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Category: Canada

  • MIL-OSI Global: Online platforms risk becoming ideological echo chambers that undermine meaningful dialogue

    Source: The Conversation – Canada – By Alexander Martin, PhD Student, Science and Technology Studies, York University, Canada

    The migration to Bluesky, especially after the 2024 U.S. presidential election, reflects a growing dissatisfaction with centralized platforms and their handling of political content. (Shutterstock)

    There has recently been a shift online from centralized platforms like X (formerly Twitter) to decentralized alternatives like Bluesky. In particular, many users unhappy with the politics and antics of X owner Elon Musk are moving to Bluesky.

    Users migrating from X have cited a rise in bots and hate speech as the reason for leaving the site. Journalist Cory Doctorow termed this the idea of “enshittification,” a process where platforms get worse by focusing on profit and spreading harmful content.

    Under Musk, X has seemingly shifted to promote more extreme accounts, making the platform less welcoming to others. These users are looking for more control, transparency, and less manipulation.

    However, this migration raises an important question. Is this shift towards platforms like Bluesky limiting cross-ideological conversation and increasing political polarization? If so, what does this mean for the health of democracy in the digital age?

    The migration to Bluesky, especially after the 2024 U.S. presidential election, reflects a growing dissatisfaction with centralized platforms and their handling of political content. Understanding this trend is essential, as it could shape how future political debates and movements unfold online.

    Social media and political discourse

    Social media platforms are now central to political discourse. Amid recent political movements, including Donald Trump’s rise, social media has emerged as a key player in shaping political narratives. Figures like Musk and Meta CEO Mark Zuckerberg are increasingly close to Trump.

    Meta donated $1 million to Trump’s inauguration fund, as did other tech companies. Both Zuckerberg and Musk made appearances at Trump’s inauguration, signalling support for Trump’s ascent to power. This demonstrates the tech industry’s close proximity to political power and centralized social media’s potential to amplify certain political agendas.

    The shift from X to Bluesky is part of a larger trend. Left-leaning users are moving to Bluesky because of concerns over political bias and misinformation on X.

    Musk’s acquisition of X in 2022 changed its content moderation policies. This change amplified conservative voices and pushed away users who already felt marginalized. This resulted in an initial exodus to another decentralized social media site called Mastodon, where the user count surged from 3,400 to 113,400 in a single day.

    Commentators have pointed out that many users want a platform with less bias, few manipulations and more freedom of expression.

    Bluesky’s open-source, federated structure provides a space where users have more control over their online experience. This has helped Bluesky grow rapidly, with the platform gaining 2.5 million new users in just two months and seeing a 500 per cent increase in traffic following the U.S. election.

    The platform’s appeal lies in its promise of transparency and user autonomy, qualities that users increasingly value as centralized platforms like X and Meta face scrutiny over political bias and misinformation.

    Tara McGowan discusses the migration of liberals from X to Bluesky.

    May fuel more polarization

    While Bluesky offers an alternative to X’s perceived political bias, it may also deepen political polarization. Its decentralized nature gives users control over what they see, which could reinforce ideological silos.

    Research being done on Mastodon shows that this model can contribute to the democratization of social media by offering more control. As left-leaning users flock to Bluesky while right-leaning users stay on X and Meta, the divide between these groups deepens, further entrenching political silos.

    One of the main reasons for the migration to Bluesky is dissatisfaction with content moderation practices on centralized platforms like X and Meta. Under Musk’s leadership, X has scaled back content moderation and reinstated controversial accounts, raising concerns about the spread of misinformation.

    Similarly, Meta has relaxed its content guidelines by introducing community notes, similar to X. This makes it easier for harmful content to spread. With the community notes, the platform decides what content is considered factual. While this gives users more freedom, it could also enable the spread of false and misleading information.



    Read more:
    Meta is abandoning fact checking – this doesn’t bode well for the fight against misinformation

    Bluesky offers a decentralized model that gives users more control over the content they see. Users can curate their own feeds, creating a more personalized experience.

    Though this model faces challenges, like bot activity and misinformation, it moves away from algorithm-driven approach of platforms like X and Meta. In an era where users worry about bias and censorship, Bluesky’s model offers a potential solution for those seeking more transparency and control over the content they see.

    However, all misinformation threatens the integrity of public discourse. As users gravitate toward platforms that reinforce their existing beliefs, they become more vulnerable to misinformation campaigns.

    This has the potential to undermine public trust in political institutions and the democratic process. Unchecked false information could have serious consequences for democratic participation and the legitimacy of the political process.

    A threat to democracy?

    Bluesky’s decentralized model offers an alternative to traditional centralized platforms that are increasingly seen as biased or manipulative.

    However, this migration also highlights the dangers of political polarization and echo chambers. As users move to platforms that align with their beliefs, space for cross-ideological dialogue shrinks, weakening public discourse.

    This growing division could make it harder for people to have informed, open debates about important issues that matter most. Moving to decentralized platforms like Bluesky may provide more control over the content, but it still requires careful attention to how platforms shape political narratives and the future of democratic engagement.

    Alexander Martin 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. Online platforms risk becoming ideological echo chambers that undermine meaningful dialogue – https://theconversation.com/online-platforms-risk-becoming-ideological-echo-chambers-that-undermine-meaningful-dialogue-247982

    MIL OSI – Global Reports –

  • MIL-OSI Global: How Jan. 27 came to be International Day of Commemoration in Memory of the Victims of the Holocaust

    Source: The Conversation – Canada – By Robert Jan van Pelt, Professor, School of Architecture, University of Waterloo

    When, in the late 1980s, I began my research on the architectural history of the Auschwitz death camp, Jan. 27 wasn’t marked on any official calendar as a special day of commemoration.

    Since then, as a historian who has focused on the history of the Holocaust in general and the history of Auschwitz in particular, and who has with collaborators curated the Auschwitz exhibition now showing in Toronto, I have seen changes in terms of how the Holocaust generally, and Auschwitz in particular, is publicly remembered and commemorated.

    Jan. 27 is now identified as an annual International Day of Commemoration in Memory of the Victims of the Holocaust. On Jan. 27 1945, the Red Army liberated some 7,000 remaining prisoners in Auschwitz, located in south-central Poland. How was this date chosen, and what issues or reflection might it raise?

    Poland

    With 1.1 million murdered victims — of whom one million were Jews — Auschwitz was the most murderous of the German death camps. It had already become by the mid-1970s a powerful symbol of the Holocaust.

    Yet during the Cold War, European nations commemorated the dead of the Second World War on dates that were anniversaries of the end of the war. In Poland, a profoundly Roman Catholic country, the observances of the victims of the war were held on All Saints Day or, since 1955, the Sunday closest to the Ides of April, not Jan. 27.

    In the early 1990s, the Polish government led by President Lech Walesa decided to make the 50th anniversary of the arrival of the liberating Red Army at the gates of Auschwitz into a major international commemoration in 1995.

    Seventeen heads of state, including German Federal President Roman Herzog, attended the occasion on Jan. 27, 1995. It was, in a sense, a “coming-out” of the now firmly democratic Polish Republic. At that time, Warsaw was eyeing membership of NATO and the EU, which had been formally established by means of the Maastricht Treaty two years earlier.

    In the 1995 commemoration, Jews were largely invisible — in fact, Walesa forgot to mention the Jews in his speech.

    Dates in the Hebrew calendar

    Among Jews, primarily in North America and Israel, Holocaust commemorations are typically associated with three dates in the Hebrew (lunar) calendar:

    1. The ninth day of the Jewish month of Av: Since time immemorial, Jews commemorated on this day the destruction of the First Temple (in 586 BCE) and the destruction of the Second Temple (in 70 CE).

    2. The 10th day of the Jewish month of Tevet: This day, King Nebuchadnezzar II began the siege of Jerusalem that was to lead to the destruction of the First Temple. Traditionally on this day, Jews say the prayer of the dead for family members whose date of death is unknown. As the date of death of most of the Jews murdered in the Holocaust is indeed unknown, the 10th of Tevet became quite prominent in Israel as a date of Holocaust commemoration.

    3. The 27th day of the Jewish month of Nisan: This day, established in 1953 as Yom Hashoah (Shoah Day) by the Israeli government, coincides with the Warsaw Ghetto Uprising, which is a point of great pride to Jews. Thus, Yom Hashoah was meant to commemorate not only the depth of the catastrophe, but at the same time one of the few points of light within the Holocaust.

    In American society, a custom arose in the 1980s to hold a commemorative day of the Holocaust in the period that stretches from the Sunday preceding Yom Hashoah to the Sunday following Yom Hashoah, creating a clear link with the Jewish practice. In Canada, Jews mobilized to introduce provincial days of remembrance, insisting that they would follow Jewish practice and be held on Yom Hashoah.

    Germany

    Months after the 1995 Polish commemoration, the leaders of the allied nations and Germany gathered in Berlin on May 8, 1995 to observe the 50th anniversary of the end of the Second World War. German President Herzog noted that while many Germans still remembered May 8 as a day of defeat, in fact that day had opened a door to a future of peace and co-operation in Europe.

    However, some Germans believed that it was now time to move on and stop talking about the the Nazis, the war and the Holocaust.

    Herzog decided something had to be done to force continued engagement with the Nazi past, and to shut up revisionists who stressed German victimhood. He proclaimed Jan. 27 as Day of Commemoration of the Victims of National Socialism. It was a politically astute move. He knew that in any discussion about the meaning of the Third Reich, the name “Auschwitz” was the ultimate trump card that could not be beaten.

    Sweden, U.K., EU, UN

    In 1998, Swedish Prime Minister Göran Persson declared Jan. 27 to be an official day of Holocaust Remembrance. This move was to lay the groundwork for a larger Swedish-led inter-governmental educational initiative founded to combat rising antisemitism.

    In support of this project, which lead to the Stockholm Declaration and the establishment of the International Holocaust Remembrance Alliance (IHRA), the British and Italian governments adopted Jan. 27 as a day of commemoration in 1999 and 2000.

    A few years later, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia — plus Malta and Cyprus — joined the EU. Until then, it had consisted of countries that had been either stable liberal democracies since 1945, or had become such in the 1970s.

    Most of the new members had been communist-ruled. There was nervousness about the baggage they would bring — especially persistent antisemitism. On Jan. 27, 2005, the European Parliament called on the European Council, Commission and member states to make Jan. 27 European Holocaust Memorial Day, to be observed across the EU.

    The effects were profound: Aleida Assmann, a prominent historian of collective memory, observed that pan-European importance of the Jan. 27 day of commemoration since 2005 confirmed the Holocaust as a common “europäischer Gründungsmythos” or European foundation narrative

    Later in 2005, the General Assembly of the United Nations made Jan. 27 an annual International Day of Commemoration in Memory of the Victims of the Holocaust. The resolution establishing the date invoked the Universal Declaration of Human Rights and reaffirmed “that the Holocaust, which resulted in the murder of one third of the Jewish people, along with countless members of other minorities, will forever be a warning to all people of the dangers of hatred, bigotry, racism and prejudice.”

    What to think of Jan. 27?

    While deeply committed to the study of the history of Auschwitz and profoundly engaged with the commemoration of both the Holocaust in general and Auschwitz in particular, if forced to choose, I have a clear preference for Yom Hashoah over Jan. 27.

    Jan. 27 as a day of commemoration emerged from initiatives taken by non-Jews at the highest political level, without much consultation with Jews.

    A few of my now-deceased Auschwitz survivor friends told me that the entire Jan. 27 date should be cancelled as it has no or little meaning for Jews, and it certainly had no meaning for them as Auschwitz survivors, because they had been taken away from Auschwitz in a death march before the arrival of the Red Army.

    Yet now it exists, and better to work with it. All the good reasons why Auschwitz became a symbol of the Holocaust are still valid — especially the fact that it ties a very complex series of events to a real place that everyone can visit.

    But I would like to invite all who gather on Jan. 27 to remember the Holocaust to consider also its profoundly political origins. And I hope that they will decide to also attend a similar event a few months later, on Yom Hashoah.

    Robert Jan van Pelt is curator for the Auschwitz exhibit at the ROM.

    – ref. How Jan. 27 came to be International Day of Commemoration in Memory of the Victims of the Holocaust – https://theconversation.com/how-jan-27-came-to-be-international-day-of-commemoration-in-memory-of-the-victims-of-the-holocaust-248104

    MIL OSI – Global Reports –

  • MIL-OSI Global: Canada’s claim that it champions human rights is at odds with its mining practices

    Source: The Conversation – Canada – By Véronique Plouffe, PhD candidate in Feminist and Gender Studies, L’Université d’Ottawa/University of Ottawa

    Canada presents itself as a gender equality and human rights champion both at home and abroad. But it’s also a global leader in mining, an industry with an abysmal human rights record.

    Under the previous Conservative federal government, Canadian foreign aid was more directly aligned with mining and commercial interests. But when Liberal Justin Trudeau was elected in 2015, it appeared to signal a return to more “progressive” values.



    Read more:
    Justin Trudeau’s resignation creates a progressive void in Canada, part of a long-established cycle

    The launch of the Feminist International Assistance Policy in 2017 was a powerful symbol in this direction. But despite Canadian mining companies being accused of environmental and human rights violations in various countries, the Liberal government continues to actively support mining abroad.

    Canada is a global mining powerhouse, home to almost half of the world’s publicly listed mining and mineral exploration companies.

    According to 2023 data, Canadian mining companies operate in 95 foreign countries and the value of Canadian mining assets totalled $336.7 billion. Half of Canadian foreign mining assets are located in Latin America and the Caribbean.

    Canadian mining in Peru

    Peru is a key mining partner; 71 firms operate in the country and Canada has nearly $10 billion of mining assets in the South American country. Canada has the largest number of mining exploration projects in Peru at 24, and ranks third (after the United Kingdom and Peru itself) in terms of mining exploration investments.

    At last year’s Asia-Pacific Economic Cooperation meeting in Lima, Trudeau announced investments to create “a better future by focusing on a healthier planet and equal opportunities for all.” These included initiatives to support women’s and girls’ rights as well as improving access to the justice system for Indigenous and Afro-Peruvian communities.

    Trudeau also announced the creation of a Canada-Peru Dialogue of Critical Minerals and Mining Sustainability.

    But can Canada be both a human rights champion and a global mining leader? While Canada describes its mining industry as sustainable and socially responsible, human rights organizations paint a different picture.

