NewzIntel.com

Category: Canada

  • MIL-OSI Canada: Death of an inmate from Regional Reception Centre 

    Source: Government of Canada News (2)

    March 25, 2025 – Sainte-Anne-des-Plaines, Quebec – Correctional Service Canada

    On March 22, 2025, Dominic Poirier, an inmate from the Regional Reception Center, died while in our custody.

    At the time of death, the inmate was 29 years old and had been serving a sentence of 3 years and 9 months since February 6, 2025.

    The person’s next of kin have been notified.

    As in all cases involving the death of an inmate, Correctional Service Canada (CSC) will review the circumstances.

    CSC policy requires that the police and the coroner be notified.

    Associated links

    CSC Website

    Commissioner’s Directive: Death of an Inmate

    Deaths in custody

    Regional Reception Centre

    -30-

    MIL OSI Canada News –

  • MIL-OSI Global: Trump’s tariffs on Canada and Mexico could spell trouble for distilled spirits

    Source: The Conversation – USA – By Andrew Muhammad, Professor of Agriculture and Resource Economics, University of Tennessee

    If all the tariff drama in the news lately has you reaching for a stiff drink, you’re not alone. Unfortunately, those same tariffs might make it harder to get your hands on your favorite brand of tequila.

    In early March 2025, U.S. President Donald Trump levied import tariffs of 25% on goods from Canada and Mexico, following through on a promise he made back in November 2024. While he later partially reversed course, suspending tariffs on some goods, tensions remain high. Mexico is largely holding off on retaliation, but Canada quickly fired back with counter-tariffs on billions of dollars’ worth of U.S. products.

    These trade tensions spell trouble for numerous industries, including the booming spirits market. Canada and Mexico – two of the top U.S. trading partners – accounted for nearly half of the US$12 billion in distilled spirits the U.S. imported in 2024.

    As an agricultural economist, I’ve analyzed how a 25% tariff could affect tequila, whiskey and other distilled spirits – and the results weren’t pretty. I found that these tariffs would cost distilled spirit importers over $1 billion in lost trade, with tequila alone taking a more than $800 million hit.

    Americans’ thirst for imported liquor

    The U.S. imports far more distilled spirits than it exports – five times as much by value, as of 2024.

    Since 2000, U.S. imports of distilled spirits have surged by more than 300%, driven largely by the explosive rise in tequila consumption. Between 2000 and 2024, tequila imports rose by 1,400%, skyrocketing from $350 million to $5.4 billion.

    While imports of whiskey, liqueurs, vodka and brandy also grew, none matched tequila’s explosive rise. Tequila now represents 45% of all spirits imported into the U.S., up from 12% in 2000.

    Not surprisingly, 99% of tequila and mezcal is imported from Mexico, making it the leading foreign supplier of distilled spirits to the United States. Meanwhile, Canada has supplied between 4% and 6% of U.S. spirits imports over the past two decades, primarily whiskey and liqueurs.

    Since distilled spirits are classified as agricultural products, their rising imports have significantly contributed to the U.S. agricultural trade deficit. However, this isn’t necessarily a problem. Imports help meet demand from U.S. consumers, generate value-added opportunities for U.S. companies, and support economic activity in bars, liquor stores, restaurants and beyond.

    A 25% tariff on Mexican goods is a 25% tax on tequila

    In my study, published in February in the peer-reviewed journal Agribusiness and in a follow-up policy brief, I found that 25% tariffs on Mexico and Canada could reduce imports of distilled spirits by $1.2 billion. This loss exceeds the total amount of tax revenue those tariffs can expected to bring in.

    Unsurprisingly, tequila imports would be the hardest hit, falling by $810 million. I found that the tariff revenue from tequila – $910 million – could actually exceed the corresponding fall in imports. That’s because demand for tequila, like most alcoholic beverages, is what economists call “inelastic,” meaning that when prices rise, consumers are unlikely to change their purchasing decisions by very much.

    However, it would be a mistake to consider tequila in isolation. When I factored in other notable decreases, such as a $100 million drop in whiskey imports, I found that the value of total trade losses, in the form of decreased imports, would outweigh the total tariff revenue. I also found that no product category would come out ahead.

    In fact, even products like vodka, which are mostly exempt from these tariffs, would be indirectly affected. This is because tariffs can increase the overall cost of importing, leading businesses to reduce all imports, tariffed or otherwise. My research suggests that this “trade destruction” effect, to use an economics term, will be quite significant.

    A new era of tariffs

    The Trump administration has argued that tariffs will generate a lot of money for the federal government. But my research suggests those gains may not outweigh the economic costs to businesses and consumers.

    Contrary to common belief, trade losses don’t just affect exporting countries. Domestic consumers also face higher prices and fewer choices – hurting their overall economic welfare. Reducing imports also affects U.S. businesses involved in marketing, distribution and sales.

    Trade is more complex than a simple formula of “exports good, imports bad.” Research makes it clear that tariffs have negative consequences, including higher consumer prices, reduced product availability and downstream economic disruption. Policymakers would be wise to take those effects seriously. Otherwise, they might find themselves with a serious economic hangover.

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

    – ref. Trump’s tariffs on Canada and Mexico could spell trouble for distilled spirits – https://theconversation.com/trumps-tariffs-on-canada-and-mexico-could-spell-trouble-for-distilled-spirits-251583

    MIL OSI – Global Reports –

  • MIL-OSI: Zero Hash Secures Approval to Establish a Trust Company, Strengthening Its Custody Capabilities

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C., March 26, 2025 (GLOBE NEWSWIRE) — Zero Hash, the leading crypto and stablecoin infrastructure platform, has been granted approval to establish a Trust Company in North Carolina, further reinforcing its position as the most comprehensive digital asset provider. This milestone deepens Zero Hash’s regulatory stack, unlocking new opportunities for institutional and brokerage clients.

    With the addition of a chartered Trust Company, Zero Hash expands its regulatory footprint, ensuring the broadest regulatory coverage for crypto and stablecoin infrastructure. Specifically, the Trust:

    • Aligns with the company’s commitment to compliance-forward innovation as the industry prepares for upcoming legislation, including the GENIUS Act, which are expected to add specific regulatory requirements for stablecoin custodians.
    • Enables Zero Hash to enhance its service offerings. As a Qualified Custodian, the company can now custody tokenized assets on behalf of SEC-registered institutions, further broadening its appeal to enterprise clients.
    • Allows Zero Hash to introduce new account types for brokerage customers, including retirement accounts and registered investment advisors.

    “This approval is a testament to our unwavering commitment to being the most comprehensive and trusted partner in the crypto and stablecoin space,” said Stephen Gardner, CEO of Zero Hash Trust. “We are excited to continue to expand our offering for the partners we service including the leading payment groups such as Shift4 and Stripe and brokerage partners including Interactive Brokers and tastytrade.”

    Concurrently, Zero Hash is announcing the appointment of two public board members appointed to the Trust. Mary Ruppert has over 20 years of experience as an attorney, compliance officer, and public policy professional, including at PayPal and the Department of Justice. David Hannigan is currently the CISO at NuBank, having previously led security at Spotify and Capital One.

    About Zero Hash

    Zero Hash is the leading crypto and stablecoin infrastructure provider that seamlessly connects fiat, crypto, and stablecoins in one platform, enabling a better way to move and transfer money and value globally.

    Through its embeddable infrastructure, start-ups, enterprises, and Fortune 500 companies build a diverse range of use cases, including cross-border payments, commerce, trading, remittance, payroll, tokenization, wallets, and on/off-ramps.

    Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

    Zero Hash Trust Company LLC will be established in North Carolina and hold a non-depository trust charter issued by the North Carolina Commissioner of Banks.

    Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 U.S. jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

    Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).

    Media Contacts

    Zero Hash

    Shaun O’Keeffe

    (855) 744-7333

    media@zerohash.com

    The MIL Network –

  • MIL-OSI Global: Forget booing the anthem, Canada must employ strategic communications to fight Trump’s lies

    Source: The Conversation – Canada – By Matthew Hefler, Senior Research Fellow, Center for Statecraft and Strategic Communication, Stockholm School of Economics

    Since his return to office, United States President Donald Trump has launched a trade war on Canada. The White House has twice set deadlines for the imposition of sweeping 25 pre cent tariffs — and twice pulled back.

    Trump has also threatened to use “economic force” to compel Canada to become the 51st state, remarks that are a focal point of the ongoing federal election campaign.

    Canadians are offended. They’ve voiced this displeasure, with Canadian sports fans continuing to boo the American anthem at recent events.

    This might be counterproductive.

    Trump says Canada is ‘nasty’

    In this trade war, Canada faces more than tariffs: it’s confronting a communications effort by the president to paint Canadians as mean, disrespectful and “nasty.”

    Trump’s most consistent line is that Canadians are “not fair,” “very abusive” and taking advantage of the U.S. on trade.

    Regardless of the truth, the president repeats these allegations over and over and over again.

    The repetition is the point — it’s an important practice in strategic communications or what’s known as StratCom, the use of communication to achieve objectives.

    The repetition is key to Trump’s StratCom — it’s a way of making his message stick. Hard as it is for Canadians to believe this, there’s a danger of this “nasty Canadian” narrative taking hold south of the border.

    Take it from a communications expert who often works in the U.S. and Europe: not everyone is as well-versed on the dispute as Canadians are. Even actions like booing the American anthem risk reinforcing Trump’s slurs against Canada.

    Canada must devise its own strategy to counter Trump’s message and remind Americans — and the world — that Canada trades on fair terms. By dampening American support for the president’s trade war, this StratCom effort could actually help protect the Canada-U.S. relationship for the long term.

    Creating false counter-narratives

    Trump has long mastered the art of swapping one narrative with a preferred alternative. This tactic has arguably helped save his political career.

    For millions of Americans, the president turned Russian interference in the 2016 election into the “Russia Hoax” — something he raised as recently as the infamous Oval Office meeting with Ukrainian President Volodymyr Zelenskyy.

    Rather than concede the 2020 election, Trump and his allies adopted the mantra “Stop the Steal.” And in a most striking StratCom effort, Trump and supporters recast the events of Jan. 6, 2021 at the U.S. Capitol into “a day of love.” Trump also issued a blanket pardon of all those convicted over the attack.

    These are astounding examples of strategic communications, whatever we might think of the president’s honesty or his objectives.

    Every time Trump repeats claims that Canada is taking advantage of the U.S., that narrative becomes further entrenched. So far, Ottawa has reminded Americans that Canada is a good partner and that tariffs would hurt both countries.

    But it’s not clear that appealing to the long Canadian-American history as allies is having much effect in the White House. In early February, Vice President JD Vance posted: “Spare me the sob story about how Canada is our ‘best friend’” and noted Canada’s low defence spending.

    A Canadian StratCom strategy

    The Canadian government therefore must invest in an ambitious campaign of strategic communications. It should drive home that Canadians trade on fair terms and that Canada buys more American goods than China, Japan, the United Kingdom and France combined.

    This StratCom effort must make clear that Canadians can and will be forced to buy elsewhere. It must note that Trump renegotiated a new Canada-U.S.-Mexico trade deal in 2018 and that the agreement was a win for the U.S.

    The campaign can employ humility and humour, but it must reinforce the mutual benefit of trade and make clear that Trump’s anti-Canada comments are not based in reality.

    Some specific claims must be targeted. Trump often notes that Canada has high tariffs on specific American products, like milk. But this can be misleading, as these are part of a negotiated supply control quota system.

    Rather than simply counter Trump’s narrative, the campaign should advance a Canadian one.

    Canadian leaders are starting to recognize this. Before leaving office, Prime Minister Justin Trudeau compared Trump’s treatment of Canada over trade with his conciliatory stance toward Russia over its invasion of Ukraine.

    Former finance minister Chrystia Freeland has underscored the importance of communicating directly to regular Americans. The federal government has paid for anti-tariff ads on digital billboards along key highways in red states, including Florida, Nevada, Georgia, Michigan and Ohio.

    Canadians themselves are in on the act. Decades after Canadian actor and broadcaster Jeff Douglas appeared in the iconic “I am Canadian” commercial, he’s come out with a new rendition.

    “We are Canadian” rejects the president’s “51st State” threats. Its polite but firm tone is the sort of quintessentially Canadian response that should form the basis of a national StatCom effort.

    A new Jeff Douglas ‘We Are Canadian’ video.

    Controlling the narrative

    Given time and space, Trump can reshape the terms of the debate or even perceptions of reality. The Canadian government should therefore lead the way in defending the country’s trading practices and its value as a partner.

    This effort should reflect Canada’s traditional emphasis on respect and decency. Canadians are offended. But they should resist responses like booing another nation’s anthem — especially if it contributes to the president’s effort to paint Canadians as mean or disrespectful.

    The Canada-U.S. relationship will be changed by this experience. But whether the rift is lasting depends in part on whether Canadians believe regular Americans accept or reject the president’s narrative.

    A good communications effort could help Canada counter the president’s StratCom campaign and reduce the longer-term fallout from this unfair attack — no matter the repeated threats and slurs emanating from the Oval Office.

    Matthew Hefler 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. Forget booing the anthem, Canada must employ strategic communications to fight Trump’s lies – https://theconversation.com/forget-booing-the-anthem-canada-must-employ-strategic-communications-to-fight-trumps-lies-252704

    MIL OSI – Global Reports –

  • MIL-OSI: Standard Lithium Provides Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 26, 2025 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE American:SLI), a leading near-commercial lithium company, is pleased to provide a general corporate update demonstrating continuous advancement and derisking of corporate objectives.

    Principal corporate updates and highlights include:

    • Commencement of a rigorous and disciplined project finance and off-take process for the first phase of the South West Arkansas (“SWA”) Project (first phase contemplates 22,500 tonnes per year of battery quality lithium carbonate production). A banking advisor with recent and relevant success has been selected to lead an intensive off-take selection and project finance (debt) process. This two-pronged engagement with potential off-take partners and debt providers started in January and is expected to be completed in Q3 and Q4 respectively. The Company looks forward to releasing additional information as the process advances;
    • The Smackover Lithium JV, in partnership with Equinor, continues the successful mineral leasing program in East Texas (“ETX”). SLI first started extensive mineral leasing in the most prospective areas of the Smackover Formation in East Texas in 2022. Since the formation of the JV in May 2024, it has continued to grow the acquired lease position, and is now actively leasing within a total area of 185,000 acres across several Counties in East Texas;
    • The first ETX project area of approximately 67,000 acres has been identified. This project area is centered on Franklin County, and the Company has previously drilled three exploratory boreholes in and adjacent to this project area and reported the highest known lithium in brine grades in North America (maximum lithium grade of 806 mg/L reported). Some of the existing wells will be resampled during Q2 and Q3 of this year, and it is expected that a maiden Inferred Resource Report for this highly prospective lithium resource will be published in Q3 of this year;
    • The Company, in partnership with Koch Technology Solutions, continues to use the Demonstration Plant in Union County as an essential test and technology development center to not only demonstrate the derisked and commercially ready DLE technology for the first commercial project at SWA, but also as a test-bed to continuously improve the entire flowsheet for future projects;
    • Commercial development at the Lanxess Projects is not ruled out, but the Company’s focus on building the next phase of lithium projects in North America is centered on the JV opportunities at the SWA Project and in East Texas. The Company is confident the brine resources that the JV is securing in East Texas will come to be seen as the premier lithium brine assets in North America.

    David Park, CEO of Standard Lithium said “The Standard Lithium team, in combination with our partners Equinor and Koch Technology Solutions, has been working diligently to keep on moving the projects forward, derisking key workstreams and hitting development milestones. As we’ve said before, it’s time for us to prioritize, focus, and execute. It is now clear that executing on our SWA Project with our partners is our top priority, and that we see incredible potential to build on that foundation and grow with them into East Texas.”

    Six-Month Fiscal Period Ended December 31, 2024 Call and Webcast

    The Company will hold a conference call and webcast to discuss its six-month fiscal period ended December 31, 2024 on Friday, March 28th at 3:30 p.m. ET. Access to the call is available via webcast or direct dial.

    Conference Call and Webcast Details
    Standard Lithium Six Month Fiscal Period Ended December 31, 2024 Results Call and Webcast
    March 28, 2025 3:30 p.m. Eastern Time (US and Canada)

    Participant Information:
    Conference ID: 6644028

    USA / International Toll +1 (646) 307-1963
    USA – Toll-Free (800) 715-9871
    Canada – Toronto (647) 932-3411
    Canada – Toll-Free (800) 715-9871

    Attendee Webcast Link:
    https://events.q4inc.com/attendee/457319305

    About Standard Lithium Ltd.

    Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated DLE and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

    Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”. Please visit the Company’s website at www.standardlithium.com.

    Qualified Person

    Steve Ross, P.Geo., a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and Vice President Resource Development for the Company, has reviewed and approved the relevant scientific and technical information in this news release.

    Investor and Media Inquiries

    Chris Lang
    Standard Lithium Ltd.
    +1 604 409 8154
    investors@standardlithium.com

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

    The MIL Network –

  • MIL-OSI: BigCommerce Appoints Technology Veteran Andrew Norman to Lead EMEA Growth

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas and LONDON, March 26, 2025 (GLOBE NEWSWIRE) — BigCommerce (Nasdaq: BIGC), a leading provider of open, composable commerce solutions for B2C and B2B brands and retailers, today announced the company has hired SaaS and ecommerce veteran Andrew Norman as senior vice president and general manager for EMEA.

    Norman will lead BigCommerce’s go-to-market strategy in EMEA, bringing 25 years experience executing international expansion plans for SaaS technology companies, including 15 years experience in the ecommerce market.

