliveries, potentially improving service times and patient outcomes.
The Company Announced Closing of US$3.76 Million registered direct offering. The funds are intended to support general corporate purposes, including scaling production capabilities and advancing growth initiatives.
The Company announced its participation in the Elevate UAV event, offering specialized training on advanced drone platforms. This initiative underscores Draganfly’s commitment to empowering operators with cutting-edge skills to advance UAV applications in critical sectors.
Draganfly showcased its latest drone innovations at multiple conferences and private demonstrations including the Wings of Saskatchewan event, aiming to foster cross-industry collaboration and highlight advancements in drone technology within the aviation industry.
The Company announced updates to its Board of Directors and Advisory Board, including the appointment of former White House Chief of Staff Andy Card to the Advisory Board, and the appointment of Kim Moody as Audit Chair, reflecting Draganfly’s commitment to strengthening its leadership team.

Draganfly will hold a shareholder update call on March 27, 2025, at 2:30 p.m. PDT / 5:30 p.m. EDT. Registration for the call can be done here.

Selected financial information is outlined below and should be read with Draganfly’s consolidated financial statements for the quarter ended December 31, 2024 and associated management discussion and analysis, which will be available under the Company’s profile on SEDAR+ at www.sedarplus.ca and filed on EDGAR.

For the year ended December 31,	2024			2023			2022
Total revenues	$	6,561,055		$	6,554,842		$	7,605,059
Gross Profit (as a % of revenues) ⁽¹⁾		21.3	%		31.5	%		10.4	%
Net (loss) income		(13,877,473	)		(23,611,810	)		(27,654,364	)
Net (loss) income per share ($)
– Basic		(4.40	)		(14.58	)		(20.60	)
– Diluted		(4.40	)		(14.58	)		(20.60	)
Comprehensive (loss) income		(14,062,534	)		(23,709,851	)		(27,305,305	)
Comprehensive (loss) income per share ($)
– Basic		(4.45	)		(14.64	)		(20.34	)
– Diluted		(4.45	)		(14.64	)		(20.34	)
Change in cash and cash equivalents	$	3,158,797		$	(5,437,697	)	$	(15,180,932	)

(1) Gross Profit (as a % of revenues) would have been 30.9% (2023 – 36.5%; 2022 – 36.4%) not including a non-cash write down of inventory for $627,105 (2023 – $331,671; 2022 – $1,976,514).

As at	December 31, 2024		December 31, 2023
Total assets	$	10,200,088	$	8,330,292
Working capital		3,846,283		(717,017	)
Total non-current liabilities		342,013		523,584
Shareholders’ equity	$	4,621,783	$	407,716

Number of shares outstanding		5,427,795		34,270,579

Shareholders’ equity and working capital as at December 31, 2024, includes a fair value of derivative liability of $2,198,121 (2023 – $4,196,125) and would otherwise be $6,819,904 (2023 – $4,603,841) and $6,044,404 (2023 – $3,479,108) respectively.

	2024 Q4			2024 Q3			2023 Q4
Revenue	$	1,613,162		$	1,885,322		$	916,299
Cost of goods sold⁽²⁾	$	(1,397,422	)	$	(1,444,542	)	$	(657,420	)
Gross profit⁽³⁾	$	215,740		$	440,780		$	258,879
Gross margin – percentage		13.4	%		23.4	%		28.3	%
Operating expenses	$	(4,085,766	)	$	(4,125,078	)	$	(3,482,142	)
Operating income (loss)	$	(3,870,026	)	$	(3,684,298	)	$	(3,223,263	)
Operating loss per share – basic	$	(0.91	)	$	(1.10	)	$	(1.95	)
Operating loss per share – diluted	$	(0.91	)	$	(1.10	)	$	(1.95	)
Other income (expense)	$	(851,896	)	$	3,484,104		$	(965,072	)
Change in fair value of derivative liability ⁽¹⁾	$	(946,116	)	$	3,575,559		$	153,798
Other comprehensive income (loss)	$	5,991		$	(164,355	)	$	(3,461	)
Comprehensive income (loss)	$	(4,715,931	)	$	(364,549	)	$	(4,191,796	)
Comprehensive income (loss) per share – basic	$	(1.11	)	$	(0.11	)	$	(2.41	)
Comprehensive income (loss) per share – diluted	$	(1.11	)	$	(0.11	)	$	(2.41	)

(1)   Included in other income (expense).
(2)   Cost of goods sold includes non-cash inventory write downs of $176,422 in Q3 2024 and $167,515 in Q4 2024 and would have been $1,268,120 in Q3 and $1,229,907 in Q4 2024 before these write downs.
(3)   Gross profit would have been $617,202 in Q3 2024 and $383,255 in Q4 2024 without the write downs in number 2 above.
(4)   Cost of goods sold includes non-cash inventory write downs of $123,424 in Q4 2023 and would have been $533,996 in Q4 2023 before these write downs.
(5)   Gross profit would have been $382,303 in Q4 2023 without the write downs in number 4 above.
(6)   The other income (expense) and comprehensive loss for the fourth quarter of 2024 includes non-cash changes comprised of a fair value derivative liability loss $946,116 and would otherwise be an other income of $94,220 and comprehensive loss of $3,530,780, respectively

About Draganfly

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

For more information on Draganfly, please visit us at www.draganfly.com.

For additional investor information, visit
CSE
NASDAQ
FRANKFURT

Company Contact
info@draganfly.com

Media Contact
media@draganfly.com

Note Regarding Non-GAAP Measures

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

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

Forward-Looking Statements

This release contains certain “forward-looking statements” and certain “forward-looking information” as ‎‎defined under applicable securities laws. Forward-looking statements and information can ‎generally be ‎identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, ‎‎“estimate”, ‎‎“anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements ‎and ‎information are based on forecasts of future results, estimates of amounts not yet determinable and ‎‎assumptions that, while believed by management to be reasonable, are inherently subject to significant ‎‎business, economic and competitive uncertainties and contingencies. These statements include, but may ‎‎not be limited to statements regarding‎; the intended use of proceeds from the Company’s US$3.76 million registered direct offering; the shareholder update call and timing thereof. Forward-looking statements and ‎information are subject to ‎various known and ‎‎unknown risks and uncertainties, many of which are beyond ‎the ability of the ‎Company to control or ‎‎predict, that may cause the Company’s actual results, ‎performance or ‎achievements to be materially ‎‎different from those expressed or implied thereby, and are ‎developed ‎based on assumptions about ‎‎such risks, uncertainties and other factors set out here-in, ‎including but not ‎limited to: the potential ‎‎impact of epidemics, pandemics or other public health crises on the Company’s ‎business, ‎operations and financial condition, the ‎‎successful integration of technology, the inherent risks ‎involved in ‎the general securities markets; ‎‎uncertainties relating to the availability and costs of financing ‎needed in ‎the future; the inherent ‎‎uncertainty of cost estimates and the potential for unexpected costs ‎and ‎expenses, currency ‎‎fluctuations; uncertainty regarding the Nasdaq hearing process, regulatory ‎restrictions, liability, competition, loss of key employees and ‎other related risks ‎‎and uncertainties ‎disclosed under the heading “Risk Factors“ in the Company’s most ‎recent filings filed ‎‎with securities ‎regulators in Canada on the SEDAR website at www.sedar.com and with the U.S. ‎‎Securities and ‎Exchange Commission on the EDGAR website at www.sec.gov. The ‎Company undertakes ‎‎no obligation ‎to update forward-looking information except as required by ‎applicable law. Such forward-‎‎looking ‎information represents management’s best judgment based on information currently available. ‎‎No ‎forward-looking statement can be guaranteed and actual future results ‎may vary materially. ‎‎Accordingly, ‎readers are advised not to place undue reliance on forward-looking ‎statements or ‎‎information.‎

The MIL Network –

March 28, 2025

MIL-OSI: NowVertical Group Announces Fourth Quarter and Full Year 2024 Earnings Release Date and Financial Update Webinar

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 27, 2025 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (“NowVertical” or the “Company”), a leading data and AI solutions provider, will announce its 2024 fourth quarter and full year financial results before the market open on Wednesday, April 2, 2025. This will be followed by a webinar at 10:00 AM ET (7:00 AM PT) on Wednesday, April 2, 2025, to discuss the Company’s financial results and provide a business outlook.

Q4 and FY 2024 Financial Results Investor Webinar:

NOW invites shareholders, analysts, investors, media representatives, and other stakeholders to attend our upcoming earnings webinar to discuss Q4 and Full Year 2024 results. Participants will include Sandeep Mendiratta, Chief Executive Officer; Christine Nelson, Interim Chief Financial Officer; and Andre Garber, Chief Development Officer. A live question-and-answer session will follow.

Investor Webinar Registration:

Time: Wednesday, April 2, 2025, 10:00 AM in Eastern Time (US and Canada)

Registration Link: https://us02web.zoom.us/webinar/register/WN_cEmYLTHBTLqtoK_qDtxqsw

A recording of the webinar and supporting materials will be made available in the investor’s section of the company’s website at https://ir.nowvertical.com/news-and-media.

About NowVertical Group Inc.

The Company is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions.

For further details about NowVertical, please visit www.nowvertical.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.

For more information, visit www.nowvertical.com.

For further information, please contact:

Andre Garber, CDO
IR@nowvertical.com
+1(647)947-0223

Forward-Looking Statements

This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (together “forward-looking statements“), including, the alignment of the Company’s leadership and shareholders, and the associated results of the transactions contemplated in this press release on NowVertical’s business, finances and operations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, certain of which are unknown. Forward-looking statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions or dispositions; that market competition may affect the business, results and financial condition of the Company and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company’s management’s discussion and analysis for the year ended December 31, 2023. 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 –

March 28, 2025
MIL-OSI: Stardust Power Announces Year End 2024 Financial Results
Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn., March 27, 2025 (GLOBE NEWSWIRE) — Stardust Power Inc. (“Stardust Power” or the “Company”) (Nasdaq: SDST), an American developer of battery-grade lithium products, today announced its results for the year ended December 31, 2024.

Full Year Business Highlights

Operational highlights for the full year 2024 include:
- Listing on the Nasdaq: Completion of the Business Combination and subsequent listing on the Nasdaq Global Market (the “Nasdaq”).
- Purchase of refinery site: On December 16, finalized the purchase of 66-acre site in Muskogee, Oklahoma, for a total consideration of approximately $1.7 million.
- Permitting and approvals: Secured the necessary stormwater discharge permit and received administrative approval for the Air Permit, with the technical approval pending. The Oklahoma Department of Environmental Quality has accepted our application as a minor source for emissions, and we believe we are on track for final stage approvals.
- DFS advancing: Primero USA is in the final stages of the Definitive Feasibility Study (DFS), or FEL 3 study, having advanced nearly to completion our detailed process design package, updated cost estimates, and refined project schedules, along with other key milestones and reviews.
- Personnel hire and director appointment: Chris Celano as Chief Operating Officer, bringing over 20 years of energy sector leadership and international drilling and mining experience and Martyn Buttenshaw to the Board of Directors, offering extensive metals and mining industry experience to support the Company’s U.S. lithium supply chain efforts.
- Capital raise: During the year a total of $6.4 million of capital raised consisting of $2.8 million equity and $3.5 million debt funding general operational, engineering and corporate uses.
Subsequent Events since Year End 2024
- Broke ground on centrally located site: On January 22, 2025, the Company held a groundbreaking ceremony in Muskogee, Oklahoma, marking a major business milestone. This event, attended by key local and state officials, also marked the beginning of groundwork and preparation for heavy construction commencing once Final Investment Decision is reached.
- Offtake agreement with Sumitomo Americas: Entered into a non-binding agreement (“The Agreement”) for a potential long-term supply deal for up to 25,000 metric tons of lithium carbonate annually with Sumitomo Americas. The 10-year agreement includes an option to extend to 15 years.
- KMX Technologies licensing agreement: Signed definitive agreement with KMX Technologies for advanced VMD concentration technology, granting access across the U.S., Canada, and select international markets for lithium production. The technology is expected to help the Company reduce energy consumption, water usage and logistics costs, while improving the economic and environmental performance of operations.
- Equity raise and warrant inducement: In January 2025, the Company raised $5.75 million through an equity transaction with a large institutional investor, issuing 4,792,000 shares of common stock at $1.20 per share along with 4,792,000 cash warrants at an exercise price of $1.30. Additionally, on March 17, 2025, the Company entered into a warrant inducement agreement with the same investor, generating approximately $2.9 million in gross proceeds for the exercise of 4,792,000 warrants at a revised exercise price of $0.62.
“As we move forward, we are focused on executing our business plan and achieving key milestones that are crucial for meeting the growing demand for secure U.S. supply chains and energy independence. The successful Nasdaq listing in 2024, alongside the recent acquisition and groundbreaking of our strategic site in Muskogee, Oklahoma, is a significant step in our journey. With strong support from new hires, key partnerships, like the Agreement with Sumitomo, and strategic investments in innovative technologies, we are positioning ourselves for growth and value creation in the lithium sector,” commented Roshan Pujari, CEO and Founder of Stardust Power.

Full Year 2024 Financial Highlights
- For the year ended December 31, 2024 i.e. the current year, the Company incurred a net loss of $23.8 million and for the period from March 16, 2023 (inception date) through December 31, 2023 i.e. the prior period, the Company incurred a net loss of $3.8 million, the increase being driven by higher administrative expenses in connection with being a public company and to complement an increased scope of operations.
- Loss per share was $0.55 for the current year, compared to $0.09 for the prior period, the increase being driven primarily by higher general and administrative costs due to personnel related costs and finance charges for short term loans.
- Net cash used in operating activities totaled $9.7 million for the current year, compared to $3.0 million for the prior period, the increase driven by continued investment in operations, hiring of key talent and certain expenses related to the close of the Business Combination.
- Net cash used in investing activities was $4.8 million for the current year, compared to $0.3 million for the prior period, the increase driven by the purchase of land, engineering, initial capital investments made in the anticipated building of the refinery, strategic investments and promissory notes given to partners.
- Net cash provided by financing activities was $14.1 million during the current year, compared to $4.6 million for the prior period. The increase was driven primarily by $11.6 million in cash received from subscription agreements entered around the time of the closing of the Business Combination, short term loans and exercise of warrants. Funds were used to meet working capital needs, capital investments and to pay for some of the transaction costs related to the Business Combination.
Annual Report on Form 10-K

The Company’s financial statements and related footnotes will be available in its Annual Report on Form 10-K for the year ended December 31, 2024, which is expected to be filed with the U.S. Securities and Exchange Commission (“SEC”) by 28 March, 2025.

Conference Call Details

Participants may access the call by clicking the participant call link to ask questions: https://register-conf.media-server.com/register/BIa452f3fd54bf4f7486c84cbbebebf5e4.

Upon registering at the link, you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.

You can also access the call via live audio webcast using the website link to listen in: https://edge.media-server.com/mmc/p/39cnop5g

Participants should log in at least 15 minutes early to receive instructions. The earnings call will be available on the Company website following the event.

About Stardust Power

Stardust Power is a developer of battery-grade lithium products designed to supply the electric vehicle (EV) industry and bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.”