    Backing Boluarte government

    Canadian mining companies have been accused in Peru of environmental contamination, criminalizing community leaders, land dispossession and the violation of Indigenous self-determination. Canada has also supported Peruvian mining law reforms in favour of foreign mining investment.

    Canada’s support of the current and highly unpopular Dina Boluarte government, which ousted left-wing president Pedro Castillo in 2022, points to the ongoing prioritization of mining interests over human rights, even those of Canadian citizens.

    Castillo meanwhile had proposed a plan to renegotiate mining contracts with multinational companies so that more profits stayed in Peru.

    The impact on women

    Reports have shown that women bear the brunt of mining’s negative impacts, which include gender violence, economic and food insecurity and health problems.

    Women human rights defenders confronting extractive industries also face gender-specific risks and challenges. Indigenous women are often at the forefront of resisting extractive projects.

    Despite the bold ambitions of Canada’s Feminist International Assistance Policy to promote a “more peaceful, more inclusive and more prosperous world,” critics have highlighted several weaknesses and challenges.

    Among them: insufficient funding, its instrumentalist approach (when women are used for broader economic and political goals), as well as its emphasis on neoliberal capitalist growth and the private sector.

    Some have also highlighted its lack of coherence with other policy areas, including trade and security, its support for Israel and its treatment of Indigenous women in Canada.



    Read more:
    Canada’s inaction in Gaza marks a failure of its feminist foreign policy

    Structural causes not addressed

    My ongoing research with civil society organizations in Peru suggests that Canada is providing much-needed and highly appreciated support for women’s rights, LGTBQ+ and Indigenous women’s organizations, namely through its Women’s Voice and Leadership Program. The positive impacts of such initiatives should not be overlooked.

    But even though these projects — often short-term — may benefit some people and some organizations, they often fail to tackle the structural causes of poverty and gender inequality. They also neglect to take into account Canada’s role in creating and maintaining global inequalities through its disruptive mining activities.



    Read more:
    The role of Canadian mining in the plight of Central American migrants

    For years, Canadian civil society organizations have been demanding greater accountability and regulation for Canadian overseas corporations. Despite promises to hold companies accountable for abuses abroad with the creation of the Ombudsperson for Responsible Enterprise, the Trudeau government has been criticized for failing to deliver on these pledges.

    With the possible election of a Conservative federal government in the coming months, it’s unlikely that tightening regulations for private Canadian companies operating in other countries will be a priority.

    Despite its feminist ambitions, taking a closer look at Canada’s role in countries where it has significant mining interests reveals a more complex and nuanced image of Canada in the world.

    Véronique Plouffe receives funding from the Social Sciences and Humanities Research Council (SSHRC).

    – ref. Canada’s claim that it champions human rights is at odds with its mining practices – https://theconversation.com/canadas-claim-that-it-champions-human-rights-is-at-odds-with-its-mining-practices-246757

    MIL OSI – Global Reports –

  • MIL-OSI: Wilmington Announces 2024 Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Wilmington Capital Management Inc. (TSX: WCM.A, WCM.B) (“Wilmington” or the “Corporation”) reported net income for the three months ended September 30, 2024, of $0.05 million or $0.00 per share and net income for the nine months ended September 30, 2024 of $1.2 million or $0.09 per share, compared to net income of $2.4 million or $0.19 per share and $2.5 million and $0.20 per share for the same periods in 2023.

    A summary of the Corporation’s activities is set out below:

    Overview
    During the past 15 months the Corporation has monetized several of its investments in order to unlock the embedded value, which had been substantially realized, simplify its business, return capital to its shareholders and pursue transactions better suited to creating value and liquidity for shareholders.

    On May 7, 2024, the Corporation paid a special dividend and a return of capital distribution totaling $2.75 per Class A and Class B share, or $33.9 million. Class A shareholders received $1.25 per Class A share as a return of capital and $1.50 as an eligible dividend. Class B shareholders received $1.12 per Class B share as a return of capital and $1.63 as an eligible dividend.

    On August 7, 2024, the Shareholders of the Corporation approved the disposition of all or substantially all of the assets of the Corporation. The Corporation completed the sale of the assets of Bow City 2 Limited Partnership (“Bow City Seton”), a wholly owned subsidiary of the Corporation on August 30, 2024. The assets were sold on a cost recovery basis. On November 1, 2024, the Corporation completed the sale of its interest in the Sunchaser RV Resorts Limited Partnership (“Sunchaser Partnership”) for proceeds of $ 4.7 million. The Corporation is evaluating options to sell its 18.2% interest in the Bay Moorings Partnership, which is its remaining asset. The Bay Moorings Partnership is reviewing various options to repay advances made by the Corporation. The Corporation estimates that the sale of its interest in the Bay Moorings Partnership together with the repayment of advances will generate proceeds of approximately $5.5 million.

    Outlook
    The Corporation has taken great strides to reassess its business opportunities in the context of a changing economic environment, simplify its business, and reward shareholders for their support through the payment of dividends and return of capital. As at November 5, 2024, and taking into account the sale of the Corporation’s investment in the Sunchaser Partnership, the Corporation had cash on hand of approximately $32 million. At the completion of monetizing its remaining investments, the Corporation expects to have cash on hand, net of liabilities, of $35 million. The Corporation is actively seeking out opportunities to scale its public platform through transactions which will create value and liquidity for shareholders.  

    CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
     
    (unaudited) Three months ended
    September 30    		   Nine months ended
    September 30,    		  
    ($ thousands, except per share amounts) 2024   2023   2024   2023  
    Revenues        
    Management fee revenue 240   305   640   640  
    Interest, distributions and other income 315   1,022   1,401   2,660  
      555   1,327   2,041   3,300  
    Expenses        
    General and administrative (440 ) (423 ) (1,887 ) (1,331 )
    Amortization (7 ) (7 ) (21 ) (21 )
    Finance costs (1 ) (2 ) (4 ) (5 )
    Stock-based compensation —   (23 ) (18 ) (94 )
      (448 ) (455 ) (1,930 ) (1,451 )
    Fair value adjustments and other activities        
    Fair value changes to investments (30 ) 1,700   164   1,180  
    Gain from dispositions —   —   947   —  
    Equity accounted income (loss) —   19   —   (6 )
      (30 ) 1,719   1,111   1,174  
    Income before income taxes 77   2,591   1,222   3,023  
    Current income tax expense (20 ) (347 ) (481 ) (540 )
    Deferred income tax recovery —   140   453   37  
    Provision for income taxes (20 ) (207 ) (28 ) (503 )
    Net income 57   2,384   1,194   2,520  
    Other comprehensive income        
    Items that will not be reclassified to net income (loss):        
    Fair value changes to investments —   (518 ) —   (688 )
    Related income taxes —   (30 ) 36   (17 )
    Other comprehensive income (loss), net of income taxes —   (548 ) 36   (705 )
    Comprehensive income 57   1,836   1,230   1,815  
             
    Net income per share        
    Basic —   0.19   0.09   0.20  
    Diluted —   0.19   0.09   0.20  
     
    CONSOLIDATED BALANCE SHEETS
     
    (unaudited) September 30,   December 31,  
    ($ thousands) 2024   2023  
             
    Assets        
    NON-CURRENT ASSETS        
    Investment in Maple Leaf Partnerships 910   22,910  
    Investment in Sunchaser Partnership —   4,700  
    Investment in Energy Securities —   7,584  
    Land held for development —   6,632  
    Right-of-use asset 42   64  
      952   41,890  
    CURRENT ASSETS        
    Cash 27,849   10,664  
    Short term securities —   17,000  
    Amounts receivable and other 5,423   4,616  
    Asset classified as held for sale 4,670   —  
    Total assets 38,894   74,170  
             
    Liabilities        
    NON-CURRENT LIABILITIES        
    Deferred income tax liabilities 196   1,773  
    Lease liabilities 70   85  
      266   1,858  
    CURRENT LIABILITIES        
    Lease liabilities 38   38  
    Income taxes payable 905   171  
    Amounts payable and other 607   800  
    Total liabilities 1,816   2,867  
             
    Equity        
    Shareholders’ equity 35,619   51,324  
    Contributed surplus —   1,132  
    Retained earnings 1,240   10,364  
    Accumulated other comprehensive income 219   8,483  
    Total equity 37,078   71,303  
    Total liabilities and equity 38,894   74,170  
       

    Executive Officers of the Corporation will be available at 403-705-8038 to answer any questions on the Corporation’s financial results.

    STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND OTHER MEASUREMENTS
    Certain statements included in this document may constitute forward-looking statements or information under applicable securities legislation. Forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial conditions, expected financial results, performance, opportunities, priorities, ongoing objectives, strategies and outlook of the Corporation and its investee entities and contain words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, or similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation.

    While the Corporation believes the anticipated future results, performance or achievements reflected or implied in those forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Corporation’s control, which may cause the actual results, performance and achievements of the Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors and risks that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include but are not limited to: the ability of management of Wilmington and its investee entities to execute its and their business plans; availability of equity and debt financing and refinancing within the equity and capital markets; strategic actions including dispositions; business competition; delays in business operations; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; operational matters related to investee entities business; incorrect assessments of the value of acquisitions; fluctuations in interest rates; stock market volatility; general economic, market and business conditions; risks associated with existing and potential future law suits and regulatory actions against Wilmington and its investee entities; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities; changes in income tax laws, tax laws; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; and other risks, factors and uncertainties described elsewhere in this document or in Wilmington’s other filings with Canadian securities regulatory authorities.

    The foregoing list of important factors that may affect future results is not exhaustive. When relying on the forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, that may be as a result of new information, future events or otherwise. These forward-looking statements are effective only as of the date of this document.

    The MIL Network –

  • MIL-OSI: Institute for Catastrophic Loss Reduction formally opens Winnipeg Climate Resilience Centre

    Source: GlobeNewswire (MIL-OSI)

    WINNIPEG, Manitoba, Nov. 05, 2024 (GLOBE NEWSWIRE) — The Institute for Catastrophic Loss Reduction (ICLR) is very pleased to announce the formal launch of its Climate Resilience Centre in downtown Winnipeg. The centre was made possible through generous contributions from Wawanesa, including the provision of office space in the company’s former executive office at 191 Broadway and operating funds.

    “ICLR is thrilled to partner with Wawanesa on this trailblazing facility,” said Paul Kovacs, Executive Director of the Institute for Catastrophic Loss Reduction. “After this year’s horrendous series of storm and wildfire-related losses that have led to a record $8 billion in insurance claims, it has never been more clear that all facets of Canadian society must work together to foster resilience to extremes. In the context of making Canadian homes, both existing and new, stronger against nature’s extremes, we know what features need to be added. The new ICLR Climate Resilience Centre in Winnipeg allows attendees to see these features in action.”

    “As Canada’s leading property and casualty mutual insurer, we see firsthand the devastating impact of severe weather across the country,” said Jeff Goy, President & CEO of Wawanesa. “Driven by our commitment to building stronger, more resilient communities, Wawanesa is proud to support the Institute for Catastrophic Loss Reduction’s new Climate Resilience Centre in our former executive office in Winnipeg. This facility will serve as a critical resource in equipping Canadians with the knowledge to better protect themselves against the growing threats of climate change, helping them to reduce their risk of loss.”

    The Climate Resilience Centre will serve as a destination for various stakeholders, such as insurers, reinsurers, brokers, home builders, building code officials and others to come together and learn about best practices and the issues involved in becoming more climate resilient. This includes:

    • Developing programming with national reach, distributing information to various stakeholders that is relevant to climate risks across the country.
    • Free attendance, allowing groups to book the premises for education sessions, host events and to collaborate in person.
    • Multimedia and other hands-on displays highlighting practical strategies for property loss mitigation developed by ICLR and sponsored by Wawanesa. The displays will be able to travel to communities for education events to address hazards such as basement flooding/sewer backup, wildfire, overland flooding, extreme wind, and hail.
    • A dedicated space sponsored by Wawanesa that will encourage attendees to come together to share knowledge and learn.

    Tours of the ICLR Climate Resilience Centre can be booked, and inquiries about borrowing the displays can be made by visiting www.iclr.org/climatecentre/.

    About The Institute for Catastrophic Loss Reduction (ICLR)
    Canada’s leading disaster research institute, the Institute for Catastrophic Loss Reduction (ICLR), was established by the insurance industry in 1997 as an independent, not-for-profit research and outreach institute to champion disaster resilience in Canada. ICLR is an international centre of excellence affiliated with Western University, London, Ontario. The Institute develops and champions evidence-based disaster safety solutions that can be implemented by homeowners, businesses and governments to enhance their disaster resilience. Visit www.iclr.org for more information.

    About The Wawanesa Mutual Insurance Company
    The Wawanesa Mutual Insurance Company, founded in 1896, is one of Canada’s largest mutual insurers, with over $3.5 billion in annual revenue and assets of $10 billion. Wawanesa Mutual, with its National Headquarters in Winnipeg, is the parent company of Wawanesa Life, which provides life insurance products and services throughout Canada, and Western Financial Group, which distributes personal and business insurance across Canada. Wawanesa proudly serves more than 1.7 million members in Canada. The company actively gives back to organizations that strengthen communities, donating more than $3.5 million annually to charitable organizations, including over $2 million annually in support of people on the front lines of climate change. Learn more at wawanesa.com.

    For more information:
    Michel Rosset
    Manager, Corporate Communications & Media Relations
    The Wawanesa Mutual Insurance Company
    media@wawanesa.com

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2b304c1a-bceb-4c48-81ab-b15fbf482fd5

    https://www.globenewswire.com/NewsRoom/AttachmentNg/df5d68f1-6b5a-4a3e-aef0-b2630d979275

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ec5a4ca6-49a7-425f-a354-f6b7a926aa64

    The MIL Network –

  • MIL-OSI Security: Bay d’Espoir — Bay d’Espoir RCMP investigates break and enter at Canada Post storage shed

    Source: Royal Canadian Mounted Police

    Bay d’Espoir RCMP is investigating a break, enter and theft that occurred at a Canada Post storage shed sometime between Saturday, November 2 and Monday, November 4.