    “BigCommerce has a strong track record of helping brands, retailers, manufacturers and distributors in EMEA grow, and Andrew is the perfect leader to help us accelerate that growth,” said Travis Hess, CEO at BigCommerce. “His years of experience make him well positioned to drive our strategic growth forward. Andrew brings an exceptional record of scaling international technology companies, as well as an extensive network of strategic partnerships that will be instrumental in boosting our market penetration and delivering innovative solutions to our customers.”

    Norman joins BigCommerce from Sendcloud (a Softbank Company), where he led the enterprise, UK and partners teams. He previously worked at Auctane (a Thoma Bravo Company), where he served in general manager roles for ShipStation in Canada, Europe and Australia and New Zealand, as well as general manager for Metapack.

    “I was drawn to BigCommerce by its extraordinary potential to lead the next wave of ecommerce innovation as the market converges around truly transformative platforms,” said Norman. “With its unique ability to enable seamless commerce across multiple channels, BigCommerce is perfectly positioned to empower brands, retailers, manufacturers, and distributors in an increasingly complex digital marketplace.”

    Learn more about BigCommerce here.

    About BigCommerce

    BigCommerce (Nasdaq: BIGC) is a leading open SaaS and composable ecommerce platform that empowers brands, retailers, manufacturers and distributors of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated professional-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Coldwater Creek, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit www.bigcommerce.com or follow us on X and LinkedIn.

    BigCommerce® is a registered trademark of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owners.

    Media Contact:
    Brad Hem
    pr@bigcommerce.com

    The MIL Network –

  • MIL-OSI: Purpose Investments Inc. Announces Final March 2025 Distribution Rate for Purpose High Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 26, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. announced today the final March 2025 distribution rates for Purpose High Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund.

    The following table reflects the final distribution amounts for the month of March. Ex-distribution date is March 27, 2025.

    Open-End Fund Ticker
    Symbol    		 Final distribution
    per unit    		 Record Date Payable Date Distribution
    Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $0.3534 03/27/2025 04/02/2025 Monthly
    Purpose Cash Management Fund – ETF Units MNY $0.2647 03/27/2025 04/02/2025 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $0.1107 03/27/2025 04/02/2025 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $0.3375 03/27/2025 04/02/2025 Monthly


    About Purpose Investments Inc.

    Purpose Investments Inc. is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI USA: NASA’s Webb Captures Neptune’s Auroras For First Time

    Source: NASA

    Long-sought auroral glow finally emerges under Webb’s powerful gaze
    For the first time, NASA’s James Webb Space Telescope has captured bright auroral activity on Neptune. Auroras occur when energetic particles, often originating from the Sun, become trapped in a planet’s magnetic field and eventually strike the upper atmosphere. The energy released during these collisions creates the signature glow.
    In the past, astronomers have seen tantalizing hints of auroral activity on Neptune, for example, in the flyby of NASA’s Voyager 2 in 1989. However, imaging and confirming the auroras on Neptune has long evaded astronomers despite successful detections on Jupiter, Saturn, and Uranus. Neptune was the missing piece of the puzzle when it came to detecting auroras on the giant planets of our solar system.
    “Turns out, actually imaging the auroral activity on Neptune was only possible with Webb’s near-infrared sensitivity,” said lead author Henrik Melin of Northumbria University, who conducted the research while at the University of Leicester. “It was so stunning to not just see the auroras, but the detail and clarity of the signature really shocked me.”
    The data was obtained in June 2023 using Webb’s Near-Infrared Spectrograph. In addition to the image of the planet, astronomers obtained a spectrum to characterize the composition and measure the temperature of the planet’s upper atmosphere (the ionosphere). For the first time, they found an extremely prominent emission line signifying the presence of the trihydrogen cation (H3+), which can be created in auroras. In the Webb images of Neptune, the glowing aurora appears as splotches represented in cyan.

    “H3+ has a been a clear signifier on all the gas giants — Jupiter, Saturn, and Uranus — of auroral activity, and we expected to see the same on Neptune as we investigated the planet over the years with the best ground-based facilities available,” explained Heidi Hammel of the Association of Universities for Research in Astronomy, Webb interdisciplinary scientist and leader of the Guaranteed Time Observation program for the Solar System in which the data were obtained. “Only with a machine like Webb have we finally gotten that confirmation.”
    The auroral activity seen on Neptune is also noticeably different from what we are accustomed to seeing here on Earth, or even Jupiter or Saturn. Instead of being confined to the planet’s northern and southern poles, Neptune’s auroras are located at the planet’s geographic mid-latitudes — think where South America is located on Earth.
    This is due to the strange nature of Neptune’s magnetic field, originally discovered by Voyager 2 in 1989 which is tilted by 47 degrees from the planet’s rotation axis. Since auroral activity is based where the magnetic fields converge into the planet’s atmosphere, Neptune’s auroras are far from its rotational poles.
    The ground-breaking detection of Neptune’s auroras will help us understand how Neptune’s magnetic field interacts with particles that stream out from the Sun to the distant reaches of our solar system, a totally new window in ice giant atmospheric science.
    From the Webb observations, the team also measured the temperature of the top of Neptune’s atmosphere for the first time since Voyager 2’s flyby. The results hint at why Neptune’s auroras remained hidden from astronomers for so long.
    “I was astonished — Neptune’s upper atmosphere has cooled by several hundreds of degrees,” Melin said. “In fact, the temperature in 2023 was just over half of that in 1989.” 
    Through the years, astronomers have predicted the intensity of Neptune’s auroras based on the temperature recorded by Voyager 2. A substantially colder temperature would result in much fainter auroras. This cold temperature is likely the reason that Neptune’s auroras have remained undetected for so long. The dramatic cooling also suggests that this region of the atmosphere can change greatly even though the planet sits over 30 times farther from the Sun compared to Earth.Equipped with these new findings, astronomers now hope to study Neptune with Webb over a full solar cycle, an 11-year period of activity driven by the Sun’s magnetic field. Results could provide insights into the origin of Neptune’s bizarre magnetic field, and even explain why it’s so tilted.
    “As we look ahead and dream of future missions to Uranus and Neptune, we now know how important it will be to have instruments tuned to the wavelengths of infrared light to continue to study the auroras,” added Leigh Fletcher of Leicester University, co-author on the paper. “This observatory has finally opened the window onto this last, previously hidden ionosphere of the giant planets.”
    These observations, led by Fletcher, were taken as part of Hammel’s Guaranteed Time Observation program 1249. The team’s results have been published in Nature Astronomy.
    The James Webb Space Telescope is the world’s premier space science observatory. Webb is solving mysteries in our solar system, looking beyond to distant worlds around other stars, and probing the mysterious structures and origins of our universe and our place in it. Webb is an international program led by NASA with its partners, ESA (European Space Agency) and CSA (Canadian Space Agency).
    Downloads
    Click any image to open a larger version.
    View/Download all image products at all resolutions for this article from the Space Telescope Science Institute.
    Read the research results published in Nature Astronomy.

    Laura Betz – laura.e.betz@nasa.govNASA’s Goddard Space Flight Center, Greenbelt, Md.
    Hannah Braun- hbraun@stsci.eduSpace Telescope Science Institute, Baltimore, Maryland
    Christine Pulliam – cpulliam@stsci.eduSpace Telescope Science Institute, Baltimore, Md.

    Henrik Melin (Northumbria University)

    View more: Webb images of Neptune
    Watch: Visualization of Neptune’s tilted magnetic axis
    Learn more : about Neptune
    More Webb News
    More Webb Images
    Webb Science Themes
    Webb Mission Page

    About Neptune
    About the Solar System
    What is the Webb Telescope?
    SpacePlace for Kids
    En Español
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    NASA en español 
    Space Place para niños

    MIL OSI USA News –

  • MIL-OSI USA: NASA Invites Media to Learn About Artemis Moon Mission Recovery

    Source: NASA

    NASA and the Department of Defense will host a media event on the recovery operations that will bring the Artemis II astronauts and the agency’s Orion spacecraft home at the conclusion of next year’s mission around the Moon. The in-person event will take place at 3 p.m. PDT on Monday, March 31, at Naval Base San Diego in California.
    A team of NASA and Department of Defense personnel are at sea in the Pacific Ocean where splashdown will take place. The team currently is practicing the procedures it will use to recover the astronauts after their more than 600,000 mile journey from Earth and back on the first crewed mission under the Artemis campaign. A test version of Orion and other hardware also will be on-hand for media representatives to view.
    Interested media must RSVP no later than 4 p.m. PDT Friday, March 28, to Naval Base San Diego Public Affairs at nbsd.pao@us.navy.mil or 619-556-7359. The start time of the event may change based on the conclusion of testing activities.
    Participants include:

    Liliana Villarreal, NASA’s Artemis II landing and recovery director, Exploration Ground Systems Program, NASA’s Kennedy Space Center in Florida
    Capt. Andrew “Andy” Koy, commanding officer of USS Somerset (LPD 25), U.S. Navy
    Lt. Col. David Mahan, commander, U.S. Air Force’s 1st Air Force, Detachment 3, Patrick Space Force Base, Florida

    Several astronauts participating in the testing will be available for interviews.
    Artemis II will be the first test flight of the SLS (Space Launch System) rocket, Orion spacecraft, and supporting ground system with crew aboard. NASA astronauts Reid Wiseman, Victor Glover, and Christina Koch, and CSA (Canadian Space Agency) astronaut Jeremy Hansen will venture around the Moon and back. The mission is another step toward missions on the lunar surface and helping the agency prepare for future astronaut missions to Mars.
    Learn more about Artemis II at:

    Artemis II

    -end-
    Jim WilsonHeadquarters, Washington202-358-1100jim.wilson@nasa.gov
    Madison Tuttle/Allison TankersleyKennedy Space Center, Florida321-298-5968/321-867-2468madison.e.tuttle@nasa.gov / allison.p.tankersley@nasa.gov

    MIL OSI USA News –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on PLTY (100.21%), MARO (75.43%), ULTY (75.27%), MRNY (69.46%), LFGY (61.87%), and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, March 26, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group B ETFs listed in the table below.

    ETF Ticker1 ETF Name Distribution Frequency Distribution per Share Distribution Rate2,4 30-Day
    SEC Yield3    		 ROC5 Ex-Date & Record Date Payment Date
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.2787 34.11% 0.00% 98.94% 3/27/25 3/28/25
    LFGY YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Weekly $0.4749 61.87% 0.00% 0.00% 3/27/25 3/28/25
    QDTY YieldMax™ Nasdaq 100 0DTE Covered Call ETF Weekly $0.2711 – – 55.02% 3/27/25 3/28/25
    RDTY YieldMax™ R2000 0DTE Covered
    Call ETF    		 Weekly $0.3037 – – 100.00% 3/27/25 3/28/25
    SDTY YieldMax™ S&P 500 0DTE Covered Call ETF Weekly $0.2133 – – 0.00% 3/27/25 3/28/25
    ULTY YieldMax™ Ultra Option Income Strategy ETF Weekly $0.0986 75.27% 0.00% 100.00% 3/27/25 3/28/25
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Weekly $0.0837 27.36% 61.87% 21.53% 3/27/25 3/28/25
    YMAX YieldMax™ Universe Fund of Option Income ETFs Weekly $0.1315 47.15% 85.03% 61.95% 3/27/25 3/28/25
    BABO YieldMax™ BABA Option Income Strategy ETF Every 4 Weeks $0.7578 47.80% 2.36% 0.00% 3/27/25 3/28/25
    DIPS YieldMax™ Short NVDA Option Income Strategy ETF Every 4 Weeks $0.5851 61.41% 2.90% 96.87% 3/27/25 3/28/25
    FBY YieldMax™ META Option Income Strategy ETF Every 4 Weeks $0.5506 39.97% 3.47% 0.00% 3/27/25 3/28/25
    GDXY YieldMax™ Gold Miners Option Income Strategy ETF Every 4 Weeks $0.6394 50.38% 3.08% 0.00% 3/27/25 3/28/25
    JPMO YieldMax™ JPM Option Income Strategy ETF Every 4 Weeks $0.3717 28.32% 3.40% 42.17% 3/27/25 3/28/25
    MARO YieldMax™ MARA Option Income Strategy ETF Every 4 Weeks $1.4783 75.43% 4.21% 95.22% 3/27/25 3/28/25
    MRNY YieldMax™ MRNA Option Income Strategy ETF Every 4 Weeks $0.1827 69.46% 5.01% 94.71% 3/27/25 3/28/25
    NVDY YieldMax™ NVDA Option Income Strategy ETF Every 4 Weeks $0.7874 57.94% 4.02% 100.00% 3/27/25 3/28/25
    PLTY YieldMax™ PLTR Option Income Strategy ETF Every 4 Weeks $5.3257 100.21% 2.63% 97.91% 3/27/25 3/28/25
    Weekly Payers & Group C ETFs scheduled for next week: GPTY LFGY QDTY RDTY SDTY ULTY YMAG YMAX ABNY AMDY CONY CVNY FIAT MSFO NFLY PYPY


    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling     (833) 378-0717.

    Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

       
    1 All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.
    2 The Distribution Rate shown is as of close on March 25, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.
    3 The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended February 28, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.
    4 Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
    5 ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.
       

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here. For RDTY, click here.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: Currency Exchange International Announces Voting Results from Annual General Meeting March 25, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 26, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (the “Group” or “CXI”) (TSX: CXI; OTCBB: CURN) is pleased to announce the detailed voting results for the Company’s Annual General Meeting of shareholders held on March 25, 2025 (the “Meeting”). A total of 4,103,217 common shares of the Company (the “Common Shares”), being 65.12% of the issued and outstanding Common Shares as of the record date of February 5, 2025, were present in person or represented by proxy at the Meeting.

    The nominees listed in the management information circular dated February 5, 2025 were elected as directors of the Company at the Meeting. Detailed results of the vote are set out below:

    Nominee Votes For % Withheld %
    Chirag Bhavsar 2,967,242 91.41% 278,814 8.59%
    Chitwant Kohli 2,692,505 82.95% 553,551 17.05%
    Mark Mickleborough 2,692,505 82.95% 553,551 17.05%
    Randolph W. Pinna 3,233,413 99.61% 12,643 0.39%
    V. James Sardo 2,692,505 82.95% 553,551 17.05%
    Stacey Mowbray 2,615,505 80.57% 630,551 19.43%
    Daryl Yeo 2,698,396 83.13% 547,660 16.87%

    Shareholders also approved resolutions appointing Doane Grant Thornton LLP as the Company’s auditors.

    For more information, please refer to the Company’s information circular dated February 5, 2025, available on its SEDAR profile at www.sedarplus.com.

    About Currency Exchange International, Corp.

    Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Group-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com (“OnlineFX”).

    The Group’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services in Canada and select international foreign jurisdictions. Customers are served through the use of its proprietary software, www.ebcfx.com (“EBCFX”), related APIs to core banking platforms, and personal relationship managers.

    Contact Information

    For further information please contact:
    Bill Mitoulas
    Investor Relations
    (416) 479-9547
    Email: bill.mitoulas@cxifx.com
    Website: www.cxifx.com

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

    This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the voluntary cessation of operations and discontinuance of Exchange Bank of Canada (EBC), the conclusion of referral agreements for customers and selected employees, regulatory approvals required for the discontinuance process, establishing direct correspondent banking relationships to support its U.S. payments business, the management of employee and customer transitions, the Company’s liquidity position during the cessation and discontinuance period, financial performance in fiscal 2025 and 2026, and the associated costs and outcomes of the cessation and discontinuance period in general. Forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “preliminary,” “project,” “will,” “would,” and similar terms and phrases, including references to assumptions. 

    Forward-looking information is based on the opinions and estimates of management at the date such information is provided and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, and assumptions that could cause the Company’s actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the inability of the Company to complete the cessation of EBC and discontinuance in accordance with applicable regulatory and legal requirements on a basis which is cost effective and protects the goodwill of the Company, an inability to establish direct correspondent banking relationships to support its U.S. payments business on terms which are economic or at all, the impact of delays or challenges in obtaining regulatory approvals, a failure to obtain the necessary approvals for referral agreements for customers and selected employees or an inability to conclude such arrangements on a basis which is beneficial to the Company and its selected employees, an inability to manage one-time wind-down costs and severance obligations on cost-effective basis, potential disruptions to operations during the transition period. the risk of reduced liquidity during the transition periods and, generally, the potential for unforeseen liabilities arising during or after the cessation of operations and discontinuance of EBC. 

    Additional risks include the ability of the Company to comply with regulatory requirements in general, the competitive nature of the foreign exchange industry, the impact of geo political changes, and trade wars on factors relevant to the Company’s business, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, unexpected losses or challenges associated with customer attrition during the discontinuance, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, as well as the factors identified throughout this press release and in the section entitled “Financial Risk Factors” of the Company’s Management’s Discussion and Analysis for the twelve months ended October 31, 2024. 

    The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events, or otherwise, except as required under applicable securities laws. 

    The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained in this press release. 

    The MIL Network –

  • MIL-OSI: Bitfarms Appoints James Bond as Senior Vice President of High-Performance Computing

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 26, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global Bitcoin and vertically integrated data center company, today announced that it has appointed James Bond as Senior Vice President of High-Performance Computing (“HPC”).