For more information, visit www.stardust-power.com

Cautionary Statement Regarding Forward-Looking Statements

This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

These forward-looking statements are subject to a number of risks and uncertainties, including the ability of Stardust Power to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the price of Stardust Power’s securities, including volatility resulting from recent sales of securities, issuance of debt, and exercise of warrants, changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power’s business and changes in the combined capital structure; the regulatory environment and our ability to obtain necessary permits and other governmental approvals for our operation; Stardust Power’s need for substantial additional financing to execute our business plan and our ability to access capital and the financial markets; worldwide growth in the adoption and use of lithium products; the Company’s ability to enter into and realize the anticipated benefits of offtake and license and other commercial agreements; risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; the substantial doubt regarding the Company’s ability to continue as a going concern and the need to raise capital in the near term in order to maintain the Company’s operations; the Company’s continued listing on the Nasdaq; and those factors described or referenced in filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2024, which is expected to be filed with the SEC by March 28, 2025. The foregoing list of factors is not exhaustive. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Stardust Power Contacts

For Investors:

Johanna Gonzalez
investor.relations@stardust-power.com

For Media:

Michael Thompson

media@stardust-power.com

The MIL Network –
March 28, 2025

MIL-OSI: DLC Releases Annual 2024 Results; Achieves Annual Funded Volumes of $67.4 Billion (19% Increase over Prior Year)

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, March 27, 2025 (GLOBE NEWSWIRE) — Dominion Lending Centres Inc. (TSX:DLCG) (“DLCG” or the “Corporation”) is pleased to report its financial results for the three months (“Q4-2024”) and year ended December 31, 2024 (“annual”). For complete information, readers should refer to the annual audited consolidated financial statements and management discussion and analysis which are dated March 27, 2025 and are available on SEDAR+ at www.sedarplus.ca and on the Corporation’s website at www.dlcg.ca. All amounts are presented in Canadian dollars unless otherwise stated.

DLCG includes the Corporation and its three main subsidiaries: MCC Mortgage Centres Canada Inc. (“MCC”), MA Mortgage Architects Inc. (“MA”), and Newton Connectivity Systems Inc. (“Newton”). The Corporation’s acquisition of all of the series I, class “B” preferred shares (the “Preferred Shares”) completed on December 17, 2024 is referred to herein as the “Preferred Share Acquisition”.

Gary Mauris, Executive Chairman and CEO, commented, “We are pleased to report annual funded volume growth of 19% over the prior year which helped drive a 23% increase in revenues and a 47% increase in adjusted EBITDA. We are proud of our strong network of franchisees and mortgage professionals and would like to thank them for their continued hard work in 2024. The adoption of our technology connectivity platform ‘Velocity’ was a significant contributor to our success, as was our “Gold Rush” campaign which made it easier for brokers to stay connected with their clients. Looking ahead, we believe we are well-positioned to take advantage of favourable market conditions should interest rates further decline and as a significant number of mortgage renewals are on the horizon.”

Q4-2024 and Annual Summary:

Q4-2024 funded volumes of $19.6 billion and annual funded volume of $67.4, representing a 38% and 19% increase as compared to 2023, respectively;
Q4-2024 revenue of $22.3 million and annual revenue of $76.8 million, representing a 41% and 23% increase compared to 2023, respectively;
Q4-2024 adjusted EBITDA of $10.2 million and annual adjusted EBITDA of $36.0 million as compared to $6.5 million in Q4-2023 and $24.4 million in annual 2023.
The Corporation’s Q4-2024 net loss of $138.8 million and annual net loss of $126.8 million was primarily due to non-cash finance expense on the Preferred Share liability. The difference between the fair value of consideration granted for the Preferred Share Acquisition and the book value of the Preferred Shares (which were accounted for on an amortized cost basis) was recognized as a loss on acquisition within finance expense on the Preferred Share liability (refer to the Preferred Shares section of the accompanying MD&A); and
The Corporation declared a quarterly dividend of $0.03 per class A common share (“Common Share”), resulting in a dividend payment of $1.4 million in Q4-2024.

Selected Consolidated Financial Summary:
Below is a summary of our financial results for the three months and year ended December 31, 2024 and for the comparable periods in December 31, 2023.

(in thousands, except per share and KPIs)	Three months ended Dec. 31,									Year ended Dec. 31,
		2024				2023		Change			2024				2023		Change
Revenues	$	22,256		$	15,758			41	%	$		76,753		$	62,517		23	%
Income from operations		8,453			3,914			116	%			29,516			18,311		61	%
Adjusted EBITDA⁽¹⁾		10,248			6,507			57	%			35,994			24,420		47	%
Adjusted EBITDA margin		46	%		41		%	5	%			47	%		39	%	8	%
Free cash flow attributable to common shareholders⁽¹⁾		4,354			2,035			114	%			14,884			7,459		100	%


Net (loss) income⁽²⁾		(138,755	)		(2,003		)	NMF	⁽⁵⁾			(126,768	)		64		NMF	⁽⁵⁾
Adjusted net income⁽¹⁾		3,021			1,775			70	%			10,813			6,748		60	%


Diluted loss per Common Share⁽²⁾		(2.63	)		(0.04		)	NMF	⁽⁵⁾			(2.58	)		–		NMF	⁽⁵⁾
Adjusted diluted earnings per Common Share⁽¹⁾		0.05			0.04			25	%			0.21			0.14		50	%
Dividends declared per share	$	0.03		$	0.03			–		$		0.12		$	0.12		–

Funded mortgage volumes⁽³⁾		19.6			14.2			38	%			67.4			56.5		19	%
Number of franchises⁽⁴⁾		514			542			(5	%)			514			542		(5	%)
Number of brokers⁽⁴⁾		8,663			8,192			6	%			8,663			8,192		6	%
% of DLCG funded mortgage volumes submitted through Velocity		76	%		65		%	11	%			73	%		63	%	10	%

^{(1) Please see the Non-IFRS Financial Performance Measures section of the accompanying MD&A for additional information.}
^{(2) Net income for the three months and year ended December 31, 2024 includes $144.5 million and $149.1 million of non-cash finance expense on the Preferred Share liability (December 31, 2023 – $1.9 million and $9.9 million expense). Refer to the Preferred Shares section of the accompanying MD&A.}
^{(3)  Funded mortgage volumes are presented in billions.}
^{(4)  The number of franchises and brokers are as at the respective period end date (not in thousands).}
^{(5)  The percentage change is not a meaningful figure.}

During the three months and year ended December 31, 2024, revenues increased over the three months and year ended December 31, 2023 from higher Newton revenues, primarily due to an increase in Velocity adoption and lender contract renewals. In addition, revenue increased from an increase in mortgage brokers under a DLC corporately-owned franchise and from acquired corporately-owned franchises, contributing to higher revenues from brokering of mortgages. Further, our funded mortgage volumes increased during the three months and year ended when compared to 2023’s equivalent periods, which contributed to increased revenues during those periods.

Income from operations increased from higher revenues but were partly offset by an increase in operating expenses during the three months and year ended December 31, 2024 when compared to the three months and year ended December 31, 2023. The increase in operating expenses is primarily from an increase in general and administrative costs from technology support and licensing costs and from advertising expenses. In addition, direct costs increased from higher franchise recruiting and support costs and share-based payments expense increased from additional RSUs granted in 2024.

The Corporation’s adjusted net income, adjusted EBITDA, and adjusted EBITDA margins increased during the three months and year ended December 31, 2024 when compared to the three months and year ended December 31, 2023 from an increase in revenue partly offset by an increase in operating expenses. As the Corporation’s operating expenses are largely fixed in nature and are not necessarily proportionate to changes in revenues, an increase in the Corporation’s revenues has a more pronounced impact on adjusted net income, adjusted EBITDA, and adjusted EBITDA margins.

Net loss increased during the three months and year ended December 31, 2024, compared to the prior year periods. The increase in net loss during the three month and year ended is primarily from finance expense on the Preferred Share liability. The difference between the fair value of the consideration granted for the Preferred Share Acquisition and the book value of the Preferred Shares (which were accounted for on an amortized cost basis) was recognized as a loss on acquisition within finance expense on the Preferred Share liability (refer to the Preferred Shares section of the accompanying MD&A).

On April 25, 2024, the Corporation disposed of its 52% interest in Cape Communications International Inc. (operating as “Impact”) for cash proceeds of $3.7 million. The proceeds from sale were used to fully repay the Junior Credit Facility. The $0.7 million gain on disposal of an equity-accounted investment for the year ended December 31, 2024 relates to cumulative amounts arising on foreign exchange translation of Impact that were previously recognized in other comprehensive income (loss) and were reclassified to income on the sale of Impact. Other income for the year ended December 31, 2024 includes $1.0 million related to reversal of the liquidation rights liability on the sale of Impact (refer to the Related Party Transactions section of the accompanying MD&A).

Free cash flow increased during the three months and year ended December 31, 2024, primarily from higher adjusted cash flows from operations from higher income from operations and lower maintenance CAPEX.

Non-IFRS Financial Performance Measures
Management presents certain non-IFRS financial performance measures which we use as supplemental indicators of our operating performance. These non-IFRS measures do not have any standardized meaning, and therefore are unlikely to be comparable to the calculation of similar measures used by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS measures are defined and reconciled to the most directly-comparable IFRS measure. Non-IFRS financial performance measures include adjusted EBITDA, adjusted net income, adjusted earnings per share, and free cash flow. Please see the Non-IFRS Financial Performance Measures section of the Corporation’s MD&A dated March 27, 2025 for further information on key performance indicators. The Corporation’s MD&A is available on SEDAR+ at www.sedarplus.ca.

The following table reconciles adjusted EBITDA from income before income tax, which is the most directly-comparable measure calculated in accordance with IFRS:

		Three months ended Dec. 31,						Year ended Dec. 31,
(in thousands)		2024			2023			2024			2023
(Loss) income before income tax	$	(136,302	)	$	(846	)	$	(119,289	)	$	4,187
Add back:
Depreciation and amortization		1,066			939			4,060			3,787
Finance expense		552			820			2,624			3,149
Finance expense on the Preferred Share liability		144,503			1,931			149,042			9,922
		9,819			2,844			36,437			21,045
Adjustments:
Share-based payments expense (recovery)		276			263			807			(70	)
Promissory note income		(16	)		(35	)		(94	)		(151	)
Gain on disposal of equity-accounted investment		(16	)		–			(697	)		–
Non-cash impairment of equity-accounted investments		–			3,390			198			3,466
Other expense (income)⁽¹⁾		185			45			(657	)		130
Adjusted EBITDA⁽²⁾	$	10,248		$	6,507		$	35,994		$	24,420

^{(1) Other expense (income) for the three months and year ended December 31, 2024 relates to the reversal of the liquidation rights liability on the sale of Impact (see the Related Party Transactions section of this document), foreign exchange loss, loss on contract settlement, and costs associated with the Preferred Share Acquisition. Other (income) expense for the three months and year ended December 31, 2023 relates to a loss on the disposal of an intangible asset, foreign exchange loss and loss on contract settlement.}
^{(2) Amortization of franchise rights and relationships of $1.2 million and $5.1 million for the three months and year ended December 31, 2024, respectively (December 31, 2023 – $1.2 million and $4.9 million) is classified as a charge against revenue and has not been added back for adjusted EBITDA.}

The following table reconciles free cash flow from cash flow from operating activities, which is the most directly-comparable measure calculated in accordance with IFRS:

	Three months ended Dec. 31,							Year ended Dec. 31,
(in thousands)		2024			2023			2024			2023
Cash flow from operating activities	$	10,273		$	3,433		$	37,202		$	17,086
Changes in non-cash working capital and other non-cash items		(2,000	)		1,426			(4,929	)		4,378
Cash provided from operations excluding changes in non-cash working capital and other non-cash items		8,273			4,859			32,273			21,464
Adjustments:
Distributions from equity-accounted investees		–			46			285			321
Maintenance CAPEX		(580	)		(680	)		(4,929	)		(6,719	)
Lease payments		(40	)		(126	)		(382	)		(602	)
Loss on contract settlement		11			9			47			67
NCI portion of cash provided from operations excluding changes in non-cash working capital		(285	)		–			(596	)		–
Other non-cash items⁽¹⁾		343			(89	)		(545	)		(88	)
		7,722			4,019			26,153			14,443
Free cash flow attributable to Preferred Shareholders⁽²⁾		(3,368	)		(1,984	)		(11,269	)		(6,984	)
Free cash flow attributable to common shareholders	$	4,354		$	2,035		$	14,884		$	7,459

^{(1) Other non-cash items for the three months and year ended December 31, 2024 relates to the reversal of the liquidation rights liability on the sale of Impact (see the Related Party Transactions section of the accompanying MD&A), share-based payments on PSO plan and promissory note income. The three months and year ended December 31, 2023 includes losses on disposal of an intangible asset.}
^{(2) Free cash flow attributable to the Preferred Shareholders is determined based on free cash flow of the Core Business Operations (as defined in the Preferred Shares section of the accompanying MD&A).}

The following table reconciles adjusted net income from net income, which is the most directly-comparable measure calculated in accordance with IFRS:

		Three months ended Dec. 31,						Year ended Dec. 31,
(in thousands)		2024			2023			2024			2023
Net (loss) income	$	(138,755	)	$	(2,003	)	$	(126,768	)	$	64
Adjustments:
Gain on sale of an equity-accounted investment		(16	)		–			(697	)		–
Non-cash impairment of equity-accounted investments		–			3,390			198			3,466
Finance expense on the Preferred Share liability⁽¹⁾		144,503			1,931			149,042			9,922
Promissory note interest income		(16	)		(35	)		(94	)		(151	)
Other expense (income)⁽²⁾		185			45			(657	)		130
Income tax effects of adjusting items		(43	)		(3	)		(72	)		(7	)
		5,858			3,325			20,952			13,424
Income attributable to Preferred Shareholders⁽³⁾		(2,837	)		(1,550	)		(10,139	)		(6,676	)
Adjusted net income		3,021			1,775			10,813			6,748
Adjusted net income attributable to common shareholders		2,796			1,770			10,451			6,727
Adjusted net income attributable to non-controlling interest		225			5			362			21
Diluted adjusted earnings per Common Share	$	0.05		$	0.04		$	0.21		$	0.14

^{(1) The Preferred Share liability is revalued at the end of each reporting period to reflect our most recent outlook and forecast. Refer to the Preferred Shares section of the accompanying MD&A.}
^{(2) Other expense (income) for the three months and year ended December 31, 2024 relates to the reversal of the liquidation rights liability on the sale of Impact (see the Related Party Transactions section of the accompanying MD&A), foreign exchange loss, loss on contract settlement and costs associated with the Preferred Share Acquisition. Other expense for the three months and year ended December 31, 2023 relates to a loss on the disposal of intangible assets.}
^{(3) Adjusted net income attributable to the Preferred Shareholders is determined based on adjusted net income of the Core Business Operations (as defined in the Preferred Shares section of the accompanying MD&A).}

Forward-Looking Information
Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate,” “believe,” “estimate,” “will,” “expect,” “plan,” or similar words suggesting future outcomes or outlooks. Forward-looking information in this document includes, but is not limited to, our anticipation of further interest rate reductions and expected record amount of mortgage renewals.