    Shortly before 2:30 p.m. on Monday, police received the report of the crime that occurred at the storage shed located on Route 360, approximately 1 km north of the Route 361 turnoff. Suspect(s) forced entry into the shed, causing property damage. In the same area, a passenger van was stolen and was later recovered abandoned at an apartment building parking lot in Grand Falls-Windsor. See images attached.

    Police believe the two incidents may be related. The investigation is continuing.

    Anyone with information about this crime or the identity of those responsible is asked to contact Bay d’Espoir RCMP at 709-882-2230. To remain anonymous, contact Crime Stoppers: #SayItHere 1-800-222-TIPS (8477), visit www.nlcrimestoppers.com or use the P3Tips app.

    MIL Security OSI –

  • MIL-OSI Security: Leader of International Stock Manipulation Ring Pleads Guilty

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    Damian Williams, the United States Attorney for the Southern District of New York, announced today that RONALD BAUER pled guilty to conspiring to commit securities fraud in connection with his role in a long-running “pump-and-dump” stock manipulation scheme. BAUER pled guilty before U.S. District Judge Paul A. Engelmayer and is scheduled to be sentenced on May 20, 2025. 

    U.S. Attorney Damian Williams said: “For years, Ronald Bauer orchestrated a sprawling ‘pump-and-dump’ scheme involving the shares of numerous U.S.-based issuers that preyed on ordinary, retail investors.  While Bauer and his co-conspirators lived outside of the United States, they took advantage of the U.S. markets to perpetrate their fraud and reaped millions upon millions in profits at the expense of the victims. Today’s guilty plea should send a clear message that this Office is committed to holding market manipulators accountable no matter how hard they try to conceal their crimes.” 

    According to allegations in the Indictment, public filings, and statements made in court: 

    BAUER, a/k/a “Patek,” a citizen of Canada and the United Kingdom who resided in the United Kingdom, orchestrated numerous “pump-and-dump” schemes, controlling various aspects of the plans.  The Securities and Exchange Commission (“SEC”) had previously filed securities fraud claims against BAUER in 2005 for engaging in an alleged market manipulation scheme that was alleged to have issued false and misleading press releases while secretly dumping tens of millions of shares into the inflated market that BAUER and his associates had created.  In 2006, without admitting or denying the allegations, BAUER consented to the entry of a judgment against him providing for injunctive relief, barring BAUER from serving as an officer or director of a public company or participating in an offering of penny stock for a period of five years, and payment of disgorgement of $840,000.

    As he admitted in connection with his guilty plea, BAUER and his co-conspirators participated in a conspiracy to commit securities fraud with respect to seven issuers: Cantabio Pharmaceuticals Inc. (CTBO) (previously Lion Consulting Group (LIOC)); Virtus Oil and Gas Corp. (VOIL) (previously Curry Gold Corp. (CURGD)); Steampunk Wizards (SPWZ) (previously Freedom Petroleum (FPET)); Black Stallion Oil and Gas Inc. (BLKG) (previously Secure IT Corp.); PetroTerra Corp. (previously Loran Connection Corp (LRNC)); Black River Petroleum (BRPC) (previously American Copper Corp. (AMCU)); and Cyberfort Software Inc. (CYBF) (previously Patriot Berry Farms (PBFI)) (collectively, the “Issuers”).  

    To perpetrate the “pump-and-dump” scheme, BAUER and his co-conspirators obtained ownership and control of all or the vast majority of the unrestricted (i.e., free trading) stock of the Issuers.  BAUER and his co-conspirators sought to conceal their beneficial ownership of these controlling interests in the shares of the Issuers by causing their shares to be distributed to and divided amongst nominee entities that had been established by a Swiss corporation called Blacklight, S.A.  These entities were nominally owned by unrelated third parties but were, in fact, controlled by BAUER or his co-conspirators.  Thereafter, BAUER and his co-conspirators retained trading authority over the blocks of shares of the Issuers held by the Blacklight nominee entities and BAUER regularly provided trading instructions with respect to these shares to executives or employees at Blacklight.  In addition, BAUER and his co-conspirators effectively controlled or otherwise maintained significant influence over the management of the Issuers during the “pump-and-dump” scheme. 

    At times, BAUER and his co-conspirators caused nominees to engage in “match trades”—i.e., place both buy and sell orders in the same stock on the same day—for no legitimate economic purpose.  Furthermore, BAUER and his co-conspirators financed and coordinated promotional campaigns touting the Issuers to stoke trading interest in the Issuers’ stock, though without publicly disclosing their relationship to the promotional campaigns, their controlling interest, or their intent to sell a significant percentage of their holdings into the buying interest that they intended the promotional campaigns would generate.  BAUER and his co-conspirators took steps to conceal the fact that the nominee entities they controlled were the true funding source for the promotional campaigns. 

    During or shortly after the promotional campaigns, BAUER and his co-conspirators caused the Blacklight nominee entities to engage in trading activity in the Issuers’ stock, including selling a large percentage of their holdings of the Issuers’ stock, then caused the Blacklight nominee entities they controlled to remit to them the proceeds of the stock sales.

    *                *                *

    BAUER, 49, of London, United Kingdom, pled guilty to one count of conspiracy to commit securities fraud, which carries a maximum sentence of five years in prison.  As part of his guilty plea, a money judgment in the amount of $4,377,228.74 was entered against BAUER.

    The maximum potential sentence in this case is prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge.

    Mr. Williams praised the outstanding work of the Federal Bureau of Investigation.  He further thanked the Justice Department’s Office of International Affairs of the Department’s Criminal Division, as well as authorities in the United Kingdom, in particular the Crown Prosecution Service’s National Extradition Unit. Finally, Mr. Williams also thanked the Securities and Exchange Commission, which separately initiated civil proceedings against BAUER. 

    The case is being handled by the Office’s Securities and Commodities Fraud Task Force.  Assistant U.S. Attorneys Jason Richman, Matthew R. Shahabian, Noah Solowiejczyk, and Vladislav Vainberg are in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI Security: Sapotaweyak Cree Nation — Swan River RCMP lay numerous charges in robbery

    Source: Royal Canadian Mounted Police

    On November 2, 2024, at 3:25 pm, Swan River RCMP responded to a report of a 24-year-old male having assaulted several people and was now walking around the community with a firearm.

    As officers arrived in the community, information was received that the suspect had fled the area after being picked up in a vehicle.

    Patrols were made and the suspect vehicle was located at the gas bar in Mafeking. A traffic stop was conducted on this vehicle that led to the arrest of the 24-year-old male, a 27-year-old male and a 40-year-old female. The 24-year-old male suspect had been found lying in the back of the vehicle with a loaded sawed-off shotgun, machete and ammunition.

    The investigation has determined that the 24-year-old male had assaulted two male victims (22, 20), threatened to harm them and forced them to empty their pockets and turn over their cell phones all while having the firearm pointed at them.

    24-year-old Chandler Cook and 27-year-old Travis Cook, both from Sapotaweyak Cree Nation, were remanded into custody on charges including Careless Use of a Firearm x2, Point Firearm x2, Robbery with Firearm x2 as well as numerous other firearm-related offences.

    The 40-year-old female, from Brandon, was later released from custody for a future court appearance in Swan River.

    Swan River RCMP continue to investigate.

    MIL Security OSI –

  • MIL-OSI Security: Springhill — Cumberland County District RCMP investigating suspicious circumstances

    Source: Royal Canadian Mounted Police

    Cumberland County District RCMP is seeking assistance to identify a man following a suspicious incident in Springhill.

    On November 4, RCMP officers responded to a report of a suspicious person on Pine St. Investigators learned that at approximately 5:00 p.m., a man driving a truck stopped on the roadway and waved to a child outside a nearby home in an attempt to have them approach his vehicle.

    Based on there having been a significant distance between the child and the road, the child is not believed to have been at risk of physical harm during this incident. The child quickly informed an adult, and the vehicle left the area. Police did patrols but the vehicle was not located.

    “This child did the right thing by immediately telling an adult about this incident,” says Sgt. Brian Cameron, Operations NCO of Cumberland County District RCMP. “We don’t know the driver’s intent and would like to hear from him.”

    The male driver had brown hair and a mask that covered his nose and mouth. He was wearing a sweater and pants, possibly blue and green. The pick-up truck was silver in colour.

    Police want to speak with people who have information about this incident, as well as anyone who has witnessed or experienced a similar incident in the area. Anyone with information is asked to contact Cumberland County District RCMP at 902-243-2181. To remain anonymous, contact Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

    MIL Security OSI –

  • MIL-OSI: DLC Releases Q3-2024 Results; Achieves $19.7 Billion in Funded Volumes for Q3-2024 (11% Increase over Prior Year)

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Nov. 05, 2024 (GLOBE NEWSWIRE) — Dominion Lending Centres Inc. (TSX:DLCG) (“DLCG” or the “Corporation”) is pleased to report its financial results for the three (“Q3-2024”) and nine months ended September 30, 2024. For complete information, readers should refer to the interim financial statements and management discussion and analysis which are dated November 5, 2024 and are available on SEDAR+ at www.sedarplus.ca and on the Corporation’s website at www.dlcg.ca. All amounts are presented in Canadian dollars unless otherwise stated.

    DLCG includes the Corporation and its three main subsidiaries: MCC Mortgage Centres Canada Inc. (“MCC”), MA Mortgage Architects Inc. (“MA”), and Newton Connectivity Systems Inc. (“Newton”). 

    Gary Mauris, Executive Chairman and CEO, commented, “The DLC Group maintained its strong momentum from the first half of the year, achieving an 11% increase in funded volumes and a 13% increase in revenues for Q3-2024 compared to Q3-2023. We are pleased that the adoption of our technology connectivity platform ‘Velocity’ continues to grow, increasing to 73% of DLCG-submitted volumes in Q3-2024.  As we look ahead, we are focused on our core objectives of recruitment and retention of franchises and brokers, and onboarding of brokers onto Velocity. The DLC Group, its franchisees, and its mortgage professionals have worked hard to achieve the continued success, and we feel well positioned to capitalize on market conditions as interest rates decline.” 

    Q3-2024 Summary:

    • Q3-2024 funded volumes of $19.7 billion, representing an 11% increase as compared to Q3-2023;
    • Q3-2024 revenue of $22.1 million, representing a 13% increase compared to Q3-2023;
    • Q3-2024 adjusted EBITDA of $12.2 million as compared to $10.1 million in Q3-2023;
    • The Corporation’s Q3-2024 net income of $5.3 million is consistent with Q3-2023, primarily from higher income from operations from increased funded volumes, and increased revenues offset by higher non-cash finance expense on the Preferred Share liability;
    • The Corporation declared a quarterly dividend of $0.03 per class A common share (“Common Share”), resulting in a dividend payment of $1.4 million in Q3-2024; and
    • On October 2, 2024, the Corporation entered into an acquisition agreement with KayMaur Holdings Ltd. and certain minority holders to acquire (“Proposed Acquisition”) all of the issued and outstanding Preferred Shares in exchange for $137 million payable as follows: 30,500,000 class “A” common shares (having a 20 day volume weighted average price of $4.00 per share on the date of announcement) and an aggregate cash payment of $15.0 million. The Proposed Acquisition is subject to a number of conditions, including approval by the Exchange.  If such conditions are met, the Corporation anticipates closing to occur at or near the end of 2024.       

    Selected Consolidated Financial Summary:
    Below is a summary of our financial results for the three and nine months ended September 30, 2024 and September 30, 2023.

      Three months ended Sept. 30, Nine months ended Sept. 30,
    (in thousands, except per share and KPIs)   2024   2023 Change   2024   2023 Change
    Revenues $ 22,073 $ 19,578 13% $ 54,497 $ 46,759 17%
    Income from operations   10,215   8,879 15%   21,063   14,397 46%
    Adjusted EBITDA (1)   12,218   10,116 21%   25,746   17,913 44%
    Adjusted EBITDA margin   55%   52% 3%   47%   38% 9%
    Free cash flow attributable to common shareholders (1)   5,609   4,607 22%   10,529   5,424 94%
    Net income (2)   5,271   5,271 –   11,987   2,067 480%
    Adjusted net income (1)   3,754   3,115 21%   7,792   4,973 57%
    Diluted earnings per Common Share (2)   0.11   0.11 –   0.25   0.04 525%
    Adjusted diluted earnings
     per Common Share (1)    		   0.08   0.06 33%   0.16   0.10 60%
    Dividends declared per share $ 0.03 $ 0.03 – $ 0.09 $ 0.09 –
     
    Funded mortgage volumes (3)   19.7   17.7 11%   47.8   42.3 13%
    Number of franchises (4)   521   526 (1%)   521   526 (1%)
    Number of brokers (4)   8,784   8,081 9%   8,784   8,081 9%
    % of DLCG funded mortgage volumes submitted through Velocity   73%   64% 9%   72%   63% 9%
    (1) Please see the Non-IFRS Financial Performance Measures section of the accompanying MD&A for additional information.
    (2) Net income for the three and nine months ended September 30, 2024 includes $2.0 million and $4.5 million of non-cash finance expense on the Preferred Share liability (September 30, 2023 – $0.9 million and $8.0 million expense). The Preferred Share liability is revalued at the end of each reporting period to reflect our most recent outlook and forecast. Refer to the Preferred Shares section of the accompanying MD&A for additional information.
    (3) Funded mortgage volumes are presented in billions.
    (4) The number of franchises and brokers are as at the respective period end date (not in thousands).
       

    During the three and nine months ended September 30, 2024, the Corporation saw an increase in revenues over the three and nine months ended September 30, 2023 from higher Newton revenues primarily due to an increase in Velocity adoption and lender contract renewals. In addition, revenue increased from an increase in mortgage brokers under a DLC Corporate franchise contributing to higher revenues from the brokering of mortgages. Further, our funded mortgage volumes increased during the three and nine month periods when compared to 2023’s equivalent periods, which contributed to increased revenues during those periods.

    As the Corporation’s operating expenses are largely fixed in nature and are not necessarily proportionate to changes in revenues, changes in the Corporation’s revenues have a more pronounced impact on adjusted net income, adjusted EBITDA, and adjusted EBITDA margins. As such, these metrics have increased, with higher revenues during the three and nine months ended September 30, 2024 when compared to the three and nine months ended September 30, 2023.

    Income from operations increased from higher revenues but was partly offset by an increase in operating expenses during the three and nine months ended September 30, 2024 when compared to the three and nine months ended September 30, 2023. The increase in operating expenses is primarily from an increase in direct costs from higher franchise recruiting and support costs.