    Mr. Bond is a subject matter expert in HPC/AI with a proven record of launching new cloud and service provider offerings for large scale data centers across the U.S. He has over 20 years’ experience in public sector solution architecture and IT infrastructure design and implementation, including 15 years at Hewlett Packard Enterprise (“HPE”) where he most recently led their North America HPC/AI infrastructure platforms category. Under his leadership, the business grew to $2 billion in 2024, representing annual growth of 160%. At HPE North America, Mr. Bond was responsible for all HPC/AI go-to-market activities including the creation of new customer offerings, designing sales and pricing programs, managing partners, including NVIDIA, Intel and others, and managing net new logo sales and business development teams.

    Prior to HPE, Mr. Bond led all product development, engineering, marketing, operations, and pre-sales business development for Apptix, the largest (at the time) Application Service Provider for Microsoft Exchange, SharePoint, and Unified Communications. Prior to Apptix, Mr. Bond served as the Chief Technology Officer and Co-Founder of IceWEB, where he created one of the first fully automated software-as-a-service (SaaS) cloud offerings, before cloud and SaaS terms were coined.

    Mr. Bond is also the author of “The Enterprise Cloud” and a keynote speaker at industry events nation-wide, covering topics, such as the benefits of on-premise and hybrid cloud, AI/GenAI use cases, and how to build and deploy AI infrastructure including GPUs, HPC storage, and power/cooling specifically tuned for AI workloads. He holds a Bachelor’s Degree in Computer and Information Science from the University of Maryland.

    CEO Ben Gagnon stated, “We are thrilled to welcome James into this critically important role for Bitfarms. James, and the team he builds around him, will spearhead the development and implementation of our long-term HPC/AI strategy. With our Pennsylvania pipeline of 1.1GW of secured power, we are in a strong position to develop an HPC/AI business geared for scale in the U.S. James’ impressive track record of implementing HPC solutions at scale and driving exponential growth for HPE’s HPC business makes him the ideal candidate to lead this new growth chapter at Bitfarms.”

    James Bond stated, “I am excited to join the talented team at Bitfarms at such a pivotal time in their growth trajectory. I look forward to leveraging their premium Pennsylvania properties, existing data centers, and power capacity to deploy a world-class high-performance computing infrastructure to host state-of-the-art artificial intelligence solutions for future customers.”

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global Bitcoin and vertically integrated data center company that sells its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers.

    Bitfarms currently has 15 operating Bitcoin data centers in four countries: the United States, Canada, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

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

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

    Glossary of Terms

    • HPC/AI = High Performance Computing / Artificial Intelligence
    • GW = Gigawatt

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the ability to enhance the business of the Company through adding additional human resources to HPC/AI strategies, opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the merits and ability to secure long-term contracts associated with HPC/AI customers, the North American energy and compute infrastructure strategy, projected growth, target hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the anticipated benefits of the rebalancing of operations to North America and the North American energy and compute infrastructure strategy may not be realized; an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of the Company’s facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risk that a material weakness in internal control over financial reporting could result in a misstatement of the Company’s financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the restated MD&A for the year-ended December 31, 2023, filed on December 9, 2024. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by the Company. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contacts:

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

    Media Contacts:

    Caroline Brady Baker
    Director, Communications
    cbaker@bitfarms.com

    The MIL Network –

  • MIL-OSI USA: March 25th, 2025 VIDEO: Heinrich Demands Answers from Trump Administration Intelligence Officials on Dangerous and Illegal Handling of Highly Sensitive National Security Information on Signal Group Chat, Emphasizes Stark Contradiction of Trump Position on Canada as Major Driver of Fentanyl Crisis in U.S. Crisis in U.S.

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON – During a U.S. Senate Select Committee on Intelligence hearing on national security threats to the United States, U.S. Senator Martin Heinrich (D-N.M.) demanded answers from senior Trump Administration intelligence officials, including Director of the Central Intelligence Agency (CIA) John Ratcliffe and Director of National Intelligence Tulsi Gabbard, on the reckless, dangerous, and illegal handling of highly sensitive war plans in Yemen, risking the lives of American troops.

    Heinrich also questioned Gabbard on the Intelligence Community’s Annual Threat Assessment (ATA) omission of Canada as a source of illicit fentanyl, despite the Trump Administration characterizing its role in the United State’s fentanyl crisis as “massive,” and an “unusual and extraordinary threat.” 

    VIDEO: U.S. Senator Martin Heinrich (D-N.M.) demands answers from top Trump Administration intelligence officials on Signal chat leak, omission of Canada from Annual Threat Assessment regarding its role in driving America’s fentanyl crisis, March 25, 2025.

    On reckless, dangerous, and illegal handling of highly sensitive information about war plans in Signal group chat: 

    Heinrich began his questioning, “Director Ratcliffe, I want to start with you. Who determined that the content of this discussion on Signal was not classified?”

    Director Ratcliffe responded to the Senator, dodging his question, “I guess I’m not, well… for example, I can speak to my personal knowledge that there was no classified agent— …”

    Heinrich doubled down on Ratcliffe’s non-answer, asking whether it was only Ratcliffe who personally declassified the highly sensitive information “There was an agent mentioned as part of this story. Normally that would be classified information. So, I guess what I’m asking actually, did you just determine it was not classified, or was there any declassification after the fact?” 

    Director Ratcliffe responded, once again dodging Heinrich’s question regarding the declassification of highly sensitive information on war plans in Yemen, “So to be clear, so everyone understands the process, as we talked about, Signal is a permissible use.” 

    Heinrich said, “I understand that.” 

    Director Ratcliffe “I understand the CIA has been approved by the White House for senior officials and recommended by high level officials who would be targeted by foreign adversaries to use an end-to-end encrypted apps whenever possible, like Signal. In this case, what the National Security Adviser did was to request through a Signal message that there be coordination…”

    Heinrich pressed Director Ratcliffe on whether it occurred to him to move the conversation to the “high side,” which is the secure, classified network where sensitive information is handled, “Did it occur to you, that given the sensitive nature of this discussion,  it could just move to the high side?”

    Director Ratcliffe responded to Heinrich, once again deflecting his question, “… So, I think [this] clearly reflects [how] the National Security Advisor intended this to be, as it should have been, a mechanism for coordinating between senior level officials, but not a substitute for using high side or classified communications for anything that would be classified. And I think that that is exactly what did happen.”

    On whether the Signal chat on war plans in Yemen contained information on weapons packages, targets, or timing: 

    Heinrich shifted the conversation to whether the Signal chat between top intelligence officials contained information that could endanger the lives of American troops, as the Atlantic reported, “So I’m curious, did this conversation at some point include information on weapons packages, targets, or timing?”

    Director Ratcliffe answered Heinrich by denying the existence of this information in the Signal chat, in direct opposition to reporting by the Atlantic, “No that I’m aware of.”

    Heinrich then asked the National Intelligence Director, Tulsi Gabbard, the same question. 

    Director Gabbard responded, deferring the question to the Department of Defense, “Same answer, and defer to the Department of Defense on that question.”

    Heinrich followed up with Gabbard, doubling down on his question on whether the correspondence contained information on weapons packages, targets, or timing, “Well those are two different answers, but you’re saying that that was not part of the conversation?”

    Gabbard responded, “To my knowledge.”

    On Trump Administration omitting Canada in Annual Threat Assessment (ATA) on fentanyl crisis in the United States, despite President Donald Trump labeling Canada as an “unusual and extraordinary threat” in driving illicit fentanyl: 

    Heinrich questioned Director Gabbard, “I wanted to ask you something on a very different track here. I very much agree with the conclusion of the ATA that foreign illicit drug actors are a major threat in the United States, and many of you have spoken to this today. Is the Intelligence Community wrong in its omission of Canada as a source of illicit fentanyl in the ATA? I was surprised, given some of the [Trump Administration] rhetoric that there is no mention of Canada in the ATA.”

    Director Gabbard responded to Heinrich, “Senator, the focus in my opening and the ATA was really to focus on the most extreme threats in that area. And our assessment is that the most extreme threat related to fentanyl, continues to come from and through Mexico.”

    Heinrich emphasized the stark contradiction from the Administration on Canada’s role in the United States’ fentanyl crisis, which Trump used as justification for putting tariffs on Canada, “So the President has stated that the fentanyl coming through Canada is massive, and actually said it was “an unusual and extraordinary threat,” and that was the language that was used to justify putting tariffs on Canada. I’m just trying to reconcile those two issues. Is it an unusual and extraordinary threat? Or is it a minor threat that doesn’t even merit mention in the Annual Threat Assessment?”

    Director Gabbard deflected the Senator’s question, “Senator, I don’t have the numbers related to Canada in front of me at this time, I’d like to get back to you on the specifics of that answer.”

    Heinrich remarked, “It’s less than 1% of fentanyl that we are able to interdict, but if you have different information, I would very much welcome that.”

    MIL OSI USA News –

  • MIL-OSI: BlackRock® Canada Announces Final March Cash Distributions for the iShares® Premium Money Market ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 25, 2025 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the final March 2025 cash distributions for the iShares Premium Money Market ETF. Unitholders of record on March 26, 2025 will receive cash distributions payable on March 31, 2025.

    Details regarding the final “per unit” distribution amounts are as follows:

    Fund Name Fund
    Ticker    		 Cash
    Distribution
    Per Unit
    iShares Premium Money Market ETF CMR $0.121

    Further information on the iShares ETFs can be found at http://www.blackrock.com/ca.

    About BlackRock
    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @BlackRockCA

    About iShares ETFs
    iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.2 trillion in assets under management as of December 31, 2024, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

    iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

    Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

    Contact for Media:
    Sydney Punchard
    Email: Sydney.Punchard@blackrock.com

    The MIL Network –

  • MIL-OSI Security: Whitehorse — Whitehorse RCMP seek public assistance in locating Reuben Huebschwerlen

    Source: Royal Canadian Mounted Police

    RCMP is seeking public assistance in locating 32-year-old Reuben Huebschwerlen who was last seen approximately 1 pm on Friday, March 21, 2025. His photo is attached to this news release.

    Police are concerned for Mr. Huebschwerlen’s well being. He was last seen wearing a Chicago Blackhawks or Bulls Jersey.

    Anyone with information on the whereabouts of Mr. Huebschwerlen is asked to contact the Whitehorse RCMP immediately at 867-667-5555.

    MIL Security OSI –

  • MIL-OSI New Zealand: Universities – ‘Tech bro’ culture stifling startup sector – academics – UoA

    Source: University of Auckland (UoA)

    You might have heard the term ‘tech bro’ – a shorthand for the hypermasculine culture synonymous with the startup world. But while it’s often associated with Silicon Valley, that same culture is alive and well in New Zealand’s innovation scene too, say researchers Professor Anne de Bruin and Dr Janine Swail.

    Entrepreneurial ecosystems: the networks, organisations, and funding systems that support startup ventures, might seem open to all. But they’re far from gender neutral, the researchers say.

    “The strong association of masculine traits with entrepreneurship persists, hindering gender equity,” says de Bruin.

    In a new paper, de Bruin and Swail examine how gender dynamics shape startup ecosystems, and how feminist theories can be used to make them more inclusive and equitable.

    “If you think about Auckland’s startup sector, it’s still pretty ‘tech bro’,” says Swail. “We need to rethink what it means to be inclusive in entrepreneurship.”

    She says this starts with challenging the norms that shape entrepreneurial culture – norms that can make women and non-binary people feel unwelcome.

    “Imagine you’re a female deep-tech entrepreneur looking for a lab or an accelerator programme,” says Swail. “You walk into a space that feels overwhelmingly masculine; in-jokes, blokey language, a boys club. It can be difficult to feel like you belong, let alone thrive.”

    One of the biggest barriers? Unacknowledged gender bias baked into the structures and language of entrepreneurship. De Bruin points to New Zealand’s finance ecosystem, where most venture capitalists are men.

    “The way people communicate and operate in that world is often coded in a very masculine way. Language matters, and when we start to unpack it, we see how women and others are often excluded, even unintentionally.”

    If New Zealand wants to develop a genuinely diverse startup sector, we need to question who it’s built for, and who’s being left out.

    Feminist theories argue for a shift from accepting the status quo to actively creating gender-equitable ecosystems.

    One international organisation the researchers point to doing just that is Coralus (originally SheEO). Formerly led in New Zealand by Dame Theresa Gattung, Coralus was launched in Canada in 2015 as an experiment in more equitable funding for women and nonbinary people. Since then, it has flipped the traditional funding model favouring male-led ventures and distributed nearly $19 million to more than 190 female- and non-binary-led ventures using a collective decision-making model.

    “By challenging traditional funding structures, Coralus reimagines what an entrepreneurial ecosystem can look like,” says Swail. “Even the name change – from SheEO to Coralus – reflects a broader, more inclusive vision.”

    If New Zealand wants to develop a genuinely diverse startup sector, we need to question who it’s built for, and who’s being left out, says de Bruin. “We can create new pathways and build a future for entrepreneurship that’s more inclusive, more equitable, and ultimately, more innovative.”

    MIL OSI New Zealand News –

  • MIL-OSI: Prospera Energy Inc. Announces Service Rig Update, Closing of Acquisition, Warrant Amendments, Stock Option Grant, and Shares-for-Debt Settlement

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 25, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera“, “PEI” or the “Corporation“)

    Service Rig Update
    Prospera Energy completed a total of thirty-two workovers and reactivations in Q1 2025 before releasing service rigs for spring break-up on March 20th. This included sixteen service rig jobs in Hearts Hill, eleven jobs in Luseland which consisted primarily of high-impact reactivations, and five jobs in Cuthbert. The Corporation will release further information in the March operations update scheduled for release later this month.

    Acquisition Closing
    Prospera Energy announces it has successfully closed the 10% working interest in each of the Hearts Hill, Luseland, and Cuthbert properties from an arm’s length joint venture partner. The total purchase price for this transaction was $1,792,646, consisting of $400,000 in cash to be paid over 16 months, $200,000 in equity through the issuance of 3,076,923 PEI common shares at a price of $0.065 per share, subject to a six-month hold period, and forgiveness of all outstanding debts totaling $1,192,646 owed by the joint venture partner. Furthermore, 3,076,923 warrants were issued, allowing the holder to acquire one PEI common share at a price of $0.10 in the first year and $0.15 in the second year.

    Warrant Amendments Update
    Further to its January 9th, 2025, announcement, Prospera provides an update on the amended terms of outstanding warrants:

    • The expiry date for all 15,330,000 warrants has been extended by one year, now expiring on February 14th, 2026.
    • 13,363,000 of the 15,330,000 warrants have been repriced to $0.06, while 1,967,000 remain priced at $0.09.
    • An accelerated expiry clause has been introduced, whereby the exercise period of the warrants will be reduced to 30 days if, for any ten consecutive trading days during the unexpired term of the warrant the closing price of the listed shares exceeds $0.075.

    Stock Option Grant
    Prospera has granted a total of 2,000,000 options at $0.05 pursuant to its incentive stock option plan to management. Each option allows the holder to acquire one common share of the Corporation at an exercise price of $0.05 per share. The options are exercisable for a period of three years, in accordance with the terms of the plan.

    Shares for Debt
    The Corporation has settled $72,765.48 in outstanding interest expense owed to debenture holders through the issuance of 1,455,309 common shares at a price of $0.05 per share.

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

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

    For Further Information:

    Shawn Mehler, PR
    Email: investors@prosperaenergy.com

    Chris Ludtke, CFO
    Email: cludtke@prosperaenergy.com

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: Dundee Corporation Delivers on Strategic Goals and Reports 2024 Profit

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 25, 2025 (GLOBE NEWSWIRE) — “2024 marked a transformative year for Dundee with broad positive performance in our core strategy and key initiatives that further align our capital structure with our long-term growth objectives,” said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. “During the third quarter, we sold 11 million shares of our position in G Mining Ventures Corp. (“G Mining”) for proceeds of $95.9 million, which was partially used to redeem both classes of our preferred shares and substantially pay down our outstanding loan balance. The redemption of the preferred shares and repayment of our corporate loan is a significant milestone, reducing our cash outflows, enhancing our financial flexibility and positioning Dundee for continued, sustainable growth for the long-term. As we move into 2025, our focus is increasingly on broadening Dundee’s sources of cash flow. Development of the Borborema Project, where we hold an attractive royalty, is progressing well, according to its operator, Aura Minerals Inc., with ramp-up scheduled for early 2025 and commercial production expected in the latter half of the year. This key milestone marks a pivotal step in reinforcing Dundee’s financial position and highlights our ongoing efforts to establish income streams that support our long-term growth objectives.”

    “In addition, we continue to make considerable progress in simplifying Dundee as we shed non-core businesses and investments and free up our capital and talent which can be deployed more strategically. In September, we announced our exit from the investment management business with the divestiture of our flow-through funds which will position us to operate with greater agility in the mining sector. Post year-end, we announced that the ownership group of Android, of which we are 20%, has agreed to sell its interest in the company which demonstrates continued rationalization of the non-core legacy assets and enables us to recycle capital into our core mining business.

    Mr. Goodman concluded: “The entire team at Dundee continues to work diligently to implement and execute our strategy across all fronts. I am encouraged by our ability to sustain and grow our momentum into 2025 as we look forward to the opportunities ahead of us. Our team remains committed to growing the core business, and positioning Dundee to deliver long-term, sustainable value for our stakeholders, shareholders and partners. I would like to thank the entire team for their hard work in navigating a time of continued evolution.”