Such forward-looking information is based on many estimates and assumptions, including material estimates and assumptions, related to the following factors below that, while considered reasonable by the Corporation as at the date of this press release considering management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to:

Changes in interest rates;
The DLC Group’s ability to maintain its existing number of franchisees and add additional franchisees;
Changes in overall demand for Canadian real estate (via factors such as immigration);
Changes in overall supply for Canadian real estate (via factors such as new housing-start levels);
At what period in time the Canadian real estate market stabilizes;
Changes in Canadian mortgage lending and mortgage brokerage laws and regulations;
Changes in the Canadian mortgage lending marketplace;
Changes in the fees paid for mortgage brokerage services in Canada; and
Demand for the Corporation’s products remaining consistent with historical demand.

Many of these uncertainties and contingencies may affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements made in this document are qualified by these cautionary statements. The foregoing list of risks is not exhaustive. The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities laws, we undertake no obligation to update publicly or revise any forward-looking statements or information, whether because of new information, future events or otherwise.

About Dominion Lending Centres Inc.
Dominion Lending Centres Inc. is Canada’s leading network of mortgage professionals. DLCG operates through Dominion Lending Centres Inc. and its three main subsidiaries, MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Systems Inc., and has operations across Canada. DLCG extensive network includes over 8,500 agents and over 500 locations. Headquartered in British Columbia, DLC was founded in 2006 by Gary Mauris and Chris Kayat.

DLCG can be found on X (Twitter), Facebook and Instagram and LinkedIn @DLCGmortgage and on the web at www.dlcg.ca.

Contact information for the Corporation is as follows:

Eddy Cocciollo President 647-403-7320 eddy@dlc.ca		James Bell EVP, Corporate and Chief Legal Officer 403-560-0821 jbell@dlcg.ca

NEITHER THE TSX EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

The MIL Network –

March 28, 2025

MIL-OSI: Sprott Physical Silver Trust Net Asset Value Reaches $6 Billion
Source: GlobeNewswire (MIL-OSI)

TORONTO, March 27, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE/TSX: SII) (“Sprott”) on behalf of the Sprott Physical Silver Trust (NYSE Arca/TSX: PSLV) (“PSLV” or the “Trust”) today announced that PSLV’s net asset value (“NAV”) has surpassed US$6 billion.

“We would like to thank our unitholders for their trust and support in helping the Sprott Physical Silver Trust reach this significant milestone,” said John Ciampaglia, Chief Executive Officer of Sprott Asset Management. “PSLV provides investors with an alternative way to own fully allocated and segregated physical silver at a time when physical ownership has never been more important.”

““PSLV is fully backed by physical silver which is redeemable, subject to minimum investment size, and does not store its metal with bullion banks,” continued Mr. Ciampaglia. “PSLV is a liquid exchange-listed vehicle, which is easy to buy and sell at price levels that closely correspond to the spot silver market.”

Key statistics:
- PSLV is the second largest exchange listed physical silver fund in the world¹ with 182.1 million ounces of silver held on behalf of its unitholders
- PSLV has purchased over 120 million ounces since the beginning of 2020 and 1.5 million ounces so far in 2025
- PSLV received physical redemption requests for 866 thousand ounces of silver in 2024 and has received no physical redemption requests in 2025
About Sprott

Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe 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 the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “SII“. For more information, please visit www.sprott.com.

About the Trust

Important information about the Trust, including the investment objectives and strategies, applicable management fees, and expenses, is contained in the prospectus. Please read the prospectus carefully before investing. You will usually pay brokerage fees to your dealer if you purchase or sell units of the Trusts on the Toronto Stock Exchange (“TSX”) or the New York Stock Exchange (“NYSE”). If the units are purchased or sold on the TSX or the NYSE, investors may pay more than the current net asset value when buying units or shares of the Trusts and may receive less than the current net asset value when selling them. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

______________________

¹ Based on Morningstar’s universe of listed investment funds. Data as of 12/31/2024

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, our statements about price levels of the Trust closely corresponding to the spot silver markets.
With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things, the silver market and the trading of Trust units. 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 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.

Investor Contact:

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

Media contact:

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The MIL Network –
March 28, 2025
MIL-OSI Canada: Highway 1 lanes closed in Hope for sinkhole repairs

Drivers are advised Highway 1 will be reduced to one lane eastbound and one lane westbound starting tonight, March 27, 2025, at Flood Hope Road in Hope (Exit 165) to address a rapidly deteriorating sinkhole across the eastbound lanes.

A sinkhole initially appeared on Highway 1 in November 2024. It was quickly repaired and has been continually monitored while a design was underway for a permanent fix.

Due to heavy rainfall, conditions have deteriorated and now require further interim repairs to ensure the safety of motorists. The repairs will begin tonight and will extend through the weekend and into next week.

A highway median crossover will be implemented by moving an eastbound lane into the westbound fast lane for a 300-metre stretch of Highway 1. Eastbound highway traffic will continue to be detoured through the median crossover until repairs are complete and safety assessments confirm the eastbound lanes can be safely reopened. Commercial vehicles up to five metres in width can be accommodated through this crossover detour.

Eastbound Exit 165 will be closed throughout the work and vehicles can take Exit 168 to access Flood Hope Road.

Drivers should plan for delays. Peak traffic volumes are expected between noon and 10 p.m. on Sunday, March 30, especially for traffic travelling west toward Vancouver due to spring break travel. Drivers are urged to travel outside of these periods when possible or plan for additional travel time given the congestion expected.

A reduced speed zone will be in place and drivers are reminded to obey all signage and be aware that roadside workers are present.

An update on the estimated time of full reopening will be provided on DriveBC on Monday, March 31, once repair work progresses through the weekend. Ongoing updated traffic information for this project will be available at: https://drivebc.ca/

MIL OSI Canada News –

March 28, 2025
MIL-OSI Security: Slave Lake — Slave Lake RCMP lay firearms charges

Source: Royal Canadian Mounted Police

On Jan. 29, 2025, Slave Lake RCMP attended a home in the area of 1 Avenue SW, Slave Lake, and located a firearm in the possession of a 31-year-old individual, a resident of Slave Lake.

A search warrant was granted after members witnessed a firearm inside the residence, as the individual was bound by conditions of not to possess any weapons or firearms and was charged with 22 offenses, including: failure to comply with release order conditions x13, unauthorized possession of a firearm x4, possession of firearm when knowing it is unauthorized x4, and careless use of a firearm.

The individual was brought before a justice of the peace, where he was remanded with a court date of Feb. 3, 2025, at the Alberta Court of Justice in High Prairie, Alta.

Slave Lake RCMP seized several firearms and ammunition from the residence.

The Peace Regional RCMP is seeking the public’s assistance in identifying the location of, or sightings of crimes in the area and anyone with information is asked to please contact the Slave Lake RCMP at 780-849-3045 or your local police. If you wish to remain anonymous, you can contact Crime Stoppers at 1-800-222-8377 (TIPS), online at www.P3Tips.com or by using the “P3 Tips” app available through the Apple App or Google Play Store.

MIL Security OSI –

March 28, 2025
MIL-OSI Economics: Press Briefing Transcript: Julie Kozack, Director, Communications Department, March 27, 2025

Source: International Monetary Fund

March 27, 2025

SPEAKER: Ms. Julie Kozack, Director of the Communications Department, IMF

MS. KOZACK: Good morning, everyone, and welcome to today’s IMF Press Briefing. It’s great to see you all, those of you here in person and, of course, our colleagues online as well.

I am Julie Kozak, Director of Communications at the IMF. And as usual, this program press briefing is embargoed until 11:00 a.m. Eastern Time in the United States. I will start with two short announcements and then I’ll take your questions in person, on Webex, and via the Press Center.

First, the 2025 Spring Meetings of the IMF and World Bank Group will take place from Monday, April 21st, to Saturday, April 26th. The press registration to attend these meetings in person in Washington is now open, and you can register through www.imfconnect.org.

And second, I would like to announce that the Managing Director, Kristalina Georgieva, will be delivering her Curtain Raiser speech outlining the key issues facing the world economy. The speech and a related fireside chat will be held here at IMF headquarters on Thursday, April 17th. It will be open to registered media and via live streaming on our Press Center and IMF social media channels. And we will provide more details closer to the date.

And with that, I will now open the floor for your questions. For those connecting virtually, please turn on both your camera and microphone when you are speaking. And I’m now over to you.

All right, let’s start with you. Thank you. Microphone here in the front.

QUESTIONER: Thank you very much, Julie. Minister Luis Caputo announced this morning in Argentina that the Argentine government had agreed with the IMF staff amount of $20 billion for the new program. I’m sure you know this was a very highly unusual announcement. I wanted to know first if this was coordinated with the IMF, if you had agreed with Mr. Caputo to release this information? Second, if you can confirm that the actual amount of the program that’s been discussed is $20 billion. Then the IMF has a lot of internal processes before a program is actually announced, so could this number change through that process? And if you can give us a sense of the timing before the actual staff-level agreement announcement and eventually the board meeting and that’s all. Thanks.

MS. KOZACK: Okay, very good. Thank you. Other questions on Argentina.

QUESTIONER: Mr. Caputo said the disbursement will be $20 billion. Will it be a single disbursement, just one single disbursement? Thank you, Julie.

MS. KOZACK: Okay, thank you. Let’s go online.

QUESTIONER: Hi, good morning. Well, we are all referring to the speech of Caputo, which was a big surprise in Argentina at least. So one of the rumors that Minister Caputo denied was that the IMF was demanding a 30 percent devaluation. My question is, does the IMF believe an exchange rate correction is necessary? Thank you, Julie.

MS. KOZACK: Thank you.

QUESTIONER: Yes. Hi, Julie. Thank you. So my question is, first of all, if you can confirm how much of the $20 billion dollars are going to be freely available? And second, if there is any certainty at this stage of the negotiations whether the new program will include modifications to the current exchange rate regime, as the market and private sector seem to have considered in recent days? Thank you.

QUESTIONER: Good morning. Well, I would like to know if a scheme of exchange rate bands is being considered in this agreement and if the agreement implies an increase in depth with the IMF? And finally, if there is a technical agreement already done?

MS. KOZACK: Okay, thank you. Anybody else want to come in on Argentina? Okay, let me go ahead and take these questions.

So first I want to just start by saying, and this is consistent with our previous statements, that Argentina has embarked on a truly impressive stabilization program. And the country has shown that it’s determined to steer the — the authorities have shown that they are determined to steer the economy toward a more sustainable path.

Since the end of 2023, inflation has declined thanks to a very large fiscal consolidation and steps to heal the Central Bank’s balance sheet. These measures have been complemented by deregulation, market reforms, and the elimination of distortions and some controls. The reforms are starting to bear fruit. Despite the sharp macroeconomic adjustment, economic activity is recovering strongly, real wages are increasing and poverty is declining. This decline in poverty also reflects, of course, a significant increase in social assistance to vulnerable groups. There is also a shared recognition between the Fund and the authorities that now is the time to move to the next steps of the authority’s stabilization plan.

In this regard, significant progress has been made in reaching understandings toward a new IMF supported program. And this has followed intense and productive discussion, and those include in-person meetings in Buenos Aires and also here in Washington, D.C. And at the Fund we have engaged at all levels.

What I can say now is that discussions on a new Fund supported program are very advanced and those discussions include discussions around a sizable financing package. The size of that package is ultimately to be determined by our Executive Board, but I can confirm that discussions are focusing on a sizable package.

As for our processes, we do have a set of processes that we always follow when engaging with country authorities on a program. And as part of these routine internal processes, we have also been engaging with our Executive Board. With respect to the policies that will be covered under the program, as we’ve noted in the past here, discussions are still ongoing on the specific policies that will be covered under the program.

What I can say is that to sustain the gains that have been achieved so far by the authorities, there is a shared recognition about the need to continue to adopt a consistent set of fiscal, monetary, and foreign exchange policies while fostering further and furthering growth enhancing reforms. And what I can also say is that we will keep you updated as discussions continue.

QUESTIONER: What about the amount?

MS. KOZACK: So with respect to the amount, the amount or the size of the program will be determined ultimately by our Executive Board. What I can say today is that discussions are focused on a sizable financing program.

And in terms of your question about single disbursement versus a phased disbursement, as with all of our programs, disbursements will come in tranches over the life of the program. But the exact phasing and the size of each tranche is also, of course, part of the discussions that are underway.

QUESTIONER: The number is okay?

MS. KOZACK: All I’m saying now is that the discussion is around a sizable financing program. That’s what I can say today.

QUESTIONER: Thank you, Julie.

MS. KOZACK: Okay. Let’s go here.

QUESTIONER: Thank you so much, Julie. So I would like to ask you about the IMF prospects on the Russian economy. Does the IMF plan to update its outlook on Russian GDP growth in 2025 during its next review? What is the overall perspective on inflation easing signs? Does the IMF plan to highlight any changes in potential monetary policy from the Central Bank? And what is, from the IMF perspective, the current level of business activity in the Russian economy? Thanks.

MS. KOZACK: Okay, thank you. On Russia.

QUESTIONER: The Central Bank of Russia has maintained its key interest rate at 21 percent since October 2024 to combat inflation. How does the IMF assess the effectiveness of this high-interest rate policy in controlling inflation? And what are the IMF’s projections for Russia’s inflation trajectory in 2025 and what factors are expected to influence these trends? Thank you.

MS. KOZACK: Great. Thank you very much. Are there any other questions on Russia? Okay.

What I can say about the Russian economy is that our assessment is that the Russian economy was affected by overheating in 2024 and growth was driven by private consumption, which was supported by a tight labor market, fast-growing wages, and buoyant credit from the banking system into the economy. This overheating also reflected strong corporate investment. Fiscal policy did play a role in driving growth.

In 2025, what I can say is, and here I’m quoting from the January WEO, and I can confirm that we will be updating the projections for Russia, as with all countries for the April WEO. But in January, we said we expected a slowdown in 2025 as the impact of tighter monetary policy took hold and the cyclical recovery ran its course, meaning that the boost to growth waned into 2025. So in January, we had growth slowing from 3.8 percent in 2024 to 1.4 percent in 2025. And again, that assessment will be updated as part of the WEO.

Now, with respect to inflation in particular, inflation in Russia remains high. It is well above the Central Bank of Russia’s target, which is 4 percent. And this partly reflects the tight labor market and also strong wage growth. Currently, we are not seeing signs of an easing of inflation, although the projections that we had in the January WEO did suggest an easing of price pressures in the coming year. And of course, just to reiterate that our assessment of Russia, the Russian economy, will be updated as part of the WEO.

QUESTIONER: Thank you, Julie. My question is on the inflation expectation at the global level, not only U.S. but also in Japan recently, inflation expectation raised substantially up. And how much are you concerned about such movement translating into the real inflation and, in the near future, given the tariff policies conducted by U.S. Administrations? Thank you.

MS. KOZACK: Thank you. So what I can say on inflation at the global level, and this is, again, I’m going to be quoting here from our January and October WEOs. So what we expected at the time of our January WEO update was that global inflation would continue to decline. We expected in January that it would reach 4.2 percent in 2025 and 3.5 percent in 2026. And at that time, we expected that advanced economies would achieve their inflation targets earlier than emerging market economies.

Now, since that January update, what we have seen is greater than expected persistence in inflation. And so this is a key factor that will be taken into account as we are updating not only our growth projections in the April WEO, but also our inflation projections. And what this means for central banks and policymakers is, of course, that agile and proactive monetary policy is going to be needed to ensure that inflation expectations remain well anchored. And of course, we’ll have a full discussion of inflation developments at the time of the WEO.