    Net income increased during the nine months ended September 30, 2024, and was consistent for the three months ended September 30, 2024 compared to the prior year periods. The increase during the nine-month period is primarily from higher revenue and lower other expenses. Other expenses decreased during the nine months ended September 30, 2024, primarily from period-over-period variances in finance expense on the Preferred Share liability (refer to Preferred Shares section the accompanying MD&A for additional information), finance expense, gain on disposal of an equity-accounted investment, and other income. During the three months ended September 30, 2024, higher revenue was partly offset by higher operating expenses and higher other expenses. Other expenses increased during the three months ended September 30, 2024, primarily from period-over-period variances in finance expense on the Preferred Share liability (refer to Preferred Shares section of the accompanying MD&A for additional information).

    On April 25, 2024, the Corporation disposed of its 52% interest in Cape Communications International Inc. (operating as “Impact”) for cash proceeds of $3.7 million which was used to fully repay the Junior Credit Facility. The $0.7 million gain on disposal of an equity-accounted investment for the nine months ended September 30, 2024 relates to cumulative amounts arising on foreign exchange translation of Impact that were previously recognized in other comprehensive income (loss) and were reclassified to income on the sale of Impact. Other income for the nine months ended September 30, 2024 includes $1.0 million related to reversal of the liquidation rights liability on the sale of Impact (refer to Related Party section of the accompanying MD&A for additional information).

    Free cash flow increased during the three months ended September 30, 2024, primarily from higher adjusted cash flows from operations (in turn from higher income from operations), and partly offset by higher maintenance CAPEX. Free cash flow increased during the nine ended September 30, 2024, primarily from higher adjusted cash flows from operations (in turn from higher income from operations), and lower maintenance CAPEX.

    Non-IFRS Financial Performance Measures
    Management presents certain non-IFRS financial performance measures which we use as supplemental indicators of our operating performance. These non-IFRS measures do not have any standardized meaning, and therefore are unlikely to be comparable to the calculation of similar measures used by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS measures are defined and reconciled to the most directly-comparable IFRS measure. Non-IFRS financial performance measures include adjusted EBITDA, adjusted net income, adjusted earnings per share, and free cash flow. Please see the Non-IFRS Financial Performance Measures section of the Corporation’s MD&A dated November 5, 2024 for further information on key performance indicators. The Corporation’s MD&A is available on SEDAR+ at www.sedarplus.ca.

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

       Three months ended Sept. 30, Nine months ended Sept. 30,
    (in thousands)   2024   2023   2024   2023
    Income before income tax $ 7,926 $ 7,445 $ 17,013 $ 5,033
    Add back:                
    Depreciation and amortization   1,117   939   2,994   2,848
    Finance expense   605   832   2,072   2,329
    Finance expense on the Preferred Share liability   2,025   880   4,539   7,991
        11,673   10,096   26,618   18,201
    Adjustments:                
    Share-based payments expense (recovery)   453   (12)   531   (333)
    Promissory note income   (21)   (40)   (78)   (116)
    Foreign exchange loss    3   6   26   26
    Loss on contract settlement   16   (10)   36   58
    Gain on disposal of equity-accounted investment   –   –   (681)   –
    Non-cash impairment of equity-accounted investments   –   –   198   –
    Other expense (income) (1)   94   76   (904)   77
    Adjusted EBITDA (2) $ 12,218 $ 10,116 $ 25,746 $ 17,913
    (1) Other expense (income) for the three and nine months ended September 30, 2024 relates to the reversal of the liquidation rights liability on the sale of Impact (see the Related Party Transactions section of the accompanying MD&A) and costs associated with the Proposed Acquisition. Other expense (income) for the three and nine months ended September 30, 2023 relates to a loss on the disposal of an intangible asset.
    (2) Amortization of franchise rights and relationships of $1.3 million and $3.9 million for the three and nine months ended September 30, 2024, respectively (September 30, 2023 – $1.1 million and $3.7 million) is classified as a charge against revenue and has not been added back for adjusted EBITDA.
       

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

       Three months ended Sept. 30, Nine months ended Sept. 30,
    (in thousands)   2024   2023   2024   2023
    Cash flow from operating activities $ 11,289 $ 9,243 $ 26,929 $ 13,653
    Changes in non-cash working capital and other non-cash items   (620)   (382)   (2,929)   2,952
    Cash provided from operations excluding changes in non-cash working capital and other non-cash items   10,669   8,861   24,000   16,605
    Adjustments:                
    Distributions from equity-accounted investees   –   125   285   275
    Maintenance CAPEX   (886)   (630)   (4,349)   (6,039)
    Lease payments   (117)   (160)   (343)   (476)
    Loss on contract settlement   16   (10)   36   58
    Share-based payments   68   –   68   –
    NCI portion of cash provided from operations excluding changes in non-cash working capital   (242)   –   (311)   –
    Other non-cash items (1)   76   –   (956)   1
        9,584   8,186   18,430   10,424
    Free cash flow attributable to Preferred Shareholders (2)   (3,975)   (3,579)   (7,901)   (5,000)
    Free cash flow attributable to common shareholders $ 5,609 $ 4,607 $ 10,529 $ 5,424
    (1) Other non-cash items for the three and nine months ended September 30, 2024 represents foreign exchange losses and promissory note income. The three and nine months ended September 30, 2023 includes losses on disposal of an intangible asset.
    (2) Free cash flow attributable to the Preferred Shareholders is determined based on free cash flow of the Core Business Operations (as defined in the Preferred Shares section of the accompanying MD&A).
       

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

       Three months ended Sept. 30, Nine months ended Sept. 30,
    (in thousands)   2024   2023   2024   2023
    Net income $ 5,271 $ 5,271 $ 11,987 $ 2,067
    Adjustments:                
    Gain on sale of an equity-accounted investment   –   –   (681)   –
    Non-cash impairment of equity-accounted investments   –   –   198   –
    Foreign exchange loss    3   6   26   26
    Finance expense on the Preferred Share liability (1)   2,025   880   4,539   7,991
    Loss on contract settlement   16   (10)   36   58
    Promissory note interest income   (21)   (40)   (78)   (116)
    Other expense (income) (2)   94   76   (904)   77
    Income tax effects of adjusting items   (25)   (1)   (29)   (4)
        7,363   6,182   15,094   10,099
    Income attributable to Preferred Shareholders (3)   (3,609)   (3,067)   (7,302)   (5,126)
    Adjusted net income   3,754   3,115   7,792   4,973
    Adjusted net income attributable to common shareholders   3,673   3,113   7,655   4,957
    Adjusted net income attributable to non-controlling interest   81   2   137   16
    Diluted adjusted earnings per Common Share $ 0.08 $ 0.06 $ 0.16 $ 0.10
    (1) The Preferred Share liability is revalued at the end of each reporting period to reflect our most recent outlook and forecast. Refer to the Preferred Shares section of the accompanying MD&A.
    (2) Other expense (income) for the three and nine months ended September 30, 2024 relates to the reversal of the liquidation rights liability on the sale of Impact (see the Related Party Transactions section of the accompanying MD&A) and costs associated with the Proposed Acquisition. Other expense (income) for the three and nine months ended September 30, 2023 relates to a loss on the disposal of intangible assets.
    (3) Adjusted net income attributable to the Preferred Shareholders is determined based on adjusted net income of the Core Business Operations (as defined in the Preferred Shares section of the accompanying MD&A).
       

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

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

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

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

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

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

    Contact information for the Corporation is as follows:

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

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

    The MIL Network –

  • MIL-OSI: FLINT Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — FLINT Corp. (“FLINT” or the “Company”) (TSX: FLNT) today announced its results for the three and nine months ended September 30, 2024. All amounts are in Canadian dollars and expressed in thousands of dollars unless otherwise noted.

    “EBITDAS” and “Adjusted EBITDAS” are not standard measures under IFRS. Please refer to the Advisory regarding Non-GAAP Financial Measures at the end of this press release for a description of these items and limitations of their use.

    “In the third quarter, we reached record levels of activity with $211.6 million in revenue and successfully executed 13 turnarounds. Adjusted EBITDAS rose by 24.4% year over year. Our dedication to client-centric service and on-time, on-budget contract execution will continue to drive our growth” said Barry Card, Chief Executive Officer.

    “We successfully onboarded over 850 new employees in the third quarter, reaching a workforce high of 4,450 in September. Over 2 million exposure hours were worked throughout the quarter without a single recordable incident, showcasing our commitment to safety as it is an integral part of how we deliver services to our clients daily,” added Mr. Card.

    THIRD QUARTER HIGHLIGHTS

    • Revenue for the three months ended September 30, 2024 was $211.6 million, representing an increase of $24.6 million or 13.1% from the same period in 2023 and an increase of $46.7 million or 28.3% from the second quarter of 2024.
    • Gross profit for the three months ended September 30, 2024 was $23.8 million, representing an increase of $4.0 million or 20.3% from the same period in 2023 and an increase of $5.8 million or 32.1% from the second quarter of 2024.
    • Gross profit margin for the three months ended September 30, 2024 was 11.2%, as compared to 10.6% in the same period in 2023 and 10.9% in the second quarter of 2024.
    • Adjusted EBITDAS for the three months ended September 30, 2024 was $13.4 million, representing an increase of $2.6 million or 24.4% from the same period in 2023 and an increase of $5.1 million or 61.7% from the second quarter of 2024.
    • Adjusted EBITDAS margin was 6.3% for the three months ended September 30, 2024 representing an increase of 0.5% from the same period in 2023 and an increase of 1.3% from the second quarter of 2024.
    • Selling, general and administrative (“SG&A”) expenses for the three months ended September 30, 2024 were $10.9 million, representing an increase of $1.9 million or 20.9% from the same period in 2023 and an increase of $0.8 million or 7.4% from the second quarter of 2024. As a percentage of revenue, SG&A expenses for the three months ended September 30, 2024 was 5.2%, as compared to 4.8% in the same period in 2023 and 6.2% in the second quarter of 2024.
    • Liquidity, including cash and available credit facilities, was $48.6 million at September 30, 2024, as compared to $34.4 million at September 30, 2023.
    • New contract awards and renewals totaled approximately $67.4 million for the three months ended September 30, 2024 and $18.3 million for the month of October. Approximately 85% of the work is expected to be completed in 2024.

    THIRD QUARTER FINANCIAL RESULTS

    ($ thousands, except per share amounts) Three months ended September 30, Nine months ended September 30,
    2024 2023 % Change 2024 2023 % Change
                 
    Revenue ($) 211,594 187,017 13.1 522,779 506,063 3.3
                 
    Gross Profit ($) 23,757 19,740 20.3 54,745 50,368 8.7
    Gross Profit Margin (%) 11.2 10.6 0.6 10.5 10.0 0.5
                 
    Adjusted EBITDAS(1) 13,433 10,796 24.4 24,926 24,134 3.3
    Adjusted EBITDAS Margin (%) 6.3 5.8 0.5 4.8 4.8 —
                 
    SG&A ($) 10,934 9,045 20.9 31,171 26,785 16.4
    SG&A Margin (%) 5.2 4.8 0.4 6.0 5.3 0.7
                 
    Net income (loss) from continuing operations ($) 5,305 2,789 90.2 (69) (12,639) (99.5)
    Net income (loss) ($) 5,233 2,786 87.8 (385) (12,646) (97.0)
                 
    Basic and Diluted:            
    Net income (loss) per share from continuing operations ($) 0.05 0.03 66.7 — (0.11) (100.0)
    Net income (loss) per share ($) 0.05 0.03 66.7 — (0.11) (100.0)
                 

    (1) EBITDAS and Adjusted EBITDAS are not standard measures under IFRS and they are defined in the section “Advisory regarding Non-GAAP Financial Measures”

    Revenue for the three and nine months ended September 30, 2024 was $211,594 and $522,779 compared to $187,017 and $506,063 for the same periods in 2023, representing an increase of 13.1% and 3.3%. The increase in revenue was primarily due to the 13 turnarounds that were performed in the third quarter this year, compared to 6 turnarounds that were performed in the same period of 2023.

    Gross profit for the three and nine months ended September 30, 2024 was $23,757 and $54,745 compared to $19,740 and $50,368 for the same periods in 2023, representing an increase of 20.3% and 8.7%. Gross profit margin for three and nine months ended September 30, 2024 was 11.2% and 10.5%, compared to 10.6% and 10.0% to for the same periods in 2023. The increase in gross profit margin was primarily due to the mix of work compared to the same period of 2023.

    SG&A expenses for the three and nine months ended September 30, 2024 were $10,934 and $31,171, in comparison to $9,045 and $26,785 for the same periods in 2023, representing an increase of 20.9% and 16.4%. As a percentage of revenue, SG&A expenses for the three and nine months ended September 30, 2024 were 5.2% and 6.0% compared to 4.8% and 5.3% for the same periods in 2023. The increase in SG&A expenses, both on an absolute basis and as a percentage of revenue, is primarily due to higher personnel costs to support the Company’s organic growth strategy and increased professional fees to assist in the ongoing continuous improvements in the business post the implementation of the Company’s enterprise resource planning system.

    For the three and nine months ended September 30, 2024, Adjusted EBITDAS was $13,433 and $24,926 compared to $10,796 and $24,134 for the same periods in 2023. As a percentage of revenue, Adjusted EBITDAS was 6.3% and 4.8% for the three and nine months ended September 30, 2024 compared to 5.8% and 4.8% for the same periods in 2023.

    Income from continuing operations for the three months ended September 30, 2024 was $5,305 compared to $2,789 for the same period in 2023. The income variance was primarily driven by the increase in turnaround activity partially offset by higher SG&A expenses. Loss from continuing operations for the nine months ended September 30, 2024 was $69 compared to $12,639 for the same period in 2023. The loss variance was driven by the impairment of intangible assets, goodwill and PP&E recognized in the second quarter of 2023.

    LIQUIDITY AND CAPITAL RESOURCES

    FLINT has an asset-based revolving credit facility (the “ABL Facility”) providing for maximum borrowings of up to $50.0 million with a Canadian chartered bank. The amount available under the ABL Facility will vary from time to time based on the borrowing base determined with reference to the accounts receivable of FLINT and certain of its subsidiaries. The maturity date of the ABL Facility is April 14, 2027.