    SOLID YEAR-END 2024 RESULTS

    • In August 2024, the Corporation sold 11.0 million shares of G Mining Ventures Corp. (“G Mining”) for net proceeds to the Corporation of $95.9 million. Subsequent to year-end, the Corporation sold its remaining 2.9 million shares of G Mining for net proceeds of $45.3 million.
    • Upon the partial sale of G Mining in August of 2024, the Corporation partially repaid $14.0 million of its outstanding loan with Earlston Investments Corp. in 2024 and paid the remaining $5.0 million of loan principal in 2025.
    • In September 2024, the Corporation paid an aggregate of $46.7 million to exercise its option to redeem all its outstanding Preference Shares Series 2 and Preference Shares Series 3 at a price of $25.00 per share and pay the final associated dividends.
    • Subsequent to year-end, Dundee announced the sale of its interest in Android Industries, L.L.C. (“Android”) for cash proceeds of approximately $24.5 million at closing, with additional proceeds payable contingent upon the release of all escrows.
    • In December 2024, the Corporation announced its exit from the investment management business with the divesture of its flow-through related investment management contracts for nominal consideration, aligning internal resources to our long-term strategic priorities.
    • In the third quarter of 2024, Dundee backstopped an $8.0 million rights offering for Maritime Resources Corp. (“Maritime”) and made purchases pursuant to private agreements to acquire approximately 253.0 million common shares of the company and increase our undiluted ownership interest to 43%. The Corporation earned 33.2 million compensation warrants for backstopping the rights offering. Subsequent to year-end, Dundee exercised warrants to acquire 11.8 million additional common shares of Maritime, increasing Dundee’s undiluted ownership interest to 44%.
    • Reported net loss from all portfolio investments for the fourth quarter of 2024 of $2.1 million (2023 – loss of $0.8 million). The key drivers during the quarter included a $4.3 million and $2.9 million market depreciation in the Corporation’s investments in Saturn Metals Limited (“Saturn Metals”) and Ausgold Limited (“Ausgold”), respectively, offset by a $3.7 million investment gain in G Mining. For 2024, the Corporation reported net income from portfolio investments of $65.9 million (2023 – loss of $23.0 million). The top performer of 2024 was the $53.6 million fair value gain in Reunion Gold Corporation.
    • In October 2024, the Corporation announced the completion of the sale of 8,000 shares of TauRx Pharmaceuticals Ltd. to a private investor at a price of US$125.00 per share for proceeds of US$1.0 million (Cdn$1.4 million).
    • Reported consolidated general and administrative expenses for the fourth quarter of $3.8 million (2023 – $2.5 million). For 2024, the Corporation reported consolidated general and administrative expenses of $16.3 million (2023 – $16.1 million).
    • Reported net loss attributable to owners of the Corporation for the fourth quarter of 2024 of $8.2 million (2023 – $2.8 million). For 2024, the Corporation reported net earnings attributable to owners of the Corporation of $59.1 million (2023 – loss of $38.8 million), or earnings of $0.64 per share (2023 – a loss of $0.43 per share).

    SEGMENTED FINANCIAL RESULTS

    Mining Investments

    In the fourth quarter of 2024, the Corporation reported a net loss before taxes from the mining investments segment of $4.2 million (2023 – $1.6 million). Performance from the mining portfolio investments incurred a total loss of $2.6 million (2023 – $1.3 million), which is included in net earnings or loss from this segment. Key drivers during the quarter included a $4.3 million and $2.9 million market depreciation in the Corporation’s investments in Saturn Metals and Ausgold, respectively, offset by a $3.7 million investment gain in G Mining Ventures Corp. (“G Mining”). The share of losses from equity accounted mining investments during the fourth quarter of 2024 was $1.6 million (2023 – $0.3 million).

    During 2024, the Corporation reported net earnings before taxes from the mining investments segment of $61.6 million (2023 – loss of $24.0 million). Performance from the mining investments portfolio contributed $62.5 million (2023 – loss of $24.0 million) to net earnings or loss before taxes in this segment. The key driver of performance during the current year was a $53.6 million market appreciation in the Corporation’s investment in Reunion Gold Corporation, prior to the business combination with G Mining. The share of losses from equity accounting mining investments during 2024 was $1.7 million (2023 – $2.2 million).

    Corporate and others

    The Corporation reported a pre-tax loss from the corporate and others segment, including non-core subsidiaries, of $0.5 million (2023 – $0.3 million) during the three months ended December 31, 2024. During 2024, the corporate and others segment reported pre-tax earnings of $5.5 million (2023 – loss of $12.0 million).

    The fair value of non-mining portfolio investments in the corporate and others segment increased by $0.5 million (2023 – $0.5 million) during the fourth quarter of the current year. The fair value of portfolio investments in this segment increased by $3.4 million (2023 – $1.1 million) during 2024.

    In the fourth quarter, the segment’s non-mining equity accounted investments reported pre-tax earnings of $1.9 million (2023 – $0.3 million). During the same period, the segment’s subsidiaries reported pre-tax losses of $0.1 million (2023 – $0.1 million). During 2024, the segment’s non-mining equity accounted investments reported pre-tax earnings of $1.5 million (2023 – loss of $1.9 million), while subsidiaries reported pre-tax losses of $1.3 million (2023 – $3.2 million).

    Mining Services

    During the three months ended December 31, 2024, the mining services segment, comprised of the Corporation’s 78%-owned subsidiary, Dundee Sustainable Technologies Inc. (“Dundee Technologies”), reported a pre-tax loss of $4.5 million (2023 – $1.2 million), which included a $2.9 million impairment charge to intangible assets and receivables. During 2024, Dundee Technologies incurred a pre-tax loss of $7.9 million (2023 – $4.3 million).

    SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS

           
    Carrying value as at December 31,   2024       2023  
    Mining Investments      
    Portfolio investments $ 95,490     $ 126,671  
    Equity accounted investments   30,013       15,731  
    Royalty   18,921       18,921  
        144,424       161,323  
    Corporate and Others      
    Corporate   32,976       18,342  
    Portfolio investments ‒ other   70,495       68,482  
    Equity accounted investments ‒ other   30,240       28,874  
    Real estate joint ventures   2,364       2,852  
    Subsidiaries   3,403       7,738  
        139,478       126,288  
    Mining Services      
    Subsidiaries   (208 )     2,439  
    Equity accounted investment   –       98  
        (208 )     2,537  
           
    SHAREHOLDERS’ EQUITY $ 283,694     $ 290,148  
    Less: Shareholders’ equity attributable to holders of:      
    Preference Shares, series 2   –       (27,667 )
    Preference Shares, series 3   –       (18,125 )
    SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO CLASS A SUBORDINATE SHARES AND CLASS B SHARES OF THE CORPORATION $ 283,694     $ 244,356  
           
    Number of shares of the Corporation issued and outstanding:      
    Class A Subordinate Shares   86,269,735       85,832,805  
    Class B Shares   3,114,491       3,114,491  
    Total number of shares issued and outstanding   89,384,226       88,947,296  
           
    SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS * $ 3.17     $ 2.75  

    * Shareholders’ Equity on a per share basis is calculated as total shareholders’ equity per the financial statements, less the carrying amount of Preference shares, series 2 and series 3, and divided by the total number of Class A and Class B shares issued and outstanding.

    The Corporation’s audited consolidated financial statements as at and for years ended December 31, 2024 and 2023, along with the accompanying management’s discussion and analysis, as well as the Annual Information Form, have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed by interested parties under the Corporation’s profile at www.sedarplus.ca or the Corporation’s website at www.dundeecorporation.com.

    ABOUT DUNDEE CORPORATION:

    Dundee Corporation is a public Canadian independent mining-focused holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. The Corporation is primarily engaged in acquiring mineral resource assets. The Corporation operates with the objective of unlocking value through strategic investments in mining projects globally. Our team conducts due diligence in order to assess the geological, technical, environmental, and financial merits and risks of each project and looks to deploy capital where it can either seek to generate investment returns or where the Corporation can collaborate with operating partners and take strategic partnerships through direct interests in mining operations.

    FORWARD-LOOKING STATEMENTS:

    This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

    FOR FURTHER INFORMATION PLEASE CONTACT:

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

    The MIL Network –

  • MIL-Evening Report: Trump silences Voice of America – end of a propaganda machine or void for China and Russia to fill?

    ANALYSIS: By Valerie A. Cooper, Te Herenga Waka — Victoria University of Wellington

    Of all the contradictions and ironies of Donald Trump’s second presidency so far, perhaps the most surprising has been his shutting down the US Agency for Global Media (USAGM) for being “radical propaganda”.

    Critics have long accused the agency — and its affiliated outlets such as Voice of America, Radio Free Europe and Radio Free Asia — of being a propaganda arm of US foreign policy.

    But to the current president, the USAGM has become a promoter of “anti-American ideas” and agendas — including allegedly suppressing stories critical of Iran, sympathetically covering the issue of “white privilege” and bowing to pressure from China.

    Propaganda is clearly in the eye of the beholder. The Moscow Times reported Russian officials were elated by the demise of the “purely propagandistic” outlets, while China’s Global Times celebrated the closure of a “lie factory”.

    Meanwhile, the European Commission hailed USAGM outlets as a “beacon of truth, democracy and hope”. All of which might have left the average person understandably confused: Voice of America? Wasn’t that the US propaganda outlet from World War II?

    Well, yes. But the reality of USAGM and similar state-sponsored global media outlets is more complex — as are the implications of the US agency’s demise.

    Public service or state propaganda?
     The USAGM is one of several international public service media outlets based in Western democracies. Others include Australia’s ABC International, the BBC World Service, CBC/Radio-Canada, France Médias Monde, NHK-World Japan, Deutsche Welle in Germany and SRG SSR in Switzerland.

    Part of the Public Media Alliance, they are similar to national public service media, largely funded by taxpayers to uphold democratic ideals of universal access to news and information.

    Unlike national public media, however, they might not be consumed — or even known — by domestic audiences. Rather, they typically provide news to countries without reliable independent media due to censorship or state-run media monopolies.

    The USAGM, for example, provides news in 63 languages to more than 100 countries. It has been credited with bringing attention to issues such as protests against covid-19 lockdowns in China and women’s struggles for equal rights in Iran.

    On the other hand, the independence of USAGM outlets has been questioned often, particularly as they are required to share government-mandated editorials.

    Voice of America has been criticised for its focus on perceived ideological adversaries such as Russia and Iran. And my own research has found it perpetuates stereotypes and the neglect of African nations in its news coverage.

    Leaving a void
     Ultimately, these global media outlets wouldn’t exist if there weren’t benefits for the governments that fund them. Sharing stories and perspectives that support or promote certain values and policies is an effective form of “public diplomacy”.

    Yet these international media outlets differ from state-controlled media models because of editorial systems that protect them from government interference.

    The Voice of America’s “firewall”, for instance, “prohibits interference by any US government official in the objective, independent reporting of news”. Such protections allow journalists to report on their own governments more objectively.

    In contrast, outlets such as China Media Group (CMG), RT from Russia, and PressTV from Iran also reach a global audience in a range of languages. But they do this through direct government involvement.

    CMG subsidiary CCTV+, for example, states it is “committed to telling China’s story to the rest of the world”.

    Though RT states it is an autonomous media outlet, research has found the Russian government oversees hiring editors, imposing narrative angles, and rejecting stories.

    A Voice of America staffer protests outside the Washington DC offices on March 17, 2025, after employees were placed on administrative leave. Image: Getty Images/The Conversation

    Other voices get louder
     The biggest concern for Western democracies is that these other state-run media outlets will fill the void the USAGM leaves behind — including in the Pacific.

    Russia, China and Iran are increasing funding for their state-run news outlets, with China having spent more than US$6.6 billion over 13 years on its global media outlets. China Media Group is already one of the largest media conglomerates in the world, providing news content to more than 130 countries in 44 languages.

    And China has already filled media gaps left by Western democracies: after the ABC stopped broadcasting Radio Australia in the Pacific, China Radio International took over its frequencies.

    Worryingly, the differences between outlets such as Voice of America and more overtly state-run outlets aren’t immediately clear to audiences, as government ownership isn’t advertised.

    An Australian senator even had to apologise recently after speaking with PressTV, saying she didn’t know the news outlet was affiliated with the Iranian government, or that it had been sanctioned in Australia.

    Switched off
     Trump’s move to dismantle the USAGM doesn’t come as a complete surprise, however. As the authors of Capturing News, Capturing Democracy: Trump and the Voice of America described, the first Trump administration failed in its attempts to remove the firewall and install loyalists.

    This perhaps explains why Trump has resorted to more drastic measures this time. And, as with many of the current administration’s legally dubious actions, there has been resistance.

    The American Foreign Service Association says it will challenge the dismantling of the USAGM, while the Czech Republic is seeking EU support to keep Radio Free Europe and Radio Liberty on the air.

    But for many of the agency’s journalists, contractors, broadcasting partners and audiences, it may be too late. Last week, The New York Times reported some Voice of America broadcasts had already been replaced by music.

    Dr Valerie A. Cooper is lecturer in media and communication, Te Herenga Waka — Victoria University of Wellington.  This article is republished from The Conversation under a Creative Commons licence. Read the original article.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Petrus Resources Announces Fourth Quarter and Year-End 2024 Financial, Operating & Reserves Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 25, 2025 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to report financial and operating results as at and for the three and twelve months ended December 31, 2024 and to provide 2024 year end reserves information as evaluated by Insite Petroleum Consultants Ltd. (“Insite”). The Company’s Management’s Discussion and Analysis (“MD&A”) and audited consolidated financial statements are available on SEDAR+ (the System for Electronic Document Analysis and Retrieval) at www.sedarplus.ca.

    Q4 2024 HIGHLIGHTS:

    • Dividends – Throughout the fourth quarter Petrus paid a dividend of $0.01 per share per month, totaling $3.7 million. Including the dividend declared on March 3, 2025 payable on March 31, 2025, Petrus will have cumulatively paid $0.18 per share, or $22.4 million in dividends since the company began paying dividends in Q4 2023. Based on the average closing share price at March 24, 2025 of $1.36 per share, the current dividend yield is approximately 9% annually.
    • Production – Production for the fourth quarter of 2024 averaged 9,066 boe/d(1), which was relatively flat compared to 9,215 boe/d in the third quarter of 2024, as natural declines were largely offset by new wells that were brought on production in December 2024.
    • Natural Gas Liquids (NGL) production – NGL production increased to 1,810 bbl/d in the fourth quarter of 2024, up 24% compared to 1,465 bbl/d in the third quarter of 2024. Strategic efforts to improve NGL recoveries resulted in the NGL yield increasing by 25%, from 40 bbl/mmcf of gas in Q4 2023 to 50 bbl/mmcf of gas in Q4 2024.
    • Commodity prices – Total realized price was $26.45/boe in the fourth quarter of 2024, up 10% from $24.07/boe in the third quarter of 2024. Increases were seen across all commodities, with the most notable change in realized natural gas pricing, which was up 101% compared to the prior quarter.
    • Funds flow(2)– Petrus generated funds flow of $12.5 million in the fourth quarter of 2024 compared to $10.7 million in the third quarter of 2024. The 17% increase is due to the higher natural gas prices combined with higher NGL production volumes.
    • Net debt(2)– Net debt was $60.1 million at the end of Q4 2024, which was down $0.3 million compared to the end of the prior quarter.

    2024 ANNUAL HIGHLIGHTS:

    • Commodity prices – Total realized price was $27.24/boe in 2024, a decrease of 18% from $33.31/boe in 2023. Realized natural gas prices declined by 47% from $3.01/mcf in 2023 to $1.60/mcf in 2024.
    • Capital expenditures – Total capital expenditures were $31.8 million in 2024, down from $86.8 million in 2023 as the Company reduced its capital expenditures program in response to lower natural gas prices.
    • Natural Gas Liquids (NGL) production – NGL production was higher by 3% in 2024, increasing to 1,623 bbl/d compared to 1,575 bbl/d in 2023.
    • Production – Production for 2024 averaged 9,382 boe/d(1), as compared to 10,301 boe/d in 2023. The 9% decrease was primarily due to natural declines and a reduced capital program.
    • Funds flow(2)– Petrus generated funds flow of $50.1 million in 2024 compared to $78.0 million in 2023. The 36% decrease was due to a combination of lower natural gas prices and reduced production.
    • Net debt(2)– Petrus reduced net debt by $2.5 million from $62.6 million at year end 2023 to $60.1 million at year end 2024.

    2025 OUTLOOK(3)

    In 2025, Petrus will continue to execute its strategy of disciplined capital investment, focusing on projects that sustain production, increase liquids weighting, enhance capital efficiency, and drive free funds flow. On February 12, 2025, we announced our 2025 capital budget and guidance, available under the ‘News & Events’ section of our website.

    The 2025 capital program began early in the year with a return to drilling in Ferrier. Completion operations were carried out in February and new wells were brought on before the end of the first quarter of 2025. Additionally, construction of the 12-kilometer expansion of the North Ferrier pipeline was completed in March. This infrastructure investment will further improve access to undeveloped lands and allow the Company to transport both its own and third-party natural gas to the Petrus’ operated Ferrier gas plant, providing cost-effective processing and the opportunity to generate additional revenue through third-party fees.

    For the balance of 2025, the Company has hedged approximately 53% of forecasted production at an average of $2.67/GJ for natural gas and CAD$94.81/bbl for oil. The Company is well-positioned to carry out its 2025 capital program and achieve guidance targets. As always, Petrus will closely monitor market conditions and is prepared to adjust its capital program as needed, guided by its commitment to delivering sustainable returns to shareholders.

