Category: Canada

MIL-OSI Global: Climate change is threatening Lake Ontario — lessons from the Little Ice Age show us why we need to adapt

Source: The Conversation – Canada – By Daniel Macfarlane, Associate Professor of Environment and Sustainability, Western Michigan University

Humans have always had a close connection with Lake Ontario. For centuries, this Great Lake has been a backbone of the region’s economy — relied upon for trade, food and industry. But a warming climate could dramatically change this relationship.

This wouldn’t be the first time climate change has affected how humans use this Great Lake, as I show in my new book The Lives of Lake Ontario: An Environmental History. During the Little Ice Age, which spanned roughly the 14th to 19th centuries, Indigenous and settler societies had to adapt to the cooling Lake Ontario environment.

As we again face a changing climate, the way our predecessors adapted during the Little Ice Age teaches us why it’s necessary we change how we use and interact with Lake Ontario today.

The Little Ice Age

Prior to the onset of the Little Ice Age, the Lake Ontario region was occupied exclusively by different Indigenous Peoples — including the Haudenosaunee and Anishinaabeg. These groups regularly came to Lake Ontario to hunt, harvest and trade. They were highly attuned to local climate conditions, adapting their agricultural strategies accordingly.

But the Little Ice Age altered the climate in the region — with average temperatures about 1-2°C lower than normal. I argue in my book that the impact this period’s climate had on the environment and those living in the region helped change the course of empires in North America — both Indigenous and Euro-American.

This cooler climate led to seasonal unpredictability. This forced the region’s various occupants to adjust their resource and food acquisition strategies. A higher frequency of summer droughts could mean failed crops — while extremely heavy snows made it harder to hunt. These factors may have contributed to the severe decline of Indigenous populations in the region.

The origins of the fur trade — which dramatically reorganized society and altered political power in the Great Lakes region — are also at least partly attributable to the Little Ice Age. The cooler climate drove the desire for fur in Europe while also affecting the pelt thickness of North American animals.

The climate during the Little Ice Age also influenced various military campaigns due to its effects on the region’s weather and the lake’s conditions.

During the War of 1812, for instance, two American warships sank in a sudden summer squall north of Port Dalhousie. A lack of appreciation for the lake’s capriciousness could mean disaster — while those commanders who respected the local environment had the upper hand.

Agriculture

But alongside the challenges this cooling climate created, it also provided new opportunities.

As I contend in my book, climate changes during the period encouraged the diversification of agriculture and food production — such as the cultivation of wheat strains hardy enough to survive cooler conditions. Settlers also believed the mass conversion of forests and wetlands to fields could modify the climate, making it warmer. The influx of settlers reliant on these new types of agriculture fundamentally shaped the emerging political and economic systems around Lake Ontario.

Heavier ice cover on Lake Ontario actually made winter transportation easier in some ways.

Temperatures during the Little Ice Age frequently caused a thick freeze in the lake’s nearshore waters. This enabled alternative forms of wintertime travel which were generally cheaper, more flexible, and more dependable than travelling by boat. Skates, sleighs and iceboats were developed for both economic and recreational needs.

As the Little Ice Age began releasing its grip during the 19th century, Euro-Americans moved to the Lake Ontario basin in larger numbers. This climatic shift proved integral to settler expansion.

Ice on Lake Ontario enabled cheaper forms of travel.
(William Armstrong, Public domain/Wikimedia Commons)

Resilient yet fragile

The Toronto region could not have become Canada’s economic and cultural capital without the resources of Lake Ontario.

But all this economic and political growth has come at a tremendous cost. Lake Ontario is now imperilled because of the way we’ve come to rely on it.

In the 19th century, we cut down forests, dammed and polluted tributaries, dug canals and obliterated fish species in the region.

In the 20th century, our impacts only expanded: overwhelming pollution, invasive species, urban sprawl, larger canals and hydroelectric dams. These human costs have led to nutrient overloads in the water from wastewater and farming runoff, impoverished biodiversity, fluctuating water levels, toxic chemicals and plastics in the lake.

This ongoing degradation — coupled with climate change exacerbating ecological challenges and creating new ones — is further undercutting Lake Ontario’s ability to cope with our many abuses.

A hotter lake could alter the entire food web, which could have ripple effects on local species, energy flows and biodiversity.

The changing climate is also causing extreme fluctuations in lake levels. Recent record-high levels eroded shorelines — affecting houses and infrastructure while threatening septic systems, nuclear power stations and fuel refineries.

Resilience

We’re lucky that Lake Ontario is remarkably resilient. But the lake is being pushed to the brink. We have a small window to both adapt to the already changing climate and prevent it from changing further.

Of course, the Little Ice Age involved the climate getting cooler, while today it’s getting warmer — with humanity being the primary driver for this changing climate. In the face of climate change, we too can adapt how we use and interact with the lake — just as was done in the Little Ice Age.

But our response nowadays needs to be as much about stopping old practices as starting new ones. We need to cease contributing to global warming and other negative impacts on Lake Ontario through our unsustainable industry, flawed economic systems and overconsumption, massive pollution and reliance on fossil fuels.

Daniel Macfarlane 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. Climate change is threatening Lake Ontario — lessons from the Little Ice Age show us why we need to adapt – https://theconversation.com/climate-change-is-threatening-lake-ontario-lessons-from-the-little-ice-age-show-us-why-we-need-to-adapt-246292

MIL OSI – Global Reports –

February 20, 2025
MIL-OSI Global: Greenland’s rapidly melting ice and landslide-prone fjords make the oil and minerals Trump covets dangerous to extract

Source: The Conversation – USA – By Paul Bierman, Fellow of the Gund Institute for Environment, Professor of Natural Resources and Environmental Science, University of Vermont

Greenland has large deposits of rare earth minerals along its coasts, but these are also geologically hazardous regions. Alex Hibbert/The Image Bank via Getty Images

Since Donald Trump regained the presidency, he has coveted Greenland. Trump has insisted that the U.S. will control the island, currently an autonomous territory of Denmark, and if his overtures are rejected, perhaps seize Greenland by force.

During a recent congressional hearing, senators and expert witnesses focused on Greenland’s strategic value and its natural resources: critical minerals, fossil fuels and hydropower. No one mentioned the hazards, many of them exacerbated by human-induced climate change, that those longing to possess and develop the island will inevitably encounter.

That’s imprudent, because the Arctic’s climate is changing more rapidly than anywhere on Earth. Such rapid warming further increases the already substantial economic and personal risk for those living, working and extracting resources on Greenland, and for the rest of the planet.

Arctic surface temperatures have been rising faster than the global average.
Arctic Report Card 2024, NOAA Climate.gov

I am a geoscientist who studies the environmental history of Greenland and its ice sheet, including natural hazards and climate change. That knowledge is essential for understanding the risks that military and extractive efforts face on Greenland today and in the future.

Greenland: Land of extremes

Greenland is unlike where most people live. The climate is frigid. For much of the year, sea ice clings to the coast, making it inaccessible.

An ice sheet, up to 2 miles thick, covers more than 80% of the island. The population, about 56,000 people, lives along the island’s steep, rocky coastline.

While researching my book “When the Ice is Gone,” I discovered how Greenland’s harsh climate and vast wilderness stymied past colonial endeavors. During World War II, dozens of U.S. military pilots, disoriented by thick fog and running out of fuel, crashed onto the ice sheet. An iceberg from Greenland sunk the Titanic in 1912, and 46 years later, another sunk a Danish vessel specifically designed to fend off ice, killing all 95 aboard.

Now amplified by climate change, natural hazards make resource extraction and military endeavors in Greenland uncertain, expensive and potentially deadly.

Rock on the move

Greenland’s coastal landscape is prone to rockslides. The hazard arises because the coast is where people live and where rock isn’t hidden under the ice sheet. In some places, that rock contains critical minerals, such as gold, as well as other rare metals used for technology, including for circuit boards and electrical vehicle batteries.

The unstable slopes reflect how the ice sheet eroded the deep fjords when it was larger. Now that the ice has melted, nothing buttresses the near-vertical valley walls, and so, they collapse.

In 2017, a northwestern Greenland mountainside fell 3,000 feet into the deep waters of the fjord below. Moments later, the wave that rockfall generated (a tsunami) washed over the nearby villages of Nuugaatsiaq and Illorsuit. The water, laden with icebergs and sea ice, ripped homes from their foundations as people and sled dogs ran for their lives. By the time it was over, four people were dead and both villages lay in ruin.

Steep fjord walls around the island are littered with the scars of past rockslides. The evidence shows that at one point in the last 10,000 years, one of those slides dropped rock sufficient to fill 3.2 million Olympic swimming pools into the water below. In 2023, another rockslide triggered a tsunami that sloshed back and forth for nine days in a Greenland fjord.

A cellphone video captures the June 2017 tsunami wave coming ashore in northwestern Greenland.

There’s no network of paved roads across Greenland. The only feasible way to move heavy equipment, minerals and fossil fuels would be by sea. Docks, mines and buildings within tens of feet of sea level would be vulnerable to rockslide-induced tsunamis.

Melting ice will be deadly and expensive

Human-induced global warming, driven by fossil fuel combustion, speeds the melting of Greenland’s ice. That melting is threatening the island’s infrastructure and the lifestyles of native people, who over millennia have adapted their transportation and food systems to the presence of snow and ice. Record floods, fed by warmth-induced melting of the ice sheet, have recently swept away bridges that stood for half a century.

As the climate warms, permafrost – frozen rock and soil – which underlies the island, thaws. This destabilizes the landscape, weakening steep slopes and damaging critical infrastructure.

An excavator tries to save a bridge over the Watson River at Kangerlussuaq, Greenland. Part of the bridge and the machine were eventually swept away by the rushing meltwater from the Greenland Ice Sheet during a heat wave in July 2012.

Permafrost melt is already threatening the U.S. military base on Greenland. As the ice melts and the ground settles under runways, cracks and craters form – a hazard for airplanes. Buildings tilt as their foundations settle into the softening soil, including critical radar installations that have scanned the skies for missiles and bombers since the 1950s.

Greenland’s icebergs can threaten oil rigs. As the warming climate speeds the flow of Greenland’s glaciers, they calve more icebergs in the ocean. The problem is worse close to Greenland, but some icebergs drift toward Canada, endangering oil rigs there. Ships stand guard, ready to tow threatening icebergs away.

An iceberg passes near an oil drilling rig in eastern Canada.
Geoffrey Whiteway/500px Plus via Getty Images

Greenland’s government banned drilling for fossil fuels in 2021 out of concern for the environment. Yet, Trump and his allies remain eager to see exploration resume off the island, despite exceptionally high costs, less than stellar results from initial drilling, and the ever-present risk of icebergs.

As Greenland’s ice melts and water flows into the ocean, sea level changes, but in ways that might not be intuitive. Away from the island, sea level is rising about an inch each six years. But close to the ice sheet, it’s the land that’s rising. Gradually freed of the weight of its ice, the rock beneath Greenland, long depressed by the massive ice sheet, rebounds. That rise is rapid – more than 6 feet per century. Soon, many harbors in Greenland may become too shallow for ship traffic.

Streams of meltwater flow over the silt-covered surface of the Greenland Ice Sheet as it melts in summer heat near Kangerlussuaq in western Greenland.
REDA/Universal Images Group via Getty Images

Greenland’s challenging past and future

History clearly shows that many past military and colonial endeavors failed in Greenland because they showed little consideration of the island’s harsh climate and dynamic ice sheet.

Changing climate drove Norse settlers out of Greenland 700 years ago. Explorers trying to cross the ice sheet lost their lives to the cold. American bases built inside the ice sheet, such as Camp Century, were quickly crushed as the encasing snow deformed.

In the past, the American focus in Greenland was on short-term gains with little regard for the future. Abandoned U.S. military bases from World War II, scattered around the island and in need of cleanup, are one example. Forced relocation of Greenlandic Inuit communities during the Cold War is another. I believe that Trump’s demands today for American control of the island to exploit its resources are similarly shortsighted.

Piles of rusting fuel drums sit at an abandoned U.S. base from World War II in Ikateq, in eastern Greenland.
Posnov/Moment via Getty Images

However, when it comes to the planet’s livability, I’ve argued that the greatest strategic and economic value of Greenland to the world is not its location or its natural resources, but its ice. That white snow and ice reflect sunlight, keeping Earth cool. And the ice sheet, perched on land, keeps water out of the ocean. As it melts, Greenland’s ice sheet will raise global sea level, up to about 23 feet when all the ice is gone.

Climate-driven sea level rise is already flooding coastal regions around the world, including major economic centers. As that continues, estimates suggest that the damage will total trillions of dollars. Unless Greenland’s ice remains frozen, coastal inundation will force the largest migration that humanity has ever witnessed. Such changes are predicted to destabilize the global economic and strategic world order.

These examples show that disregarding the risks of natural hazards and climate change in Greenland courts disaster, both locally and globally.

Paul Bierman receives funding from the US National Science Foundation and the University of Vermont Gund Institute for Environment

– ref. Greenland’s rapidly melting ice and landslide-prone fjords make the oil and minerals Trump covets dangerous to extract – https://theconversation.com/greenlands-rapidly-melting-ice-and-landslide-prone-fjords-make-the-oil-and-minerals-trump-covets-dangerous-to-extract-249985

MIL OSI – Global Reports –

February 20, 2025
MIL-OSI: Condor Well in Uzbekistan Flows at 1,300 boepd After Workover Operation

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 19, 2025 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a Canadian based energy transition company is pleased to provide an update on the eight gas fields production enhancement project it operates in Uzbekistan.

On a recent workover operation, a potential gas pay section was identified using advanced cased-hole logging tools and reprocessed existing 3-D seismic data which provided significant formation imaging improvements. Prior to the workover, the well had watered out and was not producing. After perforating 23 meters of this newly identified 60-meter interval, the well began flowing at over 1,100 boepd based on a 24-hour production test and has increased to 1,300 boepd during the past 5 days as the completion fluid has now been recovered.

At least five additional well candidates have been identified with similar geologic characteristics using a combination of legacy data and reprocessed 3-D seismic data. Over the coming weeks, these wells will be evaluated to identify potential pay intervals and perforated accordingly. The Company is currently operating two workover rigs and a wireline unit. A third workover rig and second wireline unit with advanced evaluation tools from a North American based services provider is mobilizing to Uzbekistan.

Average production for the fourth quarter of 2024 was 10,510 boepd, up 5% from the third quarter of 2024 and yielded Q4 sales revenues of CA$20.9 million. Production was hampered in the latter part of December 2024 and January 2025 mainly from natural decline rates, as the two workover rigs focused on evaluating shallower Cretaceous-aged, stacked channel sands that had not previously been penetrated on the fields. Despite gas flowing to surface, wellhead pressures were not sufficient to match the existing flowline gathering system pressures. This was likely due in part to having limited zonal isolation to prevent water flows and also not having perforating charges that fully penetrated through two existing casing strings to provide unimpeded access to these gas reservoirs. Given that gas presence was confirmed at surface, Condor will further evaluate these Cretaceous channel sands as part of its 2025 infill well drilling campaign. Both workover rigs have now resumed work on Carbonate formation intervals and production for the past 5 days has averaged 11,455 boepd as newly perforated Carbonate zones begin flowing.

Don Streu, President and CEO of Condor commented: “The material production gains from the ongoing workover program and facility enhancements highlights the capital efficiencies realized from our production enhancement approach. We are continuing to execute our production growth plans in 2025 by adding a third workover rig, drilling a four well vertical and horizontal infill program, continued artificial lift and in-field water separation installations, expanded regions of 3D seismic reprocessing, and field compression. The collaborative working relationship with the national company, JSC “Uzbekneftegaz (“UNG”) and national technical institutes has been instrumental in these early successes.”

ABOUT CONDOR ENERGIES INC

Condor Energies Inc is a TSX-listed energy transition company that is uniquely positioned on the doorstep of European and Asian markets with three distinct first-mover initiatives: increasing natural gas and condensate production from its existing fields in Uzbekistan; an ongoing project to construct and operate Central Asia’s first LNG ‘lower carbon fuel’ diesel substitution facility in Kazakhstan; and a separate initiative to develop and produce critical minerals from brines in Kazakhstan. Condor has already built a strong foundation for reserves, production and cashflow growth while also striving to minimize its environmental footprint.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “anticipate”, “appear”, “believe”, “intend”, “expect”, “plan”, “estimate”, “budget”, “outlook”, “scheduled”, “may”, “will”, “should”, “could”, “would”, “in the process of” or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability to complete workovers on the next five well candidates and have them produce at commercial gas rates; the timing and ability to mobilize a third workover rig and second wireline unit; the timing and ability to access and evaluate future Cretaceous channel sands; the timing and ability to execute the 2025 work plan, including adding a third workover rig, drilling a four well vertical and horizontal infill program, continued artificial lift and in-field water separation installations, expanded regions of 3D seismic reprocessing, and field compression; and the timing and ability to maintain a collaborative working relationship with UNG and national technical institutes.

ABBREVIATIONS

The following is a summary of abbreviations used in this news release:

boepd barrels of oil equivalent per day*

CA$ Canadian dollar

MM million

* Barrels of oil equivalent (“boe”) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (“Mscf”) of gas to one barrel of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mscf to 1 barrel, utilizing a conversion ratio at 6 Mscf to 1 barrel may be misleading as an indication of value, particularly if used in isolation.

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.

The MIL Network –

February 20, 2025
MIL-OSI: Atos Successfully Supports Invictus Games Vancouver Whistler 2025 Reach New Heights
Source: GlobeNewswire (MIL-OSI)

News

Atos Successfully Supports Invictus Games Vancouver Whistler 2025 Reach New Heights

Atos services were instrumental in helping participants share their extraordinary resilience and passion on-site and with audiences worldwide

Vancouver and Whistler, Canada, and Paris, France, February 18, 2025 – Atos, a global leader in digital transformation and the Official Technology Partner of the Invictus Games Vancouver Whistler 2025, today announces it has successfully delivered the full range of critical IT services that helped make the games, which took place from February 8 to 16, 2025, a unique event.

This event brought together up to 550 competitors from 23 nations, introducing winter sports to the Invictus Games for the first time. Atos provided the entire range of essential services, including data processing, timing and scoring, public scoreboards, TV graphics, as well as live results for a total of 11 sports: Wheelchair Basketball, Sitting Volleyball, Wheelchair Rugby, Indoor Rowing, Swimming, Wheelchair Curling, Alpine Skiing, Snowboarding, Biathlon, Nordic Skiing, and Skeleton.

The Invictus Games is an international adaptive multi-sport event founded by Prince Harry, Duke of Sussex, for wounded, injured, and sick service members and Veterans. Launched in London in 2014, the Games aim to use the power of sport to inspire recovery, support rehabilitation, and generate a wider understanding and respect for those who serve their countries. Participants compete in a spirit of brotherhood, sharing their experiences and showcasing their resilience, determination and courage.

Adaptative sports come with a unique set of rules and categories based on competitors’ health, where Atos’ experience and advanced sports technologies play a crucial role. These solutions significantly enhance the readiness and deployment capabilities, ensuring a seamless experience for athletes and organizers.

Atos relied on the unparalleled expertise of its 25 on-site professionals and 10 remote technicians from its Sport Technology Center of Excellence in Spain to ensure operational excellence throughout the 8 days of competition. More than 110 computers were deployed across various sports disciplines, in addition to providing over 300 TV graphics for the live broadcast of the event. One of the highlights of Atos’s collaboration at the Invictus Games was the implementation of a remote On-Venue Result system (OVR) for certain sports, including Wheelchair Basketball, Sitting Volleyball, Wheelchair Rugby, and Indoor Rowing. Atos experts perfectly managed, deployed, and monitored the entire spectrum of the Games’ technology, ensuring that all services run smoothly and efficiently during the entire competition.

“We believe this event beautifully showcases the spirit of sportsmanship and the incredible resilience of the competitors” said Nacho Moros, Head of Major Events, Atos. “We are proud that our cutting-edge technology and all the experience we accumulated in supporting the largest sport events worldwide in the past decades created an amazing experience for the Invictus Games 2025 competitors and fans alike. We are looking forward to pursuing this journey, and keeping integrating new, exciting features in future editions.”

Atos has been serving its partners and customers through a dedicated in-house sports and major events division (“Major Events”) for over 30 years, giving it an unmatched experience and the flexibility to serve its customers regardless of their exposure, size and scale. From global events to local competitions such as the next 2025 European Youth Olympic Winter Festival to be held in Bakuriani (Georgia), Atos consistently strives to deliver technology excellence to its entire customer base.

Atos has been involved with the Olympic Movement since 1992 and the Paralympic Movement since 2002 and is the Official Digital Technology Partner of the European Olympic Committee 2027 edition of the European Games, as well as the official Digital partner for Special Olympics International. In addition, the company is also the Official Information Technology Partner of UEFA National Team Football. Most recently, Atos has been instrumental in delivering successful leading-edge IT services for iconic events such as UEFA EURO 2024™ in Germany and the Olympic and Paralympic Games Paris 2024.

To learn more about Atos solutions for sporting events and major events, visit Atos major events.

***

About Invictus Games Vancouver Whistler 2025

The Invictus Games Vancouver Whistler 2025, presented by ATCO and Boeing, is an international sporting competition for wounded, injured, and sick service members and Veterans. From February 8-16, 2025, the seventh Invictus Games brought together up to 550 competitors from up to 25 nations in 11 adaptive sports in the natural beauty of British Columbia, Canada. Invictus means unconquered and the Games celebrate courage, resiliency and the strength of the human spirit. Through the power of sport, the Games will inspire recovery, support rehabilitation, and generate a wider understanding and respect for those who have served their country.

The Invictus Games Vancouver Whistler 2025 were held on the traditional territories of the Lil̓wat7úl (Líl̓wat), xʷməθkʷəy̓əm (Musqueam), Sḵwx̱wú7mesh (Squamish) and səlilwətaɬ (Tsleil-Waututh) Nations. True Patriot Love Foundation, the Government of Canada, and the Province of British Columbia are the valued Founding Partners of the Invictus Games Vancouver Whistler 2025.

Visit invictusgames2025.ca for the latest updates, supporting materials and full Games details.

About Atos

Atos is a global leader in digital transformation with c. 82,000 employees and annual revenue of c. € 10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

Press contact

Laurent Massicot | laurent.massicot@atos.net | +33 (0)7 69 48 01 80

Attachment
- Global News – Atos Successfully Supports Invictus Games 2025 Reach New Heights
The MIL Network –
February 20, 2025
MIL-OSI Global: Trump’s effect on critical minerals could be crucial for the future of green energy

Source: The Conversation – UK – By Jorge Valverde, PhD Fellow, Maastricht Economic and Social Research Institute on Innovation and Technology (UNU-MERIT), United Nations University

Nickel laterite in an open pit mine. Nickel is one of the critical minerals

There’s a chance Donald Trump’s second term as US president could have a long-term negative impact on the demand for and supply of what are known as critical minerals. These include copper, lithium, nickel, cobalt and the “rare earth elements”, such as lanthanum and yttrium.

They are vital for the green energy transition, being used in electric car batteries, solar panels and wind turbines. Trump’s decision to pull out of the UN’s Paris agreement to control global warming has led to some pessimistic perspectives on this policy’s impacts.

If Trump’s move towards oil and gas is interpreted by the markets as permanent, the price incentive for new mining projects for critical minerals will fall, along with long-term supply. This could potentially threaten the green energy transition.

However, there are reasons to doubt this pessimistic scenario. Contrary to this, we believe that the new US administration policy is just a temporary shock without a significant change to the world’s energy transition trajectory. Therefore, critical mineral markets will remain buoyant in the medium and long term. This position is based on three main arguments.

1. The US holds a competitive position in critical mineral markets

There’s a generalised perception that the US depends on importing critical minerals from other countries, such as China. This is true for a handful, but, overall, America is one of the most competitive countries in producing the minerals needed for green technology.

Indeed, the US has a revealed comparative advantage in exporting a wide variety of minerals and, among them, the most critical ones.

Supplies of germanium are tightly controlled by China.
RHJPhtotos

Therefore, it will be in the US’s interests to keep the lucrative critical mineral markets dynamic. Even if the US reduces its sustainability ambitions, slowing its demand for new clean technologies, it is likely to do it carefully, so as not to harm its own industries.

Indeed, we expect the US to increase its interest in developing processing industries to recover some minerals from electronic waste or intermediate stages in some manufacturing processes. These include germanium and gallium, which are tightly controlled by China (their biggest producer) but which are vital for computer chips and renewable energy technology, as well as night-vision goggles.

2. The US produces and uses only a small share of clean technologies

China and Europe drive these markets. The US does not drive either the demand or the supply for new clean technologies. On the demand side, the US only represents 10% of world electric car sales, while China and Europe account for 66% and 20% of the market respectively.

China represents over 43% of installed solar energy capacity.
Wang An Qi Shutterstock

Similarly, for the world installed solar energy capacity, China represents over 43% of the market, Europe 20%, and the US only 10%. On the supply side, the US produces around 15% of the world’s electric cars, while China represents more than 50% of the market.

For other clean technologies, statistics are similar with a remarkable leadership of China in the production of solar panels and wind turbines.

So the policies followed by China and Europe are likely to have a much larger impact on the energy transition than the US’s. In the likely event that these countries continue pushing forward the green transition, the cost of slowing its technological catch up for the US will be too high.

Moreover, oil producer countries of the Middle East are heavily betting for new clean technologies, which could offset the lower appetite for green assets from the US. So regardless of what Trump’s administration will decide on this matter, its influence on the market for clean technologies will be limited.

3. New tariffs could further increase some minerals’ criticality

Import tariffs imposed by Trump’s first administration to promote local production damaged US exports of those industries using imported intermediate, or partly finished, goods. In other words, international trade along global value chains has modified the textbook dynamics of protectionism, and exports are hindered – and not fostered – by import protection.

President Trump plans to impose 25% new tariffs on imports from Canada and Mexico. This could increase the criticality of some minerals for the US. For example, nickel and aluminium could become even more critical to the US economy because Canada supplies almost 40% of the nickel employed by US industry, and 70% of the aluminium.

As a consequence, new tariffs could indeed increase the criticality of some minerals. Indeed, this was probably in some way behind the decisions to postpone the tariff increases and to only impose them on selected products.

The energy policies of the new American administration will have ripple effects. But these are likely to be temporary and the market in critical minerals is unlikely to be affected long term. The global transition to clean energy seems safe, for now.

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. Trump’s effect on critical minerals could be crucial for the future of green energy – https://theconversation.com/trumps-effect-on-critical-minerals-could-be-crucial-for-the-future-of-green-energy-249058

MIL OSI – Global Reports –

February 20, 2025
MIL-OSI Global: Brutalism: Oscar-nominated film has revived interest in a controversial architectural legacy

Source: The Conversation – UK – By Gleb Redko, PhD Researcher in Punk, Brutalism & Psychogeography, School of Architecture Art & Design, University of Portsmouth

With ten Oscar nominations, The Brutalist has reignited the debate over the legacy of brutalism. The polarising architectural style was shaped by post-war hopes for a better future. But it was also, as historian Adrian Forty argues in his book Concrete and Culture (2012), an “expression of melancholy, the work of a civilisation that had all but destroyed itself in the second world war”.

The fictional architect at centre of The Brutalist, László Tóth, is an Austro-Hungarian modernist and concentration-camp survivor who moves to America to rebuild his life. His designs, described as “machines”, are inspired by the trauma of camps like Buchenwald and Dachau.

Emerging from the rubble of the second world war, brutalism became an architectural response to devastation and the pressing need for urban renewal. The destruction caused by the Blitz provided architects with opportunities to design environments reflecting the ideals of the new welfare state: equality, accessibility and functionality for the collective good.

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This ethical foundation aimed to address the social needs of the post-war era, particularly in housing, education and public welfare infrastructure. Notable examples of the style include the Barbican estate and Southbank Centre in London.

Architectural critic Reyner Banham, who coined the term brutalism in his 1966 work Brutalism: Ethic or Aesthetic, argued that the movement was more than an aesthetic choice. He championed the work of Alison and Peter Smithson, young British architects who played a crucial role in shaping brutalism through projects like Robin Hood Gardens in London’s Tower Hamlets. For Banham, brutalism was an ethical stance and a form of “radical philosophy” aiming to address the social needs of the post-war era.

The brutalist style has, however, often been criticsed for what many perceived to be its unappealing, “ugly” aesthetic and alienating qualities. In 1988, King Charles famously compared the National Theatre in London to a nuclear plant, encapsulating the public’s mixed reactions. Similarly the situationists (a French anti-capitalist art movement) denounced brutalist housing estates as “machines for living”. They saw them as oppressive structures that stifled human connection.

The perception of brutalism is highly dependent on context. In warmer climates like Marseille in France, the play of sunlight on raw concrete gave structures a sculptural quality. In the UK’s wet climate, however, exposed concrete weathered quickly, making buildings appear grey and neglected.

Yet for brutalist architects, this was never just about aesthetics. They saw their designs as expressions of honesty and social progress, rejecting ornamentation in favour of raw, functional materials that symbolised a new egalitarian society. The very qualities that critics saw as oppressive were, to its proponents, what made brutalism a radical and hopeful architecture.

Rebellion and reclamation

Despite their ethical intentions, brutalist buildings often appeared to have an alienating impact on their residents. In his book Making Dystopia (2018), architectural historian James Stevens Curl discusses the Canada Estate in Bermondsey, London, built in 1964, where tenants expressed their disaffection for the environment through acts of vandalism.

By the 1970s, the optimism surrounding modernist and brutalist projects had begun to collapse, both figuratively and literally. One of the most infamous moments symbolising this failure was the Ronan Point disaster in 1968. A gas explosion on the 18th floor of this newly built tower block in east London caused a partial collapse. Four people were killed and serious concerns were raised about the safety and quality of post-war high-rise housing.

This tragedy pushed the Clash’s Joe Strummer to write one of the band’s most notable songs, London’s Burning, in 1976. In the late 1970s and 1980s, punks splattered brutalist architecture with graffiti slogans echoing situationist critiques of modern urban life.

Some referenced punk band names or song lyrics, showing how punk didn’t just adopt the attitude of the situationists but also their language and tactics. Jamie Reid, the architect of the Sex Pistols’ aesthetic, often used images of brutalist structures as a stark backdrop to his punk visuals.

The punk movement reinterpreted the failure of brutalism not just as an architectural problem but as a broader societal collapse, highlighting issues of alienation, neglect and the erosion of post-war utopian ideals.

Read more:
Jamie Reid: the defiant punk art of the man behind the Sex Pistols’ iconic imagery

Yet, in recent years, the brutalist aesthetic has found a new audience. Online communities, such as Reddit’s 1.5 million-member r/EvilBuildings reflect on buildings and surroundings captured by community members and the impressions these structures leave. Brutalist buildings frequently top the list.

This renewed interest highlights the complex legacy of a style that was once widely criticised but continues to captivate a broader audience beyond architects.

Brutalism’s dual legacy, a movement intended to create community but often seen as alienating, continues to shape debates in architecture and urban planning. The controversial nature of this style is evident in the demolition of prominent structures like the Smithsons’ Robin Hood Gardens (2018), the Tricorn Centre in Portsmouth (2004), and the currently ongoing demolition of Cumbernauld town centre in central Scotland.

These demolitions highlight both brutalism’s polarised reception and the public reassessment of its value. These spaces are more than just concrete. They are sites of memory, rebellion, and ongoing cultural significance, continuously shaping and being shaped by the society around them.

Gleb Redko 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. Brutalism: Oscar-nominated film has revived interest in a controversial architectural legacy – https://theconversation.com/brutalism-oscar-nominated-film-has-revived-interest-in-a-controversial-architectural-legacy-249627

MIL OSI – Global Reports –

February 20, 2025

MIL-OSI: Global-e Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

PETAH-TIKVA, Israel, Feb. 19, 2025 (GLOBE NEWSWIRE) — Global-e Online Ltd. (Nasdaq: GLBE) the platform powering global direct-to-consumer e-commerce, today reported financial results for the fourth quarter of 2024 and full year 2024.

“2024 was yet another record-breaking year for Global-e, and it came to a great close with a fourth quarter which was our strongest quarter ever, as we continued to execute on our strategy and further solidify Global-e’s leadership position in the global e-commerce space,” said Amir Schlachet, Founder and CEO of Global-e. “In addition, we achieved two important financial milestones during the quarter. For the first time in our journey, we crossed the 20% Adjusted EBITDA Margin mark, which was the long-term target we set for ourselves at the IPO, and we reached GAAP profitability for the first time as a public company; a testament to our relentless focus on delivering fast yet durable growth.”

“As we head into 2025, we remain as committed as ever to continue on our growth path, deliver more cutting-edge and market-leading solutions to our merchants and seize more and more of the great opportunities that lie ahead of us in the world of global e-commerce. In 2025, we also expect to achieve three additional key financial milestones: surpass the 20% Adjusted EBITDA Margin mark on a full year basis, achieve annual GAAP profitability, and most importantly, for the first time, cross an annual run-rate of $1 billion in Revenues.”