    The Company anticipates that its liquidity (cash on hand and available credit facilities) and cash flow from operations will be sufficient to meet its short-term contractual obligations. To maintain compliance with its financial covenants through September 30, 2025, the Company has the ability to pay interest on the Senior Secured Debentures in kind, which requires approval by the holder of the Senior Secured Debentures at its sole discretion

    As at September 30, 2024, the issued and outstanding share capital included 110,001,239 Common Shares, 127,732 Series 1 Preferred Shares, and 40,111 Series 2 Preferred Shares.

    The Series 1 Preferred Shares (having an aggregate value of $127.732 million) are convertible at the option of the holder into Common Shares at a price of $0.35/share and the Series 2 Preferred Shares (having an aggregate value of $40.111 million) are convertible into Common Shares at a price of $0.10/share.

    The Series 1 and Series 2 Preferred Shares have a 10% fixed cumulative preferential cash dividend payable when the Company has sufficient monies to be able to do so, including under the provisions of applicable law and contracts affecting the Company. The Board of Directors of the Company does not intend to declare or pay any cash dividends until the Company’s balance sheet and liquidity position supports the payment. As at September 30, 2024, the accrued and unpaid dividends on the Series 1 and Series 2 shares totaled $106.0 million. Any accrued and unpaid dividends are convertible in certain circumstances at the option of the holder into additional Series 1 and Series 2 Preferred Shares.

    On June 30, 2024, Canso, in its capacity as portfolio manager for and on behalf of certain accounts that it manages and sole holder of the Senior Secured Debentures, agreed to accept the issuance of Senior Secured Debentures on June 30, 2024 with a principal amount of $5,205 in order to satisfy the interest that would otherwise become due and payable on such date.

    ADDITIONAL INFORMATION

    Our unaudited condensed interim financial statements for the three and nine months ended September 30, 2024 and the related Management’s Discussion and Analysis of the operating and financial results can be accessed on our website at www.flintcorp.com and will be available shortly through SEDAR at www.sedarplus.ca.

    About FLINT Corp.

    With a legacy of excellence and experience stretching back more than 100 years, FLINT provides solutions for the Energy and Industrial markets including: Oil & Gas (upstream, midstream and downstream), Petrochemical, Mining, Power, Agriculture, Forestry, Infrastructure and Water Treatment. With offices strategically located across Canada and a dedicated workforce, we provide maintenance, construction, wear technology and environmental services that help our customers bring their resources to our world. For more information about FLINT, please visit www.flintcorp.com or contact:

    Barry Card Jennifer Stubbs
    Chief Executive Officer Chief Financial Officer
    FLINT Corp. FLINT Corp.
    (587) 318-0997  
    investorrelations@flintcorp.com  
       

    Advisory regarding Forward-Looking Information

    Certain information included in this press release may constitute “forward-looking information” within the meaning of Canadian securities laws. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other similar expressions concerning matters that are not historical facts. Specifically, this press release contains forward-looking information relating to: our business plans, strategies and objectives; the sufficiency of our liquidity and cash flow from operations to meet our short-term contractual obligations and maintain compliance with our financial covenants through to September 30, 2025; the payment of interest owing on the Senior Secured Debentures in kind; the Company’s approach to dividends; our view that dedication to client-centric service and on-time, on-budget contract execution will continue to drive our growth; and the amount of work that is expected to be completed in 2024.

    Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking information including, but not limited to, compliance with debt covenants, access to credit facilities and other sources of capital for working capital requirements and capital expenditure needs, availability of labour, dependence on key personnel, economic conditions, commodity prices, interest rates, regulatory change, weather and risks related to the integration of acquired businesses. These factors should not be considered exhaustive. Risks and uncertainties about FLINT’s business are more fully discussed in FLINT’s disclosure materials, including its annual information form and management’s discussion and analysis of the operating and financial results, filed with the securities regulatory authorities in Canada and available on SEDAR+ at www.sedarplus.ca. In formulating the forward-looking information, management has assumed that business and economic conditions affecting FLINT will continue substantially in the ordinary course, including, without limitation, with respect to general levels of economic activity, regulations, taxes and interest rates. Although the forward-looking information is based on what management of FLINT consider to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management’s assumptions may prove to be incorrect.

    This forward-looking information is made as of the date of this press release, and FLINT does not assume any obligation to update or revise it to reflect new events or circumstances except as required by law. Undue reliance should not be placed on forward-looking information. Forward-looking information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

    Advisory regarding Non-GAAP Financial Measures

    The terms ‘‘EBITDAS’’ and “Adjusted EBITDAS” (collectively, the ‘‘Non-GAAP Financial Measures’’) are financial measures used in this press release that are not standard measures under IFRS. FLINT’s method of calculating the Non-GAAP Financial Measures may differ from the methods used by other issuers. Therefore, the Non-GAAP Financial Measures, as presented, may not be comparable to similar measures presented by other issuers.

    EBITDAS refers to income (loss) from continuing operations in accordance with IFRS, before depreciation and amortization, interest expense, income tax expense (recovery) and long-term incentive plan expenses. EBITDAS is used by management and the directors of FLINT as well as many investors to determine the ability of an issuer to generate cash from operations. Management believes that in addition to income (loss) from continuing operations and cash provided by operating activities, EBITDAS is a useful supplemental measure from which to determine FLINT’s ability to generate cash available for debt service, working capital, capital expenditures and income taxes. FLINT has provided a reconciliation of income (loss) from continuing operations to EBITDAS below.

    Adjusted EBITDAS refers to EBITDAS excluding impairment of assets, restructuring expense, gain on sale of property, plant and equipment, other income and one time incurred expenses. FLINT has used Adjusted EBITDAS as the basis for the analysis of its past operating financial performance. Adjusted EBITDAS is a measure that management believes (i) is a useful supplemental measure from which to determine FLINT’s ability to generate cash available for debt service, working capital, capital expenditures, and income taxes, and (ii) facilitates the comparability of the results of historical periods and the analysis of its operating financial performance which may be useful to investors. FLINT has provided a reconciliation of income (loss) from continuing operations to Adjusted EBITDAS below.

    Investors are cautioned that the Non-GAAP Financial Measures are not alternatives to measures under IFRS and should not, on their own, be construed as an indicator of performance or cash flows, a measure of liquidity or as a measure of actual return on the shares. These Non-GAAP Financial Measures should only be used with reference to FLINT’s consolidated interim and annual financial statements, which are available on SEDAR+ at www.sedarplus.ca or on FLINT’s website at www.flintcorp.com.

    (In thousands of Canadian dollars) Three months ended September 30, Nine months ended September 30,
    2024 2023 2024 2023
             
    Income (loss) from continuing operations 5,305 2,789 (69) (12,639)
    Add:        
    Amortization of intangible assets 66 70 201 332
    Depreciation expense 2,671 2,434 8,003 7,610
    Long-term incentive plan expense 850 625 2,225 2,670
    Interest expense 4,718 4,670 14,033 13,680
    EBITDAS 13,610 10,588 24,393 11,653
    Add (deduct):        
    Gain on sale of property, plant and equipment (810) (133) (1,253) (323)
    Impairment of goodwill and intangible assets — — — 7,289
    Impairment of property, plant and equipment — — — 4,173
    Restructuring expenses 334 327 1,310 1,105
    Other income (47) (32) (468) (142)
    One-time incurred expenses 346 46 944 379
    Adjusted EBITDAS 13,433 10,796 24,926 24,134

    The MIL Network –

  • MIL-OSI: AGF Reports October 2024 Assets Under Management and Fee-Earning Assets

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Nov. 05, 2024 (GLOBE NEWSWIRE) — AGF Management Limited reported total assets under management (AUM) and fee-earning assets1 of $51.5 billion as at October 31, 2024.

    AUM
    ($ billions)    		 October 31, 
    2024     		 September 30, 
    2024     		 % Change 
    Month-Over-Month     		 October 31, 
    2023     		 % Change 
    Year-Over- 
    Year  
    Total Mutual Fund $29.2  $28.7    $23.2   
    Exchange-traded funds
    + Separately managed
    accounts    		 $2.5  $2.4    $1.5   
    Segregated accounts
    and Sub-advisory    		 $6.6  $6.6    $6.5   
    AGF Private Wealth $8.3  $8.3    $7.0   
    Subtotal
    (before AGF Capital
    Partners AUM and fee-
    earning assets    1)    		 $46.6  $46.0    $38.2   
    AGF Capital Partners $2.8  $2.8    $0.1   
    Total AUM $49.4  $48.8  1.2 % $38.3  29.0 %
    AGF Capital Partners
    fee-earning assets1    		 $2.1  $2.1    $2.0   
    Total AUM and fee-
    earning assets    1    		 $51.5  $50.9  1.2 % $40.3  27.8 %
               
    Average Daily Mutual
    Fund AUM    		 $29.2  $28.2    $23.3   

    1 Fee-earning assets represent assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

    Mutual Fund AUM by Category

    ($ billions)

    		 October 31, 
    2024     		 September 30, 
    2024     		 October 31, 
    2023 
    Domestic Equity Funds $4.4  $4.4  $3.7 
    U.S. and International Equity Funds $17.8  $17.3  $12.9 
    Domestic Balanced Funds $0.1  $0.1  $0.1 
    U.S. and International Balanced Funds $1.6  $1.6  $1.6 
    Domestic Fixed Income Funds $1.8  $1.8  $1.5 
    U.S. and International Fixed Income
    Funds    		 $3.2  $3.2  $3.1 
    Domestic Money Market $0.3  $0.3  $0.3 
    Total Mutual Fund AUM $29.2  $28.7  $23.2 
    AGF Capital Partners AUM and fee-
    earning assets

    ($ billions)

    		 October 31, 
    2024     		 September 30, 
    2024     		 October 31, 
    2023 
    AGF Capital Partners AUM $2.8  $2.8  $0.1 
    AGF Capital Partners fee-earning
    assets    		 $2.1  $2.1  $2.0 
    Total AGF Capital Partners AUM and
    fee-earning assets    		 $4.9  $4.9  $2.1 


    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $51 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    AGF Management Limited shareholders, analysts and media, please contact:

    Ken Tsang
    Chief Financial Officer
    416-865-4338, InvestorRelations@agf.com

    The MIL Network –

  • MIL-OSI Canada: Government launches consultations on National Bank’s proposed acquisition of Canadian Western Bank

    Source: Government of Canada News (2)

    Today, the Department of Finance is launching consultations to help inform the Minister of Finance’s decision regarding National Bank of Canada’s proposed acquisition of Canadian Western Bank, which was first announced on June 11, 2024.

    November 5, 2024 – Ottawa, Ontario – Department of Finance Canada

    Today, the Department of Finance is launching consultations to help inform the Minister of Finance’s decision regarding National Bank of Canada’s proposed acquisition of Canadian Western Bank, which was first announced on June 11, 2024.

    As stipulated in the Bank Act, all acquisitions and amalgamations in Canada’s banking sector are subject to the approval of the Minister of Finance, who must take into account all matters she considers relevant. These may include:

    • The rights and interests of consumers, business customers, and employees;
    • The impact of the transaction on the level of competition in the sector;
    • The consequences of the stability and integrity of the financial sector and public confidence in it;
    • Whether the acquisition is in the best interests of the financial system; and,
    • Whether the acquisition is in the best interests of those living in an affected region.

    The proposed acquisition would require an additional approval from the Minister of Finance to recategorize Canadian Western Bank and exempt it from the requirement that its shares be widely held. In addition to the regulatory review by the Office of the Superintendent of Financial Institutions and by the Competition Bureau, which concluded in September 2024, comments received during this consultation process will help inform the Minister of Finance’s decision, and can be submitted to transactions@fin.gc.ca by November 19, 2024, with “NBC/CWB” in the subject line.

    MIL OSI Canada News –

  • MIL-OSI Canada: Canada and African Union Commission to host High-Level and Trade Policy dialogues

    Source: Government of Canada News

    The Honourable Mélanie Joly, Minister of Foreign Affairs, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, and the Honourable Ahmed Hussen, Minister of International Development, will meet African Union Commission (AUC) leadership for the second annual Canada-AUC High-Level Dialogue on November 7, 2024. On November 6, Minister Ng will attend a high-level event at the Canada-AUC Trade Policy Dialogue. The events will take place in Toronto, Ontario.

    November 5, 2024 – Ottawa, Ontario – Global Affairs Canada

    The Honourable Mélanie Joly, Minister of Foreign Affairs, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, and the Honourable Ahmed Hussen, Minister of International Development, will meet African Union Commission (AUC) leadership for the second annual Canada-AUC High-Level Dialogue on November 7, 2024. On November 6, Minister Ng will attend a high-level event at the Canada-AUC Trade Policy Dialogue. The events will take place in Toronto, Ontario.

    During the High-Level Dialogue events, the ministers will reaffirm Canada’s commitment to deepening its engagement across the African continent. They will meet with representatives of the AUC and the African Union (AU), senior officials, stakeholders from civil society and diasporas and youths to strengthen ties and create opportunities across the African continent. They will also discuss shared priorities, such as promoting peace and security, democracy and human rights, trade diversification and gender equality and tackling food security.

    On November 7, Minister Joly will participate in meetings to discuss how Canada and the AUC can work together within multilateral institutions on shared objectives. She will also highlight Canada’s desire to build further upon the 70 years of its relations with African countries as a reliable and trusted partner in advancing shared priorities and fostering mutual prosperity with African countries. She will also underscore the important role of Canada’s Ambassador for Women, Peace and Security in supporting and fostering the role of young women in civil society.

    Minister Ng will co-chair an economic cooperation session with Albert Muchanga, the AUC’s Commissioner for Trade and Industry, to advance Canada-AUC trade policy collaboration and promote 2-way trade and investment diversification. She will take the opportunity to strengthen cooperation between Canada and Africa and chart a path forward to shared economic prosperity and resilience. Minister Ng will also explore ways to expand and diversify Canada-Africa trade and investment partnerships that will benefit businesses, economies and people in Canada and Africa.

    Minister Hussen will emphasize Canada’s commitment to fostering development partnerships, grounded in its Feminist International Assistance Policy, that benefit both Canada and Africa. He will lead discussions with AUC representatives that focus on Canada and Africa working closely together on trade, gender equality and skills development for youth. Minister Hussen will also underscore Canada’s collaborative approach to maternal health, child nutrition, climate resilience and sustainable agriculture, reinforcing Canada’s dedication to supporting resilient African communities and inclusive economic growth across the continent.