    FOURTH QUARTER AND YEAR-END 2024 CONFERENCE CALL

    Date: March 26, 2025
    Time: 9:00 am (mountain time)
    Please refer to the events page on Petrus’ website for conference call details and links: www.petrusresources.com/events

    ANNUAL GENERAL MEETING

    The Company’s Annual General Meeting will be held on Wednesday May 21, 2025 at 1:30 pm (mountain time).
    Please refer to the events page on Petrus’ website for location details: www.petrusresources.com/events

    For further information, please contact:

    Ken Gray, P.Eng.
    President and Chief Executive Officer
    T: (403) 930-0889
    E: kgray@petrusresources.com

    (1)Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production & Product Type Information” for further details.
    (2)Non-GAAP financial measure or non-GAAP ratio. Refer to “Non-GAAP and Other Financial Measures”.
    (3)Refer to “Advisories – Forward-Looking Statements”.

    SELECTED FINANCIAL INFORMATION

    OPERATIONS Twelve months
    ended     

    Dec. 31, 2024

    		 Twelve months
    ended

    Dec. 31, 2023

    		 Three months
    ended

    Dec. 31, 2024

    		 Three months
    ended

    Sept. 30, 2024

    		 Three months
    ended

    Jun. 30, 2024

    		 Three months
    ended

    Mar. 31, 2024
    Average Production            
    Natural gas (mcf/d) 38,149   42,779   36,178   37,368   38,908   40,174  
    Oil and condensate(1) (bbl/d) 1,400   1,595   1,226   1,522   1,322   1,529  
    NGLs (bbl/d) 1,623   1,575   1,810   1,465   1,664   1,557  
    Total (boe/d) 9,382   10,301   9,066   9,215   9,471   9,783  
    Total (boe)(1) 3,433,994   3,760,004   834,111   847,760   861,838   890,267  
    Liquids weighting 32 % 31 % 33 % 32 % 32 % 32 %
    Realized Prices            
    Natural gas ($/mcf) 1.60   3.01   1.61   0.80   1.41   2.54  
    Oil and condensate(1) ($/bbl) 94.35   95.61   93.60   90.80   103.77   90.38  
    NGLs ($/bbl) 38.44   39.31   36.90   36.81   37.25   43.09  
    Total realized price ($/boe) 27.24   33.31   26.45   24.07   26.81   31.42  
    Royalty income 0.05   0.09   0.03   0.05   0.05   0.07  
    Royalty expense (3.66 ) (4.59 ) (3.85 ) (3.06 ) (3.83 ) (3.89 )
    Gain (loss) on risk management activities —   0.40   —   —   —   —  
    Net oil and natural gas revenue ($/boe) 23.63   29.21   22.63   21.06   23.03   27.60  
    Operating expense (5.93 ) (6.25 ) (5.89 ) (6.10 ) (4.96 ) (6.76 )
    Transportation expense (1.55 ) (1.63 ) (1.44 ) (1.46 ) (1.46 ) (1.81 )
    Operating netback(2)($/boe) 16.15   21.33   15.30   13.50   16.61   19.03  
    Realized gain (loss) on financial derivatives 2.02   2.14   3.04   2.49   (0.36 ) 2.90  
    Other cash income (expense) 0.34   0.02   1.19   0.09   0.05   0.05  
    General & administrative expense (1.54 ) (1.11 ) (2.10 ) (1.43 ) (1.34 ) (1.32 )
    Cash finance expense (1.87 ) (1.28 ) (1.83 ) (1.95 ) (1.91 ) (1.78 )
    Decommissioning expenditures (0.52 ) (0.37 ) (0.61 ) (0.12 ) (0.72 ) (0.61 )
    Funds flow & corporate netback(2)($/boe) 14.58   20.73   14.99   12.58   12.33   18.27  
                 
    FINANCIAL (000s except $ per share) Twelve months
    ended

    Dec. 31, 2024

    		 Twelve months
    ended

    Dec. 31, 2023

    		 Three months
    ended

    Dec. 31, 2024

    		 Three months
    ended

    Sept. 30, 2024

    		 Three months
    ended

    Jun. 30, 2024

    		 Three months
    ended

    Mar. 31, 2024
    Oil and natural gas sales 93,721   125,605   22,085   20,446   23,150   28,039  
    Net income (loss) (1,246 ) 50,731   (4,004 ) 5,302   2,789   (5,333 )
    Net income (loss) per share            
    Basic (0.01 ) 0.41   (0.03 ) 0.04   0.02   (0.04 )
    Fully diluted (0.01 ) 0.40   (0.03 ) 0.04   0.02   (0.04 )
    Funds flow(2) 50,058   78,024   12,493   10,665   10,628   16,272  
    Funds flow per share(2)            
    Basic 0.40   0.63   0.10   0.09   0.09   0.13  
    Fully diluted 0.40   0.62   0.10   0.08   0.08   0.13  
    Capital expenditures 31,814   86,843   7,705   4,859   6,907   12,343  
    Weighted average shares outstanding            
    Basic 124,389   123,469   124,497   124,372   124,290   124,299  
    Fully diluted 124,389   126,436   124,497   126,686   126,559   124,299  
    As at period end            
    Common shares outstanding            
    Basic 125,113   124,266   125,113   124,372   124,372   124,259  
    Fully diluted 134,919   134,542   134,919   134,952   134,919   134,484  
    Total assets 420,124   437,842   420,124   421,196   419,584   427,574  
    Non-current liabilities 65,475   60,926   65,475   62,869   59,511   59,995  
    Net debt(2) 60,080   62,596   60,080   60,423   61,848   63,114  

    (1)   Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production & Product Type Information” for further details.
    (2)   Non-GAAP financial measure or non-GAAP ratio. Refer to “Non-GAAP and Other Financial Measures”.


    OPERATIONS UPDATE

    Fourth quarter average production by area was as follows:

    For the three months ended December 31, 2024 Ferrier & North
    Ferrier    		 Foothills Central Alberta Total
    Natural gas (mcf/d) 31,052 539 4,587 36,178
    Oil and condensate (bbl/d) 928 54 244 1,226
    NGLs (bbl/d) 1,665 7 138 1,810
    Total (boe/d)(1) 7,768 151 1,147 9,066

    (1)   Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production & Product Type Information” for further details.

    Production for the fourth quarter of 2024 averaged 9,066 boe/d, as compared to 9,474 boe/d in the fourth quarter of 2023. The 4% decrease was primarily due to natural declines and strategic shut-ins due to low natural gas prices and was partially offset by new wells that commenced production in December 2024.

    RESERVES

    Petrus’ 2024 year end reserves were evaluated by its independent reserves evaluator, Insite, in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and National instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) as of December 31, 2024 (“2024 Insite Report”). Additional reserve information as required under NI 51-101 will be included in our Annual Information Form for the year ended December 31, 2024, which will be available under the Company’s profile on SEDAR (the System for Electronic Document Analysis and Retrieval) at www.sedarplus.com.

    Petrus has a reserves committee, comprised of a majority of independent board members, that reviews the qualifications and appointment of the independent reserves evaluator. The committee also reviews the procedures for providing information to the evaluators. All booked reserves are based upon annual evaluations by the independent qualified reserve evaluator conducted in accordance with the COGE Handbook and NI 51-101. The evaluations are conducted using all available geological and engineering data. The reserves committee has reviewed the reserves information and approved the 2024 Insite Report.

    The following table provides a summary of the Company’s before tax reserves as evaluated by Insite:

    As at December 31, 2024 Total Company Interest (1)(3)
    Reserve Category Conventional
    Natural Gas
    (mmcf)    		 Light and
    Medium
    Crude Oil
    (mbbl)    		 NGL
    (mbbl)    		 Total
    (mboe)    		 NPV 0%(2)
    ($000s)    		 NPV 5%(2)
    ($000s)    		 NPV 10%(2)
    ($000s)
    Proved Developed Producing 72,283 764 4,661 17,472 300,947 242,886 206,936
    Proved Developed Non-Producing 1,434 19 67 325 3,397 2,821 2,335
    Proved Undeveloped 120,479 3,060 7,235 30,375 425,388 255,976 155,680
    Total Proved 194,196 3,843 11,963 48,172 729,733 501,683 362,616
    Proved + Probable Producing 86,694 913 5,598 20,960 382,364 291,613 238,115
    Total Probable 96,481 3,434 5,405 24,919 499,146 294,964 192,562
    Total Proved Plus Probable 290,677 7,277 17,368 73,091 1,228,879 796,647 555,178

    (1)Tables may not add due to rounding.
    (2)NPV 0%, NPV 5% and NPV 10% refer to the risked net present value of the future net revenue of the Company’s reserves, discounted by 0%, 5% and 10%, respectively
    and is presented before tax and based on Insite’s pricing assumptions.
    (3)Total company interest reserve volumes presented therein are presented as the Company’s total working interest before the deduction of royalties (but after including any royalty interests of Petrus).

    The Company produced 3.4 mmboe during 2024 and ended the year with 17.5 mmboe of Proved Developed Producing (“PDP”) reserves (31% oil and liquids).

    Petrus ended 2024 with $206.9 million, $362.6 million and $555.2 million of PDP, Total Proved (“TP”), and Total Proved plus Probable (“P+P”) reserve value before-tax, respectively, discounted at 10%, based on the 2024 Insite Report. In 2024, the Company realized Finding and Development (“F&D”)(1)(2) costs of $12.58/boe for PDP reserves.

    Based on the 2024 Insite Report, the Company’s PDP reserve value before-tax, discounted at 10% is $1.32 per share (134,918,886 fully-diluted common shares outstanding at December 31, 2024). On the same basis, the Company’s P+P reserve value before-tax, discouted at 10%, is $3.90 per share.  

    (1)Refer to “Oil and Gas Disclosures”
    (2)While F&D costs are commonly used in the oil and nature gas industry and have been prepared by management, these terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies and, therefore, should not be used to make such comparisons.


    FUTURE DEVELOPMENT COST

    Future Development Cost (“FDC”) reflects Insite’s best estimate of what it will cost to bring the P+P undeveloped reserves on production. The following table provides a summary of the Company’s FDC as set forth in the 2024 Insite Report:

    Future Development Cost ($000s) Total Proved Total Proved + Probable
    2025 44,349 44,349
    2026 138,485 138,485
    2027 151,518 164,611
    2028 83,030 147,282
    Thereafter — 130,453
    Total FDC, Undiscounted 417,381 625,179
    Total FDC, Discounted at 10% 345,611 489,942


    PERFORMANCE RATIOS
    The following table highlights annual performance ratios for the Company from 2020 to 2024(2):

      December 31,
    2024    		 December 31,
    2023    		 December 31,
    2022    		 December 31,
    2021    		 December 31,
    2020
    Proved Producing          
    FD&A ($/boe) (1) 12.58 19.67 12.58 15.64 4.83  
    F&D ($/boe) (1) 12.58 19.67 12.70 8.90 4.83  
    Reserve Life Index (yr) (1) 5.24 5.27 5.31 5.41 5.20  
    Reserve Replacement Ratio (1) 0.74 1.15 3.20 0.78 1.20  
    FD&A Recycle Ratio (1) 1.28 1.06 2.91 1.58 2.60  
    Proved Developed          
    FD&A ($/boe) (1) 12.63 19.34 12.50 14.54 4.71  
    F&D ($/boe) (1) 12.63 19.34 12.61 8.53 4.71  
    Reserve Life Index (yr) (1) 5.33 5.36 5.39 5.50 5.20  
    Reserve Replacement Ratio (1) 0.73 1.17 3.22 0.84 1.20  
    FD&A Recycle Ratio (1) 1.28 1.08 2.93 1.70 2.70  
    Total Proved          
    FD&A ($/boe) (1) 17.53 14.50 18.24 10.51 1.29  
    F&D ($/boe) (1) 17.53 14.50 33.99 9.24 1.29  
    Reserve Life Index (yr) (1) 14.4 13.85 12.18 15.30 10.90  
    Reserve Replacement Ratio (1) 0.97 2.98 3.79 4.50 (1.00 )
    FD&A Recycle Ratio (1) 0.92 1.44 2.01 2.35 9.80  
    Future Development Cost (undiscounted) ($000s) 417,381 391,058 313,786 233,684 156,815  
    Total Proved + Probable          
    FD&A ($/boe) (1) 33.63 14.00 15.66 10.57 0.37  
    F&D ($/boe) (1) 33.63 14.00 36.12 8.36 0.37  
    Reserve Life Index (yr) (1) 21.9 21.62 19.68 23.29 17.70  
    Reserve Replacement Ratio (1) 0.33 3.49 6.63 5.10 (1.30 )
    FD&A Recycle Ratio (1) 0.48 1.50 2.34 2.33 33.70  
    Future Development Cost (undiscounted) ($000s) 625,179 618,437 519,823 343,489 252,335  

    (1)Refer to “Oil and Gas Disclosures”
    (2)While FD&A cost and F&D costs, reserve life index, reserve replacement ratio and FD&A recycle ratio are commonly used in the oil and natural gas industry and have been prepared by management, these terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies and, therefore, should not be used to make such comparisons.


    NET ASSET VALUE
    The following table shows the Company’s Net Asset Value (“NAV”), calculated using the 2024 Insite Report and Insite’s December 31, 2024 price forecast. The reader is cautioned that these amounts may not be directly comparable to other companies, as the term “Net Asset Value” does not have a standardized meaning under GAAP or NI 51-101. Management believes that net asset value provides a useful measure to analyze the comparative change in the Company’s estimated value on a normalized basis.

    As at December 31, 2024 ($000s except per share) Proved Developed
    Producing    		   Total Proved   Proved + Probable  
    Present Value Reserves, before tax (discounted at 10%) (1) 206,936   362,616   555,178  
    Undeveloped Land Value (2) 30,758   30,758   30,758  
    Net Debt (3) (60,080 ) (60,080 ) (60,080 )
    Net Asset Value 177,614   333,294   525,856  
    Fully Diluted Shares Outstanding 134,919   134,919   134,919  
    Estimated Net Asset Value per Fully Diluted Share $1.32   $2.47   $3.90  

    (1)Based on the 2024 Insite Report, using the forecast future prices and costs.
    (2)Based on the exploration and evaluation assets as per the Company’s December 31, 2024 audited consolidated financial statements.
    (3)Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.


    NON-GAAP AND OTHER FINANCIAL MEASURES

    This press release makes reference to the terms “operating netback” (on an absolute and $/boe basis), “corporate netback” (on an absolute and $/boe basis), “funds flow” (on an absolute, per share (basic and fully diluted) and $/boe basis), and “net debt”. These non-GAAP and other financial measures are not recognized measures under GAAP (IFRS) and do not have a standardized meaning prescribed by GAAP (IFRS). Accordingly, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. These non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS as indicators of our performance. Management uses these non-GAAP and other financial measures for the reasons set forth below.

    Operating Netback
    Operating netback is a common non-GAAP financial measure used in the oil and natural gas industry which is a useful supplemental measure to evaluate the specific operating performance by product type at the oil and natural gas lease level. The most directly comparable GAAP measure to operating netback is oil and natural gas sales. Operating netback is calculated as oil and natural gas sales less royalty expenses, gain (loss) on risk management activities, operating expenses and transportation expenses. See below for a reconciliation of operating netback to oil and natural gas sales.

    Operating netback ($/boe) is a non-GAAP ratio used in the oil and natural gas industry which is a useful supplemental measure to evaluate the specific operating performance by product type at the oil and natural gas lease level. It is calculated as operating netbacks divided by weighted average daily production on a per boe basis. See below.

    Corporate Netback and Funds Flow
    Corporate netback or funds flow is a common non-GAAP financial measure used in the oil and natural gas industry which evaluates the Company’s profitability at the corporate level. Corporate netback and funds flow are used interchangeably. Petrus analyzes these measures on an absolute value and on a per unit (boe) and per share (basic and fully diluted) basis as non-GAAP ratios. Management believes that funds flow and corporate netback provide information to assist a reader in understanding the Company’s profitability relative to current commodity prices. They are calculated as the operating netback less general and administrative expense, cash finance expense and decommissioning expenditures, plus or minus other income (expense) and the realized gain (loss) on financial derivatives. See below for a reconciliation of funds flow and corporate netback to oil and natural gas sales.

    Corporate netback ($/boe) or funds flow ($/boe) is a non-GAAP ratio used in the oil and natural gas industry which evaluates the Company’s profitability at the corporate level. Management believes that funds flow ($/boe) or corporate netback ($/boe) provide information to assist a reader in understanding the Company’s profitability relative to current commodity prices. It is calculated as corporate netbacks or funds flow divided by weighted average daily production on a per boe basis. See below.

    Funds flow per share (basic and fully diluted) is comprised of funds flow divided by basic or fully diluted weighted average common shares outstanding.