Q4 2024 Financial Results

GMV¹ in the fourth quarter of 2024 was $1,713 million, an increase of 44% year over year
Revenue in the fourth quarter of 2024 was $262.9 million, an increase of 42% year over year, of which service fees revenue was $117.3 million and fulfillment services revenue was $145.6 million
Non-GAAP gross profit² in the fourth quarter of 2024 was $120.9 million, an increase of 53% year over year. GAAP gross profit in the fourth quarter of 2024 was $118.7 million
Non-GAAP gross margin² in the fourth quarter of 2024 was 46%, an increase of 330 basis points from 42.7% in the fourth quarter of 2023. GAAP gross margin in the fourth quarter of 2024 was 45.1%
Adjusted EBITDA³ in the fourth quarter of 2024 was $57.1 million compared to $35.2 million in the fourth quarter of 2023, an increase of 62% year over year
Net profit in the fourth quarter of 2024 was $1.5 million
Net cash provided by operating activities in the fourth quarter of 2024 was $129.3 million, while capital expenditures totaled $0.5 million, leading to free cash flow of $128.8 million

FY 2024 Financial Results

GMV¹ for the full year was $4,858 million, an increase of 37% year over year
Revenue for the full year was $752.8 million, an increase of 32% year over year, of which service fees revenue was $350.3 million and fulfillment services revenue was $402.5 million
Non-GAAP gross profit² for the full year was $349.4 million, an increase of 43% year over year. GAAP gross profit for the full year was $339.4 million
Non-GAAP gross margin² for the full year was 46.4%, an increase of 350 basis points from 42.9% in 2023. GAAP gross margin for the full year was 45.1%
Adjusted EBITDA³ for the full year was $140.8 million compared to $92.7 million in 2023, an increase of 51.8% year over year
Net loss for the full year was $75.5 million
Net cash provided by operating activities in the full year was $169.4 million, while capital expenditures totaled $2.3 million, leading to free cash flow of $167.1 million

Recent Business Highlights

Throughout 2024, our existing merchant base continued to stay and grow with us, as reflected in our annual enterprise NDR rate of 119% and GDR rate of 93.5%. GDR and NDR were negatively impacted by the out of the ordinary bankruptcy of Ted Baker and by several Borderfree merchants that chose not to re-platform to the Global-e platform. NDR and GDR excluding the out of the ordinary churn for 2024 is close to 123% and 97%, respectively
Recently launched with Logitech, one of the world’s largest and most innovative providers of computer peripherals and input devices, gaming accessories, audio and video gear and smart home device
On-boarded many additional new merchants located around the globe and trading in various verticals, including:
- North America – shapewear brand Spanx, Thursday Boots, and the web store of famous fashion designer Tom Ford
- UK and Europe – Spanish brand Tous, Italian fashion brand Slowear, UK footwear brand Phoebe Philo, German brand IvyOak, Swiss running gear brand Compressport, famous Austrian lingerie brand Triumph, French brands ZAPA and MOLLI, and the Finish brand HURTTA
- APAC – Japanese brands Komehyo, one of Japan’s largest retailers of second-hand goods, Kyoto-based wristwatch brand Kuoe, novelty brands Mofusand and Taito, and the tailored shirt brand Kamakura Shirts, as well as the renowned Korean cosmetics brand Depology, and Australian fashion brands Zoe Kratzmann and SECONDLEFT
Expanded to new lanes with existing merchants – added Romania and Croatia to the markets we operate for Adidas, went live with a new outlet site for John Smedley, and added Strellson, the third brand to go live with us out of the Swiss Holy Fashion Group
Shopify Managed Markets – continued joint work with Shopify to add new features and functionalities to the Managed Markets offering, aimed at making it applicable to a wider range of merchants on the Shopify platform

Q1 2025 and Full Year Outlook

Global-e is introducing first quarter and full year guidance as follows:

	Q12025	FY 2025
	(in millions)
GMV⁽¹⁾	$1,210 – $1,250	$6,190 – $6,490
Revenue	$184.5 – $191.5	$917 – $967
Adjusted EBITDA⁽³⁾	$29.5 – $33.5	$179 – $199

¹ Gross Merchandise Value (GMV) is a key operating metric. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.
² Non-GAAP Gross profit and Non-GAAP gross margin are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.
³ Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information regarding this metric, including the reconciliations to Operating Profit (Loss), its most directly comparable GAAP financial measure. The Company is unable to provide a reconciliation of Adjusted EBITDA to Operating Profit (Loss), its most directly comparable GAAP financial measure, on a forward-looking basis without unreasonable effort because items that impact this GAAP financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, share-based compensation expenses. Such information may have a significant, and potentially unpredictable impact on the Company’s future financial results.

Conference Call Information

Global-e will host a conference call at 8:00 a.m. ET on Wednesday, February 19, 2025.
The call will be available, live, to interested parties by dialing:

United States/Canada Toll Free:	1-800-717-1738
International Toll:	1-646-307-1865

A live webcast will also be available in the Investor Relations section of Global-e’s website at: https://investors.global-e.com/news-events/events-presentations

Approximately two hours after completion of the live call, an archived version of the webcast will be available on the Investor Relations section of the Company’s web site and will remain available for approximately 30 calendar days.

Non-GAAP Financial Measures and Key Operating Metrics

To supplement Global-e’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Global-e considers certain financial measures and key performance metrics that are not prepared in accordance with GAAP including:

Non-GAAP gross profit, which Global-e defines as gross profit adjusted for amortization of acquired intangibles. Non-GAAP gross margin is calculated as Non-GAAP gross profit divided by revenues
Adjusted EBITDA, which Global-e defines as operating profit (loss) adjusted for stock-based compensation expenses, depreciation and amortization, commercial agreements amortization, amortization of acquired intangibles and merger related contingent consideration.
Free cash flow, which Global-e defines as net cash provided by operating activities less purchase of property and equipment.

Global-e also uses Gross Merchandise Value (GMV) as a key operating metric. Gross Merchandise Value or GMV is defined as the combined amount we collect from the shopper and the merchant for all components of a given transaction, including products, duties and taxes and shipping.

The aforementioned key performance indicators and non-GAAP financial measures are used, in conjunction with GAAP measures, by management and our board of directors to assess our performance, including the preparation of Global-e’s annual operating budget and quarterly forecasts, for financial and operational decision-making, to evaluate the effectiveness of Global-e’s business strategies, and as a means to evaluate period-to-period comparisons. These measures are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that these non-GAAP financial measures are appropriate measures of operating performance because they remove the impact of certain items that we believe do not directly reflect our core operations, and permit investors to view performance using the same tools that we use to budget, forecast, make operating and strategic decisions, and evaluate historical performance.

Global-e’s definition of Non-GAAP measures may differ from the definition used by other companies and therefore comparability may be limited. In addition, other companies may not publish these metrics or similar metrics. Furthermore, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, Non-GAAP measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying reconciliation tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

Cautionary Note Regarding Forward Looking Statements

This press release contains estimates and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our future strategy and projected revenue, GMV, Adjusted EBITDA and other future financial and operational results, growth strategy and plans and objectives of management for future operations, including, among others, expansion in new and existing markets, the launch of large enterprise merchants, and our ongoing partnership with Shopify, are forward-looking statements. As the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Global-e believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, our rapid growth and growth rates in recent periods may not be indicative of future growth; the ability to retain merchants or the GMV generated by such merchants; the ability to retain existing, and attract new merchants; our business acquisitions and ability to effectively integrate acquired businesses; our ability to anticipate merchant needs or develop or acquire new functionality or enhance our existing platforms to meet those needs; our ability to implement and use artificial intelligence and machine learning technologies successfully; our ability to compete in our industry; our reliance on third-parties, including our ability to realize the benefits of any strategic alliances, joint ventures, or partnership arrangements and to integrate our platforms with third-party platforms; our ability to develop or maintain the functionality of our platforms, including real or perceived errors, failures, vulnerabilities, or bugs in our platforms; our history of net losses; our ability to manage our growth and manage expansion into additional markets; increased attention to ESG matters and our ability to manage such matters; our ability to accommodate increased volumes during peak seasons and events; our ability to effectively expand our marketing and sales capabilities; our expectations regarding our revenue, expenses and operations; our ability to operate internationally; our reliance on third-party services, including third-party providers of cross-docking services and third-party data centers, in our platforms and services and harm to our reputation by our merchants’ or third-party service providers’ unethical business practices; our ability to adapt to changes in mobile devices, systems, applications, or web browsers that may degrade the functionality of our platforms; our operation as a merchant of record for sales conducted using our platform; regulatory requirements and additional fees related to payment transactions through our e-commerce platforms could be costly and difficult to comply with; compliance and third-party risks related to anti-money laundering, anti-corruption, anti-bribery, regulations, economic sanctions and export control laws and import regulations and restrictions; our business’s reliance on the personal importation model; our ability to securely store personal information of merchants and shoppers; increases in shipping rates; fluctuations in the exchange rate of foreign currencies has impacted and could continue to impact our results of operations; our ability to offer high quality support; our ability to expand the number of merchants using our platforms and increase our GMV and to enhance our reputation and awareness of our platforms; our dependency on the continued use of the internet for commerce; our ability to adapt to emerging or evolving regulatory developments, changing laws, regulations, standards and technological changes related to privacy, data protection, data security and machine learning technology and generative artificial intelligence evolves; the effect of the situation in Ukraine on our business, financial condition and results of operations; our role in the fulfilment chain of the merchants, which may cause third parties to confuse us with the merchants; our ability to establish and protect intellectual property rights; and our use of open-source software which may pose particular risks to our proprietary software technologies; our dependency on our executive officers and other key employees and our ability to hire and retain skilled key personnel, including our ability to enforce non-compete agreements we enter into with our employees; litigation for a variety of claims which we may be subject to; the adoption by merchants of a direct to consumer model; our anticipated cash needs and our estimates regarding our capital requirements and our needs for additional financing; our ability to maintain our corporate culture; our ability to maintain an effective system of disclosure controls and internal control over financial reporting; our ability to accurately estimate judgments relating to our critical accounting policies; changes in tax laws or regulations to which we are subject, including the enactment of legislation implementing changes in taxation of international business activities and the adoption of other corporate tax reform policies; requirements to collect sales or other taxes relating to the use of our platforms and services in jurisdictions where we have not historically done so; global events such as war, health pandemics, climate change, macroeconomic events and the recent economic slowdown; risks relating to our ordinary shares, including our share price, the concentration of our share ownership with insiders, our status as a foreign private issuer, provisions of Israeli law and our amended and restated articles of association and actions of activist shareholders; risks related to our incorporation and location in Israel, including risks related to the ongoing war and related hostilities; and the other risks and uncertainties described in Global-e’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 28, 2024 and other documents filed with or furnished by Global-e from time to time with the Securities and Exchange Commission (the “SEC”). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

About Global-E Online Ltd.

Global-e (Nasdaq: GLBE) is the world’s leading platform enabling and accelerating global, Direct-To-Consumer e-commerce. The chosen partner of over 1,000 brands and retailers across the United States, EMEA and APAC, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e’s end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast global e-commerce experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.

Investor Contact:
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
IR@global-e.com
+1 617-542-6180

Press Contact:
Sarah Schloss
Headline Media
Globale@headline.media
+1 786-233-7684

Global-E Online Ltd. CONSOLIDATED BALANCE SHEETS (In thousands)
	Period Ended
	December 31,			December 31,
	2023			2024
				(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	200,081		$	250,773
Short-term deposits		96,939			187,322
Accounts receivable, net		27,841			41,171
Prepaid expenses and other current assets		63,967			84,613
Marketable securities		20,403			36,345
Funds receivable, including cash in banks		111,232			122,984
Total current assets		520,463			723,208
Property and equipment, net		10,236			10,440
Operating lease right-of-use assets		23,052			24,429
Long term deposits		3,552			3,786
Deferred contract acquisition costs, noncurrent		2,668			3,787
Other assets, noncurrent		4,078			4,527
Commercial agreement asset	192,721				66,527
Goodwill		367,566			367,566
Intangible assets		78,024			59,212
Total long-term assets		681,897			540,274
Total assets	$	1,202,360		$	1,263,482
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	50,943		$	79,559
Accrued expenses and other current liabilities		107,306			141,551
Funds payable to Customers		111,232			122,984
Short term operating lease liabilities		4,031			4,347
Total current liabilities		273,512			348,441
Long-term liabilities:
Deferred tax liabilities		6,507			–
Long term operating lease liabilities		19,291			20,510
Other long-term liabilities		1,071			1,098
Total liabilities	$	300,381		$	370,049

Shareholders’ deficit:
Share capital and additional paid-in capital		1,360,250			1,425,317
Accumulated comprehensive income		(1,420	)		515
Accumulated deficit		(456,851	)		(532,399	)
Total shareholders’ (deficit) equity		901,979			893,433
Total liabilities and shareholders’ equity	$	1,202,360		$	1,263,482

Global-E Online Ltd. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data)
	Three Months Ended						Year Ended
	December 31,						December 31,
	2023			2024			2023			2024
	(Unaudited)										(Unaudited)
Revenue	$	185,401		$	262,912		$	569,946		$	752,764
Cost of revenue		109,080			144,253			336,343			413,331
Gross profit		76,321			118,659			233,603			339,433

Operating expenses:
Research and development		25,169			28,284			97,568			105,487
Sales and marketing		58,756			70,936			217,035			250,661
General and administrative		15,451			14,257			56,059			51,213
Total operating expenses, net		99,376			113,477			370,662			407,361
Operating profit (loss)		(23,055	)		5,182			(137,059	)		(67,928	)
Financial expenses (income), net		(5,010	)		6,073			(5,262	)		11,465
Loss before income taxes		(18,045	)		(891	)		(131,797	)		(79,393	)
Income tax (benefit) expenses		4,055			(2,400	)		2,008			(3,845	)
Net profit (loss) attributable to ordinary shareholders	$	(22,100	)	$	1,509		$	(133,805	)	$	(75,548	)
Net profit (loss) per share attributable to ordinary shareholders, basic	$	(0.13	)	$	0.01		$	(0.81	)	$	(0.45	)
Net profit (loss) per share attributable to ordinary shareholders, diluted	$	(0.13	)	$	0.01		$	(0.81	)	$	(0.45	)
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic		165,626,904			168,419,800			164,353,909			167,323,350
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, diluted		165,626,904			175,674,929			164,353,909			167,323,350

Global-E Online Ltd. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
	Three Months Ended						Year Ended
	December 31,						December 31,
	2023			2024			2023					2024
	(Unaudited)											(Unaudited)
Operating activities
Net profit (loss)	$	(22,100	)	$	1,509		$		(133,805	)		$	(75,548		)
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
Depreciation and amortization		489			547				1,788				2,131
Share-based compensation expenses		12,180			9,538				44,960				39,158
Commercial agreement asset		37,433			37,433				150,451				148,594
Amortization of intangible assets		5,091			4,402				20,434				18,812
Unrealized loss (gain) on foreign currency		(3,011	)		3,554				(1,901	)			4,468
Changes in accrued interest and exchange rate on short-term deposits		72			(1,373	)			(416	)			(1,329		)
Changes in accrued interest and exchange rate on long-term deposits		(144	)		364				(255	)			200
Accounts receivable		(14,390	)		15,925				(11,417	)			(13,330		)
Prepaid expenses and other assets		61			(24,164	)			(11,736	)			(18,019		)
Funds receivable		(9,038	)		8,726				(11,074	)			(3,205		)
Long-term receivables		(1,497	)		51				(339	)		551
Funds payable to customers		40,817			2,564				33,107				11,752
Operating lease ROU assets		786			991				3,230				3,691
Deferred contract acquisition costs		(772	)		(322	)			(1,207	)			(1,382		)
Accounts payable		18,438			37,176				(1,277	)			28,617
Accrued expenses and other liabilities		25,345			35,945				30,625				34,272
Deferred taxes		3,635			(2,592	)			120				(6,507		)
Operating lease liabilities		99			(987	)			(3,067	)			(3,533		)
Net cash provided by operating activities		93,494			129,287				108,222				169,393
Investing activities
Investment in marketable securities		(851	)		(18,331	)			(3,728	)			(21,128		)
Proceeds from marketable securities	–				2,028			671						4,988
Investment in short-term deposits		(43,250	)		(77,848	)			(175,237	)			(269,601		)
Proceeds from short-term deposits		34,318			22,298				125,068				180,548
Purchases of long-term investments		(4	)		(307	)			(82	)			(1,459		)
Proceeds from long-term deposits		10			24				10				24
Purchases of property and equipment		(926	)		(482	)			(1,741)				(2,335		)
Net cash used in investing activities		(10,703	)		(72,618	)			(55,039	)			(108,963		)
Financing activities
Proceeds from exercise of Warrants to ordinary shares		–		3					22		5
Proceeds from exercise of share options		244			1,632				1,969				3,271
Net cash provided by financing activities		244			1,635				1,991				3,276
Exchange rate differences on balances of cash, cash equivalents and restricted cash		3,011			(3,554	)			1,901				(4,468		)
Net Increase in cash, cash equivalents, and restricted cash		86,046			54,750				57,075				59,238
Cash and cash equivalents and restricted cash—beginning of period		182,551			273,086				211,522				268,597
Cash and cash equivalents and restricted cash—end of period	$	268,597		$	327,835		$		268,597			$	327,835

Global-E Online Ltd. SELECTED OTHER DATA (In thousands)
	Three Months Ended									Year Ended
	December 31,									December 31,
	2023					2024				2023					2024
	(Unaudited)									(Unaudited)
Key performance metrics
Gross Merchandise Value		1,189,467					1,712,903				3,557,444					4,857,970
Adjusted EBITDA (a)		35,178					57,102				92,735					140,767

Revenue by Category
Service fees		89,936		49	%		117,268	45	%		262,255		46	%		350,311	47	%
Fulfillment services		95,465		51	%		145,644	55	%		307,692		54	%		402,453	53	%
Total revenue	$	185,401		100	%	$	262,912	100	%	$	569,946		100	%	$	752,764	100	%

Revenue by merchant outbound region
United States		94,887		51	%		146,250	56	%		285,619		50	%		399,596	53	%
United Kingdom		54,962		30	%		55,807	21	%		173,584		30	%		182,904	24	%
European Union		29,421		16	%		44,469	17	%		92,566		16	%		125,547	17	%
Israel		479		0	%		1,671	1	%		1,806		0	%		2,746	0	%
Other	5,652		3		%		14,715	5	%	16,371		3		%		41,971	6	%
Total revenue	$	185,401		100	%	$	262,912	100	%	$	569,946		100	%	$	752,764	100	%

(a) See reconciliation to adjusted EBITDA table

Global-E Online Ltd. RECONCILIATION TO Non-GAAP GROSS PROFIT (In thousands)
		Three Months Ended				Year Ended
		December 31,				December 31,
		2023		2024		2023		2024
	(Unaudited)
Gross Profit			76,321		118,659		233,603		339,433

Amortization of acquired intangibles included in cost of revenue			2,796		2,198		11,183		9,994
Non-GAAP gross profit			79,117		120,857		244,786		349,427

Global-E Online Ltd. RECONCILIATION TO ADJUSTED EBITDA (In thousands)
	Three Months Ended					Year Ended
	December 31,					December 31,
	2023			2024		2023			2024
	(Unaudited)
Operating profit (loss)		(23,055	)		5,182		(137,059	)		(67,928	)
(1) Stock-based compensation:
Cost of revenue		186			275		639			929
Research and development		6,962			4,153		26,266			17,291
Selling and marketing		1,238			1,528		4,259			5,836
General and administrative		3,794			3,582		13,796			15,102
Total stock-based compensation		12,180			9,538		44,960			39,158

(2) Depreciation and amortization		489			547		1,788			2,131

(3) Commercial agreement asset amortization	37,433				37,433	150,451				148,594

(4) Amortization of acquired intangibles	5,091				4,402	20,434				18,812

(5) Merger related contingent consideration	3,040				–	12,161				–

Adjusted EBITDA		35,178			57,102		92,735			140,767

Global-E Online Ltd. RECONCILIATION TO FREE CASH FLOW (In thousands)
		Three Months Ended						Year Ended
		December 31,						December 31,
		2023			2024			2023			2024
	(Unaudited)
Net cash provided by operating activities			93,434			129,287			108,222			169,393
Less:
Purchase of property and equipment			(926	)		(482	)		(1,741	)		(2,335	)
Free cash flow			92,508			128,805			106,481			167,058

The MIL Network –

February 20, 2025

MIL-OSI: DT Midstream Sets 2025 Annual Meeting Date

Source: GlobeNewswire (MIL-OSI)

DETROIT, Feb. 19, 2025 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) announced that its 2025 Annual Meeting of Stockholders will be Tuesday, May 6. Stockholders of record at the close of business Wednesday, March 12, 2025, are eligible to vote at the meeting.

About DT Midstream

DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

The MIL Network –

February 20, 2025

MIL-OSI: YieldMax™ ETFs Announces Distributions on CRSH (75.93%), TSLY (62.77%), YBIT (60.33%), YMAX (56.92%), YMAG (39.10%) and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, Feb. 19, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group A ETFs listed in the table below.

ETF Ticker¹	ETF Name	Distribution Frequency	Distribution per share	Distribution Rate^2,4	30-Day SEC Yield³	ROC⁵	Ex-Date & Record Date	Payment Date
QDTY*	YieldMax™ Nasdaq 100 0DTE Covered Call ETF	*Weekly*	–	–	–	–	–	–
SDTY	YieldMax™ S&P 500 0DTE Covered Call ETF	*Weekly*	$0.2221	–	–	100.00%	2/20/25	2/21/25
GPTY	YieldMax™ AI & Tech Portfolio Option Income ETF	*Weekly*	$0.3258	–	–	100.00%	2/20/25	2/21/25
LFGY	YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF	*Weekly*	$0.5739	–	–	58.86%	2/20/25	2/21/25
YMAX	YieldMax™ Universe Fund of Option Income ETFs	*Weekly*	$0.1852	56.92%	77.11%	72.51%	2/20/25	2/21/25
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	*Weekly*	$0.1369	39.10%	56.75%	39.02%	2/20/25	2/21/25
TSLY	YieldMax™ TSLA Option Income Strategy ETF	Every 4 weeks	$0.5793	62.77%	3.18%	93.03%	2/20/25	2/21/25
CRSH	YieldMax™ Short TSLA Option Income Strategy ETF	Every 4 weeks	$0.3810	75.93%	4.07%	12.68%	2/20/25	2/21/25
GOOY	YieldMax™ GOOGL Option Income Strategy ETF	Every 4 weeks	$0.3877	35.28%	3.33%	0.00%	2/20/25	2/21/25
YBIT	YieldMax™ Bitcoin Option Income Strategy ETF	Every 4 weeks	$0.5506	60.33%	1.36%	0.00%	2/20/25	2/21/25
OARK	YieldMax™ Innovation Option Income Strategy ETF	Every 4 weeks	$0.4269	50.34%	2.58%	93.84%	2/20/25	2/21/25
XOMO	YieldMax™ XOM Option Income Strategy ETF	Every 4 weeks	$0.2541	22.58%	3.58%	0.00%	2/20/25	2/21/25
SNOY	YieldMax™ SNOW Option Income Strategy ETF	Every 4 weeks	$0.9210	58.84%	2.58%	89.86%	2/20/25	2/21/25
TSMY	YieldMax™ TSM Option Income Strategy ETF	Every 4 weeks	$0.6019	42.89%	3.12%	47.33%	2/20/25	2/21/25
FEAT	YieldMax™ Dorsey Wright Featured 5 Income ETF	Every 4 weeks	$1.9096	53.80%	102.37%	0.00%	2/20/25	2/21/25
FIVY	YieldMax™ Dorsey Wright Hybrid 5 Income ETF	Every 4 weeks	$1.1203	31.12%	55.88%	0.00%	2/20/25	2/21/25
Weekly Payers & Group B ETFs scheduled for next week: QDTY SDTY GPTY LFGY YMAX YMAG NVDY DIPS FBY GDXY BABO JPMO MRNY PLTY MARO

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).

*The inception date for QDTY is February 12, 2025.

¹All 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 of 1.24% but the investment adviser has agreed to a 0.10% fee waiver through at least February 28, 2025.

²The Distribution Rate shown is as of close on February 18, 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 January 31, 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.

⁵ROC 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.

Important Information

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

Contact Gavin Filmore at gfilmore@tidalfg.com for more information.

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.

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.

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.

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.

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, YieldMax™ ETFs.

The MIL Network –

February 20, 2025

MIL-OSI: Canadian Consumer Debt Continues to Grow Despite Macroeconomic Relief

Source: GlobeNewswire (MIL-OSI)

Key findings from TransUnion report:

Despite stabilization of macroeconomic conditions, total consumer debt and delinquency rates continue to rise
Gen Z consumers continue to drive credit market activity
Credit card balances hit new milestone of $124 billion and delinquency rates rise even as average monthly card spend declines

TORONTO, Feb. 19, 2025 (GLOBE NEWSWIRE) — Total consumer debt in Canada hit a historic high of $2.5 trillion as outstanding balances across all credit products grew by 4.5% year-over-year (YoY) in Q4 2024, according to TransUnion’s Q4 2024 Credit Industry Insights Report (CIIR). Balances grew due to a combination of increases in both mortgage debt and non-mortgage debt. Non-mortgage debt increased 5.8% YoY with balances continuing to rise across revolving products in Q4 2024. Line of credit balances grew 4.2%, while credit card balances continued a more rapid pace of growth, increasing 9.2%. Although the rate of growth has been slowing, the overall increase remains significant.

Credit participation grew by 2.5% YoY, with 32.3 million Canadians holding at least one open credit product, a trend fueled in part by the recent decline in interest rates and inflation. Millennial and Gen Z consumers were at the forefront of this increase, collectively holding $1.1 trillion in outstanding balances, a 10% rise YoY. Gen Z consumers were the fastest-growing segment, with a 29% increase in credit participation as they diversify their debt beyond credit card debt.

Canada Consumer Credit Index Hits Lowest Level Since 2021

The Canada Consumer Credit Index fell YoY to 99.8 in Q4 2024, its lowest December level since 2020. The decline indicates a deterioration in the overall health of the Canadian retail credit market, reflecting declining consumer behaviours and weakening market conditions. Although all elements of the index were lower than the prior years’ values, slowing balances, declining demand and continued increase in delinquency rates were the strongest drivers of the decline.

Credit Card Market Growth Slowing

Credit card balances continued to grow, marking 31 months of consecutive YoY balance growth. However, this growth has moderated in recent quarters, indicating a stabilization in the market may be expected in 2025.

Bankcard originations trended lower in recent quarters, though totals remained elevated in comparison to pre-2018 levels. The recent decline in origination totals was seen across most risk tiers, with subprime leading the decline, influenced by the decrease in new Canadians entering the market after a significant reduction in immigration volume.

In an effort to manage delinquency rates, lenders have become more conservative within their risk tier targets at origination. Overall, bankcard originations dropped by 3.7% YoY, with the largest decline led by subprime at 6.9% YoY, while prime and near prime consumers grew by 3.7% and 0.4% respectively. The risk mix of originated bankcard accounts and credit lines remains consistent with 2018 and 2019 levels, indicating market moderation, metric stabilization and reversion to more familiar business cycles.

Originations growth fell across all generations. Gen Z showed the least year-over-year impact, remaining relatively flat at a decline of only 0.1% from prior year as more young adults in this generation continue to enter the credit market each year. The remaining generations saw a significant drop off from prior years, as demand in these groups for additional credit may have waned as the economy improved.

Year-over-Year Card Origination by Generation
	Q3’22 – Q3’23	Q3’23 – Q3’24
Baby Boomer	6.2%	-9.0%
Gen X	9.3%	-6.8%
Gen Y/Millennial	11.6%	-2.9%
Gen Z	28.5%	-0.1%

Lower inflation in recent quarters, combined with continued employment resiliency for consumers, may be driving consumers towards an improved financial health, where they balance their monthly expenses and monthly budgets. Reduced lender appetite may also play a role in this slowdown, resulting in a decrease in new credit card originations. However, despite the slowing of originations, credit card balance growth remained strong, up 9% YoY, though below the previous year’s 13% growth. The growth fueled a new balance milestone of $124 billion in Q4 2024. This was driven by higher revolving balances as consumers paid down a smaller portion of their balances. Approximately 64% of outstanding balances were revolving in Q4 2024 (+157 bp YoY) indicating that consumers are increasingly carrying balances on their cards from month to month.

Average credit card debt per borrower hit $4,681 in Q4, but has also been slowing relative to prior years, with average debt per borrower rising 6.0% YoY in Q4 2024 as opposed to 7.2% the year prior. Prime and below risk segments are increasingly tapping into their available credit, highlighting potential pockets of growing financial needs and a greater dependence on revolving debt to cover daily expenses.

Despite positive economic indicators, including lower interest rates boosting home-related purchases, ongoing economic uncertainty, and high prices for goods and services have continued to weigh on consumer spending decisions. There has been a corresponding drop-off in average monthly card spend, which fell 2.6% from prior year. Overall pressure on consumers related to the higher costs of living and lower savings rates contributed to a rise in bankcard delinquency rates. Bankcard serious consumer-level delinquency levels, defined as 90 or more days past due (DPD), continued to climb higher to 0.93% in Q2 2024, up 9 bps YoY.

“In an environment where new account growth is slowing, credit card issuers need to focus on optimizing account management strategies,” said Matthew Fabian, director of financial services research and consulting at TransUnion Canada. “Strengthening customer loyalty, fostering prudent balance growth and engaging younger consumers to enhance lifetime value are crucial. Equally important is vigilant monitoring for early warning signs of rising delinquencies.”

Credit Card Lending Metric (Bankcard)	Q4 2024	Q4 2023	Q4 2022
Number of Credit Cards (millions)	50.8	47.6	44.5
New Card Originations (millions)*	1.8	1.9	1.7
Average New Card Credit Limit*	$5,963	$5,771	$5,688
Total Credit Card Balances (Market) in $ billions	$124.7	$114.2	$100.9
Average Card Balance per Consumer	$4,681	$4,430	$4,076
Average Credit Limit Per Consumer	$19,124	$17,973	$16,969
Average Monthly Spend	$2,136	$2,193	$2,137
Consumer-Level Delinquency Rate (90+ DPD)	0.93%	0.84%	0.75%

* Acquisition results are presented one quarter in arrears

Non-Bankcard Delinquencies Also Increase Despite Economic Improvements

The current economic landscape is unique in that, despite relatively stable employment, there has been a rise in consumer loan delinquency rates. Solid employment has been offset by high interest rates that have put pressure on consumer wallets.

Overall serious consumer delinquency continues to rise on a year-over-year basis, up 16 basis points to 1.83% and reaching a five-year high, back on par with the pre-pandemic levels. From a demographic perspective, Gen Z consumers are driving high delinquency rates with delinquencies up YoY 26 bps to 2.74% in Q4 2024. Gen Z credit consumers generally have lower risk scores as they are new to credit and have a shorter lending history. They may also be feeling a greater impact from inflation and the high cost of living, which may strain their budgets. Lenders will need to continue applying advanced analytics to grow and retain this segment, as Gen Z will remain a growing proportion of new credit consumers over the next few years and ultimately will become core credit consumers throughout their lifecycle.

YoY Growth in delinquency by Cohort and Risk Segment Q4 2023 – Q4 2024 (bps)
	Baby Boomer	Gen X	Millennial	Gen Z
Subprime	91	134	114	189
Near Prime	11	12	9	14
Prime	3	4	2	1

“As the Canadian credit market expands, Gen Z consumers present a significant growth opportunity for lenders, especially through tailored credit card offerings,” Fabian said. “Gen Z are educated and active credit users with a growing propensity to utilize credit throughout their lifecycle. Early management is crucial, as credit cards can be a valuable financial tool for Gen Z when managed responsibly. By implementing strategies such as education and regular credit monitoring, credit cards can become an asset rather than a financial burden for Gen Z consumers, creating loyalty to lenders who provide those services.”

** All data is sourced from the TransUnion Canada consumer credit database.

About TransUnion^®(NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries, including Canada, where we’re the credit bureau of choice for the financial services ecosystem and most of Canada’s largest banks. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this by providing an actionable view of consumers, stewarded with care.

Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

For more information visit: www.transunion.ca

For more information or to request an interview, contact:

Contact: Katie Duffy
E-mail: katie.duffy@ketchum.com
Telephone: +1 647-772-0969

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f4b9eec1-e70c-45bf-8e6d-7144f3adbf3d

The MIL Network –

February 20, 2025

MIL-OSI: VAALCO Energy, Inc. Declares First Quarter 2025 Dividend

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Feb. 19, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced that it declared its quarterly cash dividend of $0.0625 per share of common stock for the first quarter of 2025 ($0.25 annualized), which is payable on March 28, 2025, to stockholders of record at the close of business on February 28, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

George Maxwell, Vaalco’s Chief Executive Officer, commented, “We are pleased to announce our first quarter 2025 dividend, marking the beginning of the fourth year of paying a meaningful cash dividend to our shareholders. While we plan an active investment program in 2025, our ongoing operational and financial success has allowed us to continue returning cash to our shareholders. We remain committed to paying a sustainable, meaningful dividend to our shareholders while we grow Vaalco through both organic development activities across our diversified portfolio and inorganic growth opportunities.”