    Throughout the High-Level Dialogue, the 3 ministers will leverage the talented and energetic African youth population, which is playing an important leadership role across the continent.

    The long-standing relationship between Canada and the AUC will be -enhanced with the signing of a memorandum of understanding. A solid partnership between Canada and Africa is fundamental to advancing shared priorities and fostering the mutual prosperity of Canadians and Africans alike.

    MIL OSI Canada News –

  • MIL-OSI Canada: Minister Champagne participating in armchair discussion at the Canadian Aerospace Summit

    Source: Government of Canada News

    Media advisory

    November 6, 2024 – Ottawa, Ontario

    The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry will participate in an armchair discussion with Mike Mueller, President and CEO of the Aerospace Industries Association of Canada.  The event will take place at the Leadership Luncheon during the 2024 Canadian Aerospace Summit.

    Date: Wednesday, November 6, 2024

    Time: 12:40 ET

    Location:

    Rogers Centre (formerly the Shaw Centre)
    55 Colonel By Drive
    Ottawa, ON
    K1N 9J2

    Members of the media are asked to contact ISED Media Relations at media@ised-isde.gc.ca if they would like to have an interview with Minister Champagne.[DC2]

    Contacts

    Audrey Milette
    Press Secretary
    Office of the Minister of Innovation, Science and Industry
    audrey.champoux@ised-isde.gc.ca

    Media Relations
    Innovation, Science and Economic Development Canada
    media@ised-isde.gc.ca

    Stay connected

    Find more services and information at Canada.ca/ISED.

    Follow Innovation, Science and Economic Development Canada on social media.
    X (Twitter): @ISED_CA | Facebook: Canadian Innovation | Instagram: @cdninnovation | LinkedIn: Innovation, Science and Economic Development Canada

    MIL OSI Canada News –

  • MIL-OSI Canada: Ensuring fair electoral representation for Albertans

    Source: Government of Canada regional news

    .
    .

    [embedded content]

    The Justice Statutes Amendment Act, 2024, would amend several pieces of legislation, including the Electoral Boundaries Commission Act, the Public’s Right to Know Act, the Critical Infrastructure Defence Act and the Alberta Evidence Act. Proposed amendments would increase access to justice and address the current needs of Albertans.  

    Electoral Boundaries Commission Act

    If passed, amendments to the Electoral Boundaries Commission Act would direct the commission to increase the number of electoral divisions in Alberta from 87 to 89 and clarify the list of factors the commission may consider when drawing up the new electoral boundaries.

    Under the Electoral Boundaries Commission Act, the population of each electoral division in Alberta must not be more than 25 per cent above or more than 25 per cent below the average population of all the proposed electoral divisions. Currently, the populations of nine electoral divisions in Alberta are greater than 25 per cent of the average electoral division population. 

    Proposed amendments would help address the significant increase in Alberta’s population since the most recent provincial election, and ensure Albertans have effective representation in the legislature.

    “The amendments we are proposing are essential to keeping up with Alberta’s significant population growth and ensuring fair, effective representation for all Albertans in the legislature. By increasing the number of electoral divisions, we demonstrate our commitment to balanced and equitable representation for all Albertans.”

    Mickey Amery, Minister of Justice and Attorney General

    Public’s Right to Know Act

    The Public’s Right to Know Act legislates public reporting of crime data to make it easier for Albertans to know what’s happening in their community. Proposed amendments would allow the minister of justice to require government departments, municipalities and police services to provide up-to-date data, which will foster greater sharing of information and a better understanding of the criminal justice system.

    Critical Infrastructure Defence Act

    The Critical Infrastructure Defence Act protects essential infrastructure by creating offences for trespassing, interfering with operations or causing damage. Proposed amendments would incorporate the health care facilities currently identified in the regulation into the act, ensuring the definition of essential infrastructure is contained in one place. The definition of essential infrastructure is currently contained in both the act and the Critical Infrastructure Defence Regulation. With this amendment, the Critical Infrastructure Defence Regulation, which initially added “prescribed health care facilities” into the definition of essential infrastructure, will no longer be needed and will be repealed.  

    Alberta Evidence Act

    The Alberta Evidence Act sets out a process for individuals to give evidence to the court either orally or in writing. Proposed amendments would give Albertans simpler and more modern processes for confirming the truth of the information they provide to the courts. These amendments would save Albertans time and money by allowing them to certify information electronically rather than visiting a courthouse or paying to swear or affirm an oath in person. Processes will still be available for those who prefer in-person and paper-based execution of documents. 

    Quick facts

    • Between July 1, 2023 and July 1, 2024, Alberta’s population grew by around 204,000 people or 4.4 per cent. This is the highest annual growth rate since 1981 and the highest among all provinces.
    • The populations of nine electoral divisions currently exceed 25 per cent of the average population of each electoral division, which is the maximum deviation allowed under the legislation. 
    • An Electoral Boundaries Commission reviews existing electoral boundaries and makes proposals to the legislative assembly about area, boundaries and names of the electoral divisions.
    • A new Electoral Boundaries Commission is appointed eight to ten years after the appointment of the previous commission.
    • When drawing up the new electoral boundaries, the commission must consider the requirement for effective representation for all Albertans. In addition, the commission may consider:
      • The sparsity and density of population.
      • Communities of interest, including municipalities, regional and rural communities, Indian reserves and Metis settlements.
      • Geographical features, including the availability and means of communication and transportation between various parts of Alberta.
      • The desirability of understandable and clear boundaries.
      • The rate of population growth.
      • Any other factors the commission considers appropriate.

    Related information

    • Ensuring fair electoral representation
    • Bill 31: Justice Statutes Amendment Act, 2024

    Multimedia

    • Watch the news conference
    • Listen to the news conference


    MIL OSI Canada News –

  • MIL-OSI Australia: G7 and Partners Foreign Ministers Statement: 5 November 2024

    Source: Australian Government – Minister of Foreign Affairs

    We, the Foreign Ministers of Australia, Canada, France, Germany, Italy, Japan, Republic of Korea, New Zealand, the United Kingdom, the United States and the High Representative of the European Union express our grave concerns regarding the deployment of DPRK troops to Russia, potentially for the use on the battlefield against Ukraine.

    Several thousands of DPRK troops have been deployed to Russia. The DPRK’s direct support for Russia’s war of aggression against Ukraine, besides showing Russia’s desperate efforts to compensate its losses, would mark a dangerous expansion of the conflict, with serious consequences for European and Indo-Pacific peace and security. It would be a further breach of international law, including the most fundamental principles of the UN Charter.

    We condemn in the strongest possible terms the increasing military cooperation between the DPRK and Russia, including the DPRK’s export and Russia’s unlawful procurement of DPRK ballistic missiles in breach of multiple UN Security Council resolutions (UNSCRs), as well as Russia’s use of these missiles and munitions against Ukraine. DPRK soldiers receiving or providing any training or other assistance related to the use of ballistic missiles or arms is a direct violation of UN Security Council resolutions 1718, 1874 and 2270. We are also deeply concerned about the potential for any transfer of nuclear or ballistic missile-related technology from Russia to the DPRK in violation of the relevant UNSCRs. We urge the DPRK to stop providing assistance to Russia’s war of aggression.

    We reaffirm our unwavering commitment to support Ukraine as it defends its freedom, sovereignty, independence and territorial integrity. We are working with our international partners for a coordinated response to this new development.

    MIL OSI News –

  • MIL-OSI: Hut 8 Operations Update for October 2024

    Source: GlobeNewswire (MIL-OSI)

    20.1 EH/s and 967 MW under management in mining with path to ~35 EH/s

    Vega site buildout advancing on track for Q2 2025 energization

    MIAMI, Nov. 05, 2024 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today released its operations update for October 2024.

    “Following the announcement of our partnership with BITMAIN to launch the U3S21EXPH with a 15 EH/s hosting deployment, progress continues on our 205-megawatt Vega site, which will feature the custom rack-based architecture we developed in-house for the project,” said Asher Genoot, CEO of Hut 8. “With groundwork progressing rapidly, we are on track to energize the site in Q2 2025. Our hosting agreement with BITMAIN is expected to generate up to $135 million in annualized revenue on a fully ramped basis.”

    “In parallel, we are preparing our existing sites for a near-term fleet upgrade as we finalize a commercial agreement. At Salt Creek, we launched an immersion cooling pilot as we continue to advance our technological innovation efforts. More broadly, we are focused on identifying further opportunities for technical and commercial innovation as we advance discussions for large-scale AI data center development opportunities across multiple sites in our development pipeline.”

    Highlights:

    • Groundwork at Vega progressing on track for Q2 2025 energization with ~15 EH/s hosting deployment of U3S21EXPH ASIC miner
    • Began preparing existing sites for expected near-term ASIC fleet upgrade
    • Launched immersion cooling pilot at Salt Creek as part of continued technological innovation efforts
    • Advanced discussions for large-scale AI data center development opportunities across multiple sites in development pipeline

    Operating Metrics

    Average during the period unless otherwise noted October 2024 September 2024
    Total energy capacity under management (mining)1,2 967 MW3 762 MW
    Total deployed miners under management4 194.2K 189.9K
    Total hashrate under management5 20.1 EH/s 19.5 EH/s
         
    Self-Mining6    
    Deployed miners7 57.1K 58.6K
    Deployed hashrate8 5.6 EH/s 5.6 EH/s
    Bitcoin produced1,9 100 BTC 85 BTC
    Bitcoin on balance sheet1 9,110 BTC 9,106 BTC
         
    Managed Services10    
    Energy capacity under management1 582 MW 582 MW
    Deployed miners under management 146.5K 140.8K
    Hashrate under management 15.5 EH/s 14.9 EH/s
         
    Hosting    
    Deployed miners under management11,12 76.7K 76.7K
    Hashrate under management13 8.5 EH/s 8.6 EH/s
         

    Energy Infrastructure Platform1

            Current/Contracted Revenue Stream(s)14
    Site Location Owner15 Power
    Capacity    		 Self-
    Mining    		 Managed
    Services    		 Hosting HPC Power
    Sales
    Vega16 Texas Panhandle Hut 8 205 MW     Yes17    
    Medicine Hat Medicine Hat, AB Hut 8 67 MW Yes        
    Salt Creek Orla, TX Hut 8 63 MW Yes        
    Alpha Niagara Falls, NY Hut 8 50 MW Yes   Yes    
    Drumheller18 Drumheller, AB Hut 8 42 MW          
    Kelowna Kelowna, BC Hut 8 1.1 MW       Yes  
    Mississauga Mississauga, ON Hut 8 0.9 MW       Yes  
    Vaughan Vaughan, ON Hut 8 0.6 MW       Yes  
    Vancouver II Vancouver, BC Hut 8 0.5 MW       Yes  
    Vancouver I Vancouver, BC Hut 8 0.3 MW       Yes  
    King Mountain19 McCamey, TX Hut 8 (JV) 280 MW Yes Yes Yes   Yes
    Iroquois Falls20 Iroquois Falls, ON Hut 8 (JV) 120 MW         Yes
    Kingston20 Kingston, ON Hut 8 (JV) 110 MW         Yes
    North Bay20 North Bay, ON Hut 8 (JV) 40 MW         Yes
    Kapuskasing20 Kapuskasing, ON Hut 8 (JV) 40 MW         Yes
    Cedarvale3,16 Barstow, TX Managed 215 MW   Yes      
    East Stiles Midland, TX Managed 30 MW   Yes      
    Rebel Midland, TX Managed 25 MW   Yes      
    Stiles Midland, TX Managed 20 MW   Yes      
    Garden City Midland, TX Managed 12 MW   Yes      
    Total     1,322 MW          
                     

    Conference Call to Discuss Third Quarter 2024 Results

    Who: Analysts, media, and investors are invited to attend.
    What: Hut 8 executives will review the Company’s financial results for the third quarter of 2024.
    When: Results will be shared via media release and on the Company’s website at https://hut8.com/investors/ on November 13 2024. The conference call and webinar will begin at 8:30 a.m. ET.
    Where: The webcast can be viewed at: https://www.hut8.com/q3-2024/.
      Analysts can register here.
       

    Upcoming Conferences & Events:

    • November 13–14, 2024: Cantor Fitzgerald Crypto, Digital Assets & AI Infrastructure Conference 2024
    • November 19, 2024: Craig-Hallum 15th Annual Alpha Select Conference
    • November 19, 2024: Benzinga Future of Digital Assets Conference 2024

    Notes:

    (1) As of the end of the period
    (2) Energy capacity under management (mining) includes (i) 180 MW of self-mining sites comprised of Alpha, Medicine Hat, and Salt Creek, (ii) 205 MW of hosting capacity at Vega, which is currently under construction, (iii) 280 MW of capacity under management at King Mountain, and (iv) 302 MW from Hut 8’s Managed Services agreement with Ionic, assuming full 215 MW of capacity at Cedarvale, which was first energized in April and is currently under construction.
    (3) Starting October 2024, Hut 8 includes the full 205 MW of capacity at Vega as energy capacity under management (mining) as Vega is expected to host miners for BITMAIN. This was not reflected in Hut 8’s September 2024 figure.
    (4) Includes all miners that are racked with power and networking, rounded to the nearest 100, in Self-Mining, Managed Services, and Hosting infrastructure with power and networking, including all miners at the King Mountain site.
    (5) Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the King Mountain site.
    (6) Self-Mining operations for Hut 8 include 100% of operations at the King Mountain site.
    (7) Deployed miners are defined as those physically racked with power and networking, rounded to the nearest 100; deployed self-mining miners net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 48.2K during October and 49.6K during September.
    (8) Indicates the target hashrate of all deployed miners; deployed self-mining hashrate net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 4.7 EH/s during September and August, respectively.
    (9) Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 83 BTC during October and 72 BTC during September.
    (10) Managed services include (i) 280 MW of capacity under management at King Mountain and (ii) 302 MW from Hut 8’s Managed Services agreement with Ionic, assuming full 215 MW of capacity at Cedarvale, which was first energized in April and is currently under construction.
    (11) Miners are rounded to the nearest 100.
    (12) 42.6K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during October and September, respectively.
    (13) 4.7 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during October and September, respectively.
    (14) Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate.
    (15) Owned denotes ownership of power infrastructure at owned or leased data center locations, except for HPC sites where owned denotes ownership of mechanical and electrical infrastructure at leased data center locations.
    (16) Site is currently under development.
    (17) Anticipated to begin generating revenue by Q2 2025.
    (18) Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
    (19) Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest.
    (20) Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest.
       