QUESTIONER: Hi. Thanks, Julie. I’m wondering if you can weigh in a bit on President Trump’s announcement yesterday of universal car tariffs of 25 percent. This is going to send shock waves through a production system throughout the world that provides employment to millions of people, and supports economies all over. I know it’s early to gauge the exact impact of what this would mean, but I’m wondering if you can talk directionally about how this could start to impact countries, particularly emerging markets that are in that supply chain. Thanks.

MS. KOZACK: Thank you. Same topic, right?

QUESTIONER: Thank you. We have seen the impacts of the — sorry, let me start over again. So following up on what David said regarding the tariff, how do you see the impact on these on economies — on the African continent in particular? And also, you know, we are seeing more of nationalism and protectionism. It’s from the U.S., and it’s spreading around the world as well. So how concerned is the IMF regarding these.

QUESTIONER: Just to follow up. In terms of the WEO that you’re preparing, how will these tariff actions be filtered into that in terms of inflation projections as it raises costs, does the IMF sort of see these as a one-time jump up in price level or is it going to contribute to ongoing inflation? Thank you.

MS. KOZACK: Same topic?

QUESTIONER: Thank you, Julie. As a result of all the policy that we are witnessing right now, can the IMF rule out any risk of recession in the United States in 2025, 2026, or if we are not talking about annual decline, could you see any risks in quarter estimates?

MS. KOZACK: Okay, so let me say a few — respond to this set of questions.

What I can say today is, we’ve seen several new developments on the trade front over the past several weeks and of course yesterday we had announcements about tariffs on the auto sector. And the U.S. administration has also noted and announced that it will — that there will be new announcements coming next week on April 2nd.

What I can say today is that we are in the process of assessing the impact of all of these announcements, and we will continue to do that work in the context of our World Economic Outlook that will be released as I noted in April.

We have previously noted that for countries like Mexico and Canada that if sustained tariffs could have a significant effect on Mexico and Canada, a significant adverse impact on Mexico and Canada. For other regions and groups of countries, we’re in the process of undertaking that analysis at the moment.

What I can say about the way or the process by which this will be incorporated into the WEO, the way the process works is we will look at all of the announcements and economic developments and data up until as far as we can into the process. But at some point, there will need to be sort of a cutoff date after which we’re no longer able to incorporate new information. We’re not there yet. But at some point in the process there will be a date after which we just for production processes, need to kind of stop the churning of the data.

What the WEO will then have is a very clear exposition of what is incorporated into our baseline forecast, our main forecast. We’ll talk about the assumptions that are included and any policy announcements and actions that are included in the baseline forecast. Anything that occurs after our cut-off date will be discussed in qualitative terms or as part of the risks section of the report. But we will aim, of course, in that report to be very clear about what is incorporated into the forecast and what is not incorporated into the forecast. And of course, you will have an opportunity the week of the Annual Meetings to not only read the WEO, but we will have a press conference led by our Economic Counselor to answer detailed questions around the forecast. And we will also have the press conferences of our regional area department heads to talk to answer specific regional questions.

And just maybe on the question about the U.S. economy, just to say perhaps a few words. What I can say now is that the performance of the U.S. economy has been remarkably strong throughout the recent monetary policy tightening cycle. Activity and employment exceeded expectations, and the disinflation process proved less costly than most feared. And this was our assessment at the time of our January WEO. Since then, of course, there have been many developments. Large policy shifts have been announced, and the incoming data is signaling a slowdown in economic activity from the very strong pace in 2024. All of this said, recession is not part of our baseline.

Let’s now move online.

QUESTIONER: Thank you, Julie, for taking my questions. My question is on Sri Lanka. Sri Lanka’s Central Bank Governor has hinted, also suggested that the heavily indebted state-owned enterprises should be listed in the Colombo Stock Exchange as part of a program to perform these enterprises. What is the IMF’s take on such a proposal given that the program also calls for extensive reforms in SEOs — I beg your pardon, SOEs? At the same time, $334 million was approved by the IMF Executive Board recently. Has that tranche been given to Sri Lanka? If not, why? Thank you.

MS. KOZACK: Okay. Any other questions on Sri Lanka online? Okay, let me take this question on Sri Lanka.

So first, let me just step back on Sri Lanka. First, I’ll say that on Friday, February 28th, the IMF Executive Board approved the Third Review under the EFF (Extended Fund Facility) arrangement for Sri Lanka. And this provided the country with immediate access to $334 million of support. So, yes, once the Board approved that Third Review, the $334 million was made available to Sri Lanka to support its economic policies and reforms. And with this $334 million, it brings total financial support from the IMF to Sri Lanka to $1.34 billion.

What I can also add is that reforms in Sri Lanka are bearing fruit. The economic recovery is gaining momentum. Inflation remains low in Sri Lanka, revenue collection on the fiscal side is improving, and international reserves are continuing to accumulate. Economic growth reached 5 percent in 2024, and that was after two years of economic contraction. And we do expect the recovery to continue in 2025 in Sri Lanka. These are all very positive developments for Sri Lanka and for the people of Sri Lanka.

All of this said, the economy still does remain vulnerable, and therefore it is critical that the reform momentum be sustained to ensure that macroeconomic stability and debt sustainability are durably achieved.

And with respect to your specific question, I don’t have anything for you on that regarding the SOEs, but we’ll come back to you bilaterally.

I have one question here online from Shoaib Nizami from ARY News TV. And the question is, when will Pakistan receive Climate Resilience Funds? So before I turn to this, are there any other questions on Pakistan? Okay, let me talk a little bit about Pakistan then.

So again, just stepping back to explain where we are with Pakistan. On September 25th of 2024, the Executive Board approved a 37-month EFF arrangement for Pakistan, and it was for $7 billion. The First Review took place… the First Review mission took place recently, and a staff-level agreement on the First Review was reached on March 25th. And in addition to reaching a staff-level agreement on the EFF arrangement for the First Review, there was also a staff-level agreement reached on an RSF, a Resilience and Sustainability Facility, that was also reached on March 25th.

Under the EFF part – so I’m going to talk about both of them. So the EFF part, which is the First Review under the program, once approved by the IMF’s Executive Board, that would enable Pakistan to have access of about $1 billion for that disbursement. For the RSF over the length of the arrangement, again subject to approval by the IMF’s Executive Board, the staff-level agreement references an amount of $1.3 billion and that access will be over the life of the RSF, delivered in tranches.

Okay. Kyle, you had a question in the room.

QUESTIONER: Good morning. Kyle Fitzgerald with the National. So, following the recent staff visit to Lebanon, the IMF and Lebanon agreed to remain in close contact on a new economic reform program. I was just wondering if you could provide more clarity on what the next steps are and what a potential timeline for this looks like. Thank you.

MS. KOZACK: Okay, very good. With respect to Lebanon, I also have another question online which I am going to read out loud. It is from Sabine Oawais from Annahar (phonetic). There are two questions here. The first is when does the IMF anticipate the signing of a program with Lebanon? What prior actions must the Lebanese government take before reaching final agreement? The second is, given Lebanon’s ongoing economic challenges, what specific reforms does the IMF see as critical for stabilizing the country’s financial system and securing a sustainable recovery?

Before I respond on Lebanon, are there any other questions on Lebanon? Okay.

So on Lebanon, an IMF fact-finding mission visited Lebanon from March 10th to 13th. And on that mission, the staff welcomed the authority’s request for a new IMF-supported program to support the authority’s efforts to address Lebanon’s significant economic challenges. We have received, obviously, this request for a new program. We’re working with the authorities to help them develop their comprehensive economic reform program. The engagement and discussions with the Lebanese authorities are ongoing.

And in terms of what is needed, what I can say is that first and foremost what is needed is a comprehensive strategy for economic rehabilitation. This is going to be critical to restore growth, reduce unemployment and improve social conditions. The authority’s reform program is going to need to be focused on fiscal and debt sustainability, financial sector restructuring, international reserves are continuing to accumulate. Economic growth reached 5 percent in 2024, and that was after two years of economic contraction. And we do expect the recovery to continue in 2025 in Sri Lanka. These are all very positive developments for Sri Lanka and for the people of Sri Lanka.

All of this said, the economy still does remain vulnerable, and therefore it is critical that the reform momentum be sustained to ensure that macroeconomic stability and debt sustainability are durably achieved.

And with respect to your specific question, I don’t have anything for you on that regarding the SOEs, but we’ll come back to you bilaterally.

I have one question here online . And the question is, when will Pakistan receive Climate Resilience Funds? So, before I turn to this, are there any other questions on Pakistan? Okay, let me talk a little bit about Pakistan then.

So again, just stepping back to explain where we are with Pakistan. On September 25th of 2024, the Executive Board approved a 37-month EFF arrangement for Pakistan, and it was for $7 billion. The First Review took place… the First Review mission took place recently, and a staff-level agreement on the First Review was reached on March 25th. And in addition to reaching a staff-level agreement on the EFF arrangement for the First Review, there was also a staff-level agreement reached on an RSF, a Resilience and Sustainability Facility, that was also reached on March 25th.

Under the EFF part – so I’m going to talk about both of them. So the EFF part, which is the First Review under the program, once approved by the IMF’s Executive Board, that would enable Pakistan to have access of about $1 billion for that disbursement. For the RSF over the length of the arrangement, again subject to approval by the IMF’s Executive Board, the staff-level agreement references an amount of $1.3 billion and that access will be over the life of the RSF, delivered in tranches.

QUESTIONER: Good morning. So, following the recent staff visit to Lebanon, the IMF and Lebanon agreed to remain in close contact on a new economic reform program. I was just wondering if you could provide more clarity on what the next steps are and what a potential timeline for this looks like. MS. KOZACK: Okay, very good. With respect to Lebanon, I also have another question online which I am going to read out loud. There are two questions here. The first is when does the IMF anticipate the signing of a program with Lebanon? What prior actions must the Lebanese government take before reaching final agreement? The second is, given Lebanon’s ongoing economic challenges, what specific reforms does the IMF see as critical for stabilizing the country’s financial system and securing a sustainable recovery?

Before I respond on Lebanon, are there any other questions on Lebanon? So on Lebanon, an IMF fact-finding mission visited Lebanon from March 10th to 13th. And on that mission, the staff welcomed the authority’s request for a new IMF-supported program to support the authority’s efforts to address Lebanon’s significant economic challenges. We have received, obviously, this request for a new program. We’re working with the authorities to help them develop their comprehensive economic reform program. The engagement and discussions with the Lebanese authorities are ongoing.

And in terms of what is needed, what I can say is that first and foremost what is needed is a comprehensive strategy for economic rehabilitation. This is going to be critical to restore growth, reduce unemployment and improve social conditions. The authority’s reform program is going to need to be focused on fiscal and debt sustainability, financial sector restructuring, governance improvements, and reforms to state owned enterprises. And critically, it’s going to be important to enhance data provision, to improve transparency and to inform policymaking. And that is the latest update that I have on Lebanon. We’ll of course keep you updated and I just want to reassure that we are fully committed to working with the Lebanese authorities and the engagement is ongoing and constructive.

Let me go online. We have a few online before I come back to the room. And I have another question to read here, which is on Egypt. The question on Egypt is how do you assess the Egyptian economy right now, taking into consideration the impact of geopolitical tensions in the Middle East region?

So let me say a few words on Egypt, but before I do so, are there any other questions on Egypt? So on Egypt, first, I just want to start by saying that on March 10th, the IMF’s Executive Board concluded the 2025 Article IV consultation and completed the Fourth Review under the EFF arrangement. This enabled the authorities to draw $1.2 billion. The Executive Board at that time also approved the RSF arrangement, which paves the way for Egypt to access about $1.3 billion over the life of the RSF.

Now, with respect to the specific question, our projections for growth, and this is the question about the impact on the Egyptian economy of tensions, our projections for growth in inflation for the next fiscal year — Egypt uses fiscal year, so it’s a 2025-2026 fiscal year — indicate a growth rate of 4.1 percent. And this is an increase from 3.6 percent in the previous fiscal year. And on the inflation side, we expect inflation to continue a downward trajectory and reach 13.4 percent by the end of this period. We’ll be looking to update these projections for Egypt as part of our update in April of the World Economic Outlook. And of course, those projections will take into account any recent developments.

What I can say more broadly for Egypt is that the main economic impact on Egypt of the tensions in the region has been through disruptions in the Red Sea and the disruptions to revenues through the Suez Canal. Trade disruptions in the Red Sea in Egypt since December of 2023 have reduced foreign exchange inflows from the Suez Canal by about $6 billion in 2024 alone for Egypt. And the volume of transit trade is about one third of pre conflict levels. And so this has of course, adverse spillovers to growth in Egypt and also to fiscal revenues in Egypt. That is the main area that we’re focused on in terms of how Egypt is being affected by the tensions in the region. And of course, we’ll continue to closely monitor that as part of our deep and constructive engagement with Egypt.

QUESTIONER: Yes, thank you, Julie. Can you hear me all right?

MS. KOZACK: Yes, we can hear you.

QUESTIONER: Just a quick follow up on Argentina. You mentioned the amount of discussion will be sizable. I appreciate we can’t discuss what a final figure might be at this point, but can you confirm that Argentina has requested a loan package of around $20 billion or at least discussed a similar figure as Minister Caputo said this morning.

MS. KOZACK: Look, I’m not — just as with the other questions in terms of the ongoing discussions, I’m not going to get into the details of those discussions. They are ongoing. And I can simply confirm that the size of the final package for Argentina will be determined by our Executive Board and that the discussions are for a sizable financing package.

QUESTIONER: I want to look at the Caribbean specifically on this one. With the U.S. proposing to tariff Chinese vessels to the tune of $1.5 million docking to an extent in the U.S., what recommendations or how does the — what does the IMF foresee in terms of potential economic fallouts for Small Island States within the Caribbean region going forward? And this is in keeping with the tone of questions in the room there. Do you foresee any potential — or what recommendation would the IMF give to Small Island States, especially those in the Caribbean region, about potential inflation as you look towards the future and tariffs “here is the name of the game” from the United States?

MS. KOZACK: I’d say like with all of the other impacts of recent developments, we will be discussing this in our World Economic Outlook. But also, I think importantly for the Caribbean, we will have a discussion around regional developments by our Western Hemisphere Department. And that discussion will, of course, cover the specific impacts on the Caribbean.

What I can say today about the Caribbean is to just give a sense of where we stood in our latest forecast, which was in January of 2025. At that time we expected that growth in the region would be normalized. So, what we saw in the Caribbean was a kind of rapid recovery after the Pandemic. And now we’re seeing a normalization phase, or at least that was our assessment in January. And we expected real GDP growth to reach 2.4 percent in 2025, which would have been about the same as in 2024. What we saw on inflation again in January was that it had moderated significantly in 2023 and 2024 and that inflation in the Caribbean had returned to pre-Pandemic levels. So of course, we will then incorporate any of the recent developments in our revised forecast, which will be coming out in April, and we can have a — we’ll have a fuller picture at that time.