About Vaalco

Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Cote d’Ivoire, Equatorial Guinea, Nigeria and Canada.

For Further Information


Vaalco Energy, Inc. (General and Investor Enquiries)	+00 1 713 543 3422
Website:	www.vaalco.com

Al Petrie Advisors (US Investor Relations)	+00 1 713 543 3422
Al Petrie / Chris Delange

Buchanan (UK Financial PR)	+44 (0) 207 466 5000
Ben Romney / Barry Archer	VAALCO@buchanan.uk.com

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and may also include “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements relating to expectations of future dividends to stockholders. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the FPSO servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s 2023 Annual Report on Form 10-K filed with the SEC on March 15, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC.

Dividends beyond the first quarter of 2025 have not yet been approved or declared by the Board of Directors. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Vaalco’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, crude oil and natural gas prices, and other factors deemed relevant by the Board of Directors. The Board of Directors reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on Vaalco’s common stock, the Board of Directors may revise or terminate the payment level at any time without prior notice.

Inside Information

This announcement contains inside information as defined in Regulation (EU) No. 596/2014 on market abuse which is part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”) and is made in accordance with the Company’s obligations under article 17 of MAR. The person responsible for arranging the release of this announcement on behalf of VAALCO is Matthew Powers, Corporate Secretary of VAALCO.

The MIL Network –

February 19, 2025

MIL-OSI USA: Cantwell Votes NO On Advancing Lutnick for Commerce Secretary; Slams His Enthusiasm for Inflationary Tariffs

US Senate News:

Source: United States Senator for Washington Maria Cantwell

02.18.25

Cantwell Votes NO On Advancing Lutnick for Commerce Secretary; Slams His Enthusiasm for Inflationary Tariffs

In speech on Senate floor, Cantwell says Trump’s pick to lead the Dept. of Commerce will rubber-stamp tariffs, slow domestic chip manufacturing, and hang NOAA out to dry; Cantwell also stresses: “Now is not the time to cut FAA staffing”

WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), a senior member of the Senate Finance Committee and ranking member of the Senate Committee on Commerce, Science, and Transportation, voted against confirming Howard Lutnick, President Donald Trump’s nominee to serve as Secretary of the Department of Commerce.

In a speech delivered on the Senate floor, Sen. Cantwell urged her colleagues to follow suit.

The next Secretary of Commerce will have to deal with a wide-ranging, growing list of issues, from trade and exports […], expanding broadband, weather forecasting, patent issues, export controls on A.I., and figuring out some of the most thorny issues related to how we move our country forward, generally, in commerce. So it’s fair to say that if the Commerce Secretary doesn’t get it right, the American people and our American economy pay the price. Unfortunately, I believe that Howard Lutnick, the President’s nominee, isn’t the right person for this job at this point in time,” Sen. Cantwell said.

The Senate ultimately confirmed Lutnick 51-45.

Earlier this month, Sen. Cantwell also voted against advancing Lutnick out of the Committee on Commerce, Science, and Transportation and to the full Senate for consideration. At the time, she expressed her concerns with Lutnick’s support for President Trump’s proposed tariffs. She also pointed to Lutnick’s failure to commit to fully allocating the funds approved by Congress under the Cantwell-led CHIPS & Science Act, as well as his waffling on whether he’d protect NOAA – including NOAA’s crucial missions and functions, and the workforce delivering those services to the American people. Sen. Cantwell had previously questioned Lutnick on these topics in a committee hearing the week prior – video of that hearing is HERE.

Sen. Cantwell on FAA and Aviation Safety:

“I would just say this: now is not the time to cut FAA staffing,” Sen. Cantwell said on the Senate floor today. “It is critically clear to me that we need these air traffic controllers, and so we have to make these investments. We should be working together, right now, on aviation. The most important thing? Let’s work together for the benefit of the flying public to come up with the best solutions that we can implement in aviation safety. Taking a broad brush and just cutting people out of the FAA — when oftentimes they’re the people that are helping you get that safety — is not what we should be doing right now.”

During her tenure as chair of the Senate Committee on Commerce, Science, and Transportation, Sen. Cantwell sounded the alarm about the staffing shortage of air traffic controllers, need for more FAA safety inspectors, a series of aviation incidents and near-misses on and around runways, and the midair blowout of a door plug in January 2024. Last year, the Committee’s Aviation Subcommittee also highlighted FAA’s shortage of at least 800 airway transportation systems specialists – commonly known as technicians – during a December 2024 hearing on “Air Traffic Control Systems, Personnel, and Safety”. Dave Spero, president of the Professional Aviation Safety Specialists (PASS), the union representing FAA technicians, testified about the importance of closing the shortage and boosting this segment of the FAA workforce in order to keep FAA’s air traffic control systems and equipment safely running.

She led the passage of the FAA Reauthorization Act, signed into law in May 2024, which boosts controller staffing, ensuring a five-year commitment to maximum hiring and training to close the current staffing gap. The law requires upgraded safety technologies – giving controllers better visibility into runway traffic – to be installed at every large and medium airport nationwide. The law also includes stricter safety standards for aircraft operators and plane manufacturers, as well as provisions to put more FAA safety inspectors on factory floors.

On Feb. 6, Sen. Cantwell sent a letter to Secretary of Transportation Sean Duffy calling on him to ensure that Elon Musk stays out of the Federal Aviation Administration (FAA), citing Musk’s clear conflicts of interest.

Sen. Cantwell on Tariffs:

“In my conversations with Mr. Lutnick and before his Commerce Committee hearing, he made it very clear that he intends to be very enthusiastic about the President’s plans for tariffs,” Sen. Cantwell said today. “My constituents want to see inflation come down, and they want us to lower costs, not increase them. Now that President Trump is teasing out even more tariffs in the coming days on autos, pharmaceuticals, and semiconductors, it’s going to drive up costs for consumers […] We can’t afford inflation. We want prices to come down. Whether that’s on housing, or whether that’s on pharmaceuticals, or whether that’s on food prices, we know that tariffs can increase prices.”

Earlier this month, Sen. Cantwell delivered a major speech on the Senate floor arguing that the president’s arbitrary tariffs would threaten domestic job creation and economic growth in an Information Age. She outlined a strategy focused on building coalitions, growing exports, and establishing principles to support innovation in the Information Age – video of that speech is HERE.

In Washington state, two out of every five jobs are tied to trade and trade-related industries. Combined, the state imported $1.21 billion worth of steel and aluminum last year – and the major industries and employers in Washington that rely on steel and aluminum include aerospace, shipbuilding, utilities, and electronics. When President Trump imposed steel tariffs in 2018, our trading partners immediately responded by imposing tariffs of their own on Washington products, especially agriculture, including cherries, apples, pears, and potatoes. Nationally, across all industries, the steel and aluminum tariffs resulted in a decrease in production worth about $3.4 billion per year, according to an ITC report. More information on how President Trump’s proposed tariffs on goods from Mexico, Canada, and China would affect consumers and businesses in the State of Washington can be found HERE.

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

Sen. Cantwell on Semiconductor Manufacturing:

“We learned during the chips crisis that even the cost of a used car went up $2,000. That’s because chips were at a shortage — car industries, trucking industries couldn’t even get enough chips to make and ship cars, and then the consequence was even used cars went up $2,000. So we don’t want to recreate that again,” Sen. Cantwell said today. “We want a Commerce Secretary who is going to fight for the CHIPS & Science investment that’s already been made in the electronic manufacturing process in the United States and keep the semiconductor industry right here. But unfortunately, Mr. Lutnick, before the Committee, would not commit to standing by the commitments of the term sheets the Department of Commerce has already signed.”

Sen. Cantwell was the main architect and key negotiator of the CHIPS & Science Act. In her position as Commerce chair, she was instrumental in securing the science R&D funding authorizations in the 11th hour of negotiations. A key component of the legislation is the Regional Technology and Innovation Hubs (Tech Hubs) program that was authored by Sen. Cantwell to strengthen U.S. economic and national security with investments in regions across the country. Earlier this month, the American Aerospace Materials Manufacturing Center (AAMMC) in Spokane was awarded $48 million from the program to establish the first-of-its-kind testbed facility in the United States focused on developing advanced thermoplastic materials – new types of lightweight, heat-moldable, and recyclable materials that can replace metal in aircraft parts. The AAMMC will serve as the nation’s hub for creating and testing these innovative materials that are essential for more rapidly building fuel-efficient and environmentally friendly aircraft.

Sen. Cantwell on NOAA:

“When asked for the record, ‘Should NOAA be dismantled, as called for in Project 2025?’, Mr. Lutnick would only say he’ll figure it out once he’s confirmed,” Sen. Cantwell said today. “We needed a bigger commitment to NOAA. NOAA already supplies a big, important aspect of what we deal with, with weather forecasting, tracking extreme weather, hurricanes, wildfires, managing our fisheries, operating ships that conduct important charting for national security. Mr. Lutnick gave very tepid support for NOAA.”

Project 2025 calls for NOAA to be “dismantled and many of its functions eliminated,” calling it part of the “climate change alarm industry.” NOAA provides critical services to the Nation including weather forecasts, extreme storm tracking and monitoring, tools to enable communities to adapt to sea level rise and climate change, supporting fisheries management, and conserving marine mammals and other protected species.

Sen. Cantwell is a champion of NOAA and helped secure $3.3 billion in NOAA investments in the Inflation Reduction Act to help communities prepare for and adapt to climate change, boost science needed to understand changing weather and climate patterns, and invest in advanced computer technologies that are critical for extreme weather prediction and emergency response. Her Fire Ready Nation Act, bipartisan legislation to strengthen NOAA’s ability to help forecast, prevent, and fight wildfires, passed the Commerce committee unanimously earlier this month and now heads to the full Senate for consideration.

Video of Sen. Cantwell’s speech on the Senate floor today is available HERE, and transcript HERE.

MIL OSI USA News –

February 19, 2025
MIL-OSI New Zealand: ‘A peaceful, prosperous, democratic Pacific’

Source: New Zealand Government

Good Evening

Let us begin by acknowledging Professor David Capie and the PIPSA team for convening this important conference over the next few days. Whenever the Pacific Islands region comes together, we have a precious opportunity to share perspectives and learn from each other. That is especially true in our region, where distances between us are large.

We acknowledge, too, members of the Diplomatic Corps, Parliamentary colleagues, distinguished guests, ladies and gentlemen.

New Zealand’s place in the world
New Zealand, as a country, has a myriad of influences. We have enduringly strong connections – for reasons of history, migration and foreign policy alignment – to our traditional partners of Australia, the United States, the United Kingdom, and Canada.

First and foremost, among these is Australia, New Zealand’s one formal ally, and our closest and most likeminded partner. We cooperate extremely closely with Australia, in the Pacific and around the world.

We are increasingly integrated socially, economically and strategically into Asia, with large and increasing Asian communities here in New Zealand and ever closer diplomatic relationships in South, South East, and North East Asia.

At the same time, the starting point for understanding how New Zealand views the Pacific is the following, very simple statement: New Zealand is a Pacific Island country, linked by geography, history, culture, politics, demography and indeed DNA.

Fully 1.3 million New Zealanders, or about one-in-four of us are in full or part Polynesian, Melanesian or Micronesian, with either Māori heritage or relatives or ancestors from other Pacific islands.

Auckland is home to more Polynesians than any other city. Around the same number of Samoans and Tongans live in New Zealand as do in Samoa and Tonga. Vastly more Cook Islanders, Niueans and Tokelauans live in New Zealand than back in their homelands.

The original discovery and settlement of the Pacific Islands, including New Zealand, is one of the most remarkable stories of exploration in human history. The late New Zealand historian Michael King compared it to space exploration as both were voyages into the unknown.

But Pacific navigation is arguably even more remarkable because the canoes that set out from the Asian landmass knew not where they would land, nor when, nor indeed if they would find any new territory.

But find land they did, as they forged new identities and societies on atolls and islands that today stand as a testament to their imagination, endurance and the resilience to overcome formidable challenges of distance, geography, demography, and resource scarcity.

Last year, we had the enormous privilege of visiting almost all of those island nations spread across our vast Blue Continent. So, this evening we’d like to share some reflections about the Pacific, within the context of New Zealand’s Foreign Policy Reset.

We note, too, your conference theme, which raises the question of whether the Pacific Islands are a zone of peace or ocean of discontent. In 1520, the great Portuguese explorer Ferdinand Magellan named this massive body of water the Pacific, due to its calmness – Pacific meaning peaceful. Ironically, it didn’t end that way for him, or some of his crew, so your conference theme holds both historical justification and appeal.

An active, engaged Pacific policy
When we again took on the role of New Zealand Foreign Minister in November 2023, we were determined to put the Pacific at the forefront of an energetic, engaged and active New Zealand foreign policy once more. This lay behind our decision to undertake the most ambitious, intensive year of Pacific diplomacy in New Zealand history.

Never before has a New Zealand political leader tried to spend time in all 18 member countries of the Pacific Islands Forum in a single year. But try we did: meeting the many diverse peoples scattered across this vast, beautiful blue continent.

As often as we were able, we took Parliamentary colleagues from across the spectrum of New Zealand’s political parties to reinforce that our friendship is bipartisan, enduring and long-term.

The purpose of all these discussions was to take the pulse of the region. As a democratic country operating in a democratic region, New Zealand is driven in our Pacific policy by three foundational questions focused on our region’s people:

Is what New Zealand is doing in the region reflective of what the people of the Pacific Islands want and need?
Are we effectively supporting the prosperity and security of Pacific Island peoples?; and
Are we undertaking and explaining this work in a way which maintains New Zealanders’ support for our objectives in the region?

When describing our observations of last year’s travel, an obvious starting point is the unimaginable vastness of our region. It is a massive ocean, covering over 30 percent of the Earth’s surface.

While in the Marshall Islands, Micronesia and Palau, we learned of the logistical difficulties they faced in getting to last year’s Pacific Islands Forum in Tonga. We decided on the spot to offer the use of one of our 757 aircraft to take Micronesian leaders to and from Nuku’alofa. We have also announced, over the past year, significant investment in digital connectivity in the Pacific, alongside such partners as the Australia, Taiwan, United States and Japan.

Connecting all members of the Pacific family is vital given the huge, isolating physical distances between us. But because we believe that all Pacific voices are important and that talanoa – coming together for dialogue – must be regular and meaningful, we were happy to facilitate their coming together in Nuku’alofa.

Why? Because Pacific regionalism sits at the core of our Pacific approach, with the Pacific Islands Forum at its centre. We are a region with challenging issues that can polarise us, such as deep seabed mining and how best to manage strategic competition. The Forum plays a critical role in helping us to form a cohesive approach, resolve differences, bolster regional development and security, and use our collective voice to hold bigger countries to account.

The Blue Continent’s challenges
We have also reflected on how the Blue Pacific Continent and its peoples face a multitude of challenges. Our region is faced with the sharpest strategic competition it has confronted since World War 2 ended almost eighty years ago. As we face external pushes into our region to coerce, cajole and constrain, we must stand together as a region – always remembering that we are strongest when we act collectively to confront security and strategic challenges.

Climate change is a great threat facing the Pacific and we are at the global forefront of disaster risk exposure. Our ambition is that all Pacific peoples remain resilient to the impacts of climate change and other disasters and that New Zealand can support building resilience in practical ways.

Fisheries are vital to the economies, livelihoods, food security, and social and cultural wellbeing of many Pacific Island countries and is a crucial source of government revenue. But they face several complex interrelated and transboundary issues, such as illegal, unreported and unregulated fishing and the management of migratory fish species.

After years of volatility, the long-term growth trajectory risks settling well below pre-COVID averages for Pacific Island countries. Increasing investment, building fiscal and climate resilience, and improving the access to finance and greater regional connectivity will be key to improving long-run growth prospects in the Pacific.

Answering to the people
One truism that runs through our three stints as Foreign Minister is this: there are no votes in it. Struggling New Zealand taxpayers and their families find it difficult to understand why their government is handing out multi-million-dollar aid grants overseas.

Foreign policy practitioners and academics may focus intently on our obligations to New Zealand’s development partners and the way we conduct our relations with them. But the bottom line is that we are accountable first and foremost to the New Zealand taxpayer.
During our three tenures as Foreign Minister, we have demonstrated a staunch commitment to a well-resourced New Zealand development programme with a predominant focus on the Pacific.

Few New Zealand Governments have gone to the wire to significantly lift the size of our international development programme as a proportion of New Zealand’s Gross National Income. One was Norman Kirk’s Government in the 1970s. Two others were during my two previous terms as Foreign Minister.

In short, we have been determined to use all of our influence and all of our negotiating power to get the best possible New Zealand development programme for the Pacific.

And while times are very tough here at home right now, we will continue to advocate with our Cabinet colleagues and the New Zealand people for the importance of an active Pacific policy and a properly-resourced international agenda – whether in defence, foreign policy, or development. That’s what is right for New Zealand and it’s what is in the best interests of the Pacific.

We will never apologise for directly connecting New Zealand’s security and prosperity to the security and prosperity of the region and world around us.
The Coalition Government’s Foreign Policy Reset established a new strategic direction for New Zealand, including for our international development programme, with an emphasis on sustaining our deep focus on the Pacific.

As part of ensuring our accountability to the New Zealand taxpayer, last year the Ministry of Foreign Affairs and Trade undertook a review of our development programme to gauge alignment with government priorities and assess its overall impact and efficiency. A report on the review’s findings is being released today.

The review found that while our development is generally aligned with Government priorities, some reshaping and streamlining is required. In short, we will achieve more impact by doing fewer, bigger, projects better. This work is already under way.

Our predominant focus remains on the Pacific, where we will be working with partners including the United States, Australia, Japan and in Europe to more intensively leverage greater support for the region. We will maintain the high tempo of political engagement across the Pacific to ensure alignment between our programme and New Zealand and partner priorities. And we will work more strategically with Pacific Governments to strengthen their systems, so they can better deliver the services their people need.

Greater development funding is being devoted to South East Asia to meet our ambition for closer relations overall with this important region. We have also increased humanitarian funding in response to the scale of need regionally and globally. And we have reduced multilateral funding, to focus on those partners who make the most concrete impact.

We see this work of reshaping our development programme as part of meeting our obligation to the New Zealand taxpayers whose continuing support underpins its social licence.

Friendship, challenges and dialogue
Over the decades, our Pacific-oriented foreign policy has been defined as much by our actions as our words. We are there in times of need, whether in response to natural disasters, helping with budget support during fiscal emergencies, spurring economic development, or helping to resolve conflicts.

Our 2018 Pacific Reset emphasised that exhibiting friendship in all our engagements was the cornerstone of our Pacific foreign policy orientation. What does friendship in that context mean?

It means we are honest, empathetic, trustful and respectful through frequent engagement. And it means having frank and open conversations with our Pacific counterparts.

Over the past year, we have consistently stressed that we see all states as equal, whatever their size. We are guided by the mutual respect and trust that has grown over time between New Zealand and other Pacific Island countries. A second theme that has run through all our public engagements is just how important diplomacy is in our troubled world.

New Zealand has faced two isolated challenges in the past twelve months in our relations with the Pacific. In these two very different cases, our accountability to our taxpayers and our fidelity to promoting the interests of Pacific peoples throughout the region require that we explain openly what has taken place.

Of the 18 Pacific Islands Forum member countries, the only one we did not spend time in during the past year was Kiribati. That was not for a lack of trying.

For more than a year we respected Kiribati’s preference to avoid outside engagement. But with over $100 million of development assistance committed to Kiribati over the past three years, we had to review the status of existing projects and understand Kiribati’s ongoing development needs. After all, we all have to negotiate with our Ministers of Finance.

This requirement was urgent given our own budget cycle and the need to make decisions about how future development spending is allocated in Micronesian countries and across the region for the next three years.

So, we were pleased when a visit to Kiribati was finally scheduled for January 2025. We began organising our cross-party Parliamentary group to visit Tarawa. Then, with about a week to go, we were told President Maamau, who is also my counterpart as Kiribati’s Foreign Affairs Minister, would no longer meet with our delegation.
We made public our regret and concern, as well as our consequent decision to review our development programme to Kiribati. We are accountable to the worker in Kaitaia, the builder in Gore, and the farmer in the Waikato for the spending of taxpayer money, and we felt it important to express our concerns openly and transparently.

At the same time, we have a long-standing relationship with the Kiribati people, which has overcome previous challenges. We will weather this one too.

We have made clear that we are still working towards meaningful dialogue with Kiribati’s President and Foreign Minister, whether in Kiribati, New Zealand or elsewhere in the region. We are taking positive steps towards that goal in coming weeks.

The second isolated challenge we have faced has been developments in our relationship with the Cook Islands Government. Unlike the people of Samoa, the people of the Cook Islands have never opted for their country to be fully independent from New Zealand – though they are of course always free to choose to do so.

Rather, they have opted since 1965 to be in free association with New Zealand. This means that New Zealand is bound constitutionally to the Cook Islands by sharing the King of New Zealand as a head of state, a common, single citizenship and passport, as well as by shared values and interests.

Over the past 60 years, New Zealand has taken very seriously its obligations and commitments to the Cook Islands people. Every year we deliver for the Cook Islands people in areas as broad as health and education, economic development, defence and security, good governance, resources and environment, and culture and heritage.

The Cook Islands, in exercising self-government, is supported by New Zealand funding and provision of expertise. As long as the Cook Islands remain tied to New Zealand constitutionally, we have an expectation that the Government of the Cook Islands will not seek benefits only available to fully independent states – such as separate passports and citizenship, or membership of the United Nations or the Commonwealth – or pursue policies that are significantly at variance with New Zealand’s interests.

We also have an expectation that New Zealand will be fully and meaningfully consulted on all major international actions that the Cook Islands contemplates that affect our interests.

These are not unreasonable expectations. And they are not new. For example, our Prime Ministers, Norman Kirk in 1973, David Lange in 1986 and Helen Clark in 2001 all expressed these expectations formally.

To use but one example: in 2001, Helen Clark stated that Cook Islanders retained New Zealand citizenship “on the basis that there will continue to be a mutually acceptable standard of values in Cook Islands’ laws and policies”. She again repeated our longstanding position that if full independence from New Zealand was what the Cook Islands people wanted, then they were free to opt for it at any time.

These have been well-established and previously settled understandings between us, although there have been periodic attempts by Cook Islands Prime Ministers to test the boundaries of this constitutional pact.

But our free association relationship in its current form has endured because the overwhelming majority of Cook Islands people have wanted to maintain their New Zealand citizenship and passport and the rights it affords them to the same opportunities and privileges as all other New Zealanders, including in health and education. The wishes of the Cook Islands people are paramount here.

Our explicit advice to Cook Islands Prime Minister Mark Brown and his officials since he first raised the issue with us in July 2024 was that if he proceeded with trying to implement a separate Cook Islands citizenship and passport system then the people of the Cook Islands would risk losing their New Zealand citizenship and passport – an outcome we know is opposed by the vast majority of Cook Islanders.

There is also the matter of the Cook Islands Government’s decision to enter into a Comprehensive Strategic Partnership (CSP) and a number of other agreements with China last week without any meaningful consultation with New Zealand or its own people over either the architecture or details of those deals.

New Zealand and the Cook Islands people remain, as of this evening, in the dark over all but one the agreements signed by China and the Cooks last week.

Given this lack of consultation, the New Zealand Government, once it has seen the text of all of the agreements that were signed, will need to undertake its own careful analysis of how they impact our vital national interests. Only then will we be able to fully gauge the deals’ impact on the relationship between New Zealand and the Cook Islands.

While the connection between the people of the Cook Islands and New Zealand remains resolutely strong, we currently face challenges in the government-to-government relationship.

But this state of affairs – disagreements and debates between the leaders of New Zealand and the Cook Islands – has been a periodic feature of our 60 years of free association. We have always found a way through, guided by the wisdom and wishes of the Cook Islands people.

As then US President Franklin Roosevelt said in 1945, “We shall strive for perfection. We shall not achieve it immediately – but we still shall strive. We may make mistakes – but they must never be mistakes which result from faintness of heart or abandonment of moral principle”.

During 2025, as we celebrate 60 years of free association, we are going to need to reset the government-to-government relationship. We will also need to find a way, as we did in 1973 and 2001, to formally re-state the mutual responsibilities and obligations that we have for one another and the overall parameters and constraints of the free association model.

Resetting and formally re-stating the parameters of the relationship is not a small task. But it is one which we are confident we can meet – powered by the history of goodwill and common bonds between New Zealand and the Cook Islands people.

Another issue on which the region has devoted significant attention over the past year has been New Caledonia – which is, geographically, New Zealand’s closest neighbour. Uncertainty and discord there is obviously something that prompts concern and discussion right around our region.

From the moment of the unrest onwards, New Zealand has been very clear that everyone – no matter their view on New Caledonia’s political status – should agree that violence is not the answer.

The focus must be on dialogue – and finding a new pathway forward on the important issues facing New Caledonia. We had the benefit – working closely with authorities in Paris and Nouméa – to have had a productive visit to New Caledonia in December.

We went there to listen and to learn, and to engage with a very wide range of New Caledonians of all backgrounds. Hearing New Caledonians voice their hopes and dreams for economic development led us to the view that there may be lessons from New Zealand’s own experiences that might be of value.

We hope lessons from New Zealand’s own economic development as a multi-ethnic Pacific Island country can be shared with New Caledonians, who might be able to adapt them to their unique context.

Conclusions
When we reflect on the past year, it is impossible not to be optimistic about this region’s future. As we travelled to places as diverse as Suva, Pohnpei, Alofi, Port Vila, Nauru and Apia, we were struck also by a profound commonality.

Pacific Islanders scattered around our vast, beautiful region all want a brighter, more prosperous and more secure future for their children and for future generations.

As a founding member of the Pacific Islands Forum, and as a Pacific and Polynesian country itself, New Zealand has always been at the forefront of efforts to bring about that future.

Over the past year, we have done our very best to deliver, through words and actions, on New Zealand’s commitment to contribute to a brighter future for all Pacific peoples. This very important work – involving discussion, debate and, yes, sometimes disagreement – will continue.

The Pacific Islands region is a profoundly democratic one. People from every village, town or city in every Pacific Island country have a direct say in how their affairs are run. Just this year, people in six Pacific Islands Forum countries – Australia, the Federated States of Micronesia, Nauru, New Caledonia, Tonga and Vanuatu – are heading to the polls to cast ballots which will help determine the future direction of their countries.

And so it is Pacific peoples’ hopes and aspirations which must drive political leaders and policy makers. Our policies must be responsive and accountable to the perspectives of those we represent.

And no matter the future we face, or the challenges we encounter, we will always be members of the same Pacific family. We inhabit the most vast and breathtaking ocean continent in the world. And as family, we will always find a way forward, together, towards the secure and prosperous future that our people deserve.

Thank you. Kia kaha. Go well.

MIL OSI New Zealand News –

February 19, 2025
MIL-OSI Security: Bamboo Eagle 25-1 tests forces in a combat representative environment

Source: United States INDO PACIFIC COMMAND

The exercise, which featured over 175 aircraft, spanned several locations — including California, Hawaii, Florida and Guam — and included participants from the U.S. as well as the Royal Air Force, Royal Australian Air Force and Royal Canadian Air Force. The exercise was designed to execute Agile Combat Employment, advance communication as well as command and control tactics and simulate realistic operations in a contested environment.

“Bamboo Eagle provides us an opportunity to align with the warrior ethos mentality,” said Lt. Col. Joseph Manglitz, 393rd Expeditionary Bomb Squadron commander. “It’s one thing to train at home — and we train hard at home — but it’s even better to bring a subset of our base on the road here and work together to generate air power alongside the rest of the combat air force and our allies.”

Participants engaged in a series of complex missions designed to simulate the ever-evolving challenges of modern warfare.

“From the perspective of the B-2, this exercise was a real test,” Manglitz said. “And when we’re able to overcome challenges and succeed in these simulated combat environments, that really bolsters this idea of warrior ethos within each and every one of us.”

Back on the ground, maintenance teams worked around the clock to support the distributed operations and ensure that all aircraft remained mission-ready amid the demanding operational tempo.

“It’s a tough job, and sometimes it’s a thankless job, but the maintenance crews do it anyway,” said 1st Lt. Benjamin Brooks, a maintenance officer assigned to the 366th Maintenance Squadron. “They’re out in the sun sweating, and it makes me really proud to be able to lead people who are so willing to get the job done and who have so much pride in the work they do.”

The multinational nature of the exercise provided additional opportunities for cross-service learning and integration, bringing interoperability to a new level.

“During Bamboo Eagle the E-7A crews had a number of opportunities to integrate with U.S. command and control entities,” said RAAF Flt. Lt. Jacob Rolfey, an Air Battle Manager aboard the E-7A Wedgetail. “Based on our previous integration, a number of the tactics and procedures that we have in place are similar, but here at Bamboo Eagle, because of the differences with Agile Combat Employment, we were able to gain a common understanding of how to do this with limited information and still execute effectively.”

Adding to that collaborative spirit, multinational leaders emphasized the exercise’s role in sharpening dynamic operational capabilities.

“Bamboo Eagle tested our ability to integrate the tactical effects we trained to in Red Flag from dispersed forces and under distributed command and control,” said RAF Gp. Capt. Guy Lefroy, UK detachment commander. “Throughout the exercise we developed our people’s ability to dynamically deliver air power through empowerment, effective risk management and innovation, ultimately sharpening our individual, service and collective international capabilities to deliver battle-winning effects.”

Bamboo Eagle 25-1 provided an advanced, multi-domain and realistic training environment aimed at preparing the U.S. and allied forces for the evolving demands of modern warfare.

MIL Security OSI –

February 19, 2025
MIL-OSI USA News: Interview of President Trump and Elon Musk by Sean Hannity, “The Sean Hannity Show”

Source: The White House

class=”has-text-align-center”>Roosevelt Room

11:48 A.M. EST

     Q    Mr. President, great to see you again.

     THE PRESIDENT: Thank you very much. Thank you.

     Q    How are you?

     THE PRESIDENT: Thank you.

     Q    Elon Musk.

     MR. MUSK: Hi.

     Q    Great to see you.

     MR. MUSK: Thanks. Thanks for having me.

     Q    I’ve been reading a lot about you. I’ve got to start with this. So, he’s working for free with DOGE. He’s — he’s kind of put a lot of his life on hold, and you sued Twitter a number of years ago. You just made him pay you $10 million?

     THE PRESIDENT: That’s right. That’s right.

     Q    That’s — that’s right. (Laughs.)

     THE PRESIDENT: Well, I sued — I sued from long before he had it.

     MR. MUSK: Yeah. Yeah. (Inaudible.)

     THE PRESIDENT: And, I mean, they really did a number on me, you know. And I sued, and they had to pay. You know, they paid $10 million settlement.

     Q    You’re okay with that?

     MR. MUSK: I mean, I left it up to the lawyers and, you know, the team running Twitter. So, I said, “You guys do what you think is the right — makes sense.”

     Q    I think it’s funny.

     THE PRESIDENT: I think —

     Q    Because —

     THE PRESIDENT: — it’s a very low — I was looking to get much more money than that.

     Q    So, you gave him a discount w- — in the lawsuit?

     THE PRESIDENT: He got — oh, he got a big discount. I don’t think he even knows about it.

     Q    He’s become one of your — if you read and believe the media — he’s become one of your best friends. He’s working for free for you. He’s —

     MR. MUSK: Well, I love the president. I just want to be clear about that.

     Q    You don’t care about that?

     MR. MUSK: I — no, I love the pr- — I —

     Q    You love the president?

     MR. MUSK: I think — I think President Trump is a good man, and — and he’s, you know — I — I —

     THE PRESIDENT: That’s the way he said that. You know, there’s something nice about. (Laughter.)

     MR. MUSK: No, it is. I, you know —

     THE PRESIDENT: It is.

     MR. MUSK: Because, I mean, the president has been so — so unfairly attacked in the media. It’s truly outrageous. And I’ve sp- — at this point, spent a lot of time with the president, and not once have I seen him do something that was mean or cruel or — or wrong. Not once.

     Q    You know, I’ve known him for 30 years.

     MR. MUSK: Yeah.

     Q    And I’ve never seen anybody take as much as he’s taken.

     MR. MUSK: Yeah.

     Q    And we’ve discussed this. And I’m like, “How do you deal with it?”

     THE PRESIDENT: Did have a choice? (Laughs.) I didn’t have a choice.

     Q    Well, you would say that to me. I’m like, “What — what am I going to do? Worry about it?”