      Three months ended

    Dec. 31, 2024

    		 Three months ended

    Dec. 31, 2023

    		 Twelve months ended

    December 31, 2024

    		 Twelve months ended

    December 31, 2023
      $000s $/boe $000s $/boe $000s $/boe $000s $/boe
    Oil and natural gas sales 22,085   26.48   26,747   30.70   93,721   27.29   125,605   33.41  
    Royalty expense (3,212 ) (3.85 ) (4,167 ) (4.78 ) (12,572 ) (3.66 ) (17,255 ) (4.59 )
    Gain (loss) on risk management activities —   —   —   —   —   —   1,522   0.40  
    Net oil and natural gas revenue 18,873   22.63   22,580   25.92   81,149   23.63   109,872   29.22  
    Transportation expense (1,203 ) (1.44 ) (1,271 ) (1.46 ) (5,316 ) (1.55 ) (6,115 ) (1.63 )
    Operating expense (4,915 ) (5.89 ) (4,419 ) (5.07 ) (20,376 ) (5.93 ) (23,505 ) (6.25 )
    Operating netback 12,755   15.30   16,890   19.39   55,457   16.15   80,252   21.34  
    Realized gain (loss) on financial derivatives 2,539   3.04   1,737   1.99   6,930   2.02   8,051   2.14  
    Other income(1) 991   1.19   (161 ) (0.18 ) 1,156   0.34   79   0.02  
    General & administrative expense (1,752 ) (2.10 ) (319 ) (0.37 ) (5,291 ) (1.54 ) (4,183 ) (1.11 )
    Cash finance expense (1,530 ) (1.83 ) (1,246 ) (1.43 ) (6,418 ) (1.87 ) (4,801 ) (1.28 )
    Decommissioning expenditures (510 ) (0.61 ) (376 ) (0.43 ) (1,776 ) (0.52 ) (1,374 ) (0.37 )
    Funds flow and corporate netback 12,493   14.99   16,525   18.97   50,058   14.58   78,024   20.74  
      Three months ended

    Dec. 31, 2024

    		 Three months ended

    Sept. 30, 2024

    		 Three months ended

    Jun. 30, 2024

    		 Three months ended

    March 31, 2024
      $000s $/boe $000s $/boe $000s $/boe $000s $/boe
    Oil and natural gas sales 22,085   26.48   20,446   24.12   23,150   26.86   28,039   31.50  
    Royalty expense (3,212 ) (3.85 ) (2,593 ) (3.06 ) (3,305 ) (3.83 ) (3,461 ) (3.89 )
    Net oil and natural gas revenue 18,873   22.63   17,853   21.06   19,845   23.03   24,578   27.61  
    Transportation expense (1,203 ) (1.44 ) (1,239 ) (1.46 ) (1,259 ) (1.46 ) (1,615 ) (1.81 )
    Operating expense (4,915 ) (5.89 ) (5,172 ) (6.10 ) (4,271 ) (4.96 ) (6,018 ) (6.76 )
    Operating netback 12,755   15.30   11,442   13.50   14,315   16.61   16,945   19.04  
    Realized gain (loss) on financial derivatives 2,539   3.04   2,115   2.49   (307 ) (0.36 ) 2,583   2.90  
    Other income (expense)(1) 991   1.19   77   0.09   40   0.05   48   0.05  
    General & administrative expense (1,752 ) (2.10 ) (1,209 ) (1.43 ) (1,152 ) (1.34 ) (1,178 ) (1.32 )
    Cash finance expense (1,530 ) (1.83 ) (1,657 ) (1.95 ) (1,650 ) (1.91 ) (1,581 ) (1.78 )
    Decommissioning expenditures (510 ) (0.61 ) (103 ) (0.12 ) (618 ) (0.72 ) (545 ) (0.61 )
    Funds flow and corporate netback 12,493   14.99   10,665   12.58   10,628   12.33   16,272   18.28  


    Net Debt
    Net debt is a non-GAAP financial measure and is calculated as the sum of long term debt and working capital (current assets and current liabilities), excluding the current financial derivative contracts and current portion of the lease obligation and decommissioning obligation. Petrus uses net debt as a key indicator of its leverage and strength of its balance sheet. Net debt is reconciled, in the table below, to long-term debt which is the most directly comparable GAAP measure.

    ($000s) As at Dec. 31, 2024 As at Dec. 31, 2023 As at Sep. 30, 2024 As at Jun. 30, 2024 As at March 31, 2024
    Long-term debt 25,000   25,000   25,000   25,000   25,000  
    Current assets (17,583 ) (30,805 ) (20,258 ) (16,333 ) (21,081 )
    Current liabilities 51,268   61,755   48,458   52,379   61,099  
    Current financial derivatives 2,632   8,374   7,690   1,276   (716 )
    Current portion of lease obligation (164 ) (258 ) (230 ) (237 ) (263 )
    Current portion of decommissioning obligation (1,073 ) (1,470 ) (237 ) (237 ) (925 )
    Net debt 60,080   62,596   60,423   61,848   63,114  


    ADVISORIES

    OIL AND GAS DISCLOSURES
    Our oil and gas reserves statement for the year ended December 31, 2024, which includes disclosure of our oil and natural gas reserves and other oil and natural gas information in accordance with NI 51-101, is contained in the Company’s Annual Information Form for the year ended December 31, 2024 (the “AIF”), which will be filed on SEDAR+ at www.sedarplus.ca. It should not be assumed that the present worth of estimated future amounts presented in the tables above represents the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. The recovery and reserve estimates contained herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.

    This release contains metrics commonly used in the oil and natural gas industry which have been prepared by management. These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons.

    Management uses oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare Petrus’ operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this release, should not be relied upon for investment or other purposes.

    F&D Costs and FD&A Costs

    FD&A cost is defined as capital costs for the time period including change in FDC divided by change in reserves including revisions and production for that same time period. F&D cost is defined as capital costs for the time period including change in FDC divided by change in reserves including revisions and production for that same time period, excluding acquisitions and dispositions. Both F&D costs and FD&A costs take into account reserves revisions during the year on a per boe basis. The methodology used to calculate F&D costs includes disclosure required to bring the proved undeveloped and probable reserves to production. Annually, changes in forecast FDC occur as a result of Petrus’ development, acquisition and disposition activities, undeveloped reserve revision and capital cost estimates. These values reflect the independent evaluator’s best estimate of the cost to bring the proved and probable undeveloped reserves to production.

    Reserve Life Index

    Reserve life index is defined as total reserves by category divided by the annualized fourth quarter production.

    Reserve Replacement Ratio

    The reserve replacement ratio is calculated by dividing the yearly change in reserves net of production by the actual annual production for the year.

    FD&A Recycle Ratio

    The FD&A recycle ratio is calculated by dividing operating netback by FD&A costs.

    ADVISORIES

    Basis of Presentation

    Financial data presented above has largely been derived from the Company’s financial statements, prepared in accordance with GAAP which require publicly accountable enterprises to prepare their financial statements using IFRS. Accounting policies adopted by the Company are set out in the notes to the audited consolidated financial statements as at and for the twelve months ended December 31, 2024. The reporting and the measurement currency is the Canadian dollar. All financial information is expressed in Canadian dollars, unless otherwise stated.

    Forward-Looking Statements

    Certain information regarding Petrus set forth in this release contains forward-looking statements within the meaning of applicable securities law, that involve substantial known and unknown risks and uncertainties. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Such statements represent Petrus’ internal projections, estimates, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Petrus believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Petrus’ actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Petrus. In particular, forward-looking statements included in this release include, but are not limited to statements with respect to: that in 2025, Petrus will continue to execute its strategy of disciplined capital investment, focusing on projects that sustain production, increase liquids weighting, enhance capital efficiency, and drive free funds flow; that the Company is well-positioned to carry out its 2025 capital program and achieve guidance targets; that Petrus will closely monitor market conditions and is prepared to adjust its capital program as needed, guided by its commitment to delivering sustainable returns to shareholders; the estimated future development costs to bring our undeveloped reserves on production; that we have a unique ability to be dynamic and respond quickly to constantly evolving market conditions; that Petrus will continue paying an industry leading, high-yielding dividend to our shareholders while investing remaining cash flow in high return wells and strategic infrastructure projects; that during periods of low prices, we will maintain production and cash flow and ensure the Company is positioned to quickly pivot to a growth strategy when pricing is more constructive; that our strengths will continue to serve the Company and our shareholders well as we navigate the constant changes and challenges inherent in this business; that the Company utilizes financial derivative contracts and physical commodity contracts to mitigate commodity price risk and provide stability and sustainability to the Company’s economic returns, funds flow, dividend payments and capital development plans; that the Company’s risk management contracts provide protection from significant changes in crude oil and natural gas commodity prices out to 2026; that the Company endeavors to hedge approximately half of its forecasted production for up to 12 months forward, and approximately 25% of its forecasted production for 12 to 24 months forward; that the Company’s hedging strategy is intended to provide stability and sustainability to the Company’s economic returns, funds flow, dividend payments and capital development plans; that the Company does not intend to settle its DSUs for cash; and that the Company expects the working capital deficiency to diminish over the next 12 months as the RLF is paid down by cash flow from operations. In addition, statements relating to “reserves” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

    These forward-looking statements are subject to numerous risks and uncertainties, most of which are beyond the Company’s control, including: the risk that (i) negotiations between the U.S. and Canadian governments are not successful and one or both of such governments implements announced tariffs, increases the rate or scope of announced tariffs, or imposes new tariffs on the import of goods from one country to the other, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed by the U.S., Canada, China and other countries and responses thereto could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company; the impact of general economic conditions; volatility in market prices for crude oil, NGL and natural gas; industry conditions; currency fluctuation; changes in interest rates and inflation rates; imprecision of reserve estimates; liabilities inherent in crude oil and natural gas operations; environmental risks; incorrect assessments of the value of acquisitions and exploration and development programs; competition; the lack of availability of qualified personnel or management; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; hazards such as fire, explosion, blowouts, cratering, and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; extreme weather events, such as wild fires, floods, drought and extreme cold or warm temperatures, each of which could result in substantial damage to our assets and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; stock market volatility; ability to access sufficient capital from internal and external sources; that the amount of dividends that we pay may be reduced or suspended entirely; that we reduce or suspend the repurchase of shares under our NCIB; and the other risks and uncertainties described in our AIF. With respect to forward-looking statements contained in this release, Petrus has made assumptions regarding: that the tariffs that have been publicly announced by the U.S. and Canadian governments (but which are not yet in effect) do not come into effect, but that if such tariffs do come into effect, the potential impact of such tariffs, and that other than the tariffs that have been announced, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; the amount of dividends that we will pay; the number of shares that we will repurchase under our NCIB; future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment and services; effects of regulation by governmental agencies; the effects of inflation on our costs and profitability; future interest rates; and future operating costs. Management has included the above summary of assumptions and risks related to forward-looking information provided in this release in order to provide investors with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance 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. Readers are cautioned that the foregoing lists of factors are not exhaustive.

    This release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about Petrus’ prospective results of operations including, without limitation, the percentage of our forecast production for the 2025 that is hedged, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits Petrus will derive therefrom. Petrus has included the FOFI in order to provide readers with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes.

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

    BOE Presentation

    The oil and natural gas industry commonly expresses production volumes and reserves on a barrel of oil equivalent (“boe”) basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved measurement of results and comparisons with other industry participants. Petrus uses the 6:1 boe measure which is the approximate energy equivalence of the two commodities at the burner tip. Boe’s do not represent an economic value equivalence at the wellhead and therefore may be a misleading measure if used in isolation.

    Production & Product Type Information

    References to crude oil (or oil), natural gas liquids (“NGLs”), natural gas and average daily production in this document refer to the light and medium crude oil, conventional natural gas, and NGLs product types, as applicable, as defined in National Instrument 51-101 (“NI 51-101”), except as noted below.

    NI 51-101 includes condensate within the NGLs product type. The Company has disclosed condensate as combined with crude oil and separately from other NGLs since the price of condensate as compared to other NGLs is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, and condensate. NGLs refers to ethane, propane, butane and pentane combined. Natural gas refers to conventional natural gas.

    Abbreviations
    $000’s   thousand dollars
    $/bbl   dollars per barrel
    $/boe   dollars per barrel of oil equivalent
    $/GJ   dollars per gigajoule
    $/mcf   dollars per thousand cubic feet
    bbl   barrel
    mbbl   thousand barrels
    bbl/d   barrels per day
    boe   barrel of oil equivalent
    mboe   thousand barrel of oil equivalent
    mmboe   million barrel of oil equivalent
    boe/d   barrel of oil equivalent per day
    GJ   gigajoule
    GJ/d   gigajoules per day
    mcf   thousand cubic feet
    mcf/d   thousand cubic feet per day
    mmcf/d   million cubic feet per day
    NGLs   natural gas liquids
    WTI   West Texas Intermediate

    The MIL Network –

  • MIL-OSI Security: Whitehorse — Crime Reduction Unit arrest three people for trafficking offences

    Source: Royal Canadian Mounted Police

    Shortly after 8 pm on March 21, 2025, officers from the Crime Reduction Unit (CRU) arrested three individuals on Main Street in Whitehorse for trafficking drugs.

    Subsequently, a related vehicle was examined. During this investigation, CRU confiscated cash, a scale, substances suspected to be fentanyl, as well as weapons including a machete, a knife, and bear spray.

    Two of the individuals, an adult male and an adult female, were released on an undertaking to attend court at a later date on charges of trafficking a controlled substance.

    34-year-old Whitehorse resident, Jared Skookum was held in custody on the following charges: two counts of possession for the purposes of trafficking, possession of property obtained by crime and two counts of failure to comply with a release order.

    Mr. Skookum’s next court appearance is scheduled for March 26 at 9:30 am.

    MIL Security OSI –

  • MIL-OSI Canada: No carbon tax in B.C. as of April 1, 2025

    People will see immediate savings through the elimination of the consumer carbon tax in British Columbia.

    With the federal government removing the federal carbon tax on consumers, the B.C. government is not only halting the scheduled tax increase, it is tabling legislation on Monday, March 31, 2025, to remove the tax, effective April 1, 2025.

    The Province is notifying fuel sellers and natural gas retailers now so they can take action to stop collecting the tax from consumers as of April 1, 2025. While the Government of B.C. understands that eliminating the tax requires changes, the Province expects fuel sellers and natural gas retailers to make every effort to ensure their customers are not charged the carbon tax on purchases as of April 1.

    The Province will continue to act on the commitment to battle climate change by ensuring people in British Columbia have affordable options to make sustainable choices and by encouraging industry to innovate.

    Incentivizing industry to adopt lower-carbon technologies while maintaining their competitiveness is critically important in the province. While government removes the carbon tax on people, the Province of B.C will continue to ensure big industrial emitters pay their fair share through the output-based carbon pricing system. The system holds large industrial emitters accountable and offers cost-effective ways to cut emissions.

    MIL OSI Canada News –

  • MIL-OSI: Saturn Oil & Gas Inc. Announces Participation in Virtual Investor Conference on March 27th

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 25, 2025 (GLOBE NEWSWIRE) — Saturn Oil & Gas Inc. (TSX: SOIL) (OTCQX: OILSF) (“Saturn” or the “Company”), a light oil-weighted producer focused on unlocking value through the development of assets in Saskatchewan and Alberta, today announces that on March 27th, 2025, the Company will be participating in a live, online oil and gas investor conference hosted by VirtualInvestorConferences.com. Saturn invites individual and institutional investors, analysts and advisors to attend, with access details outlined below.

    PRESENTATION DETAILS

    The conference will include a presentation from members of Saturn’s leadership team, followed by a live, interactive Q&A with participants. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available subsequent to the event, with the replay link posted on Saturn’s website. Requests for 1×1 meetings with the Company can be made through the conference portal.

    • Date: Thursday, March 27, 2025
    • Time: 10:30 am MT (12:30 pm ET)
    • Event Link: Register Here

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates. More information about the event is available at this link.

    ABOUT SATURN OIL & GAS INC.

    Saturn is a returns-driven Canadian energy company focused on the efficient and innovative development of high-quality, light oil weighted assets, supported by an acquisition strategy targeting accretive and complementary opportunities. The Company’s portfolio of free-cash flowing, low-decline operated assets in Saskatchewan and Alberta provide a deep inventory of long-term economic drilling opportunities across multiple zones. With an unwavering commitment to building an entrepreneurial and ESG-focused culture, Saturn’s goal is to increase per share reserves, production and cash flow at an attractive return on invested capital. The Company’s shares are listed for trading on the TSX under ticker ‘SOIL’, and on the OTCQX under the ticker ‘OILSF’. Further information and our corporate presentation are available on Saturn’s website at www.saturnoil.com.

    INVESTOR & MEDIA CONTACTS

    John Jeffrey, MBA – Chief Executive Officer
    Tel: +1 (587) 392-7900
    www.saturnoil.com

    Cindy Gray, MBA – VP Investor Relations
    Tel: +1 (587) 392-7900
    info@saturnoil.com

    ABOUT VIRTUAL INVESTOR CONFERENCES®

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

    VIRTUAL INVESTOR CONFERENCES CONTACT DETAILS

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

    The MIL Network –

  • MIL-OSI USA News: Preserving and Protecting the Integrity of American Elections

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered: 

    Section 1.  Purpose and Policy.  Despite pioneering self-government, the United States now fails to enforce basic and necessary election protections employed by modern, developed nations, as well as those still developing.  India and Brazil, for example, are tying voter identification to a biometric database, while the United States largely relies on self-attestation for citizenship.  In tabulating votes, Germany and Canada require use of paper ballots, counted in public by local officials, which substantially reduces the number of disputes as compared to the American patchwork of voting methods that can lead to basic chain-of-custody problems.  Further, while countries like Denmark and Sweden sensibly limit mail-in voting to those unable to vote in person and do not count late-arriving votes regardless of the date of postmark, many American elections now feature mass voting by mail, with many officials accepting ballots without postmarks or those received well after Election Day. 

    Free, fair, and honest elections unmarred by fraud, errors, or suspicion are fundamental to maintaining our constitutional Republic.  The right of American citizens to have their votes properly counted and tabulated, without illegal dilution, is vital to determining the rightful winner of an election.
    Under the Constitution, State governments must safeguard American elections in compliance with Federal laws that protect Americans’ voting rights and guard against dilution by illegal voting, discrimination, fraud, and other forms of malfeasance and error.  Yet the United States has not adequately enforced Federal election requirements that, for example, prohibit States from counting ballots received after Election Day or prohibit non-citizens from registering to vote.