But just to say a few words on the policy advice, our policy advice for the Caribbean has been more broadly to continue to pursue sustainable fiscal policies to continue to rebuild policy buffers and to strengthen the resilience of domestic economies and institutions. We also encouraged Caribbean economies to accelerate investment in infrastructure and to implement necessary reforms to boost growth. And again, we will have a fuller update in January — I mean, sorry, in April.

I see some more questions coming online for me to read. I have a question online on Kenya. And the question says at the end of the Eighth Review, and I assume under the program, Ms. Gita Gopinath stated, Kenya’s economy remains resilient with growth above the regional average, inflation decelerating and external inflows supporting the shilling and a buildup of external buffers despite a difficult socioeconomic environment. What has changed since then that has prevented completion of the Final Review under the program?

So, before I move to Kenya, are there other questions on Kenya? QUESTIONER: Thank you, Julie. Yes, on Kenya, if there’s any details on, on why that last review was ditched as, as my colleague asked, and did they fail to meet any of their targets? And can we expect any update on, on a request of a new program? MS. KOZACK: Okay. I don’t see anything else on Kenya. So let me give this update on Kenya. So we did recently have an IMF staff team recently visited Kenya for a staff visit. We did issue a statement on March 17th and in that statement, what was noted is that the Kenyan authorities and the IMF reached an understanding that the Ninth Review under the EFF and ECF programs would not proceed.

Where we — what I can say more generally is that the authorities, policy, agenda, and reform programs have been supported by the IMF and they have helped improve Kenya’s economic resilience. As was stated in the first question, the external position has indeed strengthened over the past year and inflation has eased.

All of this said, fiscal challenges do remain amid continued revenue shortfalls and the materialization of additional spending pressures. And what this is going to require is a reassessment of the medium-term fiscal consolidation strategy to ensure that fiscal sustainability can be preserved. These challenges will require more time to resolve, and the IMF has therefore received a formal request for a new program from the authorities. And we are going to — we are, our team is engaging on this request of the authorities, and they remain closely in contact with the authorities. We’ll provide additional details as we have them. I can just add that we do remain committed to supporting Kenya’s efforts to realize its full economic potential.

QUESTIONER: So I was wondering if you could provide an update on Nigeria, Senegal, and Zambia. I know the Managing director met with the Finance Minister of Zambia yesterday. So if you have any update that you could provide regarding the debt restructuring. And on Senegal, there was a release that was issued yesterday by the IMF defining, confirming that there was a significant underreporting of the fiscal deficit. How did the IMF miss that information and how do you plan to ensure that it doesn’t happen? And are you looking to change your methodology?

MS. KOZACK: So, on Nigeria, what I can say is [that] the first Deputy Managing Director, Gita Gopinath, traveled to Abuja and Lagos on March 3rd and 4th. She met with Finance Minister Edun, Central Bank Governor Cardoso, as well as civil society groups and private sector leaders. And she also participated in an event with students at the University of Lagos. Our staff are planning to travel to Nigeria next week in preparation for the 2025 Article IV Consultation. The authorities’ policies to stabilize the economy and to promote growth are welcome, and they will, of course, need to be accompanied by targeted social transfers to support the most vulnerable populations.

We do recognize the extremely difficult situation that many Nigerians face. And for that reason, I just want to emphasize that completing the rollout of cash transfers to vulnerable households is an important priority for Nigeria, as is improving revenue mobilization domestically.

And that is the latest that I have on Argentina and not will — not Argentina, I’m looking at Rafael — on Nigeria, and we will have, of course, more after the mission completes its work.

MS. KOZACK: Now on Senegal, what I can say on Senegal is, you know, we are actively engaged with the Senegalese authorities and a staff team, which included experts from several different IMF departments, visited Senegal on March 18th through 26th. And they released the statement, of course, that you referred to at the end of that mission. The purpose of the mission was to advance efforts to resolve the recent misreporting case.

I think, as we have discussed here before, Senegal’s Court of Auditors released its final report on February 12. The Court confirmed that the fiscal deficit and public debt were under-reported over the period 2019 to 2023. And we’re also, our team is also working closely with the authorities to resolve those — that misreporting case and to look at what measures can be taken to ensure, of course, that it doesn’t happen going forward, what are the root causes, and what needs to be done to support Senegal as it seeks to move forward.

What I can also add is that we collaborate. The IMF collaborates closely with member countries in all of our engagements, but at the end of the day, it is the member country that is responsible for providing us with accurate and comprehensive data. While we are partners in the process, it is really the primary responsibility of the country authorities to ensure that the credibility and the quality of the data is accurate. And we do, of course, for countries that are finding shortcomings in data quality or data accuracy or who want to improve their data reporting, we do offer technical assistance through our experts to help support countries that are interested in improving their data provision.

QUESTIONER: Can I quickly ask, regarding that, about the technical support that you provide? How much — how many African countries are taking advantage of?

MS. KOZACK: It is a good question. I do not have the numbers in front of me, but we can certainly come back to you bilaterally. Overall, the continent of, you know — well, Sub-Saharan Africa, the region of Sub-Saharan Africa, is a heavy user of technical assistance services. How [many] of those are in the area of data and statistics, I do not know. But we can certainly come back to you bilaterally with that information

And then on Zambia, I don’t have an update here for you, but we can come back to you bilaterally on Zambia.

QUESTIONER: Okay. Thank you very much.

MS. KOZACK: Last question.

QUESTIONER: Thank you, Julie. And I am sorry for bothering you a third time in a row. It is about the Black Sea Grain Initiative. I presume that it is too early to assess, but from the IMF perspective, how can potential moratorium on strikes on the Black Sea between Russia and Ukraine contribute to global trade, food security, and overall, does the IMF monitor the current ongoing discussions on this topic? MS. KOZACK: Okay, very good. So, on this one, what I can say is, of course, we are closely monitoring the discussions around the Black Sea. I do not have a full assessment, of course, now. What I can say is that there is quite a bit of global trade that goes through the Black Sea. I think the number is about 7 percent. And also, we know that some of that global trade is concentrated in key food commodities like wheat. And to the extent that there is a, let us say, improvement in the ability for transit through the Black Sea, particularly with respect to important global food commodities, that should help ease food shortages globally.

With that, I’m going to bring this Press Briefing to a close. Thank you all for joining us today. As a reminder, the briefing is embargoed until 11:00 a.m. Eastern Time in the United States. A transcript will be made available later on IMF.org and as always, in the case of clarifications or additional queries, please do not hesitate to reach out to my colleagues at media@imf.org.

This concludes our Press Briefing for today, and I wish everyone a wonderful day. I look forward to seeing you next time and, of course, at the Spring Meetings. Thank you.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Brian Walker

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

MIL OSI Economics –

March 28, 2025
MIL-OSI Security: St. Albert — St. Albert RCMP search warrant leads to drug seizure
Source: Royal Canadian Mounted Police

On Feb. 6, 2025, the St. Albert RCMP Drug Unit, with assistance from the St. Albert RCMP Crime Reduction Unit, executed a search warrant on a vehicle and a residence in the Carlisle neighbourhood in Edmonton. As a result of the investigation and search warrants, police located and seized the following items:
- Over 2.4 kilograms of cocaine
- 895 grams of methamphetamine
- 855 grams of buffing agent
- Canadian currency
- Drug paraphernalia consistent with drug trafficking
- Three handguns, all of which were loaded at the time of their seizure, two of which had defaced serial numbers, and one was reported stolen
- Multiple prohibited magazines
- Approximately 400 rounds of ammunition
A 33-year-old individual, a resident of Edmonton, has been charged with the following offences:
- Trafficking in a controlled substance (x3)
- Possession for the purpose of trafficking – Methamphetamine
- Possession for the purpose of trafficking – Cocaine
- Possession of proceeds of crime under $5000 (x3)
- Possession of proceeds of crime over $5000
- Unauthorized possession of a firearm (x6)
- Careless use of a firearm (x2)
- Possession of a loaded prohibited or restricted firearm
- Carrying a concealed weapon
- Tampering with a firearm serial number (x2)
- Resist arrest
The individual was taken before a justice of the peace and was remanded into custody with a next court date set for Feb. 14, 2025, at the Alberta Court of Justice in Edmonton.

St. Albert RCMP encourage the public to report any criminal or suspicious activity. Reports tell us where to look, who to look for, and where to patrol in the future. If you see a crime in progress, dial 911. If you wish to remain anonymous, contact Crime Stoppers at 1-800-222-8477 (TIPS), online at www.P3Tips.com or by using the “P3 Tips” app available through the Apple App or Google Play Store.

MIL Security OSI –
March 28, 2025
MIL-OSI Security: Redwater — Alberta RCMP along with Alberta Sheriffs & County Enforcement Services partner for Traffic Enforcement
Source: Royal Canadian Mounted Police

With the positive change in temperatures and melting snow, Redwater RCMP in partnership with RCMP Traffic Services, Alberta Sheriffs, enforcement officers from Sturgeon and Thorhild County, are reminding everyone to do their part to keep the roadways safe for drivers.

On Friday February 21, 2025, Redwater RCMP conducted a pro active Joint Force Operation (JFO) with partner agencies concentrating enforcement attention on intersection and excessive speed violators. Operations occurred along Highway 28, and along Highway 63 in the jurisdiction of the Redwater RCMP Detachment. A total of 53 violation tickets were issued, including:
- 15 Stop Sign Violations
- 33 Speeding Violations
- 2 Unregistered Motor Vehicle Violations
- 2 Failure to produce Violations
- 1 Expired Driver’s License Violations
“During the last fiscal year, the Redwater RCMP has responded to 52 injury collisions and two fatal collisions”, says Cpl. Dillon Vahey – Operations NCO Redwater Detachment. These proactive efforts by Alberta’s RCMP demonstrate our commitment to rural road safety and traffic enforcement.

Motorists are reminded that highway speeds decrease as drivers approach rural communities and secondary highways throughout Redwater, Sturgeon County and Thorhild County. Road safety is a shared responsibility. Redwater RCMP asks that drivers do their part to make sure that area roadways are travelled in a safe manner this year.

MIL Security OSI –
March 28, 2025

MIL-OSI: CEA Industries Inc. Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Louisville, Colorado, March 27, 2025 (GLOBE NEWSWIRE) — CEA Industries Inc. (NASDAQ: CEAD, CEADW) (“CEA Industries” or the “Company”), is reporting results for the three and twelve months ended December 31, 2024.

Fourth Quarter 2024 Financial Summary (in $ thousands, excl. margin items):

	*Q4 2024* *(unaudited)*			*Q3 2024* *(unaudited)*			*Q4 2023* *(unaudited)*
Revenue	$	417		$	391		$	251
Gross Profit (Loss)	$	(175	)	$	(70	)	$	(286	)
Operating Expenses	$	850		$	677		$	709
Net Income/(Loss)	$	(1,019	)	$	(740	)	$	(988	)

Full Year 2024 Financial Summary (in $ thousands, excl. margin items):

	FY 2024			FY 2023
Revenue	$	2,803		$	6,911
Gross Profit (Loss)	$	(220	)	$	542
Operating Expenses	$	2,952		$	3,495
Net Income/(Loss)	$	(3,146	)	$	(2,912	)

“We continue to maintain the lean cost structure we implemented last year, with a focus on expense reduction and capital preservation as we work through our remaining backlog of Controlled Environment Agriculture related work,” said Tony McDonald, Chairman and CEO of CEA Industries. “To demonstrate our commitment to shareholders, throughout 2024 we reduced headcount, eliminated product development costs, and brought down business development expenses to help preserve our balance sheet. These efforts enabled us to reduce operating expenses by approximately 16% in 2024 compared to the prior year.

“As we announced last month, we recently signed an agreement to acquire Fat Panda, a Winnipeg, Canada based retailer and manufacturer of e-cigarettes, vape devices and e-liquids with a substantial market share in the mid-western province region. Fat Panda’s strong retail footprint, vertically integrated operations, and consistent profitability align well with our strategic objectives. By combining our expertise and resources, we aim to accelerate Fat Panda’s expansion, drive operational efficiencies, and enhance long-term value creation for our shareholders. We look forward to providing further updates following the prospective close of the transaction in the coming months.”

Fourth Quarter 2024 Financial Results

Revenue in the fourth quarter of 2024 increased to $0.4 million compared to $0.3 million for the same period in 2023. The increase was primarily attributed to greater revenue recognition as the Company worked through its backlog.

Net bookings in the fourth quarter of 2024 increased to $0.5 million compared to $0.1 million in the year-ago period. The Company’s quarter-end backlog also increased to $0.5 million compared to $0.4 million for the same period in 2023. The increase in the Company’s net bookings and backlog was primarily attributed to an equipment order of approximately $400,000.

Gross loss in the fourth quarter of 2024 reflected an improvement to $0.2 million compared to $0.3 million for the same period in 2023. The improvement in gross profit was primarily driven by a reduction in variable costs as a percentage of revenue. Variable costs include the cost of equipment, outside engineering, shipping and handling, travel and warranty.

Operating expenses in the fourth quarter of 2024 were $0.8 million compared to $0.7 million for the same period in 2023. The increase in operating expenses was primarily due to acquisition-related expenses.

Net loss in the fourth quarter of 2024 was $1.0 million or $(1.29) per share, compared to a net loss of $1.0 million or $(1.47) per share for the same period in 2023.

Cash and cash equivalents were $9.5 million at December 31, 2024, compared to $12.5 million on December 31, 2023, while working capital decreased by $3.0 million during this period. At December 31, 2024, the Company remained debt free.

About CEA Industries Inc.

CEA Industries Inc. (www.ceaindustries.com) provides a suite of complementary and adjacent offerings to the controlled environment agriculture industry. The Company’s comprehensive solutions, when aligned with industry operators’ product and sales initiatives, support the development of the global ecosystem for indoor cultivation.

Forward Looking Statements

This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to CEA’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

Non-GAAP Financial Measures

To supplement our financial results on U.S. generally accepted accounting principles (“GAAP”) basis, we use non-GAAP measures including net bookings and backlog, as well as other significant non-cash expenses such as stock-based compensation and depreciation expenses. We believe these non-GAAP measures are helpful in understanding our past performance and are intended to aid in evaluating our potential future results. The presentation of these non-GAAP measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for financial information prepared or presented in accordance with GAAP. We believe these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.