     THE PRESIDENT: That’s the only thing I can say.

     Q    And, you know — and then culminating in two assassination attempts, which resulted in your endorsement.

     MR. MUSK: Well, I was going to do it anyway, but that was —

     Q    That was it?

     MR. MUSK: — a precipitating event, yeah.

     THE PRESIDENT: That speeded it up a little bit?

     MR. MUSK: Yeah. Yeah.

     Q    The day of the assassination?

     THE PRESIDENT: Nice. I didn’t know that.

     MR. MUSK: Yeah, it just — it sped it up, but I was going to do it anyway.

     Q    Mr. President, with your indulgence, I’m convinced that people only know a little bit about Elon. I don’t think they know everything about Elon, because as I studied for and prepared for this interview, I learned a lot about you that I didn’t know. I think people will think about Tesla. Democrats are demonizing you and — and trying to make the country hate you.

     I just want people to understand you a little bit better, and the person that you’ve gotten to know and have now put a lot of trust in.

     THE PRESIDENT: Sure.

     Q    And, you know, just — let’s go over a little bit of your bio, starting —

     MR. MUSK: Ah, okay.

     Q    — with PayPal and how you became involved in Tesla and SpaceX and Neuralink —

     MR. MUSK: This — this could take a while.

     Q    — and all these —

     MR. MUSK: I mean, you know, I — I think the way you think of me is, like, I’m a technologist and I try to make technologies that improve the world and make life better.

     Q    You can show them your shirt.

     MR. MUSK: Yeah, and that’s why, like, my t-shirt says “tech support” — (laughter) — because I’m here to provide the president with — with technology support.

     And now, that — that may seem, like, well, is that a silly thing? But actually, it’s a very important thing, because the president will make these executive orders, which are very sensible and good for the country, but then they don’t get implemented, you know?

     So, if you take the — for example, all the funding for the migrant hotels, the president issued an executive order: Hey, we need to stop taking taxpayer money and — and paying for luxury hotels for illegal immigrants —

     Q    It’s crazy.

     MR. MUSK: — which makes no sense. Like, obviously, people do not want their tax dollars going to — to fund high-end hotels for — for illegals. And yet, they were still doing that, even as late as last week.

     And so, you know, we went in there, and we were like, “This is in violation of the presidential executive order. It needs to stop.”

     So — so, what we’re — what we’re doing here is — is — one of the biggest functions of the DOGE team is just making sure that the presidential executive orders are actually carried out. And this is — I just want to point out, this is a very important thing, because the president is the elected representative of the people, so he’s representing the will of the people. And if the bureaucracy is fighting the will of the people and preventing the pres- — the president from implementing what the people want, then what we live in is a bureaucracy and not a democracy.

     Q    Yeah. You — you’re both aware — you have to be keenly aware that the media and — and the punditry class — not that — you know, I think you’ve proven they have no power anymore, because they threw everything they had at you, and they didn’t win. And that was, you know, the New York Times, Washington Post, three networks, every late-night comedy show, two cable channels — they — they just threw — they threw everything — lawfare, weaponization.

     THE PRESIDENT: It’s true.

     Q    And now I see they want you two to start — they want a divorce. They want you two to start hating each other. And they try — “Oh, President Elon Musk,” for example. You do know that they’re doing that to you?

     THE PRESIDENT: Oh, I see it all the time. They tried it, then they stopped. That wasn’t — they have many different things of hatred.

     Actually, Elon called me. He said, “You know they’re trying to drive us apart.” I said, “Absolutely.”

     You know, they said, “We have breaking news: Donald Trump has ceded control of the presidency to Elon Musk. President Musk will be attending a Cabinet meeting tonight at 8 o’clock.” (Laughter.) And I say — it’s just so obvious. They’re so bad at it.

     I used to think they were good at it. They’re actually bad at it, because if they were good at it, I’d never be president because I — I think nobody in history has ever gotten more bad publicity than me.

     I could do the greatest things; I get 98 percent bad publicity. I could do — outside of you and a few of your very good friends. It’s, like, the craziest thing.

     But you know what I have learned, Elon? The people are smart. They get it.

     MR. MUSK. Yeah. They do, actually. Yeah.

     THE PRESIDENT: They get it. They really see what’s happening.

     MR. MUSK: Yes.

     Q    And at the end of this interview, I — what I would like is, I — I want people to know the relationship and know more about you.

     What is the relationship, Mr. President?

     THE PRESIDENT: Well, I respect him. I’ve always respected him. I never knew that he was right on certain things, and I’m usually pretty good at this stuff. He did Starlink. He did things that were so advanced and nobody knew what the hell they were.

     I can tell you, in North Carolina, they had no communication. They were wiped out. Those people were — you know, they had rivers in between — land that never saw water, all of a sudden, there was a river and a vicious — like, rapids. People were dying all over. They had no communication.

     They said, “Do you know Elon Musk?”   And they didn’t really know I knew him. I said, “Yeah.” They said, “Could you get Starlink?” It’s, like, the first time I ever heard of it. I said, “What’s Starlink?” “A communication system that’s unbelievable.”

     Q    I have it.

     THE PRESIDENT: And he — yeah. And he said — I called him, and I said, “Listen, they really need it.” And he got, like, thousands of units of this communication, and it saved a lot of lives. He got it immediately. And you can’t get it. I mean, you have to wait a long time to get it. But he got it to him immediately.

     And I said, “That’s pretty amazing.” And I didn’t even know he had it.

     We watch the rocket ships, and we watch Tesla.

     I think, you know, something that had an effect on me was when I saw the rocket ship come back and get grabbed like you grab a beautiful little baby. You grab your baby. It just —

     MR. MUSK: Just hug the rocket.

     THE PRESIDENT: I’d never seen —

     MR. MUSK: Everyone — right. Everyone needs (inaudible) —

     Q    You hug the rocket. You hug the rocket.

     MR. MUSK: — (inaudible) rockets.

     THE PRESIDENT: Yeah. No, but — and he said, “You know, you can’t really have a rocket program if you’re going to dump a billion dollars into the ocean every time you fly. You have to save it.” And he saved it. First time —

     Q    That’s ever been done.

     THE PRESIDENT: — I’ve ever seen that done. Now nobody else can do it.

     If you look at the U.S., Russia, or China, they can’t do it, and they won’t be able to do it for a long time. He has the technology. So, you learn — I wanted somebody really smart to work with me, in terms of the country — a very important aspect. Because, I mean, he doesn’t talk about it. He’s actually a very good businessman. And when he talks about the executive orders — and this is probably true for all presidents: You write an executive order and you think it’s done, you send it out; it doesn’t get done. It doesn’t get implemented. They don’t implement it.

     They — maybe they’re from the last administration — and they are, in some cases. You try and get them out as fast as you can. But I could — as soon as he said that, I said, “You know, that’s interesting.” You write a beautiful executive — and you sign it and you assume it’s going to be done, but it’s not. What he does is he takes it, and with his hundred geniuses — he’s got some very brilliant young people working for him that dress much worse than him, actually —

     MR. MUSK: Yeah, the do.

     THE PRESIDENT: — they dress in just t-shirts. (Laughter.) You wouldn’t know they have 180 IQ.

     Q    Wait. Wait. So, what — he’s — he’s your tech support?

     MR. MUSK: I —

     THE PRESIDENT: No, no. He is —

     MR. MUSK: I actually virtually am tech support.

     THE PRESIDENT: He’s much more than that.

     MR. MUSK: I actually am tech support, though. But that’s —

     THE PRESIDENT: But he gets it done. He’s a leader. He really is a — he gets it done. You get a lot of tech people, and you have people, they’re good with tech, but they — he gets it done.

     You know, I said, in real estate, you had guys that would draw beautiful renderings of a building, and they’d draw the rendering, it would be great, and you’d say, “Great. When are you starting?” But they were never able to get it built. They couldn’t get the finances. They couldn’t get the approvals. It would never get done. And then you have other guys that are able to get it done. You know, they could just get it done.

     I was in real estate. Same thing in this. He gets it done.

     So, when he said that — he said, “You know, when you sign these executive orders, a lot of them don’t get done, and maybe the most important ones,” and he would take that executive order that I’d signed, and he would have those people go to whatever agency it was — “When are you doing it? Get it done. Get it done.” And some guy that maybe didn’t want to do it, all of a sudden, he’s signing — he just doesn’t want to bothered.

     Q    Does — do a lot of those executive orders have to be codified into law to — do you need the Republican Congress to follow up?

     THE PRESIDENT: Yeah, and they will. A lot of them will be. Yeah.

     Q    They will?

     THE PRESIDENT: Look, in the meantime, we have four years. The beauty is, we have four years. That’s why I like doing it right at the beginning. Because an executive order is great. I mean, the one problem — it’s both good and bad, because when they did all these executive orders, I’ve canceled most of them. They were terrible. I mean, we were going to go radical left, communist, okay? It was crazy. Their —

     MR. MUSK: Really crazy.

     THE PRESIDENT: — executive orders were so bad, if they ever got them codified, you’d never be able to break them. So, the damage that Biden has done to this country — and it’s not even Biden; it’s the people that circled him in the Oval Office, okay? — but the damage they did to this country, in terms of, let’s say, open borders — you know, there’s so many things, but open borders, where millions of people poured into our country, and hundreds of thousands of those people are criminals. They’re murderers. They’re drug dealers. They’re gang members. They’re people from prisons from all over the world.

     And we have a great guy, Tom Homan, and he is doing so incredibly. You saw the numbers. They’re down like 96 percent.

     Q    Ninety-five percent.

     THE PRESIDENT: He is a phenomenal guy. And Kristi Noem is doing an unbelievable job. And he wanted her. He said, “She’s so tough.” And I said, “I don’t think of her as that way. You know, she’s very nice.” He said, “No, she’s so tough.” And she is. I see her with the horses. She’s riding the horse. Let’s — (laughter) — she’s great.

     But the team we have is — is really unbelievable.

     But those executive orders, I sign them, and now they get passed on to him and his group and other people, and they’re all getting done. We’re getting them done.

     Q    Let me go back a little bit to your background, because —

     MR. MUSK: Sure.

     Q    — it’s beyond impressive. You were the chief engineer, for example — you were an early believer in Tesla. You became the CEO and — and then the chief engineer, which was phenomenal. SpaceX, same thing, which is unbelievable.

     I mean, you were the first company — private company to send astronauts successfully into — into space, first private company to send astronauts into orbit.

     MR. MUSK: Yeah.

     Q    That’s — that’s pretty deep.

     THE PRESIDENT: He’s going to go into orbit soon.

     Q    Okay.

     MR. MUSK: (Laughs.) Yeah.

     THE PRESIDENT: No, he’s going to go to Mars. He’s going to fly on his —

     Q    Starlink.

     MR. MUSK: At some point, yeah.

     Q    As in (inaudible) —

     MR. MUSK: But they say — they always ask me, like, “Do you want to die on Mars?” And I say, “Well, yes, but not on impact.” (Laughter.)

     Q    Star- — Starlink is in 100 countries.

     This is going to be hard. I feel like I’m interviewing two brothers here.

     MR. MUSK: You go ahead.

     Q    Starshield, which could be used for national defense.

     MR. MUSK: Yeah, it is already being used for national defense.

     Q    Then you have a — what is it called? Optimus, a part of Tesla.

     MR. MUSK: They’re a robot, yeah.

     Q    A robotic arm. Then you have an AI arm. And then you have something that really fascinated me, and it’s called Neuralink.

     MR. MUSK: Yes.

     Q    You might help the blind to see and people with spinal cord injuries that they — that they can recover, where in the past — how close is that to becoming a success?

     MR. MUSK: At Neuralink we’re — we’ve ha- — we’ve implanted Neuralink in three patients so far, who are quadriplegics, and it allows them to directly control their phone and computer just using their mind, just by thinking. It’s like — so, we call this product Telepathy, so you control your computer and phone just by thinking, and it’s possible to actually control the computer and phone faster than someone who has working hands.

     Then the next step would be to add a second Neuralink implant past the point where these — the neurons are damaged, so that somebody can walk again and so the pe- — they can have full-body functionality restored. And —

     THE PRESIDENT: And you like Bobby, right?

     MR. MUSK: I like Bobby, actually. Yeah. I — I supported Bobby Kennedy. I think he — you know, he’s unfairly maligned as someone who is anti-science. But I think he — he isn’t. He just wants to question the science, which is the essence of the science — the scientific method, fundamentally, is about always questioning the science.

     Q    Well, they didn’t tell us the truth about COVID.

     MR. MUSK: Correct.

     Q    That’s for sure.

     MR. MUSK: Yes.

     Q    And we learned a lot with the Twitter files. And that just, then, raises a question. You’re the richest man in the world. You may not like that part.

     THE PRESIDENT: Yeah.

     Q    You’re pretty competitive.

     MR. MUSK: I mean, it’s neither here nor there.

     Q    I’ve known you a long time.

     MR. MUSK: I don’t think it matters.

     Q    But —

     THE PRESIDENT: That’s why I became president.

     Q    — he’s on your team.

     THE PRESIDENT: (Inaudible) —

     Q    Well, that’s true. He can’t top that.

     THE PRESIDENT: He’s good. You know, I wanted to find somebody smarter than him. I searched all over. I just couldn’t do it. I couldn’t. I couldn’t.

     Q    You really tried hard.

     THE PRESIDENT: I couldn’t find anyone smarter, right? So, we had to — we had to, for the country.

     Q    But this is the thing —

     THE PRESIDENT: So, we settled on — we settled on this guy.

     MR. MUSK: Well, thanks for having me.

     THE PRESIDENT: (Laughs.) Yeah.

     Q    So —

     MR. MUSK: I’m just trying to be useful here.

     Q    But this is the interesting — but this is where we are as a so- — a society. And I — I hate to do this to you, but I’m going to do it anyway. You’re doing all of these things. At DOGE, nobody at DOGE gets paid a penny, correct?

     MR. MUSK: Well, actually, some people are federal employees, so they do.

     Q    Oh, okay.

     MR. MUSK: Yeah. They’re (inaudible). But it’s fair to say that the software engineers at DOGE could be earning millions of dollars a year and instead of earning a small fraction of that as federal employees.

     Q    Okay. So, just —

     THE PRESIDENT: And they’re very committed people.

     MR. MUSK: Yes.

     Q    So — you’re — you’re committed to helping the blind see, people with spinal cord injuries recover.

     MR. MUSK: Yes.

     Q    You’re committed to getting to Mars. You’re committed to rescue — you’re going to help rescue, next month, two astronauts that I think were abandoned. They — they dispute that in an interview.

     THE PRESIDENT: When are you — when are you getting them?

     MR. MUSK: At the — at the president’s request, we — or instruction, we are accelerating the return of the astronauts, which was postponed, kind of, to a ridiculous degree.

     THE PRESIDENT: They got left in space.

     Q    They’ve been there. They were supposed to be there eight days. They’re there almost 300.

     THE PRESIDENT: Biden.

     MR. MUSK: They were put —

     Q    Yeah.

     MR. MUSK: Yes, they were left up there for political reasons, which is not good.

     Q    Okay, it’s not good. Now, if I had the weight and pressure of doing that successfully on my shoulders, I think I’d be, you know — but you — when we spoke before we did this interview, you were very confident. You think this will be a successful mission.

     MR. MUSK: Well, we don’t want to be complacent, but we have brought astronauts back from the space station many times before, and always with success. So, as long as we’re not complacent —

     THE PRESIDENT: When are they — when are you going to launch?

     MR. MUSK: I think it’s about — about four weeks to

bring them back.

     Q    About four weeks?

     MR. MUSK: Yeah.

     THE PRESIDENT: And you have the go-ahead.

     MR. MUSK: We’re being extremely cautious.

     Q    Yeah.

     THE PRESIDENT: You now have the go-ahead.

     MR. MUSK: Yes. Well, thanks to you —

     THE PRESIDENT: They didn’t have the go-ahead with Biden.

     Q    What’s that?

     THE PRESIDENT: He was going to leave him in space. I think he was going to leave them in space.

     Q    Well, it’s like the (inaudible) —

     THE PRESIDENT: He considered it a —

     Q    — growing up, lost in space.

     THE PRESIDENT: Yeah, he didn’t want the publicity. Can you believe it?

     Q    Unbelievable. And so —

     MR. MUSK: Yeah.

     Q    — I want to echo something that the president said and then ask an overarching question. So, people in — get hit with Hurricane Helene, they have no communication with the outside world. You come to the rescue. You donated that, I believe?

     MR. MUSK: Yes. Yes.

     Q    You donated to the people of —

     THE PRESIDENT: He saved a lot of lives. In North Carolina, he saved a lot of lives.

     Q    And California, after the wildfires?

     THE PRESIDENT: California. But, I mean, in North Carolina, where they were really in trouble, they had no communication, people were dying.

     Q    Nothing.

     THE PRESIDENT: They were dying of starvation. He saved a lot of lives in North Carolina.

     Q    Okay. Now you’re going to rescue astronauts. And now — again, you do — you do all of this — I would think liberals would love the fact that you have the biggest electric vehicle company in the world.

     MR. MUSK: Yeah. I mean, I used to be adored by the left, you know.

     Q    Not anymore.

     MR. MUSK: Le- — less so these days.

     Q    He killed that, huh?

     MR. MUSK: I mean, less —

     THE PRESIDENT: I really (inaudible) —

     MR. MUSK: Well, I mean, this — this whole sort of, like, you know — it was — they call it, like, “Trump derangement syndrome.” And I didn’t — you know, you don’t realize how real this is until, like, it’s — you can’t reason with people.

     So, like, I was at a friend’s birthday party in L.A., just a birthday dinner, and it was, like, a nice, quiet dinner, and everything was — everyone was behaving normally. And then I happened to mention — this was before the election, like a month or two before — I happened to mention the president’s name, and it was like they got shot with a dart in the jugular that contained, like, the methamphetamine and rabies. Okay? (Laughter.)

     And they’re like, “Whyy?” And I’m, like, “What is wrong — like, guys, like” — you just can’t have, like, a normal conversation. And it’s like — it’s like they become completely irrational.

     Q    He — he has no idea, if you’re friends with him —

     MR. MUSK: Yeah.

     Q    — you pay a price. You know, it’s like, I walk into a restaurant in New York, and it’s like half the room gets daggers and they want to —

     MR. MUSK: The eye-daggers — eye-daggers level is insane. (Laughter.)

     I mean, there was, like — I had, like, some — some invitation because — so, I got invited to, like, so- — basically, a big, sort of, damn — damn event like that was — but I’d received the invitation, like, the beginning of last year and then — and I still attended, even after I’d endorsed President Trump, and I didn’t realize how profoundly that would affect, you know, how I was received. (Laughter.)

     I mean, I walk into the room and I’m getting just the dirty looks from — from everyone. Like, if looks could kill, I would have been dead several times over.

     Q    But that was not — (laughter) — before Trump

     MR. MUSK: (Inaudible) —

     Q    Before Trump: “BC” —

     MR. MUSK: — ashes on the floor. (Laughs.)

     Q    — or “BT.” Before Trump, that never happened. Right?

     MR. MUSK: No.

     Q    No. So —

     MR. MUSK: I — I just — doesn’t seem strange? Like, what — what is up with this total, like, madness?

     Q    You’re smarter than me. Can you — I actually think that there’s a level of irrationality. It’s almost like a trigger and —

     MR. MUSK: It totally triggers.

     Q    And it’s like — look, I — I’ve been on TV — this is my 29th year. I’ve been on radio 35 years. I will — I’ve gone hard in the paint to — for candidates that lost.

     MR. MUSK: Yeah.

     Q    And guess what? I get over it.

     MR. MUSK. Sure. Yeah, yeah.

     Q    And I just keep doing my show, and I just — you know, I come back to fight another day.

     So, here’s the big — then this is the million dollar or billion dollar — I’m among billionaires — question. So, you have all this going on and you stop, in a way — you’re still doing it — and you partner with him. And this is what you get for it from the Democrats. You get “nobody voted for Elon.” Well, nobody voted for any of your Cabinet nominees. Okay? “People are dying because of DOGE cuts.” I’ll give you a chance to respond to all that. “What DOGE is doing is illegal.” “Elon Musk is” — more street vernacular for a male body part. “It’s a constitutional crisis.”

     MR. MUSK: How c- — why — why are they reacting like this?

     Q    Well, first of all, do you give a flying rip? Number one. And —

     MR. MUSK: Well, I guess we must be — if we’re the target, we’re doing something right. You know, if — like, they wouldn’t be complaining so much if they — we weren’t doing something useful, I think.

     What — all we’re really trying to do here is restore the will of the people through the president. And — and what we’re finding is there’s an unelected bureaucracy. Speaking of unelected, there’s a — there’s a vast federal bureaucracy that is implacably opposed to the — the president and the Cabinet.

     And you look at, say, D.C. voting. It’s 92 percent Kamala. Okay, so we’re in 92 percent Kamala. That’s a lot.

     Q    Yeah. They don’t like me here either.

     MR. MUSK: I think about that number a lot. I’m like, 92 percent. That’s, basically, almost everyone. And so — but if — but how can you — if — if the will of the president is not implemented, and the president is representative of the people, that means the will of the people is not being implemented, and that means we don’t live in a democracy, we live in a bureaucracy.

     And so, I think what we’re seeing here is the — sort of, the thrashing of the bureaucracy as we try to restore democracy and the will of the people.

     Q    You —

     MR. MUSK: Is this making sense? I mean — sorry.

     Q    Y- — no, of course it does. I mean, to me, if you look at our framers and our founders — and you’ve really become a student of history, Mr. President, and we’ve ta- — we’ve had conversations both on air and off air — and if we talk about constitutional order or transformational change, nobody can argue that what’s happening here is going at the speed of light.

     But however, what were the principles of our framers and our founders? They wanted limited government, greater freedom for the people — and we’ll get to the specific cutting of waste, fraud, and abuse. That — that is your goal, is it not?

     THE PRESIDENT: Yeah. And my goal was to get great people. And when you look at what this man has done, I mean, it was something — I knew him a little bit through the White House. Originally, I’d see him around a little bit. I didn’t know him before that, and I respected what he did. And he fought hard. You know, he was a — he was maybe questioned for a while. He was having some difficulties. It was not easy doing what he did.

     I mean, how many people have started a car company and made it really successful and made a better car where it’s, you know, beating these big companies that that’s all they do is cars? I mean, it’s really amazing the things that he’s done.

     But I didn’t know it as much then as now. I mean, the fruits have sort of taken hold.

     But I wanted great people, and he’s a great person. He’s an amazing person. He’s also a caring person. You know, he uses the word “care.”

     So, they sign a contract in a government agency, and it has three months. And the guy leaves that signed the contract, and nobody else is there, and they pay the contract for 10 years.

     So, the guy is getting checks for years and years and years, and he’s telling his family, obviously — maybe it was crooked, maybe he paid to get the contract, or maybe he paid that they didn’t terminate him. But, you know, we have contracts that go forever, and they’ve been going for years, and they’re supposed to end in three months or five months or two years or something, and they go forever. So, the guy is either crooked — you know, where he knew this was going to happen — or he’s crooked because he’s getting payments that he knows he shouldn’t be getting.

     MR. MUSK: Yeah.

     THE PRESIDENT: But they’re finding things like that. They’re finding things far worse than that. And they’re finding billions — and it will be hundreds of billions of dollars’ worth of fraud. I say waste and abuse, but fraud, waste, and abuse. And he’s doing an amazing job.

     And he attracts a young, very smart type of person. I call them high-IQ individuals, and they are. They’re very high Q and — high IQ. And when they go in to see the people and talk to these people — you know, the people think they’re going to pull it over. They don’t. These guys are smart, and they love the country. You know, there’s a certain something.

     But he uses the word “care.” So, people have to care. Like, when I bought Air Force One —

     MR. MUSK: Exactly.

     THE PRESIDENT: — I negotiated the price. It was $5.7 billion, and I got it — I got them down $1.7 billion. Now they’re not building the plane fast enough. I mean, they’re actually in default — Boeing. They’re supposed to —

     Q    When is it —

     THE PRESIDENT: They’ve been building this thing forever. I don’t know —

     Q    This is the new Air Force One?

     THE PRESIDENT: — what’s going on.

     MR. MUSK: Yeah.

     THE PRESIDENT: We don’t build the way we used to build. You know, we used to build like a ship a day, and now to build a ship is, like, a big deal, and we’re going to get this country back on track. We could do it, but so many things — it takes so long to get things built and get things done.

     And a lot of it could be something we’ve been discussing. The regulators go in and they make it impossible to build. They make it very difficult to build anything, whether it’s a ship, a plane, or a building or anything. And some of them do it because they want to show how important they are. Some of them do it maybe because they think they’re right. They use the environment to stop progress and to stop things. It’s always the environment. “It’s an environmental problem.” It’s not an environmental problem at all. But they do a lot of things.

     And, by the way, speaking of that, Lee Zeldin is going to be fantastic in the position. So important. He could take 10 years to approve or disapprove something, or he could do it in a month. You know, just as good.

     Q    Sure.

     THE PRESIDENT: And I think you’re going to see some fantastic — a fantastic job done by him. He’s a tremendous guy.

     Q    Newt — you echoed something when I had just met you, and it was very similar to what Newt has been saying, that we’re — he brought this country to the dance. This is the opportunity to be transformational, and to have, I would argue, a — the most consequential presidency if we — if we’d really dig down and do something that had never been done before, and that is get rid of this bureaucracy. And I’m going —

     MR. MUSK: Yes.

     Q    — to get to specifics. You say the same thing. It’s not done yet.

     MR. MUSK: Absolutely.

     Q    And what did you mean by that?

     MR. MUSK: Well, I mean the — w- — winning the election is really the opportunity to fix the system. It is not fixing the system itself. So, it’s an opportunity to fix the system and to restore the power of democracy.

     And, you know, people — like, it’s funny how — how often it — you — when these attacks occur, the thing that they’re accusing the administration of is what they are guilty of. They’re saying that things are — are being done are unconstitutional, but what they are doing is unconstitutional. They are guilty of the crime of which they accuse us.

     THE PRESIDENT: That’s always the first thing they do.

     MR. MUSK: Yeah.

     THE PRESIDENT: “He’s in violation of the Constitution.” They don’t even know what they’re talking — well, they know.

     MR. MUSK: It’s absurd.

     THE PRESIDENT: It’s just a con job. It’s a big con job. And they’re so bad for the country, so dangerous and so bad.

     And the media is so bad. When I watch MSNBC, which I don’t watch much, but you have to watch the enemy on occasion, the level of arrogance and — and cheating and — they’re just horrible people. These are horrible people.

     Q    They lie.

     THE PRESIDENT: These are horrible people.

     Q    They tell conspiracy theories.

     THE PRESIDENT: They lie, and they start up with the Constitution. They couldn’t care less about the Constitution.

     CNN, likewise. I mean, I watched them asking questions with, you know, the hatred with the — why — I said, “What are you asking the question with such anger? You’re asking me a normal question.” But you see the bias. The bias is so incredible. Those two are bad.

     PBS is bad. AP is bad. CBS is terrible.

     I mean, CBS now — they changed an answer in Kamala. They asked her some questions. She answered them like, you know, a low-IQ person. The opposite of him — the absolute opposite. But she gave a horrible answer. They took the entire answer out, and they put another answer that she gave 20 minutes later into the — in- — as the answer.

     Q    It was part of her word salad.

     THE PRESIDENT: I’ve never even heard of that be- — I thought I heard of it all.

     MR. MUSK: Right.

     Q    That wh- — “60 Minutes” once — one — wanted to do an interview with me, and I said, “Live to tape.”

     MR. MUSK: Yeah, exactly.

     Q    They said, “No.” And I said, “No” —

     MR. MUSK: Right.

     Q    — “No deal.”

     MR. MUSK: Exactly. They can- —

     Q    Like, this interview will —

     THE PRESIDENT: I’ve never even heard — you know, I’ve seen where they take a sentence off or something and they’ll do — but they —

     Q    Sometimes you cut for time o- —

     THE PRESIDENT: No, no. They took the entire — this long, terrible statement that she made and put another.

     Nobody’s ever seen what’s happening. And, you know, the people that do all this complaining, they’re very dishonest people.

     MR. MUSK: Yeah.

     Q    Yeah. I — I’m going to, just for the sake of saving time —

     THE PRESIDENT: Yeah.

     Q    — because I could spend — and I’ve done this on radio and TV, I — I can spend an hour finding the outrageous amounts of money being spent abroad, like USAID.

     MR. MUSK: Sure.

     Q    And I do want to mention a couple, but I’m going to —

     MR. MUSK: Yeah.

     Q    — scroll it and —

     MR. MUSK: Well — well, I guess, at a high level, I think it’s what the president mentioned earlier, which is that in order to save taxpayer money, it comes down to two things: competence and caring. And —

     THE PRESIDENT: That’s right.

     MR. MUSK: — and when — when president was shown the outrageous bill for the new Air Force One and — and then negotiated it down, if he had — if the president had not applied competence and caring, the price would have been 50 percent higher — literally, 50 percent higher. The president cared. The president was competent. The price was not 50 percent higher as the result.

     And so, when you add more competence and caring, you get a better deal for the American people.

     THE PRESIDENT: But we could take — we were talking about this yesterday. I could take — give me thousands of bills — any — I could pick any one of them, and I could —

     MR. MUSK: Yes, exactly.

     THE PRESIDENT: — take all thousand. And let’s say it’s a bill for $5,000 — just $5,000, and it’s done by some bureaucrat. And if he would say, “I’ll give you three. I don’t want to pay you five. It’s too high. I’ll give you three.” But they don’t do that. If a guy sends in a bill for $5,000, they pay $5,000. They expect to be cut. Everybody expects to be cut. When you send in a bill, you expect to be cut. They send in the bill higher, for the most part. This is true with lawyers, legal fees. When they send in legal fees, you — I can cut — I wish I had the time, I would save so — but I could cut these bills in half — much better than half.

     But you offer people a much lower number because you know they — they actually put fat — I’m not even saying it’s — it’s like a way of business. They put more on because they expect to be negotiated. When you send in a bill to the government, there’s nobody to negotiate.

     MR. MUSK: Yes.

     THE PRESIDENT: You send it a bill for $10,000, and they send you a check back for $10,000. If you would call them and said, “We’ll give you five.” “No, no, no. I need more than five.” “We’ll give you a five.” “I’m not going to pay any more than five.” “Make it six.” “No, I’m not going to make it six.” And you’ll settle for $5,500. You’ve just cut the bill almost in half, and it took, like, two minutes. When did that stop? But —

     Q    (Inaudible) the art of the deal?

     THE PRESIDENT: — that’s caring. No, it’s not even the art of the deal. It’s caring. He uses the word —

     MR. MUSK: It’s — it’s competence and caring.

     THE PRESIDENT: — it’s caring.

     Q    Yeah.

     THE PRESIDENT: It’s — it’s a certain competence, but I think it’s more caring.

     MR. MUSK: I — if you —

     THE PRESIDENT: (Inaudible.)

     MR. MUSK: Actually, if you add either ingredient — either competence or caring — you’ll — you’ll get a better outcome. But it stands to reason —

     Q    Right. People don’t want to do this (inaudible.)

     MR. MUSK: — that’s the reason that if you don’t have competency and you don’t have caring, you’re going to get a terrible deal. And the problem is that the American taxpayer has been — been getting a terrible deal, because — look at the last administration. Can you — can anyone — can any reasonable person say that last administration was either competent or caring?

     Q    But they lied to us and said that Joe didn’t have a cognitive decline.

     MR. MUSK: They fully lied.

     Q    They said the borders were closed. They said that the borders were secure. They said that —

     MR. MUSK: Right.

     Q    You know, they said Obamacare would save —

     MR. MUSK: They flat out lied.

     Q    They flat out lied —

     MR. MUSK: It was insane.

     Q    — on many occasions.

     MR. MUSK: Yes.

     Q    I tell my audience all the time: Don’t trust government.

     MR. MUSK: Yes.

     Q    So, the — I want — as I scroll this information, and it’s — it’s — I’ll scroll a lot more than I’ll mention to both of you, and this is the cost savings. I want you — I want people at home to understand this part: The average American makes $66,000 a year.

     MR. MUSK: Yeah.

     Q    Okay? We have $37 trillion in national debt.

     MR. MUSK: Yes.

     Q    Now, all the money I’m about to mention and what we’re going to scroll on our screen — and all of this is going to foreign countries. It is not being spent here in America —

     MR. MUSK: Yes.

     Q    — for better schools, law and order.

     MR. MUSK: I — I think the average taxpaying American should be mad as hell because their tax money is being poorly spent.

     Q    I’m mad. It’s stealing from —

     MR. MUSK: It’s a — it’s an outrage —

     Q    — our kids and grandkids.

     MR. MUSK: Yes, and the — and people —

     THE PRESIDENT: And a lot of fraud, Sean. A lot of fraud.

     Q    Yes.