    Federal law establishes a uniform Election Day across the Nation for Federal elections, 2 U.S.C. 7 and 3 U.S.C. 1.  It is the policy of my Administration to enforce those statutes and require that votes be cast and received by the election date established in law.  As the United States Court of Appeals for the Fifth Circuit recently held in Republican National Committee v. Wetzel (2024), those statutes set “the day by which ballots must be both cast by voters and received by state officials.”  Yet numerous States fail to comply with those laws by counting ballots received after Election Day.  This is like allowing persons who arrive 3 days after Election Day, perhaps after a winner has been declared, to vote in person at a former voting precinct, which would be absurd.  

    Several Federal laws, including 18 U.S.C. 1015 and 611, prohibit foreign nationals from registering to vote or voting in Federal elections.  Yet States fail adequately to vet voters’ citizenship, and, in recent years, the Department of Justice has failed to prioritize and devote sufficient resources for enforcement of these provisions.  Even worse, the prior administration actively prevented States from removing aliens from their voter lists.  

    Additionally, Federal laws, such as the National Voter Registration Act (Public Law 103-31) and the Help America Vote Act (Public Law 107-252), require States to maintain an accurate and current Statewide list of every legally registered voter in the State.  And the Department of Homeland Security is required to share database information with States upon request so they can fulfill this duty.  See 8 U.S.C. 1373(c).  Maintaining accurate voter registration lists is a fundamental requirement in protecting voters from having their ballots voided or diluted by fraudulent votes. 
    Federal law, 52 U.S.C. 30121, prohibits foreign nationals from participating in Federal, State, or local elections by making any contributions or expenditures.  But foreign nationals and non-governmental organizations have taken advantage of loopholes in the law’s interpretation, spending millions of dollars through conduit contributions and ballot-initiative-related expenditures.  This type of foreign interference in our election process undermines the franchise and the right of American citizens to govern their Republic.  

    Above all, elections must be honest and worthy of the public trust.  That requires voting methods that produce a voter-verifiable paper record allowing voters to efficiently check their votes to protect against fraud or mistake.  Election-integrity standards must be modified accordingly.
    It is the policy of my Administration to enforce Federal law and to protect the integrity of our election process.

    Sec. 2.  Enforcing the Citizenship Requirement for Federal Elections.  To enforce the Federal prohibition on foreign nationals voting in Federal elections:

    (a)(i) Within 30 days of the date of this order, the Election Assistance Commission shall take appropriate action to require, in its national mail voter registration form issued under 52 U.S.C. 20508:

    (A)  documentary proof of United States citizenship, consistent with 52 U.S.C. 20508(b)(3); and

    (B)  a State or local official to record on the form the type of document that the applicant presented as documentary proof of United States citizenship, including the date of the document’s issuance, the date of the document’s expiration (if any), the office that issued the document, and any unique identification number associated with the document as required by the criteria in 52 U.S.C. 21083(a)(5)(A), while taking appropriate measures to ensure information security.

    (ii)  For purposes of subsection (a) of this section, “documentary proof of United States citizenship” shall include a copy of: 

    (A)  a United States passport; 

    (B)  an identification document compliant with the requirements of the REAL ID Act of 2005 (Public Law 109-13, Div. B) that indicates the applicant is a citizen of the United States; 

    (C)  an official military identification card that indicates the applicant is a citizen of the United States; or 

    (D)  a valid Federal or State government-issued photo identification if such identification indicates that the applicant is a United States citizen or if such identification is otherwise accompanied by proof of United States citizenship.

    (b)  To identify unqualified voters registered in the States:

    (i)    the Secretary of Homeland Security shall, consistent with applicable law, ensure that State and local officials have, without the requirement of the payment of a fee, access to appropriate systems for verifying the citizenship or immigration status of individuals registering to vote or who are already registered;

    (ii)   the Secretary of State shall take all lawful and appropriate action to make available information from relevant databases to State and local election officials engaged in verifying the citizenship of individuals registering to vote or who are already registered; and 

    (iii)  the Department of Homeland Security, in coordination with the DOGE Administrator, shall review each State’s publicly available voter registration list and available records concerning voter list maintenance activities as required by 52 U.S.C. 20507, alongside Federal immigration databases and State records requested, including through subpoena where necessary and authorized by law, for consistency with Federal requirements. 

    (c)  Within 90 days of the date of this order, the Secretary of Homeland Security shall, consistent with applicable law, provide to the Attorney General complete information on all foreign nationals who have indicated on any immigration form that they have registered or voted in a Federal, State, or local election, and shall also take all appropriate action to submit to relevant State or local election officials such information.

    (d)  The head of each Federal voter registration executive department or agency (agency) under the National Voter Registration Act, 52 U.S.C. 20506(a), shall assess citizenship prior to providing a Federal voter registration form to enrollees of public assistance programs.   

    (e)  The Attorney General shall prioritize enforcement of 18 U.S.C. 611 and 1015(f) and similar laws that restrict non-citizens from registering to vote or voting, including through use of:

    (i)    databases or information maintained by the Department of Homeland Security; 

    (ii)   State-issued identification records and driver license databases; and

    (iii)  similar records relating to citizenship.

    (f)  The Attorney General shall, consistent with applicable laws, coordinate with State attorneys general to assist with State-level review and prosecution of aliens unlawfully registered to vote or casting votes.

    Sec. 3.  Providing Other Assistance to States Verifying Eligibility.  To assist States in determining whether individuals are eligible to register and vote:

    (a)  The Commissioner of Social Security shall take all appropriate action to make available the Social Security Number Verification Service, the Death Master File, and any other Federal databases containing relevant information to all State and local election officials engaged in verifying the eligibility of individuals registering to vote or who are already registered.  In determining and taking such action, the Commissioner of Social Security shall ensure compliance with applicable privacy and data security laws and regulations. 

    (b)  The Attorney General shall ensure compliance with the requirements of 52 U.S.C. 20507(g).  

    (c)  The Attorney General shall take appropriate action with respect to States that fail to comply with the list maintenance requirements of the National Voter Registration Act and the Help America     Vote Act contained in 52 U.S.C. 20507 and 52 U.S.C. 21083.

    (d)  The Secretary of Defense shall update the Federal Post Card Application, pursuant to the Uniformed and Overseas Citizens Absentee Voting Act, 52 U.S.C. 20301, to require:

    (i)   documentary proof of United States citizenship, as defined by section 2(a)(ii) of this order; and

    (ii)  proof of eligibility to vote in elections in the State in which the voter is attempting to vote.

    Sec. 4.  Improving the Election Assistance Commission.  
    (a)  The Election Assistance Commission shall, pursuant to 52 U.S.C. 21003(b)(3)and 21142(c) and consistent with applicable law, take all appropriate action to cease providing Federal funds to States that do not comply with the Federal laws set forth in 52 U.S.C. 21145, including the requirement in 52 U.S.C. 20505(a)(1) that States accept and use the national mail voter registration form issued pursuant to 52 U.S.C. 20508(a)(1), including any requirement for documentary proof of United States citizenship adopted pursuant to section 2(a)(ii) of this order.

    (b)(i) The Election Assistance Commission shall initiate appropriate action to amend the Voluntary Voting System Guidelines 2.0 and issue other appropriate guidance establishing standards for voting systems to protect election integrity.  The amended guidelines and other guidance shall provide that voting systems should not use a ballot in which a vote is contained within a barcode or quick-response code in the vote counting process except where necessary to accommodate individuals with disabilities and should provide a voter-verifiable paper record to prevent fraud or mistake. 

    (ii)  Within 180 days of the date of this order, the Election Assistance Commission shall take appropriate action to review and, if appropriate, re-certify voting systems under the new standards established under subsection (b)(i) of this section, and to rescind all previous certifications of voting equipment based on prior standards.  

    (c)  Following an audit of Help America Vote Act fund expenditures conducted pursuant to 52 U.S.C. 21142, the Election Assistance Commission shall report any discrepancies or issues with an audited State’s certifications of compliance with Federal law to the Department of Justice for appropriate enforcement action.

    (d) The Secretary of Homeland Security and the Administrator of the Federal Emergency Management Agency, consistent with applicable law, shall in considering the provision of funding for State or local election offices or administrators through the Homeland Security Grant Programs, 6 U.S.C. 603 et seq., heavily prioritize compliance with the Voluntary Voting System Guidelines 2.0 developed by the Election Assistance Commission and completion of testing through the Voting System Test Labs accreditation process.

    Sec. 5.  Prosecuting Election Crimes.  To protect the franchise of American citizens and their right to participate in fair and honest elections:

    (a)  The Attorney General shall take all appropriate action to enter into information-sharing agreements, to the maximum extent possible, with the chief State election official or multi-member agency of each State.  These agreements shall aim to provide the Department of Justice with detailed information on all suspected violations of State and Federal election laws discovered by State officials, including information on individuals who: 

    (i)    registered or voted despite being ineligible or who registered multiple times; 

    (ii)   committed election fraud;

    (iii)  provided false information on voter registration or other election forms;

    (iv)   intimidated or threatened voters or election officials; or 

    (v)    otherwise engaged in unlawful conduct to interfere in the election process.

    (b)  To the extent that any States are unwilling to enter into such an information sharing agreement or refuse to cooperate in investigations and prosecutions of election crimes, the Attorney General shall: 

    (i)   prioritize enforcement of Federal election integrity laws in such States to ensure election integrity given the State’s demonstrated unwillingness to enter into an information-sharing agreement or to cooperate in investigations and prosecutions; and

    (ii)  review for potential withholding of grants and other funds that the Department awards and distributes, in the Department’s discretion, to State and local governments for law enforcement and other purposes, as consistent with applicable law.

    (c)  The Attorney General shall take all appropriate action to align the Department of Justice’s litigation positions with the purpose and policy of this order.

    Sec. 6.  Improving Security of Voting Systems.  To improve the security of all voting equipment and systems used to cast ballots, tabulate votes, and report results:

    (a)  The Attorney General and the Secretary of Homeland Security shall take all appropriate actions to the extent permitted by 42 U.S.C. 5195c and all other applicable law, so long as the Department of Homeland Security maintains the designation of election infrastructure as critical infrastructure, as defined by 42 U.S.C. 5195c(e), to prevent all non-citizens from being involved in the administration of any Federal election, including by accessing election equipment, ballots, or any other relevant materials used in the conduct of any Federal election.

    (b)  The Secretary of Homeland Security shall, in coordination with the Election Assistance Commission and to the maximum extent possible, review and report on the security of all electronic systems used in the voter registration and voting process.  The Secretary of Homeland Security, as the head of the designated Sector Risk Management Agency under 6 U.S.C. 652a, in coordination with the Election Assistance Commission, shall assess the security of all such systems to the extent they are connected to, or integrated into, the Internet and report on the risk of such systems being compromised through malicious software and unauthorized intrusions into the system.  

    Sec. 7.  Compliance with Federal Law Setting the National Election Day.  To achieve full compliance with the Federal laws that set the uniform day for appointing Presidential electors and electing members of Congress:

    (a)  The Attorney General shall take all necessary action to enforce 2 U.S.C. 7 and 3 U.S.C. 1 against States that violate these provisions by including absentee or mail-in ballots received after Election Day in the final tabulation of votes for the appointment of Presidential electors and the election of members of the United States Senate and House of Representatives.

    (b)  Consistent with 52 U.S.C. 21001(b) and other applicable law, the Election Assistance Commission shall condition any available funding to a State on that State’s compliance with the requirement in 52 U.S.C. 21081(a)(6) that each State adopt uniform and nondiscriminatory standards within that State that define what constitutes a vote and what will be counted as a vote, including that, as prescribed in 2 U.S.C. 7 and 3 U.S.C. 1, there be a uniform and nondiscriminatory ballot receipt deadline of Election Day for all methods of voting, excluding ballots cast in accordance with 52 U.S.C. 20301 et seq., after which no additional votes may be cast.  

    Sec. 8.  Preventing Foreign Interference and Unlawful Use of Federal Funds.  The Attorney General, in consultation with the Secretary of the Treasury, shall prioritize enforcement of 52 U.S.C. 30121 and other appropriate laws to prevent foreign nationals from contributing or donating in United States elections.  The Attorney General shall likewise prioritize enforcement of 31 U.S.C. 1352, which prohibits lobbying by organizations or entities that have received any Federal funds.   

    Sec. 9.  Federal Actions to Address Executive Order 14019.  The heads of all agencies, and the Election Assistance Commission, shall cease all agency actions implementing Executive Order 14019 of March 7, 2021 (Promoting Access to Voting), which was revoked by Executive Order 14148 of on January 20, 2025 (Initial Rescissions of Harmful Executive Orders and Actions), and, within 90 days of the date of this order, submit to the President, through the Assistant to the President for Domestic Policy, a report describing compliance with this order.

    Sec. 10.  Severability.  If any provision of this order, or the application of any provision to any agency, person, or circumstance, is held to be invalid, the remainder of this order and the application of its provisions to any other agencies, persons, or circumstances shall not be affected thereby.

    Sec. 11.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

    (i)   the authority granted by law to an executive department or agency, or the head thereof; or

    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    DONALD J. TRUMP

    THE WHITE HOUSE,
        March 25, 2025. 

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Protects the Integrity of American Elections

    Source: The White House

    RESTORING TRUST IN AMERICAN ELECTIONS: Today, President Donald J. Trump signed an Executive Order to protect the integrity of American elections.

    • This Order strengthens voter citizenship verification and bans foreign nationals from interfering in U.S. elections.
      • The Election Assistance Commission will require documentary, government-issued proof of U.S. citizenship on its voter registration forms.
      • Agencies like the Department of Homeland Security (DHS), Social Security Administration and Department of State must provide states with access to Federal databases to verify eligibility and citizenship of individuals registering to vote.
      • The Attorney General will prioritize prosecuting non-citizen voting and related crimes, including through use of DHS records and coordination with state attorneys general.
    • Federal election-related funds will be conditioned on states complying with the integrity measures set forth by Federal law, including the requirement that states use the national mail voter registration form that will now require proof of citizenship.
    • The Order improves the integrity of elections by directing the updating of the Voluntary Voting System Guidelines 2.0 and security standards for voting equipment and prioritizing federal grant funds accordingly.
      • This includes requiring a voter-verifiable paper ballot record and not using ballots in which the counted vote is contained within a barcode or QR code.
    • It directs the Attorney General to enter into information-sharing agreements with state election officials to identify cases of election fraud or other election law violations.
      • Non-compliant states may face prioritized Federal enforcement of election integrity laws and loss of funding given their unwillingness to police fraud.
    • The Attorney General and Secretary of Homeland Security shall prevent non-citizens from any involvement in administering elections.
    • The Attorney General will fully enforce the voter-list maintenance requirements of the National Voter Registration Act and the Help America Vote Act.
    • Given clear Federal law setting a single Election Day deadline, the Attorney General shall take appropriate action against states that count ballots received after Election Day in Federal elections. Federal election funding will be conditioned on compliance.
    • The Attorney General will prioritize enforcement of laws prohibiting foreign nationals from contributing to or donating in U.S. elections.
    • All agencies must report on compliance with undoing Biden Executive Order 14019, which turned Federal agencies into Democratic voter turnout centers.

    SAFEGUARDING THE VOTE: President Trump recognizes that free, fair, and honest elections—unmarred by fraud, errors, or suspicion—are essential to our Constitutional Republic.

    • The United States lags behind other nations in enforcing basic and necessary election protections.
      • India and Brazil tie voter identification to a biometric database, while the United States largely relies on self-attestation for citizenship.
      • Germany and Canada require paper ballots when tabulating votes, while the United States has a patchwork of methods that often lack basic chain-of-custody protections.
      • Denmark and Sweden sensibly limit mail-in voting to those unable to vote in person—and late arrivals do not count—while American elections now feature mass voting by mail, even after Election Day.
    • Without proper enforcement of Federal laws, illegal voting, discrimination, fraud, and other forms of malfeasance and error dilute the votes of lawful American citizens.
    • Federal law establishes a uniform Election Day across the nation for Federal elections, but numerous states fail to comply with those laws by counting ballots received after Election Day.
    • The Biden Administration blocked states from removing aliens from voter rolls, while foreign nationals and non-governmental organizations (NGOs) exploited loopholes to pour millions into influencing U.S. elections.

    MAKING ELECTIONS SECURE AGAIN: Voters deserve elections they can trust, and that confidence is being restored thanks to President Trump. 

    • President Trump is following through on his promise to secure our elections.
      • President Trump: “We’re going to fix our elections so that our elections are going to be honorable and honest and people leave and they know their vote is counted. We are going to have free and fair elections. And ideally, we go to paper ballots, same-day voting, proof of citizenship, very big, and voter ID, very simple.”
      • President Trump: “We will secure our elections, and they will be secure once and for all.”
    • Unlike the Biden Administration, which prioritized political agendas over fair elections, President Trump is putting the American people back in charge.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Collins, Bipartisan Group Introduce Legislation to Strengthen Northern Border Security

    US Senate News:

    Source: United States Senator for Maine Susan Collins

    Washington, D.C. – U.S. Senators Susan Collins, Maggie Hassan (D-NH), Kevin Cramer (R-ND), and Kirsten Gillibrand (D-NY) introduced the Northern Border Security Enhancement and Review Act, bipartisan legislation to strengthen security at the Northern border by requiring the Department of Homeland Security (DHS) to regularly complete a new Northern Border Threat Analysis and update its Northern Border Strategy. Even though criminal activity continues to evolve along the Northern border, there has not been a Northern Border Threat Analysis conducted since 2017, and the Northern Border Strategy has not been updated since 2018. 