Investor Contact:

Sean Mansouri, CFA
Elevate IR
info@ceaindustries.com
(720) 330-2829

CEA Industries Inc.
Condensed Consolidated Balance Sheets
(in US Dollars except share numbers)

	December 31,			December 31,
	2024			2023

ASSETS
Current Assets
Cash and cash equivalents	$	9,452,826		$	12,508,251
Accounts receivable, net		13,041			18,655
Contract assets, net		234,328			224,414
Inventory, net		25,980			296,404
Prepaid expenses and other		368,068			313,115
Total Current Assets		10,094,243			13,360,839
Noncurrent Assets
Property and equipment, net		5,698			38,558
Intangible assets, net		1,830			1,830
Deposits		14,747			14,747
Operating lease right-of-use asset		245,270			356,109
Total Noncurrent Assets		267,545			411,244

TOTAL ASSETS	$	10,361,788		$	13,772,083

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities	$	550,477		$	624,724
Deferred revenue		343,790			499,800
Current portion of operating lease liability		135,651			126,724
Total Current Liabilities		1,029,918			1,251,248

Noncurrent Liabilities
Operating lease liability, net of current portion		134,147			259,627
Total Noncurrent Liabilities		134,147			259,627

TOTAL LIABILITIES		1,164,065			1,510,875

Commitments and Contingencies (Note 9)		–			–

SHAREHOLDERS’ EQUITY
Preferred stock, $0.00001 par value; 25,000,000 shares authorized; 0 shares issued and outstanding		–			–
Common stock, $0.00001 par value; 200,000,000 authorized; 793,109 and 673,090 shares issued and outstanding, respectively		8			7
Additional paid in capital		49,533,950			49,451,493
Accumulated deficit		(40,336,235	)		(37,190,292	)
Total Shareholders’ Equity		9,197,723			12,261,208

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	10,361,788		$	13,772,083

CEA Industries Inc.
Condensed Consolidated Statements of Operations
(in US Dollars except share numbers)
(Unaudited)

	For the Three Months Ended December 31,						For the Years Ended December 31,
	2024			2023			2024			2023
	(Unaudited)			(Unaudited)
Revenue	$	417,447		$	251,093		$	2,803,470		$	6,910,951

Cost of revenue		592,343			536,919			3,023,094			6,368,872

Gross (loss) profit		(174,896	)		(285,826	)		(219,624	)		542,079

Operating expenses:
Advertising and marketing expenses		2,685			16,445			16,315			273,409
Product development costs		–			–			–			76,487
Selling, general and administrative expenses		846,817			693,022			2,936,145			3,145,328
Total operating expenses		849,503			709,467			2,952,460			3,495,224

Operating loss		(1,024,399	)		(995,293	)		(3,172,084	)		(2,953,145	)

Other income :
Other income, net		–			–			–			7,778
Interest income, net		5,761			7,774			26,141			33,816
Total other income		5,761			7,774			26,141			41,594

Loss before provision for income taxes		(1,018,638	)		(987,519	)		(3,145,943	)		(2,911,551	)

Income taxes		–			–			–			–

Net loss	$	(1,018,638	)	$	(987,519	)	$	(3,145,943	)	$	(2,911,551	)


Loss per common share – basic and diluted	$	(1.29	)	$	(1.47	)	$	(4.22	)	$	(4.33	)

Weighted average number of common shares outstanding, basic and diluted		791,813			673,031			745,038			672,936

CEA Industries Inc.
Condensed Consolidated Statements of Cash Flows
(in US Dollars except share numbers)
(Unaudited)

	For the Twelve Months Ended December 31,
	2024			2023
Cash Flows From Operating Activities:
Net loss	$	(3,145,943	)	$	(2,911,551	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and intangible asset amortization expense		20,065			29,655
Share-based compensation		82,457			187,615
Provision for doubtful accounts (bad debt recovery)		(40,217	)		(2,056	)
Provision for excess and obsolete inventory		26,989			121,791
Loss on disposal of assets		12,796			100
Operating lease expense		110,839			106,765

Changes in operating assets and liabilities:
Accounts receivable		45,831			(13,950	)
Contract assets		(9,914	)		(224,414	)
Inventory		243,435			(69,784	)
Prepaid expenses and other		(54,953	)		1,176,806
Accounts payable and accrued liabilities		(74,247	)		(582,534	)
Deferred revenue		(156,010	)		(3,838,771	)
Operating lease liability, net		(116,553	)		(108,735	)
Net cash used in operating activities		(3,055,425	)		(6,129,063	)

Cash Flows From Investing Activities
Proceeds from the sale of property and equipment		–			200
Net cash provided by investing activities		–			200

Cash Flows From Financing Activities
Net cash provided by financing activities		–			–

Net change in cash and cash equivalents		(3,055,425	)		(6,128,863	)
Cash and cash equivalents, beginning of period		12,508,251			18,637,114
Cash and cash equivalents, end of period	$	9,452,826		$	12,508,251

Supplemental cash flow information:
Interest paid	$	–		$	–
Income taxes paid	$	–		$	–

Non-cash investing and financing activities:

Options issued for accrued equity compensation liability	$	–		$	89,970

The MIL Network –

March 28, 2025

MIL-OSI: Pieridae Proposes Name Change to Cavvy Energy

Source: GlobeNewswire (MIL-OSI)

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

New Brand Supports Strategy Pivot and Corporate Identity

CALGARY, Alberta, March 27, 2025 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) is pleased to announce its intention to change its name to Cavvy Energy Ltd., and will seek shareholder approval for the change at its upcoming Annual and Special Meeting of Shareholders on May 8, 2025.

“At the beginning of 2023 and with the support of our board of directors, our leadership team announced our intent to concentrate on our western Canadian upstream and midstream business, shifting away from east coast LNG,” said Darcy Reding, President and CEO. “In the third quarter of 2024, we successfully achieved the last significant milestone of this pivot with the sale of our legacy Goldboro Nova Scotia assets. We have now come to a significant inflection point in the Company’s strategy and believe it is appropriate to adopt a new brand to support our corporate identity and the values of the organization.

The word Cavvy draws its inspiration from the western ranching tradition, referring to a carefully selected group of working horses chosen for their strength, reliability, and specific capabilities. The name evokes an identity synonymous with our corporate values and mission, and one that is proudly connected to our western Canadian corporate roots.”

We are also pleased to share our new logo, which we intend to adopt after the name change is made effective.

Subject to shareholder and regulatory approval, the name change will be effective following the Annual and Special Meeting of Shareholders. The Company intends to begin trading its common shares under the stock symbol “CVVY” on the Toronto Stock Exchange within two to three business days after the effective date of the name change, subject to receipt of the requisite regulatory approvals.

ABOUT PIERIDAE

Pieridae is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from western Canada. Pieridae’s vision is to provide responsible, affordable natural gas and derived products to meet society’s energy security needs. Pieridae’s common shares currently trade on the TSX under the symbol “PEA”.

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

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

Investor Relations
investors@pieridaeenergy.com

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

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

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

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f1cdaddc-9a86-4e5e-ac95-28a2f67c1ac9

The MIL Network –

March 28, 2025

MIL-OSI: Stifel Reports February 2025 Operating Data

Source: GlobeNewswire (MIL-OSI)

ST. LOUIS, March 27, 2025 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported selected operating results for February 28, 2025 in an effort to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, “Total client assets under management increased 11% in February to $506 billion and fee-based client assets rose 14% to $196 billion from the same period a year ago. Our growth continues to be driven by stronger equity markets and the addition of highly productive financial advisors. Client money market and insured products declined less than 1% from January, as modest increases in Sweep deposits were more than offset by lower Smart Rate balances. Despite our strong investment banking pipelines, market uncertainty and volatility in the quarter have negatively impacted activity levels. As such, we anticipate that our first quarter 2025 investment banking revenue will be similar to our first quarter 2024 results.”

Selected Operating Data (Unaudited)
	As of						% Change
(millions)	2/28/2025		2/29/2024		1/31/2025		2/29/2024		1/31/2025
Total client assets	$	506,475	$	457,925	$	509,671	11	%	(1	)%
Fee-based client assets	$	196,380	$	172,086	$	197,298	14	%	(0	)%
Private Client Group fee-based client assets	$	171,760	$	151,345	$	172,468	14	%	(0	)%
Bank loans, net (includes loans held for sale)	$	21,201	$	19,594	$	21,118	8	%	0	%
Client money market and insured product ⁽¹⁾	$	27,737	$	26,299	$	27,936	6	%	(1	)%

(1) Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program, and Other Sweep cash.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations

The MIL Network –

March 28, 2025

MIL-OSI: Intermap Announces 2024 Results and 2025 Guidance
Source: GlobeNewswire (MIL-OSI)

Company reports 2024 revenue of $17.6 million, net income of $2.5 million

Company projects 2025 revenue of $30 – 35 million and an adjusted EBITDA margin of ~28%

Conference call today at 5:00 pm ET to discuss results and guidance

DENVER, March 27, 2025 (GLOBE NEWSWIRE) — Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced 2024 results and 2025 guidance.

For the full year ending December 31, 2024 (unaudited)
- Revenue of $17.6 million, compared with $6.2 million in 2023
- Acquisition Services revenue of $10.5 million versus nil in 2023
- Value-added Data revenue of $3.1 million, compared with $1.9 million in 2023
- Software and Solutions revenue of $4.0 million, compared with $4.3 million in 2023
- 23% adjusted EBITDA margin
- Net income of $2.5 million, compared with net loss of $3.7 million in 2023
For the fourth quarter ending December 31, 2024 (unaudited)
- Revenue of $7.4 million, compared with $1.2 million in the fourth quarter of 2023
- Acquisition Services revenue of $5.5 million versus nil in the fourth quarter of 2023
- Value-added Data revenue of $1.0 million versus $0.3 million in the fourth quarter of 2023
- Software and Solutions revenue of $1.0 million, compared with $.9 million in the fourth quarter of 2023
- 27% adjusted EBITDA margin
- Net income of $1.5 million, compared with a net loss of $1.0 million in the fourth quarter of 2023
“2024 reflects a significant inflection point for Intermap. We secured major contract wins and reported revenue and EBITDA at the high end of our guidance,” said Patrick A. Blott, Intermap Chairman and CEO. “Our 2025 guidance reinforces our commitment to sustainable growth and market leadership, and the C$12 million equity financing that we closed in February gives us the balance sheet to execute on our existing government contracts and advance new opportunities in our pipeline.”

2024 government wins

2024 commercial achievements

Subsequent to December 31, 2024

2025 Guidance
- Revenue of $30 – 35 million
- Adjusted EBITDA margin of ~28%
Intermap experienced significant growth in 2024, including increasing its total assets by 2.6x to $12.0 million and expanding its shareholder base in Canada, the United States and internationally through the completion of various private placements and its Listed Issuer Financing offerings. The Company now has more than 2,000 shareholders and a market capitalization greater than U.S. $75 million. Due to this significant increase in assets and its number of shareholders, Intermap will register under and become subject to the reporting requirements of the U.S. Securities Exchange Act of 1934 (as amended, the Exchange Act). Because Intermap qualifies as a foreign private issuer under the Exchange Act, the Company will be subject to a lesser disclosure regime than domestic U.S. companies and will be filing its registration statement on Form 40-F. In the future, investors will be able to access Intermap’s securities filings on both EDGAR and SEDAR+.

Intermap’s audited annual financial statements for the year ended December 31, 2024, the annual management discussion and analysis for the corresponding period, related management certifications of annual filings and its annual information form will be filed and available on SEDAR+ www.sedarplus.ca on March 31, 2025.

Learn more about Intermap at intermap.com/investors.

Conference Call Details
Intermap’s CEO Patrick A. Blott, CFO Jennifer Bakken and COO Jack Schneider will host a live webinar today, at 5:00 pm ET to review the results, provide Company updates and answer investor questions following the presentation.

Intermap invites shareholders, analysts, investors, media representatives and other stakeholders to attend the earnings webinar to discuss the fourth quarter and full year of 2024 results.

DATE: Thursday, March 27, 2025

TIME: 5:00 pm ET

WEBCAST: Register

Intermap Reader Advisory
Certain information provided in this news release, including reference to revenue growth, constitutes forward-looking statements. The words “anticipate”, “expect”, “project”, “estimate”, “forecast”, “will be”, “will consider”, “intends” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation.

For more information, please visit www.intermap.com or contact:
Jennifer Bakken
Executive Vice President and CFO
CFO@intermap.com
+1 (303) 708-0955

Sean Peasgood
Investor Relations
Sean@SophicCapital.com
+1 (647) 260-9266

The MIL Network –
March 28, 2025
MIL-OSI Global: Elisapie’s Juno-nominated album: Promoting Inuktitut through music

Source: The Conversation – Canada – By Richard Compton, Professor, Department of Linguistics, Université du Québec à Montréal (UQAM)

Singer Elisapie’s fourth album, Inuktitut, has been nominated for album of the year at the 2025 Juno Awards being held this weekend in Vancouver.

The album features covers of 10 pop and classic rock songs, including the Rolling Stones’s “Wild Horses” and Metallica’s “The Unforgiven,” re-imagined in Inuktitut. Inuktitut is the first language of 33,790 Inuit in Canada, according to the 2021 Census.

Elisapie’s nomination offers a good opportunity to reflect on the situation of Inuktitut and how creative work, including music, helps promote it.

Our work touches on the inter-generational transmission of Inuktitut. We share perspectives as a Qallunaaq (non-Inuk) linguist (Richard) and as an Inuk school teacher (Sarah) in Nunavik, with Sarah’s personal experiences in the community highlighted.

Together, we have co-taught courses for Inuit teachers in Puvirnituq and Ivujivik. We are also both affiliated with a research group focused on Indigenous education based at Université du Québec en Abitibi-Témiscamingue.

Elisapie’s ‘Isumagijunnaitaungituq’ (The Unforgiven)

Music in Inuktitut

Sarah notes that:

I was amazed that [Elsipasie] could make the long words in Inuktitut fit with the rhythm of the music; she did it so precisely. It took me back to the 1980s, when I was growing up. It would have been nice if songs like these had been interpreted back then. It’s been a long time coming, but it shows that nothing is impossible. The songs sound so natural in Inuktitut.

On the day we talked about this story, Sarah remembered:

I was at the Snow Festival yesterday [in Puvirnituq], and some of the teenagers knew all the words to her songs and were singing along. We didn’t have that when I was growing up.

She remembers first seeing Elisapie sing in the early 1990s at one of the first snow festivals in Puvirnituq.

Elisapie’s album has also sparked interest outside of Canada, with stories in such venues as Rolling Stone, Vogue and Le Monde.

Beyond how Elisapie beautifully interprets the songs, creative choices like using throat singing on the first track, “Isumagijunnaitaungituq (The Unforgiven),” and stunning music videos showcasing life in the North brings the language to a wider audience.

The album’s cover art features the word Inuktitut, ᐃᓄᒃᑎᑐᑦ, in syllabics — a writing system originally use for Cree and adapted to Inuktitut, where the individual symbols represent consonants and the way they point represents vowels.

Elisapie’s ‘Taimangalimaaq’ (Time After Time)

Diversity of the Inuit language

The word Inuktitut itself means “like the Inuit,” and is the name for part of a wider language continuum spoken across the North American Arctic. This language continuum includes Iñupiaq in Alaska, Uummarmiutun, Sallirmiutun and Inuinnaqtun in the Western Canadian Arctic, Inuktitut in the Eastern Arctic, Inuttut in Labrador and Kalaallisut in Greenland.

This abundance of names reflects a diversity of varieties, each with their own pronunciations and differences in grammar and vocabulary stretching across Inuit Nunangat, the Inuit homeland.

Speakers in each community look to their Elders as models of how the language should be spoken. While this multiplicity of dialects poses challenges for translation and creating teaching materials, each variety marks local identity and links generations.

This diversity also fascinates linguists, as each variety attests to a different way of organizing the unconscious rules of grammar in the human mind.

For instance, Inuktitut has a rich system of tense markers on verbs, signalling events that just happened, happened earlier today, before today or long ago. Inuinnaqtun, to the west, lacks most of these tense markers, but instead allows more complex combinations of sounds.

A role model for youth

Sarah stresses the importance of Elisapie’s music for the language:

It’s so impressive that people like Elisapie are doing such amazing things with the language. She grew up around the same time as me and when I was in school there were so few teaching materials in Inuktitut, and we focused more on speaking than reading and writing. Even if her main goal might not have been to promote the language, she’s doing it, because kids listen to her. More teenagers are willing to sing in Inuktitut now because they have role models like her and Beatrice Deer.