     THE PRESIDENT: And a lot of kickbacks.

     They’re sending money out. They’re not that stupid. These people aren’t that stupid. They’re sending for transgender — something having to do with the opera, and they’re sending out $7 million —

     MR. MUSK: (Laughs.) Literally.

     THE PRESIDENT: — $7 million. (Inaudible) —

     Q    You just stole my next line. I can’t believe that.

     THE PRESIDENT: No, it’s incredible.

     Q    I was going to mention that.

     THE PRESIDENT: No, but it’s incredible: $7 million.

     Now, you know they — they’re not so stupid. They’re sending all this money. They expect to get a lot of it back. And that’s what happens.

     Q    Okay. So, let’s go through it.

     MR. MUSK: Yes, they’re — a bunch of —

     Q    So, for the average person at home —

     MR. MUSK: — this stuff is round-tripping. To the president’s point, they’ll — they’ll make it sound like it’s going to help some people in a foreign country, but then they — then they get kickbacks.

     Q    All right. Let me go to the ne- — to the fir- —

     MR. MUSK: Yeah.

     Q    — to the second question first. I want to know, because people like Joni Ernst, and — and House —

     MR. MUSK: Yeah, Joni — Joni Ernst has been —

     Q    They tried to get —

     MR. MUSK: — has tried for a long time, and she’s actually got a lot of good data. Senator Ernst has been really helpful, actually.

     Q    Okay, but they — they actually hide what the real purpose of the spending is.

     MR. MUSK: That’s true.

     Q    In other words, they — and — and h- — this is a question: How did you decipher? It will say, “Humanitarian blah, blah, blah in Serbia or Afghanistan.” We’ve been giving money to China for crying out loud, which I think is nuts.

     MR. MUSK: Well, we’re giving money to the Taliban.

     Q    Money to the Taliban?

     MR. MUSK: Like a lot.

     Q    All right. So —

     MR. MUSK: (Laughs.) I’m like, for what?

     Q    But they —

     MR. MUSK: I — I want to see pictures of what they did.

     Q    But they try to obscure it, and — and — but then you got to the bottom line, which is what I’m now scrolling on the screen —

     MR. MUSK: Yes.

     Q    — and that is: $20 million on a Sesame Street show in Iraq; $56 million to boost tourism in Tunisia and Egypt; $40 million to build schools in Jordan; $11 million to tell the Vietnamese to stop burning trash; $45 million for DEI scholarships in Burma; $520 million for consultant-driven ESG investments in Africa; DEI programs in Serbia; the president’s favorite — I’m sure you — you love that taxpayer money was spent on a DEI musical in Ireland or a chan- — transgender opera in Colombia or a —

     MR. MUSK: If I could, like, it sounds like —

     Q    — transgender comic book in Peru.

     MR. MUSK: It sounds like — it sounds like how can these things be real? But this is actually what was done.

     Q    Okay. The — I —

     MR. MUSK: It — it sounds like a comedy sketch or something. It’s like —

     Q    I have 20 pages of this.

     MR. MUSK: Right. It’s not — the list is a mile long.

     THE PRESIDENT: The one thing you didn’t mention, the media. The media is getting millions of dollars.

    MR. MUSK: Yes.

     THE PRESIDENT: Now, they say Politico, which is a radical left —

     Q    Subscriptions.

     THE PRESIDENT: — you know, garbage magazine or — or program. I guess they have magazine and they have some — some media of all types. $8 million.

     I hear the New York Times got a lot. I hear they get subscriptions — where they have subscriptions but maybe the paper is not sent. I have no idea if that’s true or not, but it’s — they call it subscriptions. Lots of subscri- — to different media, not just the Times — maybe the Times, and maybe not the Times.

     Q    A million dollars in subscriptions is a lot.

     THE PRESIDENT: Well — but — but millions of dollars going to media that’s radical-left, crooked, dishonest media.

     MR. MUSK: Well — well, Reuters — this is actually really wild: Reuters got like — something like $10 million for something that was literally titled “mass disinformation campaign.”

     Q    Well —

     MR. MUSK: That was on the purchase order. Well, I — I

thought that was a little bold. (Laughs.)

     Q    I will tell you what was bold is when you released —

     MR. MUSK: I’m like —

     Q    — the Twitter files.

     MR. MUSK: — shouldn’t you at least try to call it something else? (Laughs.)

     Q    The Twitter files — how they targeted him; how Twitter, at the time, worked closely with the FBI, the CIA; and, even before the release of Hunter’s very real laptop, they were feeding them disinformation. That —

     MR. MUSK: Absolutely.

     Q    — you found all that out.

     MR. MUSK: Well, I think —

     Q    That’s called transparency, right?

     THE PRESIDENT: The FBI has to be rehabbed. The FBI —

     MR. MUSK:   Yeah.

     THE PRESIDENT: What’s happened with the FBI and the DOJ is just — their — their stock has gone way down. I mean, their reputation is shot.

     Q    And intelligence.

     THE PRESIDENT: And I think Pam is going to do great. I think Kash is going to do great. I think they have to do great or we have a problem.

     But when you look at what they did, the raid of Mar-a-Lago — the raid of Mar-a-Lago — you look at what they did, their reputation is shot.

     Q    It is.

     What — you were going to say, Elon?

     MR. MUSK: Well, no, I was going to say that I think probably a — like, a lot of people still —

     Q    How — how did you find (inaudible)?

     MR. MUSK: — still believe, like, the Russia hoax, even though you’ve done a lot to combat that. The — you know, the — the Steele dossier was an incre- — a massive scam that was concocted by Hillary Clinton and her — her campaign.

     Q    She bought and paid it — for it —

     MR. MUSK: Right.

     Q    — Russian disinformation.

     MR. MUSK: There was — it was — the — people still think the — the Russia hoax is real. Like a lot of people s- — because they never — they never heard the counterpoint. I mean — I mean, a bunch of people should be in prison for that. That was a — that was outrageous election interference, creating a fake Russia hoax.

     Q    How much — if you had to put a number on it, how much do you think you’ve identified waste, fraud, abuse, corruption at this point? And again, we’ve been — we’re going to be scrolling this throughout the program.

     MR. MUSK: Well, the — the overall goal is to try to get a trillion dollars out of the deficit. And if we — if we — if the deficit is not brought under control, America will go bankrupt. This is a very important thing for people to understand. A country is no different from an individual, in that if an individual overspends, an individual can go bankrupt, and so can a country.

     And — and the out- — the massive waste, fraud, and abuse that has been going on, which is leading to a $2-trillion-a-year deficit, that — that’s what the president was handed on Jan. 20th, a $2 trillion deficit. It’s insane.

     Q    For this fiscal year?

     THE PRESIDENT: Two trill- — yeah. We inherited it.

     MR. MUSK: Two —

     THE PRESIDENT: Yeah. And inflation is back. I’m only here for two and a half weeks.

     Q    That was January —

     THE PRESIDENT: Inflating is back —

     Q    — you were there for a week.

     THE PRESIDENT: No, think of it, inflation is back. And they said, “Oh, Trump infla-” — I had nothing to do with it. These people have — have run the country. They spent money like nobody has ever spent. They were — they were given $9 trillion to throw out the window — $9 trillion, and they spent it on the Green New Scam, I call it. It’s the greatest scam in the history of the country. One of them. We have a lot of them, I guess. But one of them.

     Q    Well —

     THE PRESIDENT: Dollar-wise, probably —

     Q    — and DEI —

     THE PRESIDENT: — it is.

     Q    — and wokeism —

     THE PRESIDENT: Yeah, yeah.

     Q    — and transgenderism —

     THE PRESIDENT: Well, that’s all part of it. Yeah.

     Q    — and LGBTQ+.

     MR. MUSK: Yes.

     Q    And, by the way, not in America — other countries, not here.

     THE PRESIDENT: You know, the amazing thing is when you see, like, the teaching of DEI: $9 million. How do you spend $9 million to teach no matter what it is?

     MR. MUSK: Right.

     THE PRESIDENT: You could teach physics.

     MR. MUSK: Exactly. Totally.

     THE PRESIDENT: You could go to MIT for a lot less.

     MR. MUSK: It’s (inaudible) expensive. (Laughs.) Expensive.

     THE PRESIDENT: Yeah, the teaching —

     MR. MUSK: Expensive BS.

     THE PRESIDENT: — of DEI.

     Q    Well, I think it would be better spent on —

     THE PRESIDENT: No, it’s a kickback. It’s got to be a kickback. Nobody is that — nobody could do that. Nobody is —

     Q    Well, it —

     THE PRESIDENT: Nobody is giving — to assess the dialog of an audience coming out of a theater: $4 million.

     Q    How much do you believe, Elon, you’ve identified in — in waste, fraud, abuse, corruption now? And how much —

     MR. MUSK: Well —

     Q    — do you anticipate you will?

MR. MUSK: Sure. Well, the — I — I think —

THE PRESIDENT: One percent.

MR. MUSK: (Laughs.)

THE PRESIDENT: No, because it’s so massive. It’s — this is —

MR. MUSK: Yeah, exactly.

THE PRESIDENT: — huge money. Huge money. Look —

Q    So, what we’ve found now is one percent?

MR. MUSK: Well, we’ve j- — we’ve just gotten started here.

THE PRESIDENT: As good as they are, they’re not going to find some contract that was crooked — you know, crooked as hell. And, I mean, there’s going to be so much that isn’t found. But what is found — I think he’s going to find a trillion dollars.

MR. MUSK: Yeah, I think so.

THE PRESIDENT: But I think it’s a very small percentage compared to what it is. I mean, he could tell you about treasuries; he could tell you about a woman that worked for Biden that became a very wealthy woman while she was working for him. Right?

MR. MUSK: Yeah.

Q    Yeah, I know who you’re talking about.

MR. MUSK: I mean, there are some strange situations where people — where, you know, someone’s working for the government earning $200,000 a year, and then, suddenly, they’re worth tens of millions of dollars within a few years. Where’d the money come?

Q    How’d they earn it?

MR. MUSK: Yeah.

Q    They have a private company on the side?

MR. MUSK: We’re just curious. Like, can you —

THE PRESIDENT: While they were working.

MR. MUSK: Can you show us — because, like, in order to be worth tens of millions of dollars, you’d have to start a company, or you’ve got to get some kind — the compensation has got to come from somewhere. So, how does a civil servant with — earning $200,000 a year suddenly, within a span of a few years, be worth tens of millions dollars?

Q    W- —

MR. MUSK: So, I just want to connect the dots here.

Q    All right, s- —

MR. MUSK: Maybe there’s a legitimate explanation, but I don’t think so. (Laughter.)

Q    So, you know, and this gets to kind of the heart of where I am. I — I looked at your work, and I look at this amount of money, and I get angry. And I don’t get v- — I’m not an angry person.

MR. MUSK: Sure.

Q    I don’t get angry. I get a- — I get annoyed sometimes, but I don’t get angry.

And I did live paycheck to bay- — paycheck a part of my life. And I think of, you know, the working men and women in this country that the — 56 percent of which cannot afford a $1,000 emergency after four years of Harris and Biden.

MR. MUSK: Sure.

Q    Okay? That is serious, you know, financial trouble. Or they’re putting bare necessities on credit cards.

And I’m looking at this and I’m thinking, well, how much — when we — when all is said and done, we could have written a check or cut the taxes or fixed our schools —

MR. MUSK: Yes. Yes.

Q    — or deported these illegals that we keep finding, known terrorists, cartel members, gang members.

MR. MUSK: Yeah.

Q    And — and we’re not doing it.

THE PRESIDENT: Sean, the saddest thing is they don’t talk about the individual lines. I could go on your show right now, I could get a list that I have on the beautiful Resolute Desk in the Oval Office, and it’s got 40 points, and all they are is the heading of what this money is.

You don’t have to go deep into it, and you see it’s, you know, all different things and it’s so ridiculous.

I mean, normally, when you look for fraud, you’re looking for one thing out of a hundred. Here, out of a hundred, 95 are going to be bad. I mean, they’re — and they’re so obvious just by the heading.

But they never mention that. They only mention, “This is a violation of our Constitution. This is a” — the word they give, you know, it’s like a sound bite — “constitutional crisis.” It’s a new thing, “constitution-” — But they never mention about where the money is going.

MR. MUSK: Yes. Exactly.

THE PRESIDENT: And when people hear that — I had a very smart man, John Kennedy — he’s actually a very smart man. He said, “Sir, you should just go on television and just read the name of the topic that you’re giving all the money — just the topic that you’re giving this money to, and don’t say anything more,” and he’s right.

MR. MUSK: Yeah.

THE PRESIDENT: And I’ll do it at some point, you know, when —

But they never talk about where the money is going. They just talk about, “It’s a constitutional crisis.”

It’s so sad. And honestly, I think they’re bad people. I used to give them the benefit of the doubt, but you almost think they hate the country. I think they hate the country. They’re sick people.

Q    Remember, what they can’t — what they couldn’t accomplish at the ballot box, what they can’t accomplish legislatively, now they’re using the courts.

MR. MUSK: Yes.

Q    And they c- — they’re trying to bury you in lawsuits.

THE PRESIDENT: That’s right. You know the good news, though? They’ve lost their confidence. They’re not the same people.

Q    I think you’re right.

THE PRESIDENT: They’re — they’re not the same people.

This election was brutal for them. We won every swing state. We won by millions and millions of votes. We won everything. We — all 50 states went up — all 50. It’s never happened.

Q    Popular vote.

THE PRESIDENT: Every one. All 50 states went up.

They’ve lost their confidence. I see it. And they’re — they’re just swirling and twirling. They don’t know what the hell is happening. They’re much different. They’re just as mean, but they’re not getting to the point.

Q    Why do you invite them into the Oval Office nearly every day?

MR. MUSK: (Laughs.)

THE PRESIDENT: Well, the media — you’re talking about the media.

Q    Yeah, your friends in the media.

THE PRESIDENT: The media — no, they’re — you know, the anger that — they ask questions so angry — a question — a normal question. I give them an answer. They — but they — I say, “Why are you so angry when you ask a question?” Just a standard question. And, I don’t know, there’s something —

Q    They haven’t had a- — they haven’t been allowed in that office for the last four years, and here you’re giving them access.

Let me go to an area that I think is key, and — and you talked about this in recent interviews, and that is: We don’t need a Department of Education. Okay. And what some people are trying to do is stoke fears that, “Oh, my gosh, my kid is not going to get the money for education.”

THE PRESIDENT: (Laughs.) Yeah.

Q    Or “grandma’s Social Security and Medicare.” This was a big promise of yours on the campaign trail.

THE PRESIDENT: Yeah. Yeah.

Q    So, I really want to give you both an opportunity to assure the American people you will keep — that money will be allocated for students, but with higher standards. For example, I would assume associated with monies given or vouchers.

THE PRESIDENT: (Inaudible) so much and — and then Elon goes. But, look, Social Security won’t be touched —

Q    Won’t be touched.

THE PRESIDENT: — other than if there’s fraud or something — we’re going to find it; it’s going to be strengthened — but won’t be touched. Medicare, Medicaid, none of that stuff is going to be touched. It’s just —

Q    Nothing. I want you to —

THE PRESIDENT: (Inaudible) don’t have to.

Now, if there are illegal migrants in the system, we’re going to get them out of the system, and all of that fraud. But it’s not going to be touched.

School — I want to bring school back to the states, so that Iowa, Indiana — all these places — Idaho, New Hampshire — there’s so many places, the states. I figure 35 really run well.

And right now, it’s Norway, Sweden, Denmark, Finland, China — China, can you imagine? — has top — top schools. We’re last.

So, they have a list of 40 countries. We’re number 40. Usually we’re 38, 39, but last time, we were number 40. And what I say is you’ve got to give it back.

So, it doesn’t work.

I’ll tell you what we’re number one in: cost per pupil. We spend more money than any other country by far — it’s not even close — per pupil. Okay? So, we know it doesn’t work.

So, we spend the most and we have the worst — right? — the worst result. When we give that — when we give that back to Indiana, when we give that b- — back to Iowa and back to a lot of the states that run well — they run well, a lot of them — 35, 37, 38 — now, you’re going to have 10 laggards, but you’re going to have 5 real laggards, but that’s going to be okay.

Take New York — you give it to Westchester County, you give it to Suffolk County, you give it to Upstate New York, and you give it to Manhattan — but you give it to four or five subsections. Same thing in California. Los Angeles is going to be a problem, but you’re going to give it to places that run well. We can change education

Now, school choice is important, but that will get care — taken care of automatically.

We want to bring education back to the states. You will spend half the number. And I’m not even doing this —

Q    So, you’re leaning more towards grants not vouchers, like to parents?

THE PRESIDENT: I’m not even — I’m not even doing this to save, but you will save. It will cost you much less money. You get a much better education.

If you go to some of these states, you’ll be the equivalent of Norway, Sweden, Denmark — places that really have a good school system. You’ll have — those places will be the equivalent, and your overall numbers will get so much better.

Q    Do you want standards associated with the money?

THE PRESIDENT: The only thing I want to do from — from Washington, D.C., is make sure they’re teaching English, reading, writing —

Q    Math and science.

THE PRESIDENT: — and arithmetic. Okay?

Q    Science? Science might help.

THE PRESIDENT: Okay. A little science. You know —

Q    Computers.

THE PRESIDENT: — you’re not going to have much of a problem with that, but that’s it.

Do you know, we have half the buildings — I mean, you look at Department of Education —

MR. MUSK: It’s empty.

THE PRESIDENT: Look at the real estate and the —

MR. MUSK: Yeah.

THE PRESIDENT: — the level. For what? To — to — I mean, for — what do they do?

We have really bad educa- — the teachers — I love teachers. I respect teachers. And, by the way, there’s no reason why teachers can’t form a union. They can do whatever they want to do, if it’s back in the states. So, we’re not looking to hurt the teacher — I’m — I’m going to help the teachers. I think the teachers should be incentivized, because a good teacher is like a good scientist, is like a great doctor.

MR. MUSK: Sure.

THE PRESIDENT: It’s a valuable commodity.

MR. MUSK: Yeah.

THE PRESIDENT: I think they should be incentivized.

MR. MUSK: Yes.

THE PRESIDENT: So, I’m totally for the teachers.

MR. MUSK: Absolutely.

Q    I interview a guy a lot on radio. He’s from Wichita, Kansas. And he started —

THE PRESIDENT: Right.

Q    — as a medical doctor. Started Atlas.MD, and he’s now — he’s rolled it out nationwide. Concierge care, $50 a month, 24-hour access to a doctor.

THE PRESIDENT: Right.

Q    You know, they use a lot of telemedicine now as part of it — very innovative. He negotiates directly with pharmaceutical companies. People — if they have high blood pressure, they walk out with their medicine. They have high cholesterol, they walk out with their medicine. And they pay pennies on the dollar.

You mentioned —

THE PRESIDENT: By the way, forms of that could be done.

Q    Forms of that?

THE PRESIDENT: Forms of that could be done.

Q    Innovation.

THE PRESIDENT: We got hurt when we didn’t get the vote on Obamacare. I made Obamacare — I had a choice: I could let it rot and win a point, or I could do the best you could do with it. And that’s what I did. We did a great job with it, and we made it sort of work, but it’s lousy. We could do so much better.

And when you say — you go to certain areas, they — they have doctors round the clock. They have great medical care for a fraction of what we’re paying right now.

There are things we could do.

But, look, just overall, this man has been so valuable. I hate to see the way they go after him. They go after him. It’s so unfair. He doesn’t need this. He wants to do this.

First of all, this is bigger than anything he’s ever done. He’s done great companies and all, but this is much — you know, this is trillion — everything’s trillions, right?

MR. MUSK: Yeah. The numbers are crazy.

Q    To go back to my original point —

THE PRESIDENT: He can save —

MR. MUSK: Yeah.

Q    But let me — give him his $10 million back.

MR. MUSK: Well — well — I — no. So, people ask me, like, “What’s — what’s the — what’s the — what’s, like, the — what’s your biggest surprise in — in D.C.?” And I’m like, “The sheer scale.”

Q    It’s massive. So, you love the challenge?

MR. MUSK: Well, I mean, to —

THE PRESIDENT: He’ll never do anything bigger.

MR. MUSK: To the president’s point —

THE PRESIDENT: That’s the only thing you can say, “He’ll

never do anything” —

     MR. MUSK: But, I mean, you do something slightly better, and you save billions of dollars for the American taxpayer — just slightly better. Slightly. (Laughs.)

     Q    When you say “tech support” —

     MR. MUSK: You go one percent better, and it’s, like, you know, tens of billions of dollars saved to the American taxpayer.

Now, if I may address the point that you — the question you asked earlier, which is, you know, how do we assure people that —

Q    They want to know.

MR. MUSK: Yeah, how do we assure people that we’re going to do the right thing, that their — that their Social Security benefits will be there, that their — the medical care will be good and s- — and — in fact, how do we make it — ensure that there’s better medical care in the future? How do we improve their benefits? How do we make sure that their Social Security check goes further than it did in the past and not — it doesn’t get weakened by inflation?

So, the — if we — if we address the — the massive deficit spending, the sort of — the — the waste in the government, then — then we can actually address inflation.

So, provided the economy grows faster than the money supply, which means you stop the government overspending and the waste, and the output of real useful goods and services exceeds the increase in the money supply, you have no inflation.

Q    Yeah.

MR. MUSK: And — and you also drop the — the interest payments that people pay, because if the government keeps —

Q    Way too high.

MR. MUSK: Yes. The — the reason the interest payments are so high is because the — the national debt keeps increasing. So, the — the government is competing for — to sell debt with — for — with — with the private citizens. This drives up the interest rate.

So, if you have a — if you have a — if you cut back on the deficit, you actually have an amazing situation for people, because you get r- — you get rid of inflation and you drop the interest rates. And that means people’s mortgage payments go down, their credit card payments go down, their car payments go down, their student loans go down. Everything — their — their life becomes more affordable and they’re standard of living improves.

Q    How quickly? Because I think people are suffering now. We’re still living under the Biden-Harris economy.

THE PRESIDENT: But, Sean, you have states right now —

Q    Yeah.

THE PRESIDENT: You have some states that operate that way. They operate as well as any corporation. They really operate well.

MR. MUSK: Yeah.

Q    Florida.

THE PRESIDENT: They have surpluses. They ha- — they don’t —

MR. MUSK: Texas is — has a surplus, for example.

Q    Yeah.

THE PRESIDENT: When they — when they look at New York and — and California and some of these places that should have an advantage — I mean, there’s a big advantage — or Pritzker does such a bad job in Illinois; it’s horrible how bad he is — and they don’t have that advantage.

You know, New York has stock exchange and a lot of things. And California has the weather and the beautiful water and all the thing- —

MR. MUSK: California has — has great weather. The most expensive weather on Earth.

THE PRESIDENT: Yeah. (Laughter.) But — but —

Q    I like Florida.

MR. MUSK: Yeah.

THE PRESIDENT: But some states operate the way he’s talking about.

Q    Efficiently.

THE PRESIDENT: When you go into some of these states, you’re going to find very little. You’re going to find almost nothing. They really operate well — big surpluses, low taxes. And —

Q    You know, my taxes went up the first time you were president, because you took away the SALT deduction —

THE PRESIDENT: I — well, I did.

Q    — which, by the way, I thought was the right decision.

THE PRESIDENT: It was the right decision — in fact, Reagan tried to do it — because it rewards badly run states.

But at the same time, it’s a tough — it was — it’s tough for the states. I mean, it really is tough for the states.

The sad part is it rewards really badly run states.

Q    Yeah.

THE PRESIDENT: And Reagan tried to do it. He was unable to do it. I got it done.

Q    You got it done, and —

THE PRESIDENT: And now we’re going to give some back.

     Q    A little bit.

THE PRESIDENT: Because you know what? We’ve got to help them.

Q    It’s only a little.

THE PRESIDENT: We’ve got to help.

Q    Because otherwi- — we’re encouraging people to elect high taxes, spen- —

THE PRESIDENT: Nobody had any idea it would be that devastating. I did the right thing. I got something that Reagan couldn’t do. I got it done, where everybody is — are the same. But you know what? We’ve got to help them out.

Q    Reagan had the Grace Commission, some of the best business minds in the country.

THE PRESIDENT: Right.

Q    And they came up with recommendations. Congress adopted none of them, and none of them were implemented.

I’ve got to ask this question, because the media is obsessed about it: What — what if there is a conflict? In other words, because you do business — it was funny, when it came out the other day, that there was going to be, I think, $400 million — billio- — I don’t know if it was millions or billions — a lot of money on Teslas that Joe Biden’s administration w- — did with Tesla, and —

MR. MUSK: I’m not familiar with that.

Q    You’re not even familiar with it? But —

MR. MUSK: I — I don’t think — are you talking about, like, the Inflation Reduction Act stuff or —

Q    It was some — it was a purchase order of Tesla vehicles.

MR. MUSK: Oh. Oh, that was — that was incorrect. There was s- — like, there’s some sort of — the media claim that there was, like, $400 million worth of Cybertrucks —

Q    That was it.

MR. MUSK: — being bought by the DOD.

Q    And that he gave it to you.

MR. MUSK: No — well, first of all, that was —

THE PRESIDENT: No, actually, it was —

MR. MUSK: Th- — it was fa- —

THE PRESIDENT: It was Biden.

Q    It was Biden.

THE PRESIDENT: And you know Biden wouldn’t give him much.

MR. MUSK: But — but it wasn’t even — it was fake news, six weeks to Sunday. Tesla is not getting $400 million for Cybertrucks. And the — and the — and this alleged —

Q    That’s what it was, Cybertrucks.

MR. MUSK: This — yeah. This alleged award occurred in December, before the president took office. So, it’s — it’s fake on multiple levels. There i- — Tesla isn’t getting $400 million. And even if it — even if it was, which it isn’t, it was awarded during the Biden administration.

Q    Okay, but you’re — you — you —

MR. MUSK: It’s total fake news.

Q    There — there is —

MR. MUSK: It’s fake on, like — it’s like multiple leverals —

Q    There is some integration —

MR. MUSK: — multiple layers of fake.

Q    So, you’re — you’re tasked now — and I pray to God this is successful. I really do. I wish you Godspeed.

MR. MUSK: Yeah.

Q    You know, “Godspeed, John Glenn.”

THE PRESIDENT: It’s — it’s going to be, by the way. I really believe it’s going to be.

Q    But — but there —

MR. MUSK: Oh, yeah.

Q    But there are legitimate areas —

THE PRESIDENT: Because the country is going to do well beside this.

This is cutting. We’re only talking about cutting.

We’re also going to make a lot of money. We’re g- — we’re taking in so much money.

Q    But what about his business? What if — if there is —

THE PRESIDENT: Then we won’t let him do it.

Q    — a contract he would otherwise get?

THE PRESIDENT: We’re not going to let him do it. He — if —

Q    You’re not going to let him do it?

THE PRESIDENT: If he’s got a conflict — I mean, look — he —

Q    Y- — now y- —

THE PRESIDENT: He’s in certain areas — I mean, I see this morning — I didn’t — I didn’t know, but I said, “Do the right thing” — where they’re cutting way back on the electric vehicle subsidies.

MR. MUSK: Yes.

THE PRESIDENT: They’re cutting back.

Q    You’re losing —

THE PRESIDENT: Not only cutting back —

Q    It hurts you.

MR. MUSK: Correct.

THE PRESIDENT: Yeah.

Now, I will tell you —

Q    You don’t care?

MR. MUSK: Well —

THE PRESIDENT: He’s probably not that happy with it, but that would have been one thing he would have come to me and said, “Listen, you got to do me a favor. This is crazy.” (Laughter.) But this was in the tax bill. They’re cutting back on the subsidies.

I didn’t — I wasn’t involved in it. I said, “Do what’s right, and you get” — and they’re coming up with the tax, but it’s just preliminary.

     But I mean, if he were involved, wouldn’t you think he’d probably do that? Now, maybe he does better if you cut back on the subsidies. Who knows. Because he figures — he does think differently. He thinks he has a better product, and as long as he has a level playing field, he doesn’t care what you do —

     MR. MUSK: Exactly.

     THE PRESIDENT: — which he’s very — he’s told me that.

MR. MUSK: Yeah. I mean, I haven’t asked the president for anything ever.

THE PRESIDENT: It’s true.

Q    And if it comes up, how — how will you handle it? (Inaudible.)

THE PRESIDENT: He won’t be involved.

MR. MUSK: Yeah, I’ll — I’ll re- — I’ll recuse myself if it is a conflict.

THE PRESIDENT: If there’s a conflict, he won’t be involved.

MR. MUSK: Yeah.

THE PRESIDENT: I mean, I wouldn’t want that, and he won’t want it.

MR. MUSK: Right. And — and also, I’m getting a — sort of a daily proctology exam here. You know, it’s not like I’ll be getting away from something in the dead of night.

Q    Welcome to D.C. If you want a friend, get a dog.

MR. MUSK: Well, I do have a dog, but I also have friends. (Laughter.) My dog loves me, poor little creature.

THE PRESIDENT: You know the truth was —

MR. MUSK: I need to bring him to D.C.

THE PRESIDENT: He’s — I know every businessman. I know the — the good ones, the bad ones, the smart ones, the lucky ones. I know them all. This guy is a ver- — he’s a brilliant guy. He’s a great guy. He’s got tremendous imagination and scientific imagin- — far beyond — you know, you keep talking about a technologist and all, but you’re much more than a technologist. You are that. But he’s also a good person. He’s a very good person, and he wants to see the country do well.

And I know a lot of great businesspeople, really great business people, but, you know, they’re not really, in some cases, very good people. And I know people that would try and take advantage of the situation.

This guy is somebody that really cares for the country, and I saw that very early on. I saw it, really, a long time ago when I got to know him. He’s a very different kind of a character.

That’s why — you know who loves him: young people that are very smart and that love the country. He’s got, like, a tremendous following, because that’s what he’s — he’s a good person.

And he doesn’t need this. He didn’t need this, and he’s doing this to help the country. If I didn’t win this election, this country was — I don’t think it could have made it. I don’t — I mean, we’re allowing criminals — millions of criminals into our country, where everything is transgender, it’s men playing in women’s sports.

I mean, none of this stuff — you could go — I could give you a hundred things. It’s almost like they’re trying to destroy the fabric of — of the country, of the world, because the world was following us. Now the world is following us out of this pit.

We’ve done a lot. I’ll tell you what, in three weeks, we’ve done more — I think we’ve done more — in — in terms of meaningful, not just dollars — than maybe any president ever. And a lot of people are saying that.

Q    Shock — it’s been shock and awe.

THE PRESIDENT: I mean, if we can keep it going at this level, this country is going to be at a level that it’s never seen before.

Q    You know one of the things you did that I really thought was pretty clever and smart and fair, and that was reciprocal tariffs.

THE PRESIDENT: Yeah, reciprocal.

Q    Ta- — I didn’t know India charged so much. I didn’t know the European Union to charge them.

MR. MUSK: Yeah, totally.

Q    I didn’t know Canada was charging us.

THE PRESIDENT: Everybody. Everybody. Everybody but us.

Q    Brazil, why?

THE PRESIDENT: And I was doing it — you know, I charged China tariffs. I took in hundreds of billions of dollars, and I was doing that. But when we got — we had the greatest economy in history. But then we got hit with COVID, and we had to solve that problem, because I was doing it — and now I said, I want to come back and do the recipri- — because every country in the world almost — we have a deficit with almost every country — not every one, but just about, pretty close.

And — but every country in the world takes advantage of us, and they do it with tariffs. They makes — make it — it’s impossible for him to sell a car, practically, in, as an example, India. I don’t know if that’s true or not, but I think —

MR. MUSK: The tariffs are like 100 percent import duty.

THE PRESIDENT: The tariffs are so high —

MR. MUSK: Yeah.

THE PRESIDENT: — they don’t want to — now, if he built the factory in India, that’s okay, but that’s unfair to us. It’s very unfair.

And I said, “You know what we do?” I told Prime Minister Modi yesterday — he was here. I said, “Here’s what you do. We’re going to do — be very fair with you.” They charge the highest tariffs in the world, just about.

Q    36 percent?

THE PRESIDENT: Oh, much — much higher.

MR. MUSK: It’s 100 percent on — auto imports are 100 percent.

THE PRESIDENT: Yeah, that’s peanuts. So, much higher. And — and others too. I said, “Here’s what we’re going to do: reciprocal. Whatever you charge, I’m charging.” He goes, “No, no, I don’t like that.” “No, no, whatever you charge, I’m going to charge.” I’m doing that with every country.

MR. MUSK: It seems fair.

Q    Don’t you —

THE PRESIDENT: (Laughs.) It does.

MR. MUSK: It’s — it’s like fair is fair.

THE PRESIDENT: Nobody can argue with me. You know, the media can’t argue — I said — they said, “Tariffs — you’re going to charge tariffs?” You know, if I said, like, 25 percent they’d say, “Oh, that’s terrible.” I don’t say that anymore —

Q    Can I — (inaudible) —

THE PRESIDENT: — because I say, “Whatever they charge, we’ll charge.” And you know what?