    “Our border security policies must address the unique challenges along the U.S.-Canada border, where vast, remote areas make enforcement difficult,” said Senator Collins. “By improving data collection and oversight of threats and enforcement efforts, this bipartisan bill would strengthen security, improve coordination, and help to ensure we have the resources needed to protect our northern border effectively.”

    Last year, Senators Collins and Gary Peters (D-MI) introduced the bipartisan Northern Border Coordination Act. The bill would require DHS to establish the Northern Border Coordination Center, to be collocated with existing DHS components at Selfridge Air National Guard Base in Michigan. The center would serve as a coordination mechanism for implementing, evaluating, and updating the Northern Border Strategy, and any successor strategy. The bill passed the Senate unanimously.

    MIL OSI USA News –

  • MIL-OSI: True North Mortgage Welcomes 25+ Former Rocket Mortgage Canada Employees, Expands Windsor and Quebec Presence

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 25, 2025 (GLOBE NEWSWIRE) — True North Mortgage, one of Canada’s largest mortgage brokerages, today announced the strategic hiring of over 25 former Rocket Mortgage Canada employees. This move significantly bolsters its team and reinforces its commitment to the Canadian mortgage market. This move follows the recent announcement of Rocket Mortgage Canada’s closure of operations.

    True North Mortgage is pleased to provide employment opportunities to nearly two-thirds of Rocket Mortgage Canada’s front-line mortgage professionals. The company will also maintain an office presence in Windsor, Ontario, ensuring continuity for employees and contributing to the local economy. In addition, the hiring of experienced former Rocket mortgage professionals in Montreal marks True North’s entry into the Quebec market, expanding its reach and service offerings to French-speaking Canadians.

    “As a 100% Canadian company, investing in these salaried jobs to support the next stage of our growth makes perfect sense, and we’re excited to welcome these highly skilled and experienced mortgage agents to the True North Mortgage family,” said Amanda Magee, Chief Growth Officer of True North. “Their expertise and dedication will be invaluable as we continue to provide Canadians with tailored mortgage solutions. We are confident they will thrive in our dynamic and supportive environment.”

    True North’s proactive recruitment approach aligns with its ambitious growth plans. The company aims to add 30 new mortgage agents in 2025 and is delighted to have achieved this goal ahead of schedule with the addition of such capable and well-trained professionals.

    “We recognize the challenging circumstances faced by the former Rocket Mortgage Canada team and can appreciate the hurdles shouldered by their senior leadership,” said Dan Eisner, CEO of True North. “They built a strong and talented team in a highly competitive market, and we commend their efforts. We are honoured to provide a new home for many of their exceptional employees.”

    True North Mortgage is committed to providing Canadians from coast to coast with transparent, unbiased, and expert mortgage advice. Focusing on technology and personalized service, the company continues to lead the industry in innovation and client satisfaction.

    About True North Mortgage:

    True North Mortgage is one of Canada’s top mortgage brokerages, offering a wide range of mortgage products and services. Committed to transparency and client service, True North Mortgage empowers Canadians to make informed mortgage decisions that help them save money.

    Contact:

    Cheryl Dawes, Content Manager, True North Mortgage
    cheryl.dawes@truenorthmortgage.ca

    The MIL Network –

  • MIL-OSI Canada: Government of Saskatchewan Introduces PST on Vapour Products

    Source: Government of Canada regional news

    Released on March 25, 2025

    Today, the Government of Saskatchewan introduced amendments to The Provincial Sales Tax Act, 2025 to remove the provincial sales tax (PST) exemption on vapour products. Effective June 1, 2025, the provincial sales tax rate of six per cent will apply to all vapour products in addition to the existing vapour products tax. 

    “Today’s amendment exemplifies our government’s commitment to fair tax administration,” Deputy Premier and Finance Minister Jim Reiter said. “Shortly, equivalent taxation will apply to all vapour and tobacco products sold in Saskatchewan. This will help discourage the use of these products, especially among youth, who are at risk of long-term, negative health impacts.”

    Initially announced as part of the 2025-26 Budget, the PST on vapour products is anticipated to increase PST revenues by $3 million annually. However, the benefits are expected to reach far beyond tax revenue. 

    Nicotine exposure is known to harm healthy brain development in youth and young adults, which can lead to problems with learning, memory and mood and can increase the risk of addiction to other substances.

    “We applaud the Saskatchewan Government for its recent announcement that a provincial sales tax will be added to all vapour products,” Lung Saskatchewan President and CEO Erin Kaun said. “Increased taxation is one of the most effective strategies in reducing consumption, particularly among youth. We look forward to continuing to work with the government to support a healthier Saskatchewan.”

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-Evening Report: ‘We don’t have a cultural place for men as victims’: why men often don’t tell anyone about sexual abuse

    Source: The Conversation (Au and NZ) – By Vita Pilkington, Research Fellow, PhD Candidate in men’s experiences of sexual trauma, The University of Melbourne

    Kristi Blokhin/Shutterstock

    In Australia, it’s estimated almost one in five boys (18.8%) experience child sexual abuse. And at least one in 16 men (6.1%) experience sexual violence after age 15.

    However, many boys and men don’t tell others about these experiences. Studies show men are less likely to disclose sexual abuse and assaults than women.

    It also takes boys and men longer to first disclose sexual abuse or assaults. On average, men wait 21 years before telling anyone about being abused.

    This is a problem because talking to others is often an important part of understanding and recovering from these traumatic experiences. When boys and men don’t discuss these experiences, it risks their mental health problems and isolation becoming worse and they don’t get the support they need.

    We wanted to understand what prevents boys and men from telling others about sexual abuse and assaults (or “sexual trauma”). So we conducted a systematic review, where we pooled together evidence from a range of studies on the topic.

    We found 69 relevant studies, which included more than 10,500 boys and men who had experienced sexual trauma from around the world. Studies were published in 23 countries across six continents, with most studies from the United States, Canada and the United Kingdom. Two studies were published in Australia.

    Our new findings offer clues as to how we can break down the barriers preventing men and boys from discussing sexual trauma.

    Many boys and men don’t tell anyone if they’ve been victim to sexual violence.
    gpointstudio/Shutterstock

    Upending masculine identities

    We found across countries and cultures, boys’ and men’s sexual trauma affected their masculine identities. This included feeling as though they are not “real men”, or that they’re weak for having been targeted and assaulted.

    In one study, a participant explained:

    Sexual abuse to a man is an abuse against his manhood as well.

    Almost universally, boys and men suffered intense feelings of shame and guilt about being victimised, and many blamed themselves for years to decades.

    Many boys and men said they were worried others would think they were gay if they disclosed being abused or assaulted. This harmful stereotype reflects widespread homophobic attitudes as well as mistaken beliefs about survivors of abuse and assaults.

    Sexual abuse against boys and men has been long been overlooked, dismissed and misunderstood. The taboo nature of the issue was felt by participants. As a therapist who supported male survivors of abuse said in one study:

    We don’t have a cultural place for men as victims.

    LGBTQIA+ men face additional barriers to disclosure. Some experienced distress surrounding concerns abuse or assaults somehow cause, or contribute to, their sexualities. Many also reported receiving unsupportive and homophobic responses when they disclosed abuse and assaults to others. This includes their stories being minimised and dismissed, or suggestions they must have consented given their attraction to other men.

    Stigma if they do tell

    In many cases, boys and men who tried to tell others about their sexual trauma were met with stigmatising and unhelpful responses. Some were blamed, told they were making it up, or even mocked.

    Others were discouraged from speaking out about their experiences again. In some countries, people tell boys and men not to talk about being abused or assaulted because this is seen as bringing shame on themselves and their families.

    Boys and men who were assaulted by women were often told their experiences can’t be classified as abuse or assaults, or aren’t bad enough to warrant support.

    Understanding why men don’t talk

    Many of these barriers to disclosure are linked to harmful myths about sexual abuse and assaults among boys and men. These include mistaken beliefs that men are not abused or assaulted, and that only gay men are abused or assaulted.

    What’s more, many people believe experiencing sexual abuse or assaults is at odds with socially-held ideas about how men “should” behave: for example, constantly demonstrating physical strength, dominance, self-reliance and toughness.

    These strict ideas about what it means to be a man appear to prevent many boys and men from disclosing sexual trauma, and impact how others respond when they do disclose.

    It can also mean boys and men try to bury their difficulties after sexual trauma because they feel they’re expected to be unemotional and cope with their problems independently.

    If men don’t feel comfortable telling anyone about their experience, they can’t get help.
    Drazen Zigic/Shutterstock

    What can we do better?

    We know having experienced sexual trauma is closely linked to significant mental health problems in boys and men. These include substance abuse and addiction, post-traumatic stress disorder, depression and even suicide.

    Receiving unsupportive and stigmatising responses when they try to seek help only makes these issues worse, and adds to cycles of silence and shame.

    We must break down barriers that stop boys and men disclosing these traumatic experiences. Doing so could save lives.

    Helping boys and men disclose sexual trauma isn’t just about encouraging them to come forward. We need to make sure other people are prepared to respond safely when they choose to speak up.

    There are many ways to raise awareness of the fact sexual abuse and assault happens to boys and men. For example, television shows such as Baby Reindeer helped put this issue at the forefront of conversation. Public health campaigns that explicitly bring boys and men into discussions about sexual trauma can also be helpful.

    We also need to do more to make sure boys and men who experience sexual trauma have suitable places to go for support. Australia has some services doing vital work in this space, such as the Survivors & Mates Support Network. However, more funding and support is crucial so men across the country have safe spaces to discuss and recover from their experiences.

    The National Sexual Assault, Family and Domestic Violence Counselling Line – 1800 RESPECT (1800 737 732) – is available 24 hours a day, seven days a week for any Australian who has experienced, or is at risk of, family and domestic violence and/or sexual assault.

    Vita Pilkington led this project and receives funding from the Melbourne Research Scholarship and the Margaret Cohan Research Scholarship, both awarded by the University of Melbourne.

    Sarah Bendall has been awarded a NHMRC Investigator Grant to support research surrounding understanding and treating trauma in young people with mental health difficulties. She has previously held a NHMRC Early Career Fellowship and a McCusker Philanthropic Foundation Fellowship. She advises government on trauma and youth mental health policy, including Victoria’s statewide trauma service (Transforming Trauma Victoria).

    Zac Seidler receives funding from an NHMRC Investigator Grant. He is also the Global Director of Research with the Movember Institute of Men’s Health.

    – ref. ‘We don’t have a cultural place for men as victims’: why men often don’t tell anyone about sexual abuse – https://theconversation.com/we-dont-have-a-cultural-place-for-men-as-victims-why-men-often-dont-tell-anyone-about-sexual-abuse-252630

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: The collapse of Hudson’s Bay signals a turning point for Canadian legacy retailers

    Source: The Conversation – Canada – By Xiaodan Pan, Associate Professor, John Molson School of Business, Concordia University

    Hudson’s Bay Company has begun liquidating all but six of its stores. After the 352-year-old retailer filed for creditor protection amid mounting debt and operational losses in early March, a court gave it permission to start the liquidation process.

    Founded in 1670 as a fur-trading enterprise, Hudson’s Bay grew into one of Canada’s most iconic department store chains. But with nearly all locations set to close by June 30 and its loyalty programs suspended, the future of Hudson’s Bay remains uncertain.

    The retailer’s financial troubles raise broader questions about the viability of traditional department stores in an increasingly fast-paced, digitally driven retail environment.



    Read more:
    Hudson’s Bay liquidation: What happens when a company goes bankrupt?

    Modernization efforts

    In recent years, Hudson’s Bay attempted to modernize by blending its physical retail footprint with a growing digital presence. This included launching a revamped e-commerce platform and creating an online marketplace that allowed third-party sellers to broaden its product assortment.

    In 2021, Hudson’s Bay split its e-commerce and physical store divisions into separate entities: The Bay Online, focused on digital retail, and Hudson’s Bay, dedicated to in-store shopping experiences.

    But despite these efforts, Hudson’s Bay has struggled to differentiate its online platform in an overcrowded and highly competitive digital landscape, all while maintaining its physical presence.

    The rise of off-price retailers

    In sharp contrast to the struggles of legacy department stores, off-price retailers such as Winners, Marshalls and TJ Maxx continue to thrive. Their success is largely due to their ability to attract consumers across a wide range of income levels by offering brand-name merchandise at large discounts.

    In Canada, Winners alone has expanded to more than 300 stores nationwide, while Marshalls has added more than 100 locations. Combined, they significantly outnumber Hudson’s Bay’s approximately 80 stores.

    Off-price retailers have also gained a competitive edge through real estate choices, favouring open-air shopping centres and strip malls that provide greater accessibility and ample parking, which are benefits that many Hudson’s Bay urban locations lack.

    The off-price model thrives on an ever-changing merchandise mix. Buyers continuously source fashion, designer labels and home goods from a broad spectrum of vendors. This approach keeps assortments fresh and also ensures fast inventory turnover, reducing holding costs and supporting lower prices.

    This retail model has demonstrated resilience across economic cycles. In times of inflation or financial uncertainty, foot traffic to off-price stores typically increases as consumers become more price-sensitive — further eroding the market share of traditional department stores.

    The pressures from digital retailers

    The rapid rise of e-commerce has presented a significant challenge for traditional department stores. Over the past decade, online shopping in Canada has grown substantially, with monthly online retail sales surpassing three billion Canadian dollars.

    E-commerce now accounts for 11 to 12 per cent of total retail sales, with categories like fashion, hobby and leisure, electronics and furniture and home goods accounting for around 75 per cent of all retail e-commerce sales in Canada.

    In the general merchandise space, Amazon controls more than 40 per cent of Canada’s e-commerce market. Retail giants like Walmart and Costco have also expanded their digital capabilities. These players undercut the traditional value proposition of department stores.

    The large investments required in distribution capabilities has made it increasingly difficult for smaller competitors, such as Hudson’s Bay, to match the delivery speeds and product assortments of these retail heavyweights.

    In niche merchandise categories, specialized retailers have also chipped away at department stores’ customer bases. Sephora and Shoppers Drug Mart dominate the beauty and personal care market, while Lululemon, Nike and Zara rank among the top online stores in fashion.

    Ikea, Wayfair and other direct-to-consumer brands lead the online home goods and furniture market, while Canadian-based Holt Renfrew and France-based LVMH are both leaders in the luxury market.

    Adding to the challenge are international digital disruptors such as Shein and Temu, which have have rapidly gained ground in Canada. In 2023, Shein led the country’s online fashion segment with e-commerce net sales of approximately US$1.4 billion.

    Temu — an ultra-low-price platform that entered Canada in 2023 — became the country’s most-downloaded iPhone app by the end of 2024. These platforms are challenging legacy retailers by offering aggressive pricing, free shipping and vast product assortments.

    Pathways to reinvention

    With almost all of its stores closing and its loyalty programs suspended, the future of Hudson’s Bay is in question. While its brand recognition remains strong, it’s unclear whether it will be able to come back from the brink it’s now on.

    For any struggling legacy retailer looking to survive in today’s evolving market, reinvention is essential. Department stores and legacy retailers will need to reinvent themselves across five key dimensions:

    1. Reposition the brand: Canadian retailers can redefine their core value propositions, emphasizing what makes them unique. Their uniqueness may lie in their Canadian heritage, for instance. Brands like Roots and Canada Goose have been successful with this strategy.

    2. Rethink retail formats: The age of downtown retailing continues to fade, especially as remote work reduces foot traffic in urban centres. Large-scale covered malls are also declining, given the demise of anchor department store retailers and the rise of e-commerce. Canadian retailers should explore alternate formats, such as neighbourhood-based, category-specific outlets tailored to community preferences.

    3. Optimize physical presence: Strategic location decisions are crucial. Physical retailers must right-size their physical footprints — closing underperforming locations while reinvesting in high-traffic, high-return outlets. Future expansion should favour asset-light, data-informed models based on actual consumer demand.

    4. Improve in-store experiences: To draw customers back into stores, shopping must become experiential. Immersive displays, personalized service and community-centric events could make a visit to a physical store more memorable and engaging for customers.

    5. Integrating physical and digital channels: A cohesive digital and physical strategy is essential. Technologies such as augmented reality fitting rooms, virtual showrooms, click-and-collect options and AI-powered personalization could bridge the gap between online and in-store shopping.

    A defining moment for Canadian retailers

    Canadian retailing stands at a pivotal crossroads. The collapse of legacy department stores, the dominance of e-commerce giants and the rise of off-price and digital-first competitors all signal a permanent shift in how consumers shop.

    A long legacy alone does not secure survival. As seen with the collapses of Sears, Eaton’s and now Hudson’s Bay, failure to adapt can lead to obsolescence. The retail landscape is now defined by agility, innovation and the ability to meet consumers where they are.

    For retailers still standing, the lesson is clear: nostalgia is not a business model. Shoppers are now more price-conscious, convenience-driven and digitally engaged than ever before. Companies unwilling or unable to evolve will likely face the same fate as the retail giants that came before them.

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

    – ref. The collapse of Hudson’s Bay signals a turning point for Canadian legacy retailers – https://theconversation.com/the-collapse-of-hudsons-bay-signals-a-turning-point-for-canadian-legacy-retailers-252705

    MIL OSI – Global Reports –