Deer is an Inuk and Mohawk musician from Quaqtaq, Nunavik, who also sings in Inuktitut, as well as English and French.

Indigenous language education rights

In Canada, all levels of government have failed to provide adequate access to education in Indigenous languages, even in regions where Indigenous Peoples form the majority.

In Nunavik, where Elisapie is from, 90 per cent of the population (12,590 out of 14,050) identifies as Inuit and 87 per cent (12,245 out of 14,050) report Inuktitut as their first language. And yet Inuktitut is only the primary language of instruction up until Grade 3.

About promoting Inuktitut, Sarah says:

We’re lucky that in most of the villages in Nunavik, the language is still strong. But it’s still concerning that some people have started speaking in English to their kids. What we really need to promote it is to have school in Inuktitut from kindergarten to the end of high school [secondary 5 in Québec]. That’s why a group of Inuit teachers, including me, visited Greenland to learn more about their education system. They’ve had schools in their language for almost 200 years. We just started in the ‘50s.

While bilingualism may bring economic benefits, the lack of support for Indigenous languages often results in a situation where bilingualism robs children of the chance to fully develop in their first language.

Right to education in Indigenous language

In addition to violating Indigenous Peoples’ inherent right to get an education in their language (see the United Nations Declaration on the Rights of Indigenous Peoples), current education policies also go against recommendations of the United Nations Educational, Scientific and Cultural Organization (UNESCO).

UNESCO recommends that Indigenous minority languages be taught as the primary language in school for the first six to eight years, as this has been shown to contribute to children’s well-being and self-esteem.

Unfortunately, Canada’s official language laws continue to place the two colonial languages of English and French above Indigenous languages, particularly in education funding.

Read more:
Ancestral languages are essential to Indigenous identities in Canada

New challenges have also emerged for maintaining and extending the domains in which Inuktitut is used. Once cut off from high-speed internet, new satellite technology has brought access to more Inuit communities, along with new economic opportunities.

However, this connectivity also brings an avalanche of English content, from viral videos and streaming platforms to social networks and mobile games.

Vital for promoting Inuktitut

It is in this changing linguistic and media landscape where Inuktitut language and cultural production, like Elisapie’s album, are vital for promoting Inuktitut.

Children and teenagers need content that speaks to them — things they see as new, fun, cool and representing their generation. This includes music, comic books, novels, video games and even Hockey Night in Canada in Inuktitut.

So whether Elisapie’s music is being played in community radio stations, featured in an episode of CBC’s North of North or streamed as a music video on social media, it serves the added role of taking up a little more space for Inuktitut in people’s daily lives.

Richard Compton receives funding in the form of research grants from the Social Sciences and Humanities Research Council of Canada. He holds the Canada Research Chair in Transmission and Knowledge of the Inuit Language.

Sarah Angiyou 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. Elisapie’s Juno-nominated album: Promoting Inuktitut through music – https://theconversation.com/elisapies-juno-nominated-album-promoting-inuktitut-through-music-251774

MIL OSI – Global Reports –

March 28, 2025
MIL-OSI USA: DBEDT NEWS RELEASE: Visitor Spending Increased in February 2025
Source: US State of Hawaii

DBEDT NEWS RELEASE: Visitor Spending Increased in February 2025

Posted on Mar 27, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

RESEARCH AND ECONOMIC ANALYSIS DIVISION

JOSH GREEN, M.D.
GOVERNOR

KE KIAʻĀINA

JAMES KUNANE TOKIOKA

DIRECTOR

KA LUNA HOʻOKELE
1. EUGENE TIAN
CHIEF STATE ECONOMIST

VISITOR SPENDING INCREASED IN FEBRUARY 2025

FOR IMMEDIATE RELEASE

March 27, 2025

HONOLULU – According to preliminary statistics from the Department of Business, Economic Development and Tourism (DBEDT), there were 240,525 total visitors in Hawai‘i on any given day (average daily census) in February 2025, which was an increase from February 2024 (236,008 visitors, +1.9%), but fewer than pre-pandemic February 2019 (246,741 visitors, -2.5%). Total spending by all visitors in February 2025 measured in nominal dollars was $61.7 million per day, up from February 2024 ($57.1 million per day, +8.0%) and much higher than February 2019 ($49.6 million per day, +24.4%).

2024 was a leap year and included an extra day in February. To directly compare with February 2025 data, the average daily census was used as a measure of visitor volume and visitor spending and air capacity data were stated on a per day basis, where applicable. Total visitor spending and total visitor arrival are presented in the Glance and Island Highlight tables at the end of this news release.

Among visitors who came by air service in February 2025, the average daily census of 111,573 U.S. West visitors was an increase from February 2024 (108,614 visitors, +2.7%) and February 2019 (96,870 visitors, +15.2%). In February 2025, U.S. West visitors’ total spending was $28.3 million per day, which was more than February 2024 ($25.1 million per day, +13.1) and February 2019 ($17.8 million per day, +58.8%).

In February 2025, the average daily census of 69,151 U.S. East visitors was greater than February 2024 (64,408 visitors, +7.4%) and February 2019 (63,462 visitors, +9.0%). U.S. East visitors’ total spending in February 2025 was $19.3 million per day, higher than February 2024 ($16.8 million per day, +14.7%) and February 2019 ($13.3 million per day, +45.1%).

In February 2025, the average daily census of 9,992 visitors from Japan declined compared to February 2024 (11,691 visitors, -14.5%) and February 2019 (24,408 visitors, -59.1%). Total spending by Japanese visitors in February 2025 was $2.4 million per day, down from February 2024 ($2.8 million per day, -14.1%) and February 2019 ($5.9 million per day, -58.8%).

In February 2025, the average daily census of 20,686 Canadian visitors decreased from February 2024 (20,977 visitors, -1.4%) and February 2019 (29,741 visitors, -30.4%). Total spending by Canadian visitors in February 2025 was $5.0 million per day, higher than February 2024 ($4.7 million per day, +6.2%), but less than February 2019 ($5.5 million per day, -8.7%).

In February 2025, the average daily census of 25,841 visitors from all other international markets (including visitors from Oceania, Other Asia, Europe, Latin America, Guam, the Philippines and the Pacific Islands) dropped compared to February 2024 (27,166 visitors, -4.9%) and February 2019 (29,939 visitors, -13.7%).

Among visitors who came to Hawai‘i by out-of-state cruise ships, the average daily census in February 2025 of 3,283 visitors was more than February 2024 (3,152 visitors, +4.1%) and February 2019 (2,322 visitors, +41.4%).

In February 2025, there were 4,475 transpacific flights with 994,193 seats that serviced the Hawaiian Islands. This averaged out to 160 flights and 35,507 air seats per day, which was a decrease from February 2024 (161 flights with 36,016 seats per day) and from February 2019 (165 flights with 36,106 seats per day). Fewer flights and seats from Japan, Canada, Korea and Australia to Hawai‘i entirely offset growth in air capacity from the U.S. mainland.

VIEW FULL NEWS RELEASE AND TABLES

Statement by DBEDT Director James Kunane Tokioka

For February 2025, average daily visitor spending at $256.40 per visitor was the highest level historically in nominal terms. Though the inflation rate is not available for February, it is likely that the visitor spending is an increase (6% in nominal terms) after adjusting for inflation (January 2025 Honolulu consumer inflation was 4.1%).

As for Canadian visitor arrivals, DBEDT will continue to closely monitor this market. Canada and Hawai‘i have a longstanding relationship and we are cautiously optimistic that although Canadian travel to the continental U.S. may decrease, it may not mean that Hawai‘i visits will decrease in the same manner. At this time, we do not see flight cancelations from Air Canada or WestJet.

It is encouraging to see that the number of visitors from the continental U.S. increased this February at 1.2 percent higher than last February even though last year was a leap year. Compared with pre-pandemic February 2019, U.S. visitor arrivals increased by 16.6 percent. It is expected that the U.S. East market will perform better this year.

# # #

Media Contacts:

Laci Goshi

Communications Officer

Department of Business, Economic Development and Tourism

Cell: 808-518-5480

Email: [email protected]

Jennifer Chun

Director of Tourism Research

Department of Business, Economic Development and Tourism

Phone: 808-973-9446

Email: [email protected]

MIL OSI USA News –
March 28, 2025
MIL-OSI USA: Roya Rismankar Appointed IAM Canadian Research Analyst

Source: US GOIAM Union

IAM International President Brian Bryant has appointed Roya Rismankar as a Research Analyst in the Canadian Territory, effective March 10, 2025.

Rismankar will play a crucial role in providing members with accurate and timely information to support their success.

“With her experience and dedication, we are confident that Roya will make meaningful contributions to our research efforts and help set strategies to advance our goals,” said IAM Canadian General Vice President David Chartrand.

Rismankar graduated in 2021 and has gained four years of research experience, specializing in public policy. She has worked with the Government of Canada on an ongoing qualitative research project for the Privy Council Office, advising the Prime Minister on key issues such as housing, government benefits, and cost of living.

“As a Research Analyst, it is a foundational component of my role to provide our fellow members with timely and accurate information to set them up for success,” said Rismankar. “The collective IAM Union will continue to set the standards for workers’ rights at all stages, from employment wages and benefits to retirement and pensions. I am elated to start my journey with the IAM and contribute toward a meaningful cause to amplify workers’ voices all across Canada.”

In addition to her professional work, Rismankar is actively involved in several humanitarian organizations, volunteering her time to support various causes.

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MIL OSI USA News –

March 28, 2025
MIL-OSI Security: Rocky View County — Southern Alberta District Crime Reduction Unit and Calgary Police Service arrest and charge three for multiple break and enters
Source: Royal Canadian Mounted Police

In February of 2025, Alberta RCMP and Calgary Police Service investigated a series of break and enters within the city of Calgary and six RCMP jurisdictions, where multiple offenders broke into dealerships and autobody shops stealing vehicle keys and vehicles. A total of 18 vehicles were stolen during the crime series and 15 have been recovered. A male was identified as the prime suspect.

On Feb. 4, 2025, the RCMP Southern Alberta District Crime Reduction Unit, Olds RCMP, and Airdrie RCMP, with assistance from the Calgary Police Service, conducted a search warrant on a rural property in NE Calgary. Three vehicles, as well as two semi trailers, were recovered, all of which had been reported stolen out of Southern Alberta and British Columbia.

On Feb. 13, 2025, a stolen Ford F150 from rural High River, Alta., was located at a residence in NW Calgary, and a search warrant was executed by members of the RCMP Southern Alberta District Crime Reduction Unit, Airdrie RCMP, and Calgary Police Service Tactical Unit. Two stolen vehicles were recovered by police, in addition to numerous identity documents believed to have been stolen or fraudulently produced.

A 33-year-old individual, a resident of Calgary, was located in NW Calgary by the Airdrie RCMP Crime Reduction Unit and was arrested with the assistance of Calgary Police Service. The individual has been charged with the following offences:
- Robbery;
- Break, enter and theft (x5);
- Possession of property obtained by crime over $5000 (x2);
- Possession of property obtained by crime under $5000;
- Theft of motor vehicle;
- Criminal flight from police;
- Dangerous operation of a motor vehicle;
- Assault with a weapon;
- Fail to comply with a probation order (x2);
- Fail to comply with a release order (x2).
Calgary Police Service have also laid the following charges against the individual:
- Break and Enter and Theft (x5);
- Possession of Property Obtained by Crime Under $5000
- Dangerous Operation of a Motor Vehicle;
- Possession of Break in Instruments (x2);
- Fail to Comply with Probation (x16);
- Fail to Comply with Release Order (x4);
- As well as several provincial driving offences.
Further charges are pending from other RCMP jurisdictions in Southern Alberta.

The 33-year-old individual has been remanded into custody with a next scheduled court appearance for March 4, 2025, in Alberta Court of Justice in Calgary.

Two other individuals were arrested as a result of the search warrant.

A 43-year-old individual, a resident of Calgary, was arrested on outstanding warrants and has been remanded into custody with a next scheduled court appearance for Feb. 19, 2025.

A 31-year-old individual, a resident of Winnipeg, was arrested and charged with:
- Possession of Property Obtained by Crime Over $5000;
- Possession of Property Obtained by Crime Under $5000;
- Fraudulent Concealment;
- Fail to Comply with Release Order (x2);
- As well as several provincial driving offences.
The 31-year-old individual has been remanded into custody with his next scheduled court appearance for Feb. 19, 2025, in Alberta Court of Justice in Calgary.

MIL Security OSI –
March 28, 2025
MIL-OSI Security: Kehewin — Bonnyville RCMP arrest individual following home invasion with firearm – Update
Source: Royal Canadian Mounted Police

Bonnyville RCMP have arrested a 28-year-old individual, a resident of Kehewin, in connection to the home invasion that took place on Feb. 16, 2025. They have been charged with the following offences:
- Theft under $5000 x4
- Break and enter with intent x2
- Mischief under $5000 x2
- Unauthorized possession of firearm x5
- Possession of firearm contrary to prohibition order x4
- Resist peace officer
- Discharge firearm with intent
- Flight from peace officer
- Theft of motor vehicle
- Failure to comply with a probation order x5
- Careless use of a firearm
- Possession of a weapon for a dangerous purpose
- Possession of a firearm knowing possession is unauthorized
- Occupy motor vehicle with firearm x3
- Operation while prohibited
- Possession of property obtained by crime x5
- Trespass at night
The individual was taken before a justice of the peace and was remanded into custody with a last court appearance was on Feb. 18, 2025 at the Alberta Court of Justice in Bonnyville, Alta.

Background:

Feb. 18, 2025

Bonnyville RCMP arrest individual following home invasion with firearm

On Feb. 16, 2025, at approximately 6:49 p.m., Bonnyville RCMP responded to a home invasion, with a firearm, that occurred at a residence located in Kehewin.

Officers from Bonnyville RCMP and St. Paul RCMP attended the location and learned that the suspect had fled the area on foot. The victim was not harmed. Containment was established and the Emergency Response Team was notified. Following additional investigation, it was discovered that the suspect had fled in a stolen an SUV. The vehicle was later located with the assistance of Elk Point RCMP, occupied, on Road 2 in Kehewin.

The Emergency Response Team attended and successfully apprehended the suspect, a 28-year-old resident of Kehewin. They have been charged with the following offences:
- Break and enter with intent – Residence x2
- Discharge firearm while being reckless
- Fail to comply with probation order x5
- Numerous additional charges.
The suspect is currently awaiting a judicial interim hearing, as such no additional information is available at this time. An update is expected upon completion with the suspects name, court date and additional charges.

MIL Security OSI –
March 28, 2025
MIL-OSI Global: Why Serena Williams joining the WNBA’s Toronto Tempo as a part-owner is so important for women’s sports

Source: The Conversation – Canada – By Treisha Hylton, Assistant Professor, Faculty of Social Work, Wilfrid Laurier University

Tennis legend Serena Williams is now part of the ownership group of the Toronto Tempo, marking a significant moment for women’s professional sports. The Toronto Tempo is set to kick off their inaugural WNBA season in 2026 and her involvement will help secure the longevity, success and impact the team.