     Q    They stop.

     THE PRESIDENT: They — then they say, “Oh, that sounds fair.”

MR. MUSK: All the president is saying is that —

     Q    (Inaudible.)

     MR. MUSK: — it needs to be at a level playing field and — and fair and square.

Q    Yeah. And how does — how —

THE PRESIDENT: And we’re going to make a lot of money and a lot of businesses are going to come pouring in.

MR. MUSK: How can you argue with a fair and square situation?

Q    Don’t — don’t you think most of them will look at the — the — for example, without America, China’s economy will tank. They need our business.

THE PRESIDENT: They do. Everybody needs us.

Q    Everybody needs it.

THE PRESIDENT: And you know what?

Q    Do- — don’t you think they’ll stop?

THE PRESIDENT: We only have so long left where we’re in this position. We’re the bank, and the bank is getting smaller and smaller and smaller. We — we’re the bank. We got to do this now. We can’t wait another 10 years and have a shell of a country left, because that’s what was going to happen.

Q    Mr. President —

THE PRESIDENT: This country — if I didn’t win this election and have people like this man right here that really do care, because that’s the other word — if you don’t care, you could be the smartest guy in the world, it’s not going to matter. But if we didn’t win this election, I’m telling you, we would not have had a country for very long.

Q    How quickly —

MR. MUSK: May I say —

Q    — do you balance the budget and — and when do we start paying down that debt?

THE PRESIDENT: Well, potentially, very quickly, between what he’s doing and with income coming in from tariffs and other things. I mean, I hope we can — I don’t want to give a date, because then these people are going to say, “Oh, well, he didn’t make the date.” But I think we can do it very quickly.

We would have never done it if this didn’t happen. Never. It would have never been — it would only get worse and worse, and ultimately, it would have exploded.

This country was headed down a very bad track. And the whole DEI thing, that was — that was a trap. That was a sick trap.

Q    (Inaudible.)

     MR. MUSK: (Inaudible.)

THE PRESIDENT: And, you know, we’ve destroyed that. That’s gone. That’s pretty much gone.

Q    I agree.

     MR. MUSK: (Inaudible) —

     Q    We’re not — we’re not funding it.

MR. MUSK: If — I really want to — I really want to emphasize to people that — this is a very important point — if we don’t solve the deficit, there won’t be money for medical care. There won’t be money —

THE PRESIDENT: Right.

MR. MUSK: — for Social Security. We either solve the deficit or all we’ll be doing is paying debt.

Q    Nobody —

MR. MUSK: It’s — it’s got to be solved, or there’s no medical care, there’s no Social Security, there’s no nothing. That’s got to be solved. It’s not optional. America will go bankrupt if this is not done. That’s why I’m here.

Q    The president’s —

THE PRESIDENT: Europe takes advantage of us.

MR. MUSK: And — and I’d like to also just send a message — like, because, as the president said, like, this — there’s a lot of rich people out there. They should be caring more about the country because — the reason they should be caring about — more about country is: America falls, what do you think is going to happen to your business? What do — what do you think — do you think you’re be going to be okay if — if the ship of America sinks? Of course not.

Like, what — what I’m doing here, what the president is doing is it’s just long-term thinking. The ship of America must be strong. The ship of America cannot sink. If it sinks, we all sink with it.

     THE PRESIDENT: Sean, you’re a —

Q    This is what — this is what drives you?

MR. MUSK: Yes.

Q    This is important. It says “tech support.” So, you’re not trying to be president, as the media suggests. You are really here because your heart and your passion is this. And the president described you as being — this is the biggest thing you ever done. Now you trying to bring sight to —

THE PRESIDENT: There could be nothing bigger. There’s nothing —

Q    You’re sending ships up to Mars — you know, spaceships up in the sky all the time —

THE PRESIDENT: That’s peanuts.

Q    — and saving astronauts. That’s pretty big.

THE PRESIDENT: That’s peanuts compared to what we’re talking about.

Q    It’s peanuts?

THE PRESIDENT: Yeah.

Q    Do you agree with that?

MR. MUSK: Well, it’s esse- — it’s essential that America be healthy, that America’s economy be strong. And — and if that — if — basically, like, my concern is like, if — if — America is the central pillar holding up Western civilization. That pillar must be strong. If that pillar falls, the whole roof comes crashing down.

THE PRESIDENT: Including his ships.

MR. MUSK: There’s no place to hide.

THE PRESIDENT: Including his ships going up.

MR. MUSK: There’s no place to run.

THE PRESIDENT: Nothing. There’s nothing left.

Q    Why — why, if this is your goal, your motivation, you’re losing money in the process, you’re offeri- — you do all these nice things for people for free; you’re trying to solve, you know, blindness; you’re going to rescue astronauts; you help the people in North Carolina, California; you’re cutting money that was sent abroad that’s not helping the American people, then why the rage —

MR. MUSK: Actually, I think it was like —

     Q    But why this rage?

     MR. MUSK: — it was not helping the American people and hurting people overseas, to be clear.

Q    Why this rage against you now? First, they hated him. Now they hate both of you.

MR. MUSK: Well, I think we’re seeing an antibody reaction from — from those who are receiving the — the wasteful and fraudulent money.

Q    They’re being exposed.

MR. MUSK: Yes.

Q    Nobody wants to be exposed when you’re corrupt.

MR. MUSK: I’ll — I’ll tell you a lesson I learned at PayPal. You know who complained the loudest — the quickest and the loudest and with the most amount of righteous indignation? The fraudsters. That’s who complained first, loudest, and — and they would generally have this immense overreaction. That’s how we knew there were the fraudsters. That’s how we knew. There’s a tell.

Q    What di- — I’ve never — I’ve never met you before today.

MR. MUSK: Yeah.

Q    And it’s nice to meet you, by the way. Thank — thank you for doing this.

You guys are really friends. I could s- — you guys — I could see you kicking up your shoes.

THE PRESIDENT: Well, he doesn’t do this kind of thing. And the way I figured that you’d get to know him is if I did it with him. I said, “Come on, let’s do it together.” He doesn’t do this.

I think he’s smarter not doing it, overall. Because, you know, I mean, he’s done very well without doing it. But he doesn’t feel it’s really worthwhile. He wants the product to speak for itself, or whatever he does speak for itself. But he views it as — you know, does it matter?

And I’m doing this with you today because I wanted to have people understand him. And I think it’s very important — I disagree with him. I think it’s very important that they do understand him.

He doesn’t need this. He doesn’t need it. Now, I happen to think it’s made him very popular. I think it — he’s more popular now because there are so many people — you know, you’re talking about the radical left — they have the lowest ratings. MSNBC is dying. CNN is dying. They’re all dying. The New York Times is doing lousy. The Washington Post is doing horribly. They’re all doing badly because people don’t buy it anymore.

But I think it was important that he do this one interview. You’ve been a very fair guy. I think you were the right guy to do it. If we could get some radical left guy — and he’d do just as well, frankly, because it’s all about common sense.

Q    They would attack him —

THE PRESIDENT: But this — Sean —

Q    — as being unconstitutional, not — a fascist.

THE PRESIDENT: — to me this was a — it was important for people to understand, he’s doing a big job. He’s doing a very thankless job. He’s doing a thankless job, but he’s helping us to save our country.

Our country was in serious trouble, and I had to get the best guy, somebody with credibility, because if he were just a regular, good — very good, solid businessman, he wouldn’t have the credibility. He’s got the best credibility for this.

And people also know he’s an honest guy. He’s an honest guy. He’s just a very, very smart guy who’s done amazing things. And this will be the biggest thing he’s ever done, because, you know, his companies are all great. But if this country goes bad — I guess where he is a little selfish is this. He knows one thing and probably doesn’t think — but if his — if this country goes bad, his stuff is not going to be worth very much, I can tell you.

MR. MUSK: Well, I’d say, if the — if the ship of America sinks, we’re all go- — going down with it. You know, this idea that people can escape to New Zealand or some other place is false. If the central pillar of Western civilization that is America falls, the whole roof comes crashing down and there is no escape.

Q    It’s amazing, since you’ve been elected, to watch Canada, Mexico, Venezuela, Colombia — I — I was shocked at the statements that Vladimir Putin made about you. I — I was shocked at the hostage release. I was shocked that Venezuela had done it — had done it. Zelenskyy wants a deal. Putin wants a deal.

THE PRESIDENT: All good statements.

Q    King Abdullah was interested.

THE PRESIDENT: You mean by that all good statements. Look, they respect the president of this country. They respect — they did not respect the last president. They laughed at him, and they laughed at our country, and he’s done great damage to our country.

Q    Have foreign leaders told you what they thought of Biden?

THE PRESIDENT: Yeah, they have, but I’d rather not say. They — they have. It’s not — it — look —

Q    It’s the obvious.

THE PRESIDENT: He was not George Washington, let’s put it that way.

MR. MUSK: (Inaudible.)

THE PRESIDENT: Not the greatest.

Q    Sorry, if that’s (inaudible).

THE PRESIDENT: He’s done a tremendous disservice.

Q    Will you be here —

THE PRESIDENT: And, by the way, the Democrats have done a great disservice, and they ought to get their act together and use a little judgment, and they ought to work with us on straightening out this mess that —

Q    Who? John Fetterman?

THE PRESIDENT: — a lot of people have —

Q    Maybe? Who — what Democrat is not radicalized?

THE PRESIDENT: Actually, you mention John.

Q    John Fetterman.

THE PRESIDENT: He’s become the best voice in the Democrat party. You know, I had lunch with him, and I thought he was terrific, but he’s a much different man than he was before he had this difficulty. He used to be radical left, and I think he became much smarter, actually. He’s really — he’s really a voice of reason.

But the Democrats have to get together. They have to get their act together, because the stuff they — they talk about makes no sense. It makes — none whatsoever. And they must know it. They must know.

MR. MUSK: Yeah. I mean, like, the country has spoken very clearly and rejected the core tenets of the Demo- — Democratic Party. The country voted t- — fo- — I mean, the country made the — America has made its vote clear. The president won the popular vote decisively. The Republicans won the House. Repub- — Republicans won the Senate. What more do you need?

The Democratic Party needs to take a hard look in the mirror and — and change their ways.

Q    I think they went from shock, denial, into the depression stage of grief, and now they’re in the rage stage, where I anticipate they’ll stay for four years, and if they get the chance, they’ll want to impeach him 10 times. Do you anticipate you’ll be here in four years? My last question.

MR. MUSK: I’ll — I’ll be as helpful as long as I can be helpful.

THE PRESIDENT: That’s a good question. I mean, I was thinking about that just now. I said, “I wonder how long he’s going to be doing it.” You can’t get somebody like this. He cares, and he’s brilliant, and he’s got energy.

You need energy, also, in addition to those other things.

You know, I have a lot of guys that are very smart, but they have no energy. They want to sleep all day long. You need a lot of energy. He’s got a lot of energy. He’s doing a great job.

If there’s any conflict, he — he will stop it. But if he didn’t, I’d stop it. I’d see if there’s a conflict. I mean, we’re talking about big stuff.

But he’s under a pretty big microscope.

MR. MUSK: Yeah, seriously.

THE PRESIDENT: I mean, everybody is watching him. If there’s a conflict, you’re going to be reading about it within about two minutes after the conflict.

MR. MUSK: Exactly. There — there’s — the possibility of me getting away with something is 0 percent — 0.0. I — I’m scrutinized to a ridiculous degree.

And — and the other thing is that we — you know, what — what’s — you know what’s better than saying “trust — trust me” is just full transparency. So, what we’re doing with — with the DOGE — DOGE dot — just go to DOGE.gov. You can see every single action that’s being taken.

And now –and I want to be clear, we are going to make some mistakes. We’re not going to be perfect. Nobody bats a thousand. But we’re going to fix the mistakes very quickly. That’s what matters: not that you don’t make mistakes, but that you fix the mistakes very fast.

THE PRESIDENT: And you’re going to ask the other side, when they talk about, “This is a constitutional crisis,” you got to a- — what are they paying for? Where are those tax — because when you read off the list of things, it’s a big con job. See, when they talk Constitution —

MR. MUSK: Totally.

THE PRESIDENT: — it’s a total con job.

MR. MUSK: Yes.

THE PRESIDENT: They never talk — and I watch some of the shows —

MR. MUSK: It’s specifics — they avoid specifics.

THE PRESIDENT: Yeah, when you start talking about how did — how come they spent money on transgender here and transgender there —

MR. MUSK: Yeah, totally.

THE PRESIDENT: — and all the stuff in some country that nobody ever heard of, they don’t want to talk about it. They just talk about, “This is a constitutional crisis.”

Q    It shocks the conscious.

THE PRESIDENT: The money is being squandered purposely — tremendous theft, tremendous kickbacks, everything — and we’re straightening it out. And thank goodness. I look up, and I say, “Thank you,” because I think if it went on for four more years, it would not be salvageable. You wouldn’t be able —

MR. MUSK: Absolutely.

THE PRESIDENT: You wouldn’t be able to save it.

Q    You believe, too, that when you were in Butler, came within a millimeter being assassinated —

THE PRESIDENT: Yeah.

Q    The day you endorsed him, that was that day.

MR. MUSK: Yes.

Q    But you had been planning on it?

MR. MUSK: Yeah.

Q    Pretty — I think everybody will never forget that iconic blood on your face. “Fight, fight, fight.” I actually was afra- — watching it and thought you might drop again. You know, I didn’t know if it had hit you. You can sometimes get up and then the blood starts to accumulate. It was scary — pretty scary.

MR. MUSK: Well, I mean, th- — this is how you know someone’s true character, because everyone can say they’re brave, but the president was actually shot. Okay? Courage under fire. “Fight, fight, fight,” blood streaming down the face. That’s true courage. You can’t fake that.

Q    Yeah. Thank you both.

     Mr. President, thank you, sir.

THE PRESIDENT: Thank you very much.

Q    Appreciate it. Elon, thank you for your time. Really nice to meet you.

                              END                    1:01 P.M. EST

MIL OSI USA News –

February 19, 2025
MIL-OSI: PIMCO Global Income Opportunities Fund Renews At-The-Market Equity Program

Source: GlobeNewswire (MIL-OSI)

Not for distribution to United States newswire services or for dissemination in the United States

TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — PIMCO Global Income Opportunities Fund (TSX: PGI.UN) (the “Fund”) announced today that the Fund has renewed its at-the-market equity program (the “ATM Program”). The ATM Program allows the Fund to issue Class A units of the Fund (the “Units”) having an aggregate sale price of up to $80,000,000, to the public from time to time, at the discretion of PIMCO Canada Corp. (the “Manager”). Any Units issued under the ATM Program will be sold at the prevailing market price at the time of sale through the Toronto Stock Exchange (“TSX”) or any other marketplace in Canada on which the Units are listed, quoted or otherwise traded. This ATM Program replaces the prior at-the-market equity program of the Fund, which commenced on January 20, 2023 and expired on February 16, 2025.

The volume and timing of distributions under the ATM Program, if any, will be determined at the Manager’s sole discretion. The ATM Program will be effective until March 14, 2027, unless terminated prior to such date by the Fund. The Fund intends to use the proceeds from the ATM Program in accordance with its investment objectives, investment strategies and investment restrictions.

Sales of Units through the ATM Program will be made pursuant to the terms of an equity distribution agreement entered into by the Fund (the “Equity Distribution Agreement”), dated February 18, 2025, with National Bank Financial Inc. (the “Agent”).

Sales of Units will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Units in Canada. Since Units will be distributed at prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. The ATM Program is being offered pursuant to a prospectus supplement dated February 18, 2025 (the “Prospectus Supplement”) to the Fund’s short form base shelf prospectus dated February 14, 2025 (the “Shelf Prospectus”).

Copies of the Prospectus Supplement, the Shelf Prospectus and the Equity Distribution Agreement may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the Agent, and are available on SEDAR+ at www.sedarplus.ca.

The Manager retains Pacific Investment Management Company LLC (“PIMCO”), to provide investment management services to the Fund.

About PIMCO

PIMCO is a global leader in active fixed income with deep expertise across public and private markets. PIMCO invests their clients’ capital across a range of fixed income and credit opportunities, drawing upon PIMCO’s decades of experience navigating complex debt markets. PIMCO’s flexible capital base and deep relationships with issuers have helped PIMCO become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.

This is not an offer to sell Units and not a solicitation of an offer to buy Units in any region where the offer or sale is not permitted. Before you invest, you should carefully read the Fund’s disclosure documents and consider carefully the risks you assume when you invest in the Units. There can be no assurance that the Fund will achieve its investment objectives or be able to structure its investment portfolio as anticipated. Copies of the Fund’s disclosure documents may be obtained from your financial advisor.

Forward-Looking Statements

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Fund, the Manager and/or PIMCO’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, market factors. Although the Fund, the Manager and/or PIMCO believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund, the Manager and/or PIMCO undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.

You will usually pay brokerage fees to your dealer if you purchase or sell Units on the TSX. If the Units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying the Units and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning the Units. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in these documents.

Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

A short form base shelf prospectus and a prospectus supplement containing important detailed information about the securities being offered have been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the Equity Distribution Agreement, the short form base shelf prospectus and the prospectus supplement may be obtained from the Agent. Investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision.

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the Manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2025, PIMCO

The products and services provided by PIMCO Canada Corp. may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose.
PIMCO Canada has retained PIMCO LLC as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser.

PIMCO Canada Corp. 199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2, 416-368-3350.

Contact:
Agnes Crane
PIMCO – Media Relations
Ph. 212-597-1054
Email: Agnes.Crane@pimco.com

The MIL Network –

February 19, 2025
MIL-OSI USA: Durbin Condemns President Trump’s Art Of Appeasement To Russian President Vladimir Putin

US Senate News:

Source: United States Senator for Illinois Dick Durbin

February 18, 2025

Durbin: President Trump has always had a strange affinity for assorted autocrats and dictators—a troubling stain and liability for the leader of the free world

WASHINGTON – In a speech on the Senate floor, U.S. Senate Democratic Whip Dick Durbin (D-IL) condemned President Trump’s appeasement to Russian President Vladimir Putin—where Trump announced key concessions to Putin regarding Ukraine, while apparently ignoring Ukraine’s key demands. Durbin began his speech by recounting history in which British Prime Minister Neville Chamberlain touted the now infamous Munich Agreement as the way to stave off Hitler’s Nazi Germany. One year later, Hitler invaded Poland and triggered World War II.

“Over time, Chamberlain’s name became synonymous with the term ‘appeasement.’ And for good reason. You see, while Chamberlain’s goal of peace may have been honorable, he was dangerously naïve about the human nature of a tyrant in Germany who was bent on territorial and maniacal ambitions—pursuits that could only be thwarted with strength,” said Durbin. “Well, President Trump’s ‘art of the deal’ opening negotiation with Vladimir Putin has the same naïve odor of appeasement.”

Durbin continued, “Trump and his fledgling Defense Secretary publicly gave away huge concessions at the start—signaling they would not insist on a return to Ukraine’s sovereign 2014 borders or future NATO membership. It’s also not clear from the Administration’s bewildering Munich Security Conference remarks if Trump plans to even include Ukraine, or our European allies, in the negotiations over its own future. It is no wonder that in the UK—where they remember Chamberlain’s folly all too well—Donald Trump’s early pronouncements were lambasted for their misreading of history by leaders across the political spectrum.”

Members of the UK Parliament are speaking out against President Trump’s attempt to work with Putin. One Member of Parliament lamented that the West now “might be facing the worse betrayal of a European ally since Poland in 1945.” Another stated, “This is less the Art of a Deal and more a charter for Appeasement.”

Durbin concluded, “President Trump has always had a strange affinity for autocrats and dictators—a troubling stain and liability for the leader of the free world. He almost seems to want their adoration and admiration—especially compared to the clear-eyed leadership of Ronald Reagan in his dealing with the Soviets. But there are real consequences to Trump’s autocrat liaisons for American and allied security—ones Republicans in the Senate must take more seriously. His crazy rants about Greenland, Canada as a 51^st state, Panama, and the Gulf of Mexico may be amusing to some including himself, but it certainly does not portend well for the foreign policy of the United States. Simply caving to Putin and walking away from Ukraine—just as Chamberlain did to Hitler—is an invitation for more confrontations in the future.”

Video of Durbin’s remarks on the Senate floor is available here.

Audio of Durbin’s remarks on the Senate floor is available here.

Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.

-30-

MIL OSI USA News –

February 19, 2025

MIL-OSI: Orca Energy Group Inc. Announces Independent Reserves Evaluation for Year End 2024

Source: GlobeNewswire (MIL-OSI)

TORTOLA, British Virgin Islands, Feb. 18, 2025 (GLOBE NEWSWIRE) — February 19, 2025 – Orca Energy Group Inc. (“Orca” or the “Company” and includes PanAfrican Energy Tanzania Limited (“PAET“) and its other subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces the approval of its Independent Reserves Evaluation as at December 31, 2024. All currency amounts in this news release are in United States Dollars ($) unless otherwise stated.

INDEPENDENT RESERVES EVALUATION
The Company’s conventional natural gas reserves as at December 31, 2024 for the period to the end of the primary 25-year term of the production sharing agreement (the “Songo Songo PSA“) with the Tanzanian Petroleum Development Corporation (the “TPDC“) have been evaluated by independent petroleum engineering consultants McDaniel & Associates Consultants Ltd. (“McDaniel“), an independent reserves evaluator, 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“). The Songo Songo PSA expires upon the expiry of TPDC’s Songo Songo licence in respect of the Songo Songo gas field (the “Songo Songo Licence“) in October 2026. The preparation date of the independent reserves evaluation prepared by McDaniel is February 18, 2025 and the effective date of the evaluation is December 31, 2024 (the “McDaniel Report“).

All of the Company’s reserves are located in Tanzania. Reserves included herein are stated on a Company gross reserves basis unless noted otherwise. Company gross reserves are the total of the Company’s working interest share in reserves.

The Company’s Board of Directors has reviewed and approved the McDaniel Report. Additional reserves information required under NI 51-101 is included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which will be filed on its profile on SEDAR+ at www.sedarplus.ca. The following discussion is subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release.

HIGHLIGHTS

Total Proved (“1P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 40.2 billion standard cubic feet (“Bcf“) compared to 85.0 Bcf at year end 2023, representing a 53% decrease.
Total Proved plus Probable (“2P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 41.5 Bcf compared to 93.9 Bcf at year end 2023, representing a 56% decrease.
The Company estimated gas sales of 26.7 Bcf in 2024, representing a decrease of approximately 15% compared to year end 2023. The reduction in Gross Company 1P reserves from year end 2023 to year end 2024 was primarily attributed to 26.7 BCF of production in 2024 and 18.1 Bcf of negative technical revisions. The technical revisions were primarily due to lower forecasted gas sales to the end of the license (October 2026) attributed to increased hydro power in Tanzania and the removal of Proved Undeveloped reserves due to the unsuccessful well intervention on SS-7.
Net present value of 1P future net revenue discounted at 10% was $61.8 million at year end 2024, compared to $108.4 million at year end 2023, representing a 43% decrease.
Net present value of 2P future net revenue discounted at 10% was $64.7 million at year end 2024, compared to $118.7 million at year end 2023, representing a 45% decrease.
The 43% reduction in net present value of 1P future net revenues from year end 2023 to year end 2024 was primarily attributed to lower reserves at year end 2024 and the associated 33% reduction in the number of years outstanding on the current Songo Songo Licence.
The following tables outline the Company’s conventional natural gas reserves as at December 31, 2024 and the net present value of future net revenue attributable to such reserves as evaluated in the McDaniel Report utilizing McDaniel’s forecast price and cost assumptions to the end of the Songo Songo Licence term in October 2026.

		Company Gross Reserves	Company Net Reserves
		Conventional. Natural Gas	Conventional. Natural Gas
		MMcf	MMcf
Proved
	Developed Producing	40,244	28,020
	Developed Non-Producing	–	–
	Undeveloped	–	–
Total Proved		40,244	28,020
Probable		1,224	803
Total Proved plus Probable		41,469	28,823

Net Present Value of Future Net Revenue of Gas Reserves

	Before and After Future Income Tax Expenses Discounted at										Unit Value
	Before and After Future Income Tax Expenses Discounted at										Before and After Tax at 10%
	0	%	5	%	10	%	15	%	20	%	$/Mcf
($’000)
Proved
Developed Producing	67,574		64,549		61,824		59,357		57,112		2.21
Developed Non-Producing	–		–		–		–		–		–
Undeveloped	–		–		–		–		–		–
Total Proved	67,574		64,549		61,824		59,357		57,112		2.21
Probable	3,160		3,016		2,887		2,769		2,663		3.60
Total Proved plus Probable	70,735		67,565		64,710		62,126		59,775		2.25

Notes:

During the third quarter of 2015, The Petroleum Act, 2015 (the “Act“) was passed into law by Presidential decree. The Act repeals earlier legislation, provides a regulatory framework over upstream, mid-stream and downstream gas activity, and as well consolidates and puts in place a single, effective and comprehensive legal framework for regulating the oil and gas industry in Tanzania. The Act also provides for the creation of an upstream regulator, the Petroleum Upstream Regulatory Authority. The mid and downstream petroleum as well as gas activities are proposed to be regulated by the current authority, the Energy and Water Utilities Regulatory Authority (“EWURA“). The Act also confers upon on the TPDC the status of the National Oil Company, mandated with the task of managing the country’s commercial interest in the petroleum operations as well as mid and downstream natural gas activities. The Act vests TPDC with exclusive rights in the entire petroleum upstream value chain and the natural gas mid and downstream value chain. However, the exclusive rights of TPDC do not extend to mid and downstream petroleum supply operations. The Act does provide grandfathering provisions upholding the rights of the Company under the Songo Songo PSA as it was signed prior to the passing of the Act.
On October 7, 2016, the Government of Tanzania issued the Petroleum (Natural Gas Pricing) Regulation made under Sections 165 and 258 (1) of the Act (the “Natural Gas Pricing Policy“). Article 260(3) of the Act preserves the Company’s pre-existing right with TPDC to market and sell natural gas together or independently on terms and conditions (including prices) negotiated with third party natural gas customers. To date, the Natural Gas Pricing Policy has not impacted the Company’s ability to market and sell natural gas at prices freely negotiated with natural gas customers. The future impact of the Natural Gas Pricing Policy, if any, cannot be determined at this time.
On January 16, 2018, Orca sold (the “First Swala Transaction“) 7.933 percent of the Class A common shares (7,933 Class A common shares) of its wholly owned subsidiary PAE PanAfrican Energy Corporation (“PAEM“), a Mauritius registered Company and sole shareholder of PAET, a Jersey registered Company, to a wholly owned subsidiary of Swala. The Songo Songo PSA is held by PAET. While Swala had no management or control of PAEM and no shareholding in, or management or control of PAET, the McDaniel Report was previously prepared based on Orca’s ownership of 92.07 percent of PAET’s gross reserves. On July 21, 2023, the Company repurchased (the “Second Swala Transaction”) the 7.933% shares in PAEM eliminating Swala’s interest in the reserves. Accordingly, the 2024 McDaniel Report is prepared based on Orca’s ownership of 100% of PAET’s gross reserves.
“Company Gross Reserves” are the total of the Company’s working interest share in reserves before deduction of royalties owned by others and without including any royalty interests of the Company.
“Company Net Reserves” are the total of the Company’s working interest share in reserves after deducting the amounts attributable to royalties and Profit Gas owned by others (as defined in the PSA), plus the Company’s royalty interests in such reserves.
Company Gross and Net Reserves are based on the Company’s 100 percent ownership interest in the reserves following the Second Swala Transaction.
Under the terms of the Songo Songo Production Sharing Agreement with TPDC and the Government of Tanzania (“PSA“), the Company is required to pay Tanzanian income tax, but this is recovered by the Company through the profit sharing arrangements with TPDC. Where income tax is accrued, the Company’s revenue will be grossed up by the tax due and the tax will be shown as a tax in the Company’s accounts. However, the income tax has no material impact on the cash flows emanating from the PSA and accordingly it has not been identified as a separate cash flow stream in the analysis of the net present values.

McDaniel employed the following gas sales, pricing and inflation rate assumptions as of December 31, 2024 in estimating the Company’s reserves data using forecast prices and costs. The Company received an average gas price of $4.67/Mcf in 2024 and $4.22/Mcf net of the transportation tariff imposed by Songas Limited as determined by the energy regulator, EWURA.

			Songo Songo gas prices
Year	Brent crude $/bbl	Proved $/Mcf		Proved plus probable $/Mcf	Annual inflation %

2025	76.50	5.15		5.20	2
2026	78.03	5.25		5.32	2

Note: Brent price forecast based on the McDaniel January 1, 2025 price forecast.

The price of gas for the Industrial sector is based on a formula related to discounts to heavy fuel oil prices and includes caps and floors. This has been reflected in the above pricing.

Orca Energy Group Inc.

Orca is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.

For further information please contact:

Jay Lyons
Chief Executive Officer
+44 (0)20 8434 2754
ir@orcaenergygroup.com

For media enquiries:
Celicourt (PR)
Mark Antelme
Jimmy Lea
Orca@celicourt.uk
+44 (0)20 8434 2754

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

Abbreviations

bbl	cubic meters
Mcf	thousand cubic feet
MMcf	million standard cubic feet

Forward Looking Information

Certain information regarding Orca set forth in this news release contains forward-looking information and statements as defined under applicable securities laws (collectively, “forward-looking statements” or “statements“) that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Although the Company’s management 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 Orca’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Orca.

In particular, 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 resources described exist in the quantities predicted or estimated, and that the resources described can be profitably produced in the future. Additional forward-looking statements in this news release include statements regarding: expectations regarding demand for natural gas and the implications of decreasing demand; expiration of the Songo Songo PSA and the Songo Songo Licence and pending extension of the Songo Songo Licence and Songo Songo PSA; reserves and future net revenue from the Company’s reserves; assumptions regarding the increased demand for hydro power in Tanzania; and assumptions regarding gas sales, pricing and inflation rates.

These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to risks and uncertainties regarding or associated with: drilling wells, including the costs of drilling and whether development drilling results in commercially productive quantities of oil and gas; the terms of Orca’s future petroleum contracts, including potential obligations to drill wells and declare discoveries in order to retain Orca’s exploration and production rights; Orca’s local operational dependence and focus of its existing contracts; Orca’s future control over the Songo Songo Licence areas and facilities, including its status as operator thereof, and the timing and extent of costs in association therewith; estimations of reserves and the present value of future net revenues derived from them; Orca’s dependency on its management and technical team; Orca’s business plan including the additional capital required to execute such plans; commercializing Orca’s interests in any hydrocarbons produced from future licence areas; Orca’s ability to access appropriate equipment and infrastructure in a timely manner; the exploration and production of oil and natural gas, including but not limited to drilling and other operational and environmental risks and hazards; severe weather including but not limited to tropical storms and hurricanes; disagreements with TPDC regarding the Songo Songo PSA; the political and economic circumstances in the countries in which Orca operates; disputes with the Government of Tanzania; technological development; activism against oil and exploration and development; limitations on insurance coverage; Orca’s operations in a litigious environment; global populism; Orca’s future capitalization which may include additional indebtedness; acquisitions and the integration of any target entity or business into Orca’s current business; cybersecurity and data breaches; impacts of pandemics; share price volatility and dilution; Orca’s controlling shareholder and its control over key decision making as a result of its control of a majority of the voting rights attached to Orca’s issued and outstanding securities; Orca’s status as a holding company that’s ability to declare and pay dividends and purchase its own securities is dependent upon the receipt of funds from Orca’s subsidiaries by way of dividends, fees, interest, loans or otherwise; the impact of general economic conditions, including global and local oil and gas prices; industry conditions including changes in laws and regulations, and changes in how they are interpreted and enforced; competition; lack of availability of qualified personnel; risks related to obtaining required approvals of regulatory authorities; risks associated with negotiating with governments and other counterparties; fluctuations in foreign exchange or interest rates; risks and uncertainties associated with obtaining an extension to the Songo Songo PSA and related Songo Songo Licence or successfully renegotiating them; changes in income tax laws or tax rates; ability to access sufficient capital from internal and external sources; associated with the failure of counterparties to perform under the terms of their contracts, including collectability of Orca’s receivables from such parties; reduced global economic activity as a result of global pandemics, including lower demand for natural gas and a reduction in the price of natural gas; prolonged deficiency in Tanzania’s official reserve and foreign exchange losses; political instability and the impacts of the Russian-Ukrainian conflict, the Israel-Hamas conflict, conflicts in the Middle East and related actions; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive.