    About Hut 8

    Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising twenty sites: ten Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the execution, timing and potential revenues for the hosting deployment at our Vega site, the timing and completion of a fleet upgrade, and the advancement of the Company’s pipeline.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID19 pandemic, climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to mining sites and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Transition Report on Form 10-K, available under the Company’s EDGAR profile at www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov.

    Hut 8 Corp. Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Media Relations
    media@hut8.com

    The MIL Network –

  • MIL-OSI Canada: Province Announces Memorial to Honour Justice Murray Sinclair

    Source: Government of Canada regional news

    November 5, 2024

    Province Announces Memorial to Honour Justice Murray Sinclair

    Today the Manitoba government announced plans to honour the life of Murray Sinclair, the first Indigenous judge to be named to the Manitoba provincial court and the Court of Queen’s Bench of Manitoba.

    Starting tomorrow, a book of condolences will be placed at the base of the Grand Staircase in the Manitoba Legislative Building. Members of the public are invited to begin signing the book starting tomorrow through Sunday, Nov. 10 from 8 a.m. to 8 p.m.

    The province, alongside the Government of Canada, is organizing a memorial for Sinclair, which will take place Sunday, Nov. 10 at Canada Life Centre. Doors open to the public at 1 p.m. and the service will begin at 2 p.m. Books of condolences will also be available to sign at the memorial.

    Additionally, tomorrow from 10 a.m. to 2 p.m., there will be a public visitation at Centro Caboto Centre. While this event is open to the public, it is not open to the media. This will be a sacred event that cannot be photographed or filmed. Members of the public are prohibited from using cameras, recording equipment and personal devices to capture the event.

    A book of condolence will also be available at the Caboto Centre during the public viewing time on Wednesday, Nov. 6 from 10 a.m. to 2 p.m.

    The flags at the Legislative Building in Winnipeg and Parliament Building in Ottawa will stay lowered to half-mast until after the memorial on Sunday.

    – 30 –

    MIL OSI Canada News –

  • MIL-OSI Canada: Ministers Joly, Ng and Hussen to attend the Canada-African Union Commission High-Level Dialogue

    Source: Government of Canada News

    November 5, 2024 –The Honourable Mélanie Joly, Minister of Foreign Affairs, The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development and The Honourable Ahmed Hussen, Minister of International Development, will attend the Second Canada-African Union Commission High-Level Dialogue in Toronto. As part of this meeting the Ministers will engage with members of the African Union Commission, including Chairperson Moussa Faki Mahamat, with the aim of building stronger, expanded and more visible partnerships. The Ministers will also make an announcement related to the Government of Canada’s engagement on the continent.

    November 5, 2024 –The Honourable Mélanie Joly, Minister of Foreign Affairs, The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development and The Honourable Ahmed Hussen, Minister of International Development, will attend the Second Canada-African Union Commission High-Level Dialogue in Toronto. As part of this meeting the Ministers will engage with members of the African Union Commission, including Chairperson Moussa Faki Mahamat, with the aim of building stronger, expanded and more visible partnerships. The Ministers will also make an announcement related to the Government of Canada’s engagement on the continent.   

    Family photo and Memorandum of Understanding singing ceremony 

    Date: November 7th, 2024
    Time: 9:00 am EST 
    Location: Toronto, Ontario 

    Notes: This event will be open to media for photos and b-roll only. Media representatives who wish to attend the event must arrive by 8:30 am EST.

    Joint Ministerial media availability 

    Date:  November 7th, 2024 
    Time: 1:30 pm EST  
    Location: Toronto, Ontario 

    Notes: Media representatives who wish to attend the event must arrive by 1:00 pm EST. 

    Evening reception opening remarks

    Date:  November 7th, 2024 
    Time: 6:00 pm EST  
    Location: Toronto, Ontario 

    Notes: The opening remarks at the evening reception will be open to media. Media representatives who wish to attend the event must arrive by 5:30 pm EST. 

    For all events noted above, media are asked to confirm their attendance by contacting media@international.gc.ca. The exact address will be shared following confirmation. 

    MIL OSI Canada News –

  • MIL-OSI: Alaris Equity Partners Income Trust Releases 2024 Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN THE UNITED STATES.

    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

    TSX-AD.UN

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Alaris Equity Partners Income Trust (together, as applicable, with its subsidiaries, “Alaris” or the “Trust“) is pleased to announce its results for the three and nine months ended September 30, 2024. The results are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. All amounts below are in Canadian dollars unless otherwise noted.

    In January 2024, Alaris determined that it met the definition of an investment entity, as defined by IFRS 10, Consolidated financial statements. This change in status has fundamentally changed how Alaris prepares, presents and discusses its financial results relative to prior periods. IFRS requires that this change in accounting be made prospectively and as a result prior periods are not restated to reflect the change in Alaris’ investment entity status. Accordingly, the readers of this press release, Alaris’ third quarter interim MD&A and unaudited condensed consolidated interim financial statements should exercise significant caution in reviewing, considering, and drawing conclusions from period-to-period comparisons and changes, as the direct comparisons between dates or across periods can be inappropriate if not carefully considered in this context.

    Highlights:

    • For the three months ended September 30, 2024 Alaris generated $0.78 per unit of additional book value, improving this metric to $22.80;
    • For the three months ended September 30, 2024 the Trust, together with its wholly-owned subsidiaries (the “Acquisition Entities”), earned a total of $65.9 million of revenue, including, $65.4 million of Partner Distribution revenue net of foreign exchange, and $0.5 million of transaction fee income, which was ahead of previous guidance of $38.7 million, and compares to $47.2 million of Partner Revenue in Q3 2023, an increase of 40%;
      • Included in Partner Distribution revenue for the three months ended September 30, 2024, is $27.5 million of common Distributions, which included a one time distribution of US$5.1 million from Ohana Growth Partners LLC (“Ohana“) and US$14.7 million distribution from Fleet Advantage, LLC (“Fleet”). Common Distribution revenue for the nine months ended September 30, 2024 is $31.8 million, which for the second quarter in a row has outperformed the comparable period in the prior year by more than double. Alaris’ Run Rate Revenue (7) included in the outlook below has been increased to reflect overall higher expected annual common dividends from Partners of $19.4 million;
    • Alaris net distributable cash flow (6) for the nine months ended September 30, 2024 of $88.0 million or $1.93 per unit increased by 28%, from $68.6 million and $1.51 per unit in the nine months ended September 30, 2023 after adjusting the comparable period for non-recurring settlement and litigation costs that occurred in 2023;
    • The Actual Payout Ratio (2) for the Trust, based on Alaris net distributable cash flow (6) for the nine months ended September 30, 2024 was 53%;
    • The current weighted average combined Earnings Coverage Ratio (3) for Alaris’ Partners remains at approximately 1.5x with ten of nineteen Partners at 1.5x or above. In addition, eleven of our partners have either no debt or less than 1.0x Senior Debt to EBITDA on a trailing twelve-month basis;
    • During the quarter, the Trust, via the Acquisition Entities, invested approximately US$35 million into Ohana as a dividend recap in exchange for convertible preferred equity with a 14% yield fully paid-in-kind;
    • Subsequent to the quarter end, the Trust, via the Acquisition Entities, made a follow-on investment of US$10.0 million of additional preferred equity in Cresa LLC (“Cresa”), which has the same metrics as the initial preferred equity investment, bringing the total investment in Cresa to US$30.0 million. Following this transaction, the Trust has invested a total of approximately $139 million in the year.

    “In addition to highlighting the continued stability of Alaris’ portfolio and cash flow stream, the third quarter results continue to show the growing success and importance of our common equity portfolio. While some of this quarter’s common equity cash flow is non-recurring in nature, we are seeing more and more value from that strategy crystallizing into cash returns. Deployment activity is constructive for the end of the year and both interest rate cuts and US dollar strength provide us with tailwinds going into next year, ” said Steve King President and CEO.

    Results of Operations

    Note where the financial information for Q3 2024 is comparable to specific information from the prior period Q3 2023 condensed consolidated interim financial statements, amounts have been provided for comparative purposes. As noted above, users of this press release, interim management discussion and analysis and the unaudited condensed consolidated interim financial statements to which it relates should exercise significant caution in reviewing, considering and drawing conclusions from period-to-period comparisons and changes.

    Per Unit Results Three months ended Nine months ended
    Period ending September 30   2024   2023 % Change   2024   2023 % Change
    Partner related changes in net gain on Corporate Investment $ 2.16 $ 1.90 +13.7 % $ 4.11 $ 3.74 +9.9 %
    Adjusted EBITDA $ 1.98 $ 1.76 +12.5 % $ 3.62 $ 3.40 +6.5 %
    Alaris net distributable cashflow $ 0.72 $ 0.44 +63.6 % $ 1.93 $ 1.21 +59.5 %
    Adjusted earning per unit $ 1.37 $ 1.31 +4.6 % $ 2.35 $ 2.15 +9.3 %
    Weighted average basic units (000’s)   45,498   45,498     45,498   45,433  

    During the three months ended September 30, 2024, Partner related changes in net gain on Corporate Investments (5) per unit increased by 13.7% as compared to the three months ended September 30, 2023. During the current quarter common Partner Distribution revenue increased by more than 200%, primarily as a result of common Distributions received from Fleet of US$14.7 million, which was greater than their prior year Distribution of US$5.9 million, and a common Distribution received from Ohana of US$5.1 million, as compared to nil distribution received in Q3 2023. Partially offsetting this increase is a quarter over quarter decrease to the Net unrealized gain on partner investments of 16.3% to $33.0 million during the three months ended September 30, 2024. Q3 2024’s Net unrealized gain on Partner investments of $33.0 million is made up of notable increases to the fair value in Sono Bello, LLC (“Sono Bello“), Amur Financial Group Inc. (“Amur”), Fleet, Vehicle Leasing Holdings, LLC, dba D&M Leasing (“D&M”), and The Shipyard, LLC (“Shipyard”), which were partially offset by decreases to the fair value of Heritage Restoration, LLC (“Heritage”) and SCR Mining and Tunneling, LP (“SCR”). During the nine months ended September 30, 2024, Partner related changes in net gain on Corporate Investments (5) per unit increased by 9.9% as compared to the nine months ended September 30, 2023. This increase is reflective of increases in Partner Distribution revenue, partially offset by a lower net gain to the realized and unrealized fair value on Partner investments. Net realized gain on partner investments of $9.0 million and net unrealized gain of $32.4 million decreased in the nine months ended September 30, 2024 by 29.2% and 13.9%, respectively, as compared to the nine months ended September 30, 2023.

    For the three and nine months ended September 30, 2024, Adjusted EBITDA (1) per unit increased by 12.5% and 6.5%, respectively, as compared to the relative periods in 2023. Per unit increases are primarily due to higher Partner Distribution revenue. Partially offsetting these increases are decreases to the net realized and unrealized gain on Partner Investments relative to the comparable periods in 2023, and higher adjusted operating expenses; after non-reoccurring litigation and legal costs that were incurred in 2023 have been removed in the calculation Adjusted EBITDA (1).

    Alaris net distributable cashflow (6) provides a summary of third-party cash receipts, less operating cash outflows by the Trust in combination with the Acquisition Entities. Alaris net distributable cashflow (6) per unit increased by 63.6% in the three months ended September 30, 2024 and 59.5% in the nine months ended September 30, 2024, both as compared to the same periods in 2023. Period over period increases are due to the current periods higher common Distributions and lower cash taxes paid, all as compared to the relative periods in 2023. The nine months ended September 30, 2024 Alaris net distributable cashflow (6) is $88.0 million, after adjusting out non-recurring settlement and litigation costs of $13.7 million in the prior year, the nine months ended September 30, 2023 distributable cashflow amounts to $68.6 million, and results in an adjusted period over period increase of 28.3%.

    Adjusted earnings (10) per unit increased by 4.6% in the three months ended September 30, 2024 which is primarily driven by higher Partner related changes in net gain on Corporate Investments (5) as discussed above, and partially offset by higher total income tax expense in Q3 2024. The nine months ended September 30, 2024, Adjusted earnings (10) per unit increased by 9.3% which in addition to the changes listed for the three months ended September 30, 2024, is higher due to lower operating expenses during the nine months ended September 30, 2024 as compared to the prior year resulting from non-recurring litigation and legal costs incurred in 2023.

    Outlook

    During the three months ended September 30, 2024, the Trust, through its Acquisition Entities invested approximately $48 million, which was used to invest in convertible preferred units of Ohana. Subsequent to the quarter, Alaris invested an additional US$10.0 million into Cresa, bringing Alaris’ total investment in Cresa to US$30.0 million and as of the date of this MD&A the total invested during the year to approximately $139 million. These transactions are summarized in the outlook below, which includes Alaris’ Run Rate Revenue (7) for the next twelve months and is expected to be approximately $171 million. This includes current contracted amounts, an additional $1.2 million from LMS related to Distributions deferred in 2023 and an estimated $19.4 million of common dividends. In Q3 2024, the Trust together with its Acquisition Entities earned $65.9 million, $65.4 million in Partner Distributions net of foreign exchange and $0.5 million of third party transaction fee revenue, which was ahead of previous guidance of $38.7 million, primarily due to common distributions received from Fleet of $19.8 million, Ohana of $6.8 million and Amur of $0.5 million, as well as a higher realized foreign exchange rate on US denominated distributions. As with all common distributions, these distributions are not fixed or set in advance, but rather paid as declared and cashflow of partner permits. Alaris expects total revenue from its Partners in Q4 2024 of approximately $38.9 million.

    The Run Rate Cash Flow (8) table below outlines the Trust and its Acquisitions Entities combined expectation for Partners Distribution revenue, transaction fee revenue, general and administrative expenses, third party interest expense, tax expense and distributions to unitholders for the next twelve months. The Run Rate Cash Flow (8) is a forward looking supplementary financial measure and outlines the net cash from operating activities, less the distributions paid, that Alaris is expecting to generate over the next twelve months. The Trust’s method of calculating this measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers.