There has never been a better and more exciting time to be a fan, advocate and researcher of women’s professional sports. Momentum continues to build toward the ultimate goal of achieving equity in sports, and it’s clear that real progress is being made.

Back in 2023, I attended the first WNBA exhibition game in Canada at Scotiabank Arena. The overwhelming support and enthusiasm made it clear that Toronto was ready to embrace and support women’s professional sports. Fast forward three years, and that vision is fast becoming a reality.

Women’s professional sports are at an all-time high. Canada’s first professional women’s soccer league set to commence its inaugural season in April, the WNBA continues to expand and the Professional Women’s Hockey League keeps setting attendance records.

Across the board, media coverage is skyrocketing for women’s sports. Opportunities for women and girls in sport have never been greater. All this and Williams’ investment in the Toronto Tempo is a fitting milestone to celebrate during Women’s History Month.

A new era for women’s sports

Williams is a trailblazer and widely considered one of the greatest tennis players of all time. She dominated tennis for years, made history and broke barriers, all while proudly being herself in the face of discrimination, blatant double standards and constant ridicule.

She stands as an example of excellence and perseverance in women’s sports and social justice.

Williams is a role model for many Black women and girls, athletes and non-athletes alike. Her new role as a part-owner of the Toronto Tempo holds just as much significance as her ground-breaking career in tennis. Now, she is once again paving the way by demonstrating how women, particularly Black women, can break into leadership positions in professional sports.

Williams highlighted the significance of her new role, stating:

“This moment is not just about basketball. It is about showcasing the true value and potential of female athletes. I have always said that women’s sports are an incredible investment opportunity.”

Her commitment to advancing women’s sports is nothing new. Williams is also a founding owner of the National Women’s Soccer League’s Angel City FC. The WNBA, and other sports leagues, need more women like Williams in ownership and executive positions to drive real change.

Despite the progress made toward equity in women’s professional sports, there is still a staggering difference in pay and representation in leadership roles.

A glaring example is tennis star Coco Gauff, the highest-paid woman athlete of 2024, who didn’t even make it into the top 100 highest-paid athletes. This highlights the persistent gap in earnings and need for continued advocacy for pay equity in professional sports.

Black women in sport leadership

Black women remain vastly underrepresented in sports leadership roles, including as owners, CEOs, coaches and presidents. In the WNBA, where 70 per cent of the players are Black, there is currently only one Black woman head coach.

There is a clear need for meaningful representation at all levels of the game. Leadership must reflect the diversity of the athletes on the court.

For the WNBA and other women’s professional sports leagues to achieve equity, Black women must be better represented in leadership positions. The focus needs to go beyond token representation toward true representation to inspire future generations of young Black girls.

Serena Williams’ investment in the Toronto Tempo is a step in the right direction. Equally significant is the appointment of Monica Wright Rogers, a former collegiate player and experienced executive, as the team’s new general manager.

Together, Williams and Rogers represent the progress being made toward better representation of Black women in leadership roles.

Elevating women’s sports

The fight for racial and gender equality in sports is far from finished. The Toronto Tempo is a business first, and centring community must be part of its investment strategy.

The Tempo must prioritize building connections with grassroots organizations and ensure racialized girls and women have access to opportunities in coaching, community spaces and building life-sports synergy skills.

I’ve always believed grassroots organizations are the beating heart of sports, laying the foundation for the next generation of athletes and role models. Without them, many young girls would never get the chance to see themselves in the game. Two organizations that are community development-focused are Lady Ballers Centre and Black Girl Hockey Club.

Read more:
Women’s sports are thriving in Canada — here’s how to ensure it stays that way

The Tempo must reject the notion that success and equity in sports can be represented by just one story. While Williams’ journey is undeniably inspiring, it cannot be the sole narrative that defines progress in women’s sports. Instead, a multitude of stories, particularly those of Black and racialized women across all levels of sport, must be uplifted.

Investing in women’s sports isn’t just the right thing to do, but is also beneficial for society as a whole. Women athletes have consistently proven they deserve professional sports leagues, pay equity, endorsement deals, equal media coverage and better sporting facilities. Supporting this movement is the right direction for the Tempo.

Williams’ experience and commitment to women’s sports make her an ideal fit for ownership. Toronto fans are ready, and there’s little doubt the first Tempo games will be sold out. I, for one, am excited to attend the inaugural game in 2026. Let’s go Tempo!

Treisha Hylton 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. Why Serena Williams joining the WNBA’s Toronto Tempo as a part-owner is so important for women’s sports – https://theconversation.com/why-serena-williams-joining-the-wnbas-toronto-tempo-as-a-part-owner-is-so-important-for-womens-sports-252592

MIL OSI – Global Reports –

March 28, 2025
MIL-OSI United Kingdom: Lunar microwave to purify water frozen in Moon’s soil wins UK Space Agency’s Aqualunar Challenge
Source: United Kingdom – Executive Government & Departments

Press release

Lunar microwave to purify water frozen in Moon’s soil wins UK Space Agency’s Aqualunar Challenge

A transformational technology that uses microwaves to defrost and ultrasound to break down contaminants in melted lunar ice to provide clean, drinkable water for astronauts has won the UK Space Agency-funded Aqualunar Challenge.
SonoChem System by Naicker Scientific. Credit: Max Alexander

The Aqualunar Challenge is an international prize for technologies to purify ice frozen in the Moon’s soil to make human habitation on the lunar surface possible.

SonoChem System by Naicker Scientific named winner for its innovative use of microwaves and ultrasound to generate millions of microbubbles in melted lunar ice, producing clean, drinkable water for astronauts.

FRANK by father-and-sons team RedSpace and AqualunarPure from a team from Queen Mary University named runners up.

The Aqualunar Challenge is a £1.2 million international prize funded by the UK Space Agency’s International Bilateral Fund and delivered by Challenge Works – part of Nesta. It aims to drive the development of innovative technologies that make human habitation on the Moon viable by purifying water buried beneath the lunar surface.

The SonoChem System by Gloucestershire-based Naicker Scientific, led by Lolan Naicker, was named the winner by UK Space Agency’s Meganne Christian at a ceremony in Canada House in London’s Trafalgar Square, where the team was awarded the £150,000 first prize.

Meganne Christian, European Member of the Astronaut Reserve, Commercial Exploration at the UK Space Agency and chair of the Aqualunar Challenge judging panel, said:

NASA has set the goal of establishing a permanent crewed base on the Moon by the end of the decade. The Artemis programme, as it is known, is supported by the UK Space Agency through its membership of the European Space Agency.

Astronauts will need a reliable supply of water for drinking and growing food, as well as oxygen for air and hydrogen for fuel. 5.6% of the soil (known as ‘regolith’) around the Moon’s south pole is estimated to be water frozen as ice. If it can be successfully extracted, separated from the soil and purified, it makes a crewed base viable.

The SonoChem System by Naicker Scientific. Credit: Max Alexander

The SonoChem System employs Naicker Scientific’s groundbreaking core technology to purify water derived from lunar ice. Harnessing powerful sound waves, it spontaneously forms millions of tiny bubbles in contaminated water. The extreme temperature and pressure created within each micro bubble generates free radicals (unstable atoms which are highly chemically reactive) which effectively removes contaminants.

Lolan Naicker, Technical Director, Naicker Scientific explained:

Imagine digging up the soil in your back garden in the middle of winter and trying to extract frozen water to drink. Now imagine doing it in an environment that is -200°C, a nearly perfect vacuum, under low gravity, and with very little electrical power. That’s what we will have to overcome on the Moon.

If we can make the SonoChem System work there, we can make it work anywhere, whether that’s on Mars’ glaciers, or here on Earth in regions where accessing clean water is still a challenge.

UK Science Minister, Lord Vallance said:

The Aqualunar Challenge was set up to overcome one of the most significant obstacles to humans surviving on the Moon or other planets – the availability of clean drinking water. By teaming up with our Canadian partners and harnessing the wealth of talent and creativity found across the UK, the challenge has uncovered a range of new ideas, including Naicker Scientific’s SonoChem system.

Many of these ideas could not only fuel future space exploration, but also help improve lives and solve water shortages here on Earth – mitigating the impacts of climate change as we work towards a net zero future, a key ambition in our Plan for Change.

Naicker Scientific was awarded the £150,000 first prize, with two runners up winning £100,000 and £50,000 respectively:

First runner up: FRANK – Filtered Regolith Aqua Neutralisation Kit – developed by father and sons team RedSpace Ltd, Aldershot. A three-stage approach designed to deliver a continuous flow of drinking-grade water in a lunar environment first heats the regolith sample in a sealed chamber to separate off volatile gases and leave a liquid of water, methanol and regolith fragments. The liquid is passed through a membrane to remove solid particles. The remaining liquid is distilled to separate the methanol from the water.

FRANK – Filtered Regolith Aqua Neutralisation Kit – by RedSpace Ltd. Credit: Max Alexander

Second runner up: AquaLunarPure: Supercritical Water Purification on the Moon – developed by Queen Mary University of London. A reactor melts lunar ice to separate the dust and rock particles, then heats it to more than 373°C at 220 bars of pressure to turn it into “supercritical water” – not a solid, a liquid or a gas, but a fourth state that appears like a thick vapour – in which oxidation will remove all the contaminants in one step.

AquaLunarPure by Queen Mary University of London. Credit: Max Alexander

10 finalist teams were each awarded £30,000 seed funding in July 2024 to develop their technologies in pursuit of the prize and provided with a comprehensive package of non-financial support, including expert mentoring and access to testing facilities.

The Aqualunar Challenge is delivered by Challenge Works – part of the UK’s innovation agency for social good, Nesta – and the UK Space Agency, in collaboration with the Canadian Space Agency (CSA) and Impact Canada, with half the prize being awarded to UK-led teams, and half being awarded to Canadian-led teams.

Holly Jamieson, Executive Director, Challenge Works said:

Challenge prizes are open innovation competitions that level the playing field for innovators whether they are well-established in a sector or coming to it for the first time – rewarding ideas rather than reputations. The Aqualunar Challenge successfully attracted new entrants to work in the space sector – a sector that already generates £19 billion of income a year in the UK, but where there is great potential for growth.

Competing teams have reported back that participating in the prize has helped them secure investment and open up commercial conversations to grow their businesses. There may only be one first prize, but the Aqualunar Challenge has produced many winners.

To find out more about the Aqualunar Challenge in the UK and learn more about all ten competing teams, visit aqualunarchallenge.org.uk.

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Published 27 March 2025
MIL OSI United Kingdom –
March 28, 2025
MIL-OSI Canada: Ministers consent to raise Mt. Polley tailings dam four metres

Source: Government of Canada regional news

The ministers of Environment and Parks, Tamara Davidson, and Mining and Critical Minerals, Jagrup Brar, have issued a consent order to Mount Polley Mining Corp. to raise the tailings pond dam of the Mt. Polley Copper-Gold Mine by four metres.

The ministers’ decision was informed by an Environmental Assessment Office (EAO) review, conducted in collaboration with the Mining and Critical Minerals Major Mines Office, which also must make a decision whether to approve the increased height under the Mines Act.

The ministers agreed with the EAO’s conclusions that increasing the total height to 64 metres from the current 60 metres at the already-developed mine site is not likely to result in new or significant impacts compared to current approved operations. The ministers are satisfied that safety issues have been assessed thoroughly through technical reviews carried out by an external third-party geotechnical engineer and geotechnical engineering experts in the Major Mines Office.

On Aug. 4, 2014, a tailings pond dam breach caused mine waste, water and construction materials to flow into Polley Lake, Hazeltine Creek and Quesnel Lake causing widespread and long-lasting environmental damage and serious impacts.

The Province subsequently implemented all recommendations from two separate investigations in 2015 by an independent expert engineering panel and the chief inspector of mines. These led to significant changes in 2016 to how tailings ponds are regulated under the Health, Safety and Reclamation Code for Mines in B.C., which was further updated in 2024. The proposed dam height increase at the Mt. Polley Mine meets or exceeds all regulatory requirements in the current code.

The Major Mines Office led the technical review of the potential impacts and associated mitigation measures of the proposed increase in dam height, as an amendment to the Mines Act permit for the mine also is required. The Major Mines Office and the Environmental Assessment Office reviews both included consultation with Williams Lake First Nation and Xatśūll First Nation.

A decision by the Major Mines Office’s statutory decision-maker to approve the proposed Mines Act permit amendment to raise the dam by four metres was also issued on Thursday, March 27, 2025.

Mount Polley Mining Corp. has applied to expand mining and make other changes at the site over the course of the next few years. Due to time constraints presented by impacts to mining operations and managing higher water volumes during the spring melt, the Environmental Assessment Office and Major Mines Office reviewed the interim four-metre height increase to continue existing approved operations separately from the expansion request. The proposed expansion to the mine is still being assessed by the EAO. No decisions have been made on whether or not to approve the expansion to allow the mine to continue operating past 2031.

The Mt. Polley mine was approved by the provincial government in 1992. Under its certificate, which remains in effect under the Environmental Assessment Act, the operator must obtain the written consent of the ministers prior to any material alterations to the Mt. Polley mine from what was previously approved.

The Mt. Polley Mine is located in the Cariboo region of central British Columbia, approximately 56 kilometres northeast of Williams Lake. It began operations in 1997. Operations were approved to resume under the Mines Act permit in 2016, after they had been paused due to the 2014 dam breach.

Learn More:

For ministers’ reasons for their decision, visit: https://www.projects.eao.gov.bc.ca/api/public/document/67e5787dc102740022549973/download/ReasonsForDecision_Consent_Material_Alteration_TSFRaise_FINAL.pdf

EAO’s recommendation regarding consent for material alteration: https://projects.eao.gov.bc.ca/api/public/document/67e578d7c10274002254997e/download/Report_Consent_Material_Alteration_TSFRaise_Final.pdf

MIL OSI Canada News –

March 28, 2025
MIL-OSI Canada: Ministers’ statement on Mt. Polley tailings facility

Jagrup Brar, Minister of Mining and Critical Minerals, and Tamara Davidson, Minister of Environment and Parks, have released the following statement regarding the approval for the Mt. Polley Mine to raise its tailings storage facility by four metres in advance of the spring freshet:

“Today, as statutory decision-makers under the Environmental Assessment Act, we have made the decision to allow the Mount Polley Mining Corporation to raise the height of its tailings storage facility dam by four metres to ensure water can be managed safely in advance of spring freshet.

“The necessary permit for this work under the Mines Act has also been approved.

“We recognize that there are significant concerns around this mine. Since 2016, the mine has been operating under significantly stronger environmental standards.

“Approvals for this change come after comprehensive technical reviews by experts, including external engineers, as well as consultation with First Nations.

“The application to raise the height of the tailings storage facility meets all required regulatory standards. This action is needed for the mine to continue operating safely, providing jobs for hundreds of people in the area.

“Staff in both our ministries will continue to closely monitor the mine to ensure it is operating under the highest standards and is meeting our strong regulatory requirements.

“What happened in 2014 can never happen again. Our strong requirements to protecting the environment are non-negotiable.”

MIL OSI Canada News –

March 28, 2025

DATE:	Thursday, March 27, 2025
TIME:	5:00 pm ET
WEBCAST:	Register

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Lunar microwave to purify water frozen in Moon’s soil wins UK Space Agency’s Aqualunar Challenge

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