Although the forward-looking statements contained in this news release are based upon assumptions which management believes to be reasonable, Orca cannot assure investors that actual results will be consistent with these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. With respect to forward-looking statements contained in this news release, Orca has made assumptions regarding, among other things: continued and timely development of infrastructure in areas of new production; obtaining an extension to the Songo Songo PSA and related Songo Songo Licence on terms acceptable to Orca; accuracy of estimates of Orca’s reserves volumes; the impact of any pandemics or political conflicts on the demand for and price of natural gas, volatility in financial markets, disruptions to global supply chains and the Company’s business, operations, access to customers and suppliers, availability of employees to carry out day-to-day operations, and other resources; future commodity prices and commodity price fluctuations; availability of skilled labour; availability of transactions to facilitate Orca’s growth strategy; growth of demand and consumption of natural gas in Tanzania and throughout Africa; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; future operating costs; effects of regulation by governmental agencies; that Orca’s conduct and results of operations will be consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters. There are a number of assumptions associated with the development of the evaluated areas, including continued performance of existing wells, future drilling programs and performance from new wells, the growth of infrastructure, well density per section, and recovery factors and development necessary involves known and unknown risks and uncertainties, including those risks identified in this news release. Orca believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.

Management has included the above summary of assumptions and risks related to forward-looking information provided in this news release in order to provide investors with a more complete perspective on Orca’s current and future operations and such information may not be appropriate for other purposes. Orca’s 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, what benefits Orca will derive. These forward-looking statements are made as of the date of this news release and Orca disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Oil and Gas Advisory

The Company’s conventional natural gas reserves as at December 31, 2024 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. The McDaniel Report had an effective date of December 31, 2024. The Company’s conventional natural gas reserves as at December 31, 2023 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. Such report had an effective date of December 31, 2023.

Additional reserves information required under NI 51-101 are included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which are filed on its profile on SEDAR at www.sedar.com.

This news release contains estimates of the net present value of Orca’s future net revenue from the Company’s reserves. The net present value of future net revenue attributable to the Company’s reserves is stated without provision for interest costs and out of country general and corporate administrative costs, but after providing for estimated royalties, production costs, development costs, other income and future capital expenditures. It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Company’s reserves estimated by McDaniel represent the fair market value of those reserves. Such amounts do not represent the fair market value of the Company’s reserves. The recovery and reserve estimates of the Company’s conventional natural gas reserves provided 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.

The MIL Network –

February 19, 2025

MIL-OSI: Purpose Investments Inc. Announces February 2025 Distributions

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of February 2025 for its open-end exchange-traded funds and closed-end funds (“the Funds”).

The ex-distribution date for all Open-End Funds is February 26, 2025. The ex-distribution date for all closed-end funds is February 28, 2025.

Open-End Funds	Ticker Symbol	Distribution per share/unit	Record Date	Payable Date	Distribution Frequency
Apple (AAPL) Yield Shares Purpose ETF – ETF Units	APLY	$0.1667	02/26/2025	03/04/2025	Monthly
Purpose Canadian Financial Income Fund – ETF Series	BNC	$0.1225¹	02/26/2025	03/04/2025	Monthly
Purpose Global Bond Fund – ETF Units	BND	$0.0840	02/26/2025	03/04/2025	Monthly
Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units	BRKY	$0.1000	02/26/2025	03/04/2025	Monthly
Purpose Bitcoin Yield ETF – ETF Units	BTCY	$0.0850	02/26/2025	03/04/2025	Monthly
Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units	BTCY.B	$0.0970	02/26/2025	03/04/2025	Monthly
Purpose Bitcoin Yield ETF – ETF USD Units	BTCY.U	US $0.0815	02/26/2025	03/04/2025	Monthly
Purpose Credit Opportunities Fund – ETF Units	CROP	$0.0875	02/26/2025	03/04/2025	Monthly
Purpose Credit Opportunities Fund – ETF USD Units	CROP.U	US $0.0975	02/26/2025	03/04/2025	Monthly
Purpose Ether Yield – ETF Units	ETHY	$0.0405	02/26/2025	03/04/2025	Monthly
Purpose Ether Yield ETF – ETF Non-Currency Hedged Units	ETHY.B	$0.0500	02/26/2025	03/04/2025	Monthly
Purpose Ether Yield ETF – ETF Units Non-Currency Hedged USD Units	ETHY.U	US $0.0395	02/26/2025	03/04/2025	Monthly
Purpose Global Flexible Credit Fund – ETF Units	FLX	$0.0461	02/26/2025	03/04/2025	Monthly
Purpose Global Flexible Credit Fund – Non-Currency Hedged – ETF Units	FLX.B	$0.0551	02/26/2025	03/04/2025	Monthly
Purpose Global Flexible Credit Fund – Non-Currency Hedged USD – ETF Units	FLX.U	US $0.0385	02/26/2025	03/04/2025	Monthly
Purpose Global Bond Class – ETF Units	IGB	$0.0860¹	02/26/2025	03/04/2025	Monthly
Microsoft (MSFT) Yield Shares Purpose ETF – ETF units	MSFY	$0.1100	02/26/2025	03/04/2025	Monthly
Purpose Enhanced Premium Yield Fund – ETF Series	PAYF	$0.1375¹	02/26/2025	03/04/2025	Monthly
Purpose Total Return Bond Fund – ETF Series	PBD	$0.0590¹	02/26/2025	03/04/2025	Monthly
Purpose Core Dividend Fund – ETF Series	PDF	$0.1050¹	02/26/2025	03/04/2025	Monthly
Purpose Enhanced Dividend Fund – ETF Series	PDIV	$0.0950¹	02/26/2025	03/04/2025	Monthly
Purpose Real Estate Income Fund – ETF Series	PHR	$0.0720¹	02/26/2025	03/04/2025	Monthly
Purpose International Dividend Fund – ETF Series	PID	$0.0780	02/26/2025	03/04/2025	Monthly
Purpose Monthly Income Fund – ETF Series	PIN	$0.0830¹	02/26/2025	03/04/2025	Monthly
Purpose Multi-Asset Income Fund – ETF Units	PINC	$0.0840	02/26/2025	03/04/2025	Monthly
Purpose Conservative Income Fund – ETF Series	PRP	$0.0600¹	02/26/2025	03/04/2025	Monthly
Purpose Premium Yield Fund – ETF Series	PYF	$0.1100¹	02/26/2025	03/04/2025	Monthly
Purpose Premium Yield Fund Non-Currency Hedged – ETF Series	PYF.B	$0.1230¹	02/26/2025	03/04/2025	Monthly
Purpose Premium Yield Fund Non-Currency Hedged – ETF USD Series	PYF.U	US $0.1200¹	02/26/2025	03/04/2025	Monthly
Purpose Core Equity Income Fund – ETF Series	RDE	$0.0875¹	02/26/2025	03/04/2025	Monthly
Purpose Emerging Markets Dividend Fund – ETF Units	REM	$0.0950	02/26/2025	03/04/2025	Monthly
Purpose Canadian Preferred Share Fund – ETF Units	RPS	$0.0950	02/26/2025	03/04/2025	Monthly
Purpose US Preferred Share Fund – ETF Series	RPU	$0.0940	02/26/2025	03/04/2025	Monthly
Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units²	RPU.B / RPU.U	$0.0940	02/26/2025	03/04/2025	Monthly
Purpose Strategic Yield Fund – ETF Units	SYLD	$0.0970	02/26/2025	03/04/2025	Monthly
AMD (AMD) Yield Shares Purpose ETF – ETF Series	YAMD	$0.2000	02/26/2025	03/04/2025	Monthly
Amazon (AMZN) Yield Shares Purpose ETF- ETF Units	YAMZ	$0.4000	02/26/2025	03/04/2025	Monthly
Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units	YGOG	$0.2500	02/26/2025	03/04/2025	Monthly
META (META) Yield Shares Purpose ETF – ETF Series	YMET	$0.1600	02/26/2025	03/04/2025	Monthly
NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units	YNVD	$0.7500	02/26/2025	03/04/2025	Monthly
Tesla (TSLA) Yield Shares Purpose ETF – ETF Units	YTSL	$0.5500	02/26/2025	03/04/2025	Monthly

Closed-End Funds	Ticker Symbol	Distribution per share/unit	Record Date	Payable Date	Distribution Frequency
Big Banc Split Corp, Class A	BNK	$0.1200¹	02/28/2025	03/14/2025	Monthly
Big Banc Split Corp, Preferred Shares	BNK.PR.A	$0.0700¹	02/28/2025	03/14/2025	Monthly

Estimated February 2025 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund

The February 2025 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:

Fund Name	Ticker Symbol	Estimated Distribution per unit	Record Date	Payable Date	Distribution Frequency
Purpose USD Cash Management Fund – ETF Units	MNU.U	US $0.3407	02/26/2025	03/04/2025	Monthly
Purpose Cash Management Fund – ETF Units	MNY	$0.2707	02/26/2025	03/04/2025	Monthly
Purpose High Interest Savings Fund – ETF Units	PSA	$0.1125	02/26/2025	03/04/2025	Monthly
Purpose US Cash Fund – ETF Units	PSU.U	US $0.3244	02/26/2025	03/04/2025	Monthly

Purpose expects to issue a press release on or about February 25, 2025, which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be February 26, 2025.

(1)	Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
(2)	Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD; however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.

About Purpose Investments Inc.

Purpose Investments 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 email us at info@purposeinvest.com

Media inquiries:
Keera Hart
keera.hart@kaiserpartners.com
905-580-1257

Commissions, trailing commissions, management fees, and expenses may all 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 –

February 19, 2025

MIL-OSI: Prospera Energy Inc. Announces Leadership Changes

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSXV: PEI, OTC: GXRFF) (“Prospera,” “PEI,” or the “Corporation”) announces that the company’s Chief Executive Officer, Samuel David, is no longer employed with the company, effective immediately. Mr. David resigned from the Board of Directors, effective November 18, 2024.

The Board, consisting of Brian McConnell, Mark Lacey, Matthew Kenna, and Executive Chairman Shubham Garg will lead the company’s strategic vision and business plan going forward, supported by CFO Chris Ludtke and COO Darren Jackson. The company continues on its business plan with a priority on optimizing and bringing online predictable, low-decline heavy oil barrels from its Saskatchewan pools. A service rig has been active intermittently through February’s record cold weather, with 6 well workovers complete in Hearts Hill and the service rig now in Luseland working on a 14 well program.

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.

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 –

February 19, 2025
MIL-OSI: Value Partners Announces Proposed Fund Merger

Source: GlobeNewswire (MIL-OSI)

WINNIPEG, Manitoba, Feb. 18, 2025 (GLOBE NEWSWIRE) — Value Partners Investments Inc. (“Value Partners”), the manager of the Value Partners Pools, today announces its proposal to merge (the “Merger”) VPI Mortgage Pool (the “Terminating Fund”) into a high interest savings pool, effective on or about April 17, 2025, subject to unitholder approval. The high interest savings pool is anticipated to begin operations on or about March 24, 2025, pending regulatory approval. Effective on or about March 17, 2025, securities of the Terminating Fund will no longer be available for purchase.

A unitholder meeting of the Terminating Fund will be scheduled on or about April 16, 2025, where unitholders will be asked to approve the Merger. A notice of meeting will be mailed on or about March 26, 2025 to all investors of record as of March 17, 2025.

The Independent Review Committee has provided a positive recommendation that the Merger, if implemented, will achieve a fair and reasonable result for the Terminating Fund.

About Value Partners Investments Inc.
Value Partners is an investment management firm founded in 2005 that offers investment products and services through experienced financial advisors at investment dealers and mutual fund dealers across Canada. Value Partners is a registered investment fund manager, portfolio manager and exempt market dealer with approximately $5.4 billion in assets under management on behalf of Canadian families and businesses.

For further information, please contact:

Gregg Filmon
President
Value Partners Investments Inc.
Phone: (204) 949-0059

The MIL Network –

February 19, 2025
MIL-OSI: Currency Exchange International, Corp. Announces Strategic Decision to Discontinue Operations of its Subsidiary, Exchange Bank of Canada, Pursue Referral Agreements with Appropriate Parties, and Seek Discontinuance from the Bank Act
Source: GlobeNewswire (MIL-OSI)
- Exchange Bank of Canada is to cease operations and refer the majority of its banknote and payments customers and selected employees to interested parties;
- Currency Exchange International reiterates long-term positive outlook, with strategic focus on high potential U.S. business growth by leveraging its proprietary FX and payment software.
TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (“CXI” or the “Company”) (TSX: CXI) (OTC: CURN), today announced its decision to cease the operations of its wholly-owned subsidiary, Exchange Bank of Canada (“EBC”), a federally chartered, non-deposit-taking, non-lending Canadian Schedule I bank. Following the cessation of operations, EBC intends to apply to the Minister of Finance (Canada) to discontinue from the Bank Act. The voluntary discontinuance is expected to be completed in the 4th quarter of 2025, subject to receipt of all necessary regulatory approvals.

On January 7, 2025, CXI announced that a Special Committee of independent directors was actively considering a range of strategic options for EBC with the aim of identifying opportunities to maximize long-term value for shareholders. After the assessment of strategic options, assisted by an independent financial advisor, INFOR Financial Inc., CXI’s Board has decided to discontinue operations of its subsidiary, EBC. As part of this process, the Special Committee actively explored different options and supported a plan to cease EBC’s operations, pursue referral agreements for both the majority of its customers and select employees to well-established Canadian financial businesses, and seek discontinuance from the Bank Act.

“The decision to seek discontinuance from the Bank Act for EBC was taken very seriously and not made lightly and reflects a difficult business environment in Canada. We are optimistic that the contemplated referral agreements are the best outcome for EBC stakeholders as well as CXI shareholders,” said Randolph Pinna, CEO of CXI. “Importantly, the CXI group continues to perform very well. This strategic move allows CXI to focus resources on its U.S. operations, where we see significant growth potential with both existing and new client relationships.”

CXI’s long-term outlook remains positive due to the Company’s focus on its growing fintech businesses in the U.S. and anticipated additional new product growth in the U.S. market. The Company will provide further updates as the Canadian business operations are being discontinued. In connection with the cessation of operations and discontinuance, certain one time costs will be incurred, primarily over the next six months, largely driven by restructuring, vendor termination fees, severance obligations, professional fees and other related charges. CXI expects to remain profitable during this period. During this process, EBC is committed to ensuring minimal disruption to all its stakeholders.

CXI is grateful to all EBC’s team members for their contributions over the years and is committed to providing support and guidance to all employees during this transition to ensure a smooth and respectful process.

The Company plans to host a conference call on Wednesday, February 19, 2025 at 8:30 AM (EST). To participate in or listen to the call, please dial the appropriate number:

Toll Free: 1 (800) 717-1738

Conference ID number: 00133

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 –
February 19, 2025
MIL-OSI Canada: Expanded critical care at Rockyview Hospital
Alberta’s government is committed to ensuring Albertans can access the health care services they need, when and where they need them. The completion of this $84-million project is a significant investment in health care infrastructure in Calgary, enhancing the hospital’s intensive care, coronary care and endoscopy services, increasing critical care capacity, and improving access to life-saving treatment.

“We are committed to ensuring Albertans can access the health care services they need when and where they need them. The completion of this project means Albertans with serious heart conditions will receive prompt and high-quality care, leading to improved health outcomes.”

Adriana LaGrange, Minister of Health

In just two months, Rockyview General Hospital will open a new intensive care unit (ICU) and coronary care unit (CCU) that increases staffed bed capacity by almost 50 per cent. By expanding capacity, the new units – purpose-built for efficiency – will ease pressure on emergency resources and ensure faster access to treatment, substantially improving care for critical patients. The expansion also relocates the integrated ICU and CCU into a larger, modernized space to meet the growing demand for critical care services.

“We’re proud to have completed a project that will greatly enhance health care services available to residents of Calgary and the neighbouring communities. Providing Albertans with the critical infrastructure they need to access healthcare services close to home is a top priority for my ministry.”

Pete Guthrie, Minister of Infrastructure

As part of the $84-million investment, the modernization of the Florence and Lloyd Cooper Endoscopy Unit is being supported by $10 million from the Calgary Health Foundation. The expansion includes a new procedure room and a 75 per cent increase in post-procedure recovery bays, improving access to essential procedures to diagnose critical conditions like colon cancer.

“The expansion and enhancement of the Florence and Lloyd Cooper Endoscopy Unit at Rockyview General Hospital is critical to continue to meet the growing needs of patients in southern Alberta. It is going to have a significant impact on the timely diagnosis and treatment of prevalent digestive disorders, improved patient care and on the ever-growing demands on the health care system. We are incredibly grateful for our donors who made this $10-million gift possible.”

Murray Sigler, president and CEO, Calgary Health Foundation

Alberta Health Services will begin operationalizing the upgraded spaces this winter, with the facilities expected to open to patients in April 2025.

“We are grateful to the Government of Alberta and the Calgary Health Foundation for their ongoing support and partnership. With the addition of more beds, the new joint ICU and CCU will enhance care for critically ill patients and those with a range of heart conditions. Rockyview’s expanded endoscopy unit will also better serve patients and families with a new procedure room and an increase in recovery bays, resulting in reduced wait times for patients with gastrointestinal or respiratory issues.”

Jennifer Coulthard, senior operating officer, Rockyview General Hospital

Alberta’s government continues to invest in health care infrastructure that increases capacity, reduces wait times and ensures timely, high-quality care for all Albertans.

Quick facts
- Three beds have been added to the ICU and five beds have been added to the CCU.
- The number of post-procedure recovery bays in the endoscopy unit has increased to 21 bays from 12 bays.
- The redeveloped ICU and CCU space was purposefully built in 2010 to accommodate this new expansion.
Related information
- Calgary Health Foundation
Related news
- Work begins on Rockyview General Hospital (April 25, 2023)
- Budget 2021: Investing in Calgary’s Rockyview hospital (April 28, 2021)
MIL OSI Canada News –
February 19, 2025
MIL-OSI Canada: Alberta scores big with major sport events
Alberta is continuing to build upon the province’s strong reputation as a premier destination for world-class sporting events and sports fans, hosting five major national and international competitions over the next two months. These events will drive thousands of athletes, coaches, officials and spectators to the province, invigorating the local economies of the host communities and showcasing Alberta’s beauty, vibrancy and world-class facilities on the global stage.

Alberta’s government has committed more than $440,000 through the Major Sport Event grant program to support the success of these five events.

“Alberta is a rising star in sport tourism, garnering recognition as a must-see destination for sports fans worldwide, and it’s because of the continued success of the major national and international events we host each year. With each event we host, we’re driving economic growth, boosting tourism and supporting local businesses – and, most importantly, we’re creating lasting feelings of pride in our province and our athletes. Alberta’s government is proud to support events that build community, while giving a platform for our athletes to shine.”

Joseph Schow, Minister of Tourism and Sport

From Feb. 19 to 22, the 2025 FIS Snowboard Slopestyle and Halfpipe World Cups will be taking place at Winsport in Calgary. The events will feature about 380 of the world’s best snowboarders and are anticipated to generate more than $3 million for Calgary’s economy. Alberta’s government is providing a total of $250,000 in funding to the Canadian Snowboard Federation for the planning, staging and delivery of the two World Cups.

In addition to the FIS Snowboard World Cups, there are two other major national and international sporting events taking place in Calgary this week: the Western Transmountain Festival and the World Youth Open dodgeball tournament. The Western Transmountain Festival is currently ongoing at Calgary’s Brookfield Residential YMCA, where local swimmers are competing alongside Canada’s top swimming talent, including Team Canada Olympians. The inaugural World Youth Open dodgeball tournament will be taking place from Feb. 18 to 22, with more than 200 participants flocking to Calgary’s MNP Community and Sport Centre to take part in the fun.

“The impressive lineup of sporting events leading into March underscores the year-round impact that sport tourism brings to our city and province, driving visitation even during traditionally softer months. In February alone, sporting events secured by Tourism Calgary are projected to generate more than $11.2 million in economic impact, reinforcing the vital role these events play in our local economy.”

Carson Ackroyd, senior vice-president of sales, Tourism Calgary

Additionally, the 2025 Nordiq Canada Ski Nationals will return to the Canmore Nordic Centre March 17-23. More than 800 skiers will race in sprints, distance events, and team competitions on Canmore’s iconic trails. Alberta’s government has committed $95,000 in Major Sport Event grants for the planning, staging and delivery of the competition, which is expected to contribute $4.6 million to Alberta’s economy.

“The Canmore community welcomes the energy of more than 800 athletes and their support teams to our mountain home for the 2025 Nordiq Canada Nationals. Together, we work to grow winter experiences through sport tourism, providing our local businesses with important support during quieter months.”

Rachel Ludwig, CEO, Tourism Canmore Kananaskis

Alberta’s Major Sport Event grant program provides up to $250,000 to eligible sport events to help with costs associated with hosting national and international competitions, including facility rentals, venue enhancements, promotional and marketing campaigns, and more. Applications for the next round of Major Sport Event grants are open until April 1, 2025.

Quick facts
- International and national sport events funded in this intake:
  - 2025 Western Transmountain Festival – Calgary – Feb. 14-22, 2025
  - World Dodgeball Federation World Youth Open – Calgary – Feb. 18-22, 2025
  - 2025 FIS Snowboard Halfpipe World Cup – Calgary – Feb. 19-21, 2025
  - 2025 FIS Snowboard Slopestyle World Cup – Calgary – Feb. 20-22, 2025
  - 2025 Nordiq Canada Ski Nationals – Canmore – Mar. 17-23, 2025
Related information
- FIS Halfpipe and Slopestyle World Cup
- Western Transmountain Festival
- World Dodgeball Federation World Youth Open
- 2025 Nordiq Canada Ski Nationals
- Major Sport Event Grant Program
Related news
- Strengthening Alberta’s sport legacy (Aug. 8, 2024)
MIL OSI Canada News –
February 19, 2025
MIL-OSI Canada: Made-in-B.C.: Throne speech focuses on economic security in face of Trump tariffs
Lt. Gov. Wendy Cocchia has delivered the speech from the throne outlining the B.C. government’s plan to defend British Columbians from the economic impacts of the U.S. presidency and secure a stronger future for the province.

“We are at a crossroads. The journey ahead won’t be easy but there’s no place I would rather be to face the threat of tariffs than right here in B.C., and nothing I’d want to be more than Canadian,” said Premier David Eby. “We have everything we need to protect ourselves from the economic impacts of the Trump presidency and come out stronger. That includes our most precious resource of all: British Columbians. Our people are hard-working, resilient and ready to meet this moment the same we always have – by looking out for each other and building together.”

With U.S. President Donald J. Trump’s tariff threats looming over Canada and British Columbia, the throne speech outlined concrete steps the B.C. government will take to grow a more self-reliant economy at home that delivers good-paying jobs. The speech also noted the crucial importance of creating wealth and reorienting the government to meet the challenges of a changing world.

The B.C. government expects to introduce two bold new laws to get energy and critical infrastructure built faster, and British Columbia’s economy growing.

A new budget will be introduced that will focus on economic security and carefully managing finances to protect the front-line public services on which people rely.

Some highlights from the speech from the throne:
- Standing strong for Canada: with a tough and thoughtful response to any attack on Canada’s economy and sovereignty, as part of a united Team Canada approach.
- Creating good jobs in a growing economy: by fast-tracking major private-sector resource projects and building on B.C.’s strengths in technology, life sciences and film.
- Diversifying where B.C. sells its products: with new trade missions to strengthen relationships around the world and by breaking down trade barriers within Canada.
- Strengthening access to health care: by attaching more people to a family doctor and building new hospitals throughout the province.
- Helping with costs: by delivering more homes people can afford, locking in child care and car insurance savings, and passing new consumer-protection laws.
MIL OSI Canada News –
February 19, 2025
MIL-OSI Canada: Spring Sitting of Legislature will Begin with Budget on March 19

Source: Government of Canada regional news

Released on February 18, 2025

The spring sitting of the Saskatchewan Legislative Assembly will begin on March 19 with the tabling of the 2025-26 Provincial Budget.

Premier Scott Moe said the session and the budget will focus on delivering for Saskatchewan people.

“We will continue to deliver on our election commitments and deliver better health care, safer communities and the best possible education for our students,” Moe said. “We will also continue to focus on building a strong Saskatchewan economy – one that can withstand the potential tariff threat and protects Saskatchewan jobs.”

Moe said the government will continue to be very engaged in improving Saskatchewan’s trade relationships with the US and in other foreign markets.

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MIL OSI Canada News –

February 19, 2025

MIL-OSI: CVR Energy Reports Fourth Quarter and Full-Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Reported full-year 2024 net income attributable to CVR Energy stockholders of $7 million and EBITDA of $394 million.
Paid cumulative cash dividends attributable to 2024 of $1.00 per share.
Enhanced liquidity by $408 million in the fourth quarter of 2024 through a Term Loan and the sale of our 50 percent interest in Midway Pipeline.

SUGAR LAND, Tx, Feb. 18, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced fourth quarter 2024 net income attributable to CVR Energy stockholders of $28 million, or 28 cents per diluted share, compared to fourth quarter 2023 net income attributable to CVR Energy stockholders of $91 million, or 91 cents per diluted share. Adjusted loss for the fourth quarter of 2024 was 13 cents per diluted share compared to adjusted earnings of 65 cents per diluted share in the fourth quarter of 2023. Net income for the fourth quarter of 2024 was $40 million, compared to net income of $97 million in the fourth quarter of 2023. Fourth quarter 2024 EBITDA was $122 million, compared to fourth quarter 2023 EBITDA of $204 million. Adjusted EBITDA for the fourth quarter of 2024 was $67 million, compared to adjusted EBITDA of $170 million in the fourth quarter of 2023.

For full-year 2024, the Company reported net income attributable to CVR Energy stockholders of $7 million, or 6 cents per diluted share, compared to net income attributable to CVR Energy stockholders for full-year 2023 of $769 million, or $7.65 per diluted share. Adjusted loss for full-year 2024 was 51 cents per diluted share compared to adjusted earnings of $5.64 per diluted share for full-year 2023. Net income for full-year 2024 was $45 million, compared to net income of $878 million for full-year 2023. Full-year 2024 EBITDA was $394 million, compared to full-year 2023 EBITDA of $1.4 billion. Adjusted EBITDA for full-year 2024 was $317 million, compared to adjusted EBITDA of $1.2 billion for full-year 2023.

“CVR Energy’s 2024 full-year and fourth quarter results for its refining business were lower than the previous year due to reduced crack spreads and, to a lesser degree, decreased throughputs,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “We commenced our planned Coffeyville turnaround early, which should position us well for the improvement in cracks we expect as summer driving season begins and capacity rationalization occurs.

“CVR Partners operated well during 2024, with consolidated ammonia plant utilization of 96 percent,” Lamp said. “The Partnership is pleased to have declared a fourth quarter 2024 cash distribution of $1.75 per common unit, with cumulative cash distributions of $6.76 per common unit for 2024.”

Petroleum Segment

Fourth Quarter 2024 Compared to Fourth Quarter 2023

The Petroleum Segment reported fourth quarter 2024 net income of $35 million and EBITDA of $72 million, compared to net income of $158 million and EBITDA of $196 million for the fourth quarter of 2023. Adjusted EBITDA for the Petroleum Segment was $9 million for the fourth quarter of 2024, compared to $152 million for the fourth quarter of 2023.

Combined total throughput for the fourth quarter of 2024 was approximately 214,000 barrels per day (“bpd”), compared to approximately 223,000 bpd of combined total throughput for the fourth quarter of 2023.

Refining margin for the fourth quarter of 2024 was $165 million, or $8.37 per total throughput barrel, compared to $307 million, or $15.01 per total throughput barrel, during the same period in 2023. Included in our fourth quarter 2024 refining margin were favorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $57 million, unfavorable derivative impacts of $6 million from open crack spread swap positions and unfavorable inventory valuation impacts of $12 million. Excluding these items, adjusted refining margin for the fourth quarter of 2024 was $6.45 per barrel, compared to an adjusted refining margin per barrel of $12.91 for the fourth quarter of 2023. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

Full-Year 2024 Compared to Full-Year 2023

The Petroleum Segment reported full-year 2024 net income of $70 million and EBITDA of $223 million, compared to net income of $1.1 billion and EBITDA of $1.2 billion for full-year 2023. Adjusted EBITDA for the Petroleum Segment was $138 million for full-year 2024, compared to $903 million for full-year 2023.

Combined total throughput for full-year 2024 was approximately 196,000 bpd, compared to approximately 208,000 bpd for full-year 2023.

Refining margin was $684 million, or $9.53 per total throughput barrel, for full-year 2024 compared to $1.7 billion, or $21.82 per total throughput barrel, for full-year 2023. Included in our full-year 2024 refining margin were favorable mark-to-market impacts on our outstanding RFS obligation of $89 million, unfavorable derivative impacts of $22 million from open crack spread swap positions, and unfavorable inventory valuation impacts of $6 million. Excluding these items, adjusted refining margin for full-year 2024 was $8.67 per barrel, compared to an adjusted refining margin per barrel of $18.11 for full-year 2023. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

Renewables Segment

Effective for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, we have revised our reportable segments to reflect a new reportable segment – Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma.

Fourth Quarter 2024 Compared to Fourth Quarter 2023

The Renewables Segment reported fourth quarter 2024 net loss of $3 million and EBITDA of $3 million, compared to net loss of $30 million and EBITDA loss of $26 million for the fourth quarter of 2023. Adjusted EBITDA for the Renewables Segment was $9 million for the fourth quarter of 2024, compared to Adjusted EBITDA loss of $17 million for the fourth quarter of 2023.

Total vegetable oil throughput for the fourth quarter of 2024 was approximately 187,000 gallons per day (“gpd”), compared to approximately 200,000 gpd for the fourth quarter of 2023.

Renewables margin was $14 million, or 79 cents per vegetable oil throughput gallon, for the fourth quarter of 2024 compared to a loss of $17 million, or 90 cents per vegetable oil throughput gallon, for the fourth quarter of 2023. Factors contributing to our fourth quarter 2024 renewables margin were lower cost of sales of $46 million due to a decrease in vegetable oil feed prices and an increase in the Heating Oil – Bean Oil (“HOBO”) spread of 7 cents per gallon driven by a decrease in soybean oil prices of 9 cents per pound due to increased U.S. soybean oil inventories resulting from higher production levels.

Full-Year 2024 Compared to Full-Year 2023

The Renewables Segment reported full-year 2024 net loss of $21 million and EBITDA of $3 million, compared to net loss of $36 million and EBITDA loss of $17 million for full-year 2023. Adjusted EBITDA for the Renewables Segment was $10 million for full-year 2024, compared to Adjusted EBITDA loss of $5 million for full-year 2023.

Total vegetable oil throughput for full-year 2024 was approximately 151,000 gpd, compared to approximately 226,000 gpd for full-year 2023.

Renewables margin was $44 million, or 80 cents per vegetable oil throughput gallon, for full-year 2024 compared to $22 million, or 27 cents per vegetable oil throughput gallon, for full-year 2023. Factors contributing to our full-year 2024 renewables margin were favorable cost of sales of $284 million due to lower vegetable oil feed prices, an increase in the HOBO spread of 59 cents per gallon driven by a decrease in soybean oil prices of 14 cents per pound due to increased U.S. soybean oil inventories resulting from higher production levels and an increase in renewable diesel yield due to improved catalyst performance in the current year.

Nitrogen Fertilizer Segment

Fourth Quarter 2024 Compared to Fourth Quarter 2023

The Nitrogen Fertilizer Segment reported net income of $18 million and EBITDA of $50 million on net sales of $140 million for the fourth quarter of 2024, compared to net income of $10 million and EBITDA of $38 million on net sales of $142 million for the fourth quarter of 2023.

CVR Partners’ fertilizer facilities produced a combined 210,000 tons of ammonia during the fourth quarter of 2024, of which 80,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 310,000 tons of urea ammonia nitrate (“UAN”). During the fourth quarter of 2023, the fertilizer facilities produced 205,000 tons of ammonia, of which 75,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 306,000 tons of UAN.

For the fourth quarter of 2024, average realized gate prices for UAN declined by 5 percent to $229 per ton and ammonia improved by 3 percent to $475 per ton when compared to the fourth quarter of 2023. Average realized gate prices for UAN and ammonia were $241 per ton and $461 per ton, respectively, for the fourth quarter of 2023.

Full-Year 2024 Compared to Full-Year 2023

The Nitrogen Fertilizer Segment reported net income of $61 million and EBITDA of $179 million on net sales of $525 million for full-year 2024, compared to net income of $172 million and EBITDA of $281 million on net sales of $681 million for full-year 2023.

For full-year 2024, our fertilizer facilities produced a combined 836,000 tons of ammonia, of which 270,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 1,273,000 tons of UAN. For full-year 2023, the fertilizer facilities produced 864,000 tons of ammonia, of which 270,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 1,369,000 tons of UAN.

For full-year 2024, average realized gate prices for UAN declined by 20 percent to $248 per ton and ammonia declined by 16 percent to $479 per ton when compared to the full-year 2023. Average realized gate prices for UAN and ammonia were $309 per ton and $573 per ton, respectively, for full-year 2023.

Corporate and Other

The Company reported income tax benefit of $26 million, or (137.2) percent of income before income taxes, for the year ended December 31, 2024, compared to an income tax expense of $207 million, or 19.1 percent of income before income taxes, for the year ended December 31, 2023. The decrease in income tax expense was due primarily to a decrease in overall pretax earnings for the year ended December 31, 2024, compared to the year ended December 31, 2023. In addition, the change in the effective tax rate was due primarily to changes in pretax earnings attributable to noncontrolling interests and the impact of federal and state tax credits and incentives generated in relation to overall pretax earnings for the year ended December 31, 2024, compared to the year ended December 31, 2023.

Cash, Debt and Dividend

During the fourth quarter of 2024, we completed two liquidity enhancing transactions generating net proceeds of $318 million from the senior secured term loan facility (the “Term Loan”) issuance and approximately $90 million of gross proceeds from the sale of our subsidiary’s 50% interest in the Midway Pipeline.

Consolidated cash and cash equivalents was $987 million at December 31, 2024. Consolidated total debt and finance lease obligations was $1.9 billion at December 31, 2024, including $569 million held by the Nitrogen Fertilizer Segment.

CVR Partners announced that the Board of Directors of its general partner declared a fourth quarter 2024 cash distribution of $1.75 per common unit, which will be paid on March 10, 2025, to common unitholders of record as of March 3, 2025.

Fourth Quarter 2024 Earnings Conference Call

CVR Energy previously announced that it will host its fourth quarter and full-year 2024 Earnings Conference Call on Wednesday, February 19, at 1 p.m. Eastern. This Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

The fourth quarter and full-year 2024 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/4a2maqba. A repeat of the call can be accessed for 14 days by dialing (877) 660-6853, conference ID 13751234.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; EBITDA and Adjusted EBITDA; asset utilization, capture, production volume, throughput product yield and crude oil gathering rates; cash flow generation; operating income and net sales; throughput; refining margin; crack spreads, including the improvement thereof; capacity rationalization; impact of costs to comply with the RFS and revaluation of our RFS liability; crude oil and refined product pricing impacts on inventory valuation; derivative gains and losses and the drivers thereof; crack spreads, including the drivers thereof; demand trends; RIN generation levels; ethanol and biodiesel blending activities; inventory levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company’s ability to offset the impact thereof; carbon capture and decarbonization initiatives; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; demand for refined products; economic downturns and demand destruction; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense, including the drivers thereof; changes to pretax earnings and our effective tax rate; the availability of tax credits and incentives; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; renewable feedstock throughput; use of proceeds under our debt instruments; debt levels; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization and turnaround expense; cash reserves; timing of turnarounds; impacts of any pandemic; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by a new administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing businesses, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners.

Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

Contact Information:

Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com

Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com

Non-GAAP Measures

Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.

The following are non-GAAP measures we present for the three and twelve months ended December 31, 2024 and 2023:

EBITDA – Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA – Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

Refining Margin – The difference between our Petroleum Segment net sales and cost of materials and other.

Adjusted Refining Margin – Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Refining Margin and Adjusted Refining Margin, per Throughput Barrel – Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.

Direct Operating Expenses per Throughput Barrel – Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

Renewables Margin – The difference between our Renewables Segment net sales and cost of materials and other.

Adjusted Renewables Margin – Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon – Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Direct Operating Expenses per Vegetable Oil Throughput Gallon – Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA – EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Adjusted Earnings (Loss) per Share – Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

Free Cash Flow – Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

Factors Affecting Comparability of Our Financial Results

Petroleum Segment

Major Scheduled Turnaround Activities – Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $58 million and $60 million during the years ended December 31, 2024 and 2023, respectively. The next planned turnaround commenced in January 2025 at the Coffeyville Refinery.

Midway JV Disposition – On December 23, 2024, a subsidiary of the Company sold the 50% limited liability company interests it owned in the Midway Pipeline, LLC to Plains Pipeline, L.P. in exchange for cash consideration of approximately $90 million. The sale resulted in a gain of $24 million within Other income (expense), net in the Company’s Consolidated Statements of Operations.

CVR Energy, Inc.
(unaudited)

Consolidated Statement of Operations Data

	Three Months Ended December 31,						Year Ended December 31,
(in millions, except per share data)	2024			2023			2024			2023
Net sales	$	1,947		$	2,202		$	7,610		$	9,247
Operating costs and expenses:
Cost of materials and other		1,653			1,802			6,448			7,013
Direct operating expenses (exclusive of depreciation and amortization)		165			166			667			670
Depreciation and amortization		72			75			290			291
Cost of sales		1,890			2,043			7,405			7,974
Selling, general and administrative expenses (exclusive of depreciation and amortization)		35			34			139			141
Depreciation and amortization		2			1			8			7
(Gain) loss on asset disposal		(1	)		—			—			2
Operating income		21			124			58			1,123
Other income (expense):
Interest expense, net		(20	)		(9	)		(77	)		(52	)
Other income, net		27			4			38			14
Income before income tax expense		28			119			19			1,085
Income tax expense (benefit)		(12	)		22			(26	)		207
Net income		40			97			45			878
Less: Net income attributable to noncontrolling interest		12			6			38			109
Net income attributable to CVR Energy stockholders	$	28		$	91		$	7		$	769

Basic and diluted earnings per share	$	0.28		$	0.91		$	0.06		$	7.65
Dividends declared per share	$	—		$	2.00		$	1.50		$	4.50

Adjusted (loss) earnings per share	$	(0.13	)	$	0.65		$	(0.51	)	$	5.64
EBITDA^*	$	122		$	204		$	394		$	1,435
Adjusted EBITDA^*	$	67		$	170		$	317		$	1,164

Weighted-average common shares outstanding – basic and diluted		100.5			100.5			100.5			100.5

____________________

* See “Non-GAAP Reconciliations” section below.

Selected Consolidated Balance Sheet Data

(in millions)	December 31, 2024		December 31, 2023
Cash and cash equivalents	$	987	$	581
Working capital		726		497
Total assets		4,263		4,707
Total debt and finance lease obligations, including current portion		1,919		2,185
Total liabilities		3,375		3,669
Total CVR stockholders’ equity		703		847

Selected Consolidated Cash Flow Data

	Three Months Ended December 31,					Year Ended December 31,
(in millions)	2024		2023			2024			2023
Net cash flows provided by (used in):
Operating activities	$	98	$	(36	)	$	404		$	948
Investing activities		43		(58	)		(121	)		(239	)
Financing activities		312		384			(482	)		(40	)
Net increase (decrease) in cash, cash equivalents and restricted cash	$	453	$	290		$	(199	)	$	669

Free cash flow ^*	$	40	$	(94	)	$	181		$	708

_____________________

* See “Non-GAAP Reconciliations” section below.

Selected Segment Data

	Three Months Ended December 31, 2024									Three Months Ended December 31, 2023
(in millions)	Petroleum		Renewables			Nitrogen Fertilizer		Consolidated		Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	1,755	$	93		$	140	$	1,947	$	1,997	$	110		$	142	$	2,202
Operating income (loss)		4		(3	)		26		21		144		(31	)		17		124
Net income (loss)		35		(3	)		18		40		158		(30	)		10		97
EBITDA ^*		72		3			50		122		196		(26	)		38		204

Capital Expenditures: ⁽¹⁾
Maintenance	$	24	$	1		$	15	$	40	$	24	$	1		$	11	$	36
Growth		7		—			3		11		5		8			—		13
Total capital expenditures	$	31	$	1		$	18	$	51	$	29	$	9		$	11	$	49

	Year Ended December 31, 2024									Year Ended December 31, 2023
(in millions)	Petroleum		Renewables			Nitrogen Fertilizer		Consolidated		Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	6,920	$	289		$	525	$	7,610	$	8,287	$	559		$	681	$	9,247
Operating income (loss)		12		(22	)		90		58		982		(37	)		201		1,123
Net income (loss)		70		(21	)		61		45		1,071		(36	)		172		878
EBITDA ^*		223		3			179		394		1,185		(17	)		281		1,435

Capital Expenditures: ⁽¹⁾
Maintenance	$	90	$	3		$	30	$	127	$	94	$	2		$	28	$	128
Growth		38		8			7		54		14		54			1		69
Total capital expenditures	$	128	$	11		$	37	$	181	$	108	$	56		$	29	$	197

______________________

* See “Non-GAAP Reconciliations” section below.

(1)

Capital expenditures are shown exclusive of capitalized turnaround expenditures and business combinations.

	December 31, 2024								December 31, 2023
(in millions)	Petroleum		Renewables		Nitrogen Fertilizer		Consolidated		Petroleum		Renewables		Nitrogen Fertilizer		Consolidated
Cash and cash equivalents ⁽¹⁾	$	735	$	13	$	91	$	987	$	375	$	16	$	45	$	581
Total assets		3,288		420		1,019		4,263		2,978		344		975		4,707
Total debt and finance lease obligations, including current portion ⁽²⁾		354		—		569		1,919		44		5		547		2,185

___________________________

(1)		Corporate cash and cash equivalents consisted of $148 million and $145 million at December 31, 2024 and December 31, 2023, respectively.
(2)		Corporate total debt and finance lease obligations, including current portion consisted of $996 million and $1,594 million at December 31, 2024 and December 31, 2023, respectively.

Petroleum Segment

Key Operating Metrics per Total Throughput Barrel

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Refining margin ^*	$	8.37	$	15.01	$	9.53	$	21.82
Adjusted refining margin ^*		6.45		12.91		8.67		18.11
Direct operating expenses ^*		5.13		4.69		5.86		5.34

___________________

* See “Non-GAAP Reconciliations” section below.

Throughput Data by Refinery

	Three Months Ended December 31,		Year Ended December 31,
(in bpd)	2024	2023	2024	2023
Coffeyville
Gathered crude	69,560	61,733	71,382	62,263
Other domestic	47,732	57,161	39,360	49,930
Canadian	3,969	6,109	7,304	3,265
Condensate	—	7,115	3,177	7,566
Other crude oil	5,709	—	2,546	—
Other feedstocks and blendstocks	14,997	16,321	12,511	13,490
Wynnewood
Gathered crude	55,507	49,061	46,185	50,900
Other domestic	—	2,974	980	2,112
Condensate	10,747	17,192	9,165	15,228
Other feedstocks and blendstocks	5,482	4,888	3,668	3,465
Total throughput	213,703	222,554	196,278	208,219

Production Data by Refinery

	Three Months Ended December 31,				Year Ended December 31,
(in bpd)	2024		2023		2024		2023
Coffeyville
Gasoline	72,868		76,921		69,771		69,847
Distillate	61,016		62,570		56,690		57,888
Other liquid products	3,775		4,168		5,125		4,388
Solids	4,349		4,798		4,762		4,123
Wynnewood
Gasoline	40,139		42,363		33,106		38,843
Distillate	24,473		25,432		20,917		24,978
Other liquid products	4,405		5,480		4,551		6,882
Solids	12		9		9		10
Total production	211,037		221,741		194,931		206,959

Light product yield (as % of total crude throughput) ⁽¹⁾	102.7	%	103.0	%	100.2	%	100.2	%
Liquid volume yield (as % of total throughput) ⁽²⁾	96.7	%	97.5	%	96.9	%	97.4	%
Distillate yield (as % of total crude throughput) ⁽³⁾	44.2	%	43.7	%	43.1	%	43.3	%

______________________

(1)		Total Gasoline and Distillate divided by total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”).
(2)		Total Gasoline, Distillate, and Other liquid products divided by total throughput.
(3)		Total Distillate divided by Total Crude Throughput.

Key Market Indicators

	Three Months Ended December 31,						Year Ended December 31,
(dollars per barrel)	2024			2023			2024			2023
West Texas Intermediate (WTI) NYMEX	$	70.32		$	78.53		$	75.77		$	77.57
Crude Oil Differentials to WTI:
Brent		3.69			4.32			4.09			4.60
WCS (heavy sour)		(12.25	)		(22.91	)		(13.86	)		(17.97	)
Condensate		(0.24	)		(0.30	)		(0.48	)		(0.21	)
Midland Cushing		0.87			1.09			1.10			1.26
NYMEX Crack Spreads:
Gasoline		13.84			13.69			20.91			27.88
Heating Oil		23.40			41.34			26.67			40.60
NYMEX 2-1-1 Crack Spread		18.62			27.52			23.79			34.24
PADD II Group 3 Product Basis:
Gasoline		(4.03	)		(4.75	)		(6.52	)		(2.92	)
Ultra Low Sulfur Diesel (ULSD)		(4.57	)		(2.96	)		(4.96	)		(1.02	)
PADD II Group 3 Product Crack Spread:
Gasoline		9.81			8.94			14.40			24.96
ULSD		18.83			38.38			21.71			39.57
PADD II Group 3 2-1-1		14.32			23.66			18.05			32.27

Renewables Segment

Key Operating Metrics per Vegetable Oil Throughput Gallon

	Three Months Ended December 31,					Year Ended December 31,
	2024		2023			2024		2023
Renewables margin ^*	$	0.79	$	(0.90	)	$	0.80	$	0.27
Adjusted renewables margin ^*		1.16		(0.43	)		0.93		0.41
Direct operating expenses ^*		0.48		0.37			0.57		0.35

__________________________

* See “Non-GAAP Reconciliations” section below.

Renewables Throughput Data

	Three Months Ended December 31,		Year Ended December 31,
(in gallons per day)	2024	2023	2024	2023
Corn Oil	81,497	90,932	52,807	53,661
Soybean Oil	105,351	109,242	98,439	172,297
Other feedstocks and blendstocks	91,709	46,210	58,730	51,039
Total throughput	278,557	246,384	209,976	276,997

Renewables Production Data

	Three Months Ended December 31,				Year Ended December 31,
(in gallons per day)	2024		2023		2024		2023
Renewable diesel	163,110		176,200		134,399		200,015
Renewable naphtha	19,731		32,886		17,101		34,099
Renewable light ends	88,938		94,952		62,424		92,802
Other	67,293		42,106		41,064		45,552
Total production	339,072		346,144		254,988		372,468

Renewable diesel yield (as % of corn and soybean oil throughput)	87.8	%	88.0	%	89.2	%	88.5	%

Key Market Indicators

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	$	0.43	$	0.52	$	0.44	$	0.58
Midwest crude corn oil (dollars per pound)		0.46		0.62		0.50		0.61
CARB ULSD (dollars per gallon)		2.28		2.90		2.47		2.89
NYMEX ULSD (dollars per gallon)		2.23		2.85		2.44		2.81
California LCFS (dollars per metric ton)		72.05		68.71		60.07		72.52
Biodiesel RINs (dollars per RIN)		0.66		0.84		0.59		1.35

Nitrogen Fertilizer Segment

	Three Months Ended December 31,				Year Ended December 31,
(percent of capacity utilization)	2024		2023		2024		2023
Ammonia utilization rate ⁽¹⁾	96	%	94	%	96	%	100	%

_____________________

(1)

Reflects our ammonia utilization rates on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of the Nitrogen Fertilizer Segment’s facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and twelve months ended December 31, 2024 and 2023, respectively, and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.

Sales and Production Data

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Consolidated sales (thousands of tons):
Ammonia		97		98		271		281
UAN		310		320		1,260		1,395

Consolidated product pricing at gate (dollars per ton): ⁽¹⁾
Ammonia	$	475	$	461	$	479	$	573
UAN		229		241		248		309

Consolidated production volume (thousands of tons):
Ammonia (gross produced) ⁽²⁾		210		205		836		864
Ammonia (net available for sale) ⁽²⁾		80		75		270		270
UAN		310		306		1,273		1,369

Feedstock:
Petroleum coke used in production (thousands tons)		123		131		517		518
Petroleum coke used in production (dollars per ton)	$	55.71	$	77.09	$	59.69	$	78.14
Natural gas used in production (thousands of MMBtus) ⁽³⁾		2,224		2,033		8,667		8,462
Natural gas used in production (dollars per MMBtu) ⁽³⁾	$	3.00	$	2.95	$	2.56	$	3.42
Natural gas in cost of materials and other (thousands of MMBtus) ⁽³⁾		2,352		2,317		7,755		8,671
Natural gas in cost of materials and other (dollars per MMBtu) ⁽³⁾	$	2.50	$	2.83	$	2.50	$	3.84

______________________

(1)		Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2)		Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3)		The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

Key Market Indicators

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Ammonia — Southern plains (dollars per ton)	$	526	$	648	$	526	$	564
Ammonia — Corn belt (dollars per ton)		595		704		573		644
UAN — Corn belt (dollars per ton)		274		301		277		311

Natural gas NYMEX (dollars per MMBtu)	$	2.98	$	2.92	$	2.41	$	2.67

Q1 2025 Outlook

The table below summarizes our outlook for certain refining statistics and financial information for the first quarter of 2025. See “Forward-Looking Statements” above.

	Q1 2025
	Low			High
Petroleum
Total throughput (bpd)		120,000			135,000
Direct operating expenses (in millions) ⁽¹⁾	$	95		$	105
Turnaround ⁽²⁾		150			165

Renewables
Total throughput (in millions of gallons)		13			16
Direct Operating expenses (in millions) ⁽¹⁾	$	8		$	10

Nitrogen Fertilizer
Ammonia utilization rate		95	%		100	%
Direct operating expenses (in millions) ⁽¹⁾	$	55		$	65

Capital Expenditures (in millions) ⁽²⁾
Petroleum	$	30		$	40
Renewables		2			5
Nitrogen Fertilizer		12			16
Other		—			2
Total capital expenditures	$	44		$	63

____________________

(1)		Direct operating expenses are shown exclusive of depreciation and amortization and, for the Nitrogen Fertilizer Segment, turnaround expenses and inventory valuation impacts.
(2)		Turnaround and capital expenditures are disclosed on an accrual basis.

Non-GAAP Reconciliations

Reconciliation of Consolidated Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Net income	$	40		$	97		$	45		$	878
Interest expense, net		20			9			77			52
Income tax (benefit) expense		(12	)		22			(26	)		207
Depreciation and amortization		74			76			298			298
EBITDA		122			204			394			1,435
Adjustments:
Revaluation of RFS liability, favorable		(57	)		(57	)		(89	)		(284	)
Unrealized loss (gain) on derivatives		6			(67	)		22			(32	)
Inventory valuation impacts, unfavorable		20			90			14			45
Gain on sale of equity method investment		(24	)		—			(24	)		—
Adjusted EBITDA	$	67		$	170		$	317		$	1,164

Reconciliation of Basic and Diluted Earnings per Share to Adjusted Earnings per Share

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Basic and diluted earnings per share	$	0.28		$	0.91		$	0.06		$	7.65
Adjustments: ⁽¹⁾
Revaluation of RFS liability, favorable		(0.43	)		(0.42	)		(0.67	)		(2.12	)
Unrealized loss (gain) on derivatives		0.04			(0.50	)		0.16			(0.23	)
Inventory valuation impacts, unfavorable		0.16			0.66			0.12			0.34
Gain on sale of equity method investment		(0.18	)		—			(0.18	)		—
Adjusted (loss) earnings per share	$	(0.13	)	$	0.65		$	(0.51	)	$	5.64

___________________

(1)

Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

Reconciliation of Net Cash Provided By (Used In) Operating Activities to Free Cash Flow

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Net cash provided by (used in) operating activities	$	98		$	(36	)	$	404		$	948
Less:
Capital expenditures		(55	)		(55	)		(179	)		(205	)
Capitalized turnaround expenditures		(7	)		(4	)		(53	)		(57	)
Return on equity method investment		4			1			9			22
Free cash flow	$	40		$	(94	)	$	181		$	708

Reconciliation of Petroleum Segment Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Petroleum net income	$	35		$	158		$	70		$	1,071
Interest income, net		(4	)		(10	)		(21	)		(75	)
Depreciation and amortization		41			48			174			189
Petroleum EBITDA		72			196			223			1,185
Adjustments:
Revaluation of RFS liability, favorable		(57	)		(57	)		(89	)		(284	)
Unrealized loss (gain) on derivatives, net		6			(67	)		22			(30	)
Inventory valuation impact, unfavorable ⁽¹⁾		12			80			6			32
Gain on sale of equity method investment		(24	)		—			(24	)		—
Petroleum Adjusted EBITDA		9			152			138			903

Reconciliation of Petroleum Segment Gross Profit to Refining Margin and Adjusted Refining Margin

	Three Months Ended December 31,						Year Ended December 31,
(in millions, except throughput data)	2024			2023			2024			2023
Net sales	$	1,755		$	1,997		$	6,920		$	8,287
Less:
Cost of materials and other		(1,590	)		(1,690	)		(6,236	)		(6,629	)
Direct operating expenses (exclusive of depreciation and amortization)		(101	)		(96	)		(421	)		(406	)
Depreciation and amortization		(41	)		(47	)		(174	)		(185	)
Gross profit		23			164			89			1,067
Add:
Direct operating expenses (exclusive of depreciation and amortization)		101			96			421			406
Depreciation and amortization		41			47			174			185
Refining margin		165			307			684			1,658
Adjustments:
Revaluation of RFS liability, favorable		(57	)		(57	)		(89	)		(284	)
Unrealized loss (gain) on derivatives, net		6			(67	)		22			(30	)
Inventory valuation impact, unfavorable ⁽¹⁾		12			80			6			32
Adjusted refining margin	$	126		$	263		$	623		$	1,376

Total throughput barrels per day		213,703			222,554			196,278			208,219
Days in the period		92			92			366			365
Total throughput barrels		19,660,650			20,474,980			71,837,644			75,999,905

Refining margin per total throughput barrel	$	8.37		$	15.01		$	9.53		$	21.82
Adjusted refining margin per total throughput barrel		6.45			12.91			8.67			18.11
Direct operating expenses per total throughput barrel		5.13			4.69			5.86			5.34

_____________________

(1)

The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Renewables net loss	$	(3	)	$	(30	)	$	(21	)	$	(36	)
Interest expense, net		—			(1	)		(1	)		(1	)
Depreciation and amortization		6			5			25			20
Renewables EBITDA		3			(26	)		3			(17	)
Adjustments:
Unrealized (gain) loss on derivatives, net		—			—			—			(2	)
Inventory valuation, (favorable) unfavorable ⁽¹⁾		6			9			7			14
Renewables Adjusted EBITDA	$	9		$	(17	)	$	10		$	(5	)

Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin

	Three Months Ended December 31,						Year Ended December 31,
(in millions, except throughput data)	2024			2023			2024			2023
Net sales	$	93		$	110		$	289		$	559
Less:
Cost of materials and other		(79	)		(127	)		(245	)		(537	)
Direct operating expenses (exclusive of depreciation and amortization)		(8	)		(7	)		(31	)		(28	)
Depreciation and amortization		(6	)		(5	)		(25	)		(20	)
Gross loss		—			(29	)		(12	)		(26	)
Add:
Direct operating expenses (exclusive of depreciation and amortization)		8			7			31			28
Depreciation and amortization		6			5			25			20
Renewables margin		14			(17	)		44			22
Unrealized (gain) loss on derivatives, net		—			—			—			(2	)
Inventory valuation, (favorable) unfavorable ⁽¹⁾		6			9			7			14
Adjusted renewables margin	$	20		$	(8	)	$	51		$	34

Total vegetable oil throughput gallons per day		186,970			200,174			151,278			225,957
Days in the period		92			92			366			365
Total vegetable oil throughput gallons		17,201,274			18,416,045			55,367,620			82,474,473

Renewables margin per vegetable oil throughput gallon	$	0.79		$	(0.90	)	$	0.80		$	0.27
Adjusted renewables margin per vegetable oil throughput gallon		1.16			(0.43	)		0.93			0.41
Direct operating expenses per vegetable oil throughput gallon		0.48			0.37			0.57			0.35

____________________

(1)

The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,				Year Ended December 31,
(in millions)	2024		2023		2024		2023
Nitrogen Fertilizer net income	$	18	$	10	$	61	$	172
Add:
Interest expense, net		7		7		30		29
Depreciation and amortization		25		21		88		80
Nitrogen Fertilizer EBITDA and Adjusted EBITDA	$	50	$	38	$	179	$	281

The MIL Network –

February 19, 2025

MIL-OSI: Interfield Global Software Inc. Plans Transitioning to Canadian Securities Exchange

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Feb. 18, 2025 (GLOBE NEWSWIRE) — Further to its previously announced strategic alternatives review, Interfield Global Software Inc. (CBOE CA: IFSS) (the “Company”) announces that its board of directors has approved a proposed listing of the Company’s common shares (“Common Shares”) on the Canadian Securities Exchange (“CSE”) and delisting of the Common Shares from the Cboe Canada Exchange (“Cboe Canada”).

The Company’s management believes that the transition of the Company to a growth equity market will continue to position the Company to take full advantage of the Company’s previously announced joint venture with Abhi (the “Abhi JV”) and to streamline the business of the Company in preparation for the Abhi JV. The proposed listing on CSE is also intended to address the concerns of Cboe Canada in relation to the ability of the Company to maintain Cboe Canada’s continuous listing requirements, further to which, effective February 11, 2025, the Company was placed on delisting review by Cboe Canada. If the non-compliance matters are not satisfactorily addressed, the Company’s Common Shares will be delisted from Cboe Canada at the closing of trading on May 12, 2025.

While the Company currently anticipates the proposed listing of its Common Shares on CSE to be completed prior to May 12, 2025, the proposed listing remains subject to the review of CSE and is contingent on the satisfaction of all listing and regulatory requirements by the Company. There can be no assurance that the CSE will approve the listing application or that the Company will complete the transition to CSE as currently proposed. Additionally, the delisting from Cboe Canada remains subject to the approval of Cboe Canada. The Company will provide further updates, as necessary, at the appropriate time.

About Abhi

Abhi is a prominent fintech company, earning recognition as one of the Future 100 companies in the UAE. It was also the first to receive the Technology Pioneer 2023 Award by the World Economic Forum, making fintech history in the MENAP region. Abhi offers a comprehensive suite of products and services, including EWA, payroll solutions, and SME financing.

About Interfield Global Software Inc.

The Company is a publicly listed company, with its common shares listed on Cboe Canada. (Cboe CA: IFSS), operating out of Dubai, U.A.E through its wholly owned subsidiary, Interfield Solutions.

Interfield Solutions is a software company that services numerous industrial segments worldwide including oil and gas, mining and renewables. Interfield Solutions has two operating divisions, E-commerce and Software as a Service. Equipment Hound, the company’s flagship product of its E-commerce division, is an industrial equipment marketplace that connects buyers and suppliers around the globe. Equipment Hound manages a catalogue of equipment from various suppliers and provides procurement solutions for buyers. It includes features such as requests for quotes, logistics support and third-party verification. ToolSuite, the company’s flagship product of its Software as a Service division, is a cloud based data collection and management platform that digitizes industrial processes and provides real-time auditable data for clients.

For more information about the Company, please refer to the Company’s profile on SEDAR+ at www.sedarplus.ca.

ON BEHALF OF THE BOARD OF DIRECTORS

“Harold Hemmerich”

Harold Hemmerich, Chief Executive Officer & Director
Phone: +971 50 558 8349

Bruce Nurse, Investor Relations
Phone: +1 303 919 2913

Forward-Looking Statements Disclaimer and Reader Advisory

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements, and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance often using phrases such as “expects”, “anticipates”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “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 statements. Forward looking statements in this release include: the anticipated implementation of the Abhi JV and restructuring in preparation for the Abhi JV, including the anticipated listing of Common Shares on CSE and the proposed delisting from Cboe.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors, which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include: general business, economic, competitive, political and social uncertainties; delay or failure to receive any necessary board, shareholder or regulatory approvals, including the approval of the relevant stock exchange(s) and any applicable regulatory authority; and that factors may occur which impede or prevent the Company’s future business plans. 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 the forward-looking statements and information contained in this news release. Except as required by law, the Company does not assume any obligation to update the forward-looking statements, whether they change as a result of new information, future events or otherwise, except as required by law.

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

The MIL Network –

February 19, 2025
MIL-OSI: Gran Tierra Energy Inc. Provides Release Date for its 2024 Fourth Quarter & Year End Results and Details of Conference Call and Webcast

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) announces that the Company will release its 2024 fourth quarter and year ended December 31, 2024, financial and operating results on Monday, February 24, 2025, before market open. Gran Tierra will host its conference call on the same day, Monday, February 24, 2025, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time and 4:00 p.m. Greenwich Mean Time.

Interested parties may register for the conference call by clicking on this link. Please note that there is no longer a general dial-in number to participate, and each individual party must register through the provided link. Once parties have registered, they will be provided a unique PIN and call-in details. There is also a feature that allows parties to elect to be called back through the “Call Me” function on the platform.

Interested parties can also continue to access the live webcast from their mobile or desktop devices by clicking on this link, which is also available on Gran Tierra’s website at https://www.grantierra.com/investor-relations/presentations-events/. An audio replay of the conference call will be available at the same webcast link two hours following the call and will be available until February 24, 2026.

About Gran Tierra Energy Inc.

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

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

Contact Information

For investor and media inquiries please contact:

Gary Guidry
President & Chief Executive Officer

Ryan Ellson
Executive Vice President & Chief Financial Officer

+1-403-265-3221, info@grantierra.com

The MIL Network –

February 19, 2025
MIL-OSI: CDPQ to sell 2,500,000 common shares of Intact Financial

Source: GlobeNewswire (MIL-OSI)

MONTRÉAL, Feb. 18, 2025 (GLOBE NEWSWIRE) — CDPQ today announced its intention to sell 2,500,000 common shares of Intact Financial Corporation (TSX: IFC), representing approximately 1.4% of the issued and outstanding common shares of Intact as of February 18, 2025.

The common shares are being sold at a gross price of $278.60 per share, which has been underwritten by CIBC Capital Markets and National Bank Financial. CDPQ expects to receive gross cash proceeds of approximately $696,500,000 from the offering.

This transaction is part of CDPQ’s regular portfolio rebalancing. Once the transaction is complete, CDPQ will own approximately 6.6% of Intact’s issued and outstanding common shares, remaining its largest shareholder and Intact continuing as one of CDPQ’s largest holdings in the public markets.

“CDPQ has been a major shareholder of Intact for over fifteen years, during which time our investment in the company has generated significant returns for our depositors,” said Vincent Delisle, Executive Vice-President and Head of Liquid Markets at CDPQ. “This transaction allows us to monetize a portion of these returns while retaining significant ownership in the company, based on our confidence in Intact’s growth prospects, including through several strategic operations based and managed in Québec.”

“CDPQ continues to be a valued partner in Intact’s evolution as a leading global P&C insurer. This transaction enables a significant gain on a portion of one of their largest investments while remaining able to support our growth ambitions,” said Ken Anderson, Executive Vice President and CFO, Intact Financial Corporation. “We have delivered an annualized total shareholder return of 15% over the last 10 years, and we remain well positioned to sustain our track record of outperformance, given the strength of our platforms, our talented team and our clear strategic roadmap.”

ABOUT CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

ABOUT INTACT FINANCIAL CORPORATION
Intact Financial Corporation (TSX: IFC) is the largest provider of Property and Casualty (P&C) insurance in Canada, a leading Specialty lines insurer with international expertise and a leader in Commercial lines in the UK and Ireland. The business has grown organically and through acquisitions to almost $24 billion of total annual operating direct premiums written (DPW).

In Canada, Intact distributes insurance under the Intact Insurance brand through agencies and a wide network of brokers, including its wholly owned subsidiary BrokerLink. Intact also distributes directly to consumers through the belairdirect brand and affinity partnerships. Additionally, Intact provides exclusive and tailored offerings to high-net-worth customers through Intact Prestige. In the US, Intact Insurance Specialty Solutions provides a range of Specialty insurance products and services through independent agencies, regional and national brokers, wholesalers and managing general agencies. Across the UK, Ireland, and Europe, Intact provides Personal, Commercial and/or Specialty insurance solutions through the RSA, 123.ie, NIG and FarmWeb brands.

For more information
CDPQ Media Relations Team
+ 1 514 847-5493
medias@cdpq.com

Caroline Audet
Manager, Media Relations and Public Affairs, Intact Financial
416 227-7905 / 514 985-7165
media@intact.net

The MIL Network –

February 19, 2025

boepd	barrels of oil equivalent per day*
CA$	Canadian dollar
MM	million

Category: Canada

The Little Ice Age

Agriculture

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Resilience

Greenland: Land of extremes

Rock on the move

Melting ice will be deadly and expensive

Greenland’s challenging past and future

1. The US holds a competitive position in critical mineral markets

2. The US produces and uses only a small share of clean technologies

3. New tariffs could further increase some minerals’ criticality

Rebellion and reclamation

Cantwell Votes NO On Advancing Lutnick for Commerce Secretary; Slams His Enthusiasm for Inflationary Tariffs

In speech on Senate floor, Cantwell says Trump’s pick to lead the Dept. of Commerce will rubber-stamp tariffs, slow domestic chip manufacturing, and hang NOAA out to dry; Cantwell also stresses: “Now is not the time to cut FAA staffing”

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