    Run rate general and administrative expenses are currently estimated at $17.0 million and include all public company costs incurred by the Trust and its Acquisition Entities. The Trust’s Run Rate Payout Ratio (9) is expected to be within a range of 65% and 70% when including Run Rate Revenue (7), overhead expenses and its existing capital structure. The table below sets out our estimated Run Rate Cash Flow (8) as well as the after-tax impact of positive net investment, the impact of every 1% increase in Secure Overnight Financing Rate (“SOFR”) based on current outstanding USD debt and the impact of every $0.01 change in the USD to CAD exchange rate.

    Alaris’ financial statements and MD&A are available on SEDAR+ at www.sedarplus.ca and on our website at www.alarisequitypartners.com.

    Run Rate Cash Flow ($ thousands except per unit) Amount ($) $ / Unit
    Run Rate Revenue, Partner Distribution revenue $ 171,300   $ 3.77  
    General and administrative expenses   (17,000 )   (0.37 )
    Third party Interest and taxes     (57,100 )   (1.26 )
    Net cash from operating activities $ 97,200   $ 2.14  
    Distributions paid     (61,900 )   (1.36 )
    Run Rate Cash Flow   $ 35,300   $ 0.78  
           
    Other considerations (after taxes and interest):    
    New investments Every $50 million deployed @ 14%   +2,426     +0.05  
    Interest rates Every 1.0% increase in SOFR   -2,600     -0.06  
    USD to CAD Every $0.01 change of USD to CAD   +/- 900     +/- 0.02  


    Earnings Release Date and Conference Call Details

    Alaris management will host a conference call at 9am MT (11am ET), Wednesday, November 6, 2024 to discuss the financial results and outlook for the Trust.

    Participants must register for the call using this link: Q3 2024 Conference Call. Pre-register to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call). Participants can access the webcast here: Q3 Webcast. A replay of the webcast will be available two hours after the call and archived on the same web page for six months. Participants can also find the link on our website, stored under the “Investors” section – “Presentations and Events”, at www.alarisequitypartners.com.

    An updated corporate presentation will be posted to the Trust’s website within 24 hours at www.alarisequitypartners.com.

    About the Trust:

    Alaris’ investment and investing activity refers to providing, through the Acquisition Entities, alternative equity to private companies (“Partners”) to meet their business and capital objectives, which includes management buyouts, dividend recapitalization, growth and acquisitions. Alaris achieves this by investing its unitholder capital, as well as debt, through the Acquisition Entities, in exchange for distributions, dividends or interest (collectively, “Distributions”) as well as capital appreciation on both preferred and common equity, with the principal objectives of generating predictable cash flows for distribution payments to its unitholders and growing net book value through returns from capital appreciation. Distributions, other than common equity Distributions, from the Partners are adjusted annually based on the percentage change of a “top-line” financial performance measure such as gross margin or same store sales and rank in priority to common equity position.

    Non-GAAP and Other Financial Measures

    The terms Adjusted Earnings, components of Corporate investments, EBITDA, Adjusted EBITDA, Extended group net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow, and Per Unit amounts (collectively, the “Non-GAAP and Other Financial Measures”) are financial measures used in this MD&A that are not standard measures under International Financial Reporting Standards (“IFRS”) . The Trust’s method of calculating the Non-GAAP and Other Financial Measures may differ from the methods used by other issuers. Therefore, the Trust’s Non-GAAP and Other Financial Measures may not be comparable to similar measures presented by other issuers.

    (1) “Adjusted EBITDA” and “EBITDA”: are Non-GAAP financial measures and refer to earnings determined in accordance with IFRS, before depreciation and amortization, interest expense (finance costs) and income tax expense. EBITDA is used by management and many investors to determine the ability of an issuer to generate cash from operations. “Adjusted EBITDA” and “Adjusted EBITDA per unit”, which is a non-GAAP ratio that removes the impact from unrealized fluctuations in exchange rates and their impact on the Trust’s investments at fair value, as well as one time items and the impact of finance costs and taxes included within the net gain on Corporate Investments incurred by the Acquisition Entities and, on a per unit basis, is and the same amount divided by weighted average basic units outstanding. Management believes Adjusted EBITDA, EBITDA and Adjusted EBITDA per unit are useful supplemental measures from which to determine the Trust’s ability to generate cash available for servicing its loans and borrowings, income taxes and distributions to unitholders. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures and ratios presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024   2023   % Change   2024     2023 % Change
    Earnings $ 51,027 $ 63,770     $ 156,475   $ 97,710  
    Depreciation and amortization   135   58       396     169  
    Finance costs   1,150   8,510       3,445     21,909  
    Total income tax expense   251   11,611       554     20,902  
    EBITDA $ 52,563 $ 83,949   -37.4 % $ 160,870   $ 140,690 +14.3 %
    Adjustments:            
    Gain on derecognition of previously consolidated entities $ – $ –     $ (30,260 ) $ –  
    Foreign exchange   11,334   (3,947 )     (19,224 )   156  
    Sandbox litigation and legal costs   –   21       –     13,697  
    Finance costs, senior credit facility and convertible debentures   6,962   –       22,193     –  
    Acquisition Entities income tax expense – current   2,987   –       10,018     –  
    Acquisition Entities income tax expense – deferred   16,109   –       21,272     –  
    Adjusted EBITDA $ 89,955 $ 80,023   +12.4 % $ 164,869   $ 154,543 +6.7 %
    Adjusted EBITDA per unit $ 1.98 $ 1.76   +12.5 % $ 3.62   $ 3.40 +6.5 %

    (2) “Actual Payout Ratio” is a supplementary financial measure and refers to Alaris’ total distributions paid during the period (annually or quarterly) divided by the actual net cash from operating activities Alaris generated for the period. It represents the net cash from operating activities after distributions paid to unitholders available for either repayments of senior debt and/or to be used in investing activities.

    (3) “Earnings Coverage Ratio (“ECR”)” is a supplementary financial measure and refers to the EBITDA of a Partner divided by such Partner’s sum of debt servicing (interest and principal), unfunded capital expenditures and distributions to Alaris. Management believes the earnings coverage ratio is a useful metric in assessing our partners continued ability to make their contracted distributions.

    (4) “Net book value” and “net book value per unit” are Non-GAAP financial measures and represents the equity value of the company or total assts less total liabilities and the same amount divided by weighted average basic units outstanding. Net book value and net book value per unit are used by management to determine the growth in assets over the period net of amounts paid out to unitholders as distributions. Management believes net book value and net book value per unit are useful supplemental measures from which to compare the Trust’s growth period over period. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

        30-Sep   30-Jun   31-Dec
    $ thousands except per unit amounts   2024   2024   2023
    Total Assets $ 1,130,415 $ 1,093,177 $ 1,474,894
    Total Liabilities $ 93,236 $ 91,556 $ 514,071
    Net book value $ 1,037,179 $ 1,001,621 $ 960,823
    Weighted average basic units (000’s)   45,498   45,498   45,498
    Net book value per unit $ 22.80 $ 22.01 $ 21.12


    (5) “    Partner related changes in net gain on Corporate Investments” The components of Corporate Investments are Non-GAAP financial measures and are presented for better comparability to prior year reporting. These amounts are reconciled to information from note 3 of the condensed consolidated interim financial statements below. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands   2024   2023 % Change   2024   2023 % Change
    Partner Distribution revenue – Preferred, including realized foreign exchange Note 1 $ 37,895 $ 37,844 +0.1 % $ 113,936 $ 108,543 +5.0 %
    Partner Distribution revenue – Common $ 27,501 $ 8,815 +212.0 % $ 31,807 $ 10,903 +191.7 %
    Net realized gain from Partners investments $ 29 $ 167 -82.6 % $ 9,005 $ 12,716 -29.2 %
    Net unrealized gain on Partners investments $ 33,006 $ 39,428 -16.3 % $ 32,463 $ 37,688 -13.9 %
    Partner related changes in net gain on Corporate Investment $ 98,431 $ 86,254 +14.1 % $ 187,211 $ 169,850 +10.2 %
    Partner related changes in net gain on Corporate Investment per unit $ 2.16 $ 1.90 +13.7 % $ 4.11 $ 3.74 +9.9 %

    Note 1 – In Q2 2023, Partner Distribution revenue – Preferred, including realized foreign exchange and Partner Distribution revenue – Common were presented as one line on the face of the income statement titled “Revenues, including realized foreign exchange gain” in the amount of $36,853 for the three months ended and $73,541 for the six months ended. Prior period Partner Distribution revenue – Preferred, including realized foreign exchange for the three and six months ended June 30, 2024 above has been adjusted to exclude Sono Bello’s management fee income (Q2 2023 three months – $496, Q2 2023 six months ended – $753) for period over period comparability, which in 2024 is recognized in the Trust’s Management and advisory fee income.

    (6) “Alaris net distributable cashflow” is a non-GAAP measure that refers to all sources of external revenue in both the Trust and the Acquisition Entities less all general and administrative expenses, third party interest expense and tax expense. Alaris net distributable cashflow is a useful metric for management and investors as it provides a summary of the total cash from operating activities that can be used to pay the Trust distribution, repay senior debt and/or be used for additional investment purposes. The Trust’s method of calculating this Non-GAAP measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers. The 2023 comparatives are presented prior to the Trust’s change in status as a investment entity and have been aligned with the most comparative balance in the 2024 presentation.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024     2023   % Change   2024     2023   % Change
    Partner Distribution revenue – Preferred, including realized foreign exchange $ 37,895   $ 37,844     $ 113,936   $ 108,543    
    Partner Distribution revenue – Common   27,501     8,815       31,807     10,903    
    Third party management and advisory fees   504     506       1,526     1,260    
                 
    Expenditures of the Trust:            
    General and administrative   (4,484 )   (3,087 )     (13,308 )   (23,476 )  
    Current income tax expense   (509 )   –       (1,345 )   –    
    Third party cash interest paid by the Trust   (2,031 )   (2,032 )     (4,062 )   (4,062 )  
                 
    Expenditures incurred by Acquisition Entities:            
    Operating costs and other   (1,087 )   (928 )     (2,846 )   (2,046 )  
    Transactions costs   (378 )   (1,693 )     (2,531 )   (3,204 )  
    Acquisition Entities income tax expense – current   (2,987 )   (6,954 )     (10,018 )   (13,156 )  
    Cash interest paid, senior credit facility and convertible debentures   (6,668 )   (6,329 )     (18,038 )   (12,586 )  
                 
    Alaris’ changes in net working capital   (14,922 )   (6,063 )     (7,106 )   (7,253 )  
    Alaris net distributable cashflow $ 32,834   $ 20,079   +63.5 % $ 88,015   $ 54,923   +60.3 %
    Alaris net distributable cashflow per unit $ 0.72   $ 0.44   +63.6 % $ 1.93   $ 1.21   +59.5 %

    (7) “Run Rate Revenue” is a supplementary financial measure and refers to Alaris’ total revenue expected to be generated over the next twelve months based on contracted distributions from current Partners, excluding any potential Partner redemptions, it also includes an estimate for common dividends or distributions based on past practices, where applicable. Run Rate Revenue is a useful metric as it provides an expectation for the amount of revenue Alaris can expect to generate in the next twelve months based on information known.

    (8) “Run Rate Cash Flow” is a Non-GAAP financial measure and outlines the net cash from operating activities, net of distributions paid, that Alaris is expecting to have after the next twelve months. This measure is comparable to net cash from operating activities less distributions paid, as outlined in Alaris’ consolidated statements of cash flows.

    (9) “Run Rate Payout Ratio” is a Non-GAAP financial ratio that refers to Alaris’ distributions per unit expected to be paid over the next twelve months divided by the net cash from operating activities per unit calculated in the Run Rate Cash Flow table. Run Rate Payout Ratio is a useful metric for Alaris to track and to outline as it provides a summary of the percentage of the net cash from operating activities that can be used to either repay senior debt during the next twelve months and/or be used for additional investment purposes. Run Rate Payout Ratio is comparable to Actual Payout Ratio as defined above.

    (10) “Adjusted Earnings” is a Non-GAAP financial measure and Non-GAAP Ratio and refer to earnings determined in accordance with IFRS, before impact of the one time gain on derecognition of previously consolidated entities and foreign exchange gain (loss) and the same amount divided by weighted average basic units outstanding. Adjusted earnings and Adjusted earnings per unit are used by management to determine earnings excluding fluctuations due to unrealized changes in exchange rates that impact earnings and specifically the fair value of Corporate investment. Management believes Adjusted earning and Adjusted earnings per unit are useful measures from which to compare the Trust’s earnings period over period. The Trust’s method of calculating these Non-GAAP financial measures and ratio may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

      Three months ended September 30 Nine months ended September 30
    $ thousands except per unit amounts   2024   2023   % Change   2024     2023 % Change
    Earnings $ 51,027 $ 63,770     $ 156,475   $ 97,710  
    Add back: Foreign exchange (gain) loss $ 11,334 $ (3,947 )   $ (19,224 ) $ 156  
    Add back: Gain on derecognition of previously consolidated entities $ –   na     $ (30,260 ) na  
    Adjusted earnings $ 62,361 $ 59,823   +4.2 % $ 106,991   $ 97,866 +9.3 %
    Adjusted earning per unit $ 1.37 $ 1.31   +4.6 % $ 2.35   $ 2.15 +9.3 %
                                 

    (11) “Per Unit” values, other than earnings per unit, refer to the related financial statement caption as defined under IFRS or related term as defined herein, divided by the weighted average basic units outstanding for the period.

    The terms Net Book Value, Components of Corporate investments, EBITDA, Adjusted EBITDA, Alaris net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow and Per Unit amounts should only be used in conjunction with the Trust’s unaudited interim condensed consolidated financial statements, complete versions of which available on SEDAR+ at www.sedarplus.ca.

    Forward-Looking Statements

    This news release contains forward-looking information and forward-looking statements (collectively, “forward-looking statements”) under applicable securities laws, including any applicable “safe harbor” provisions. Statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, management’s expectations, intentions and beliefs concerning the growth, results of operations, performance of the Trust and the Partners, the future financial position or results of the Trust, business strategy and plans and objectives of or involving the Trust or the Partners. Many of these statements can be identified by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. In particular, this news release contains forward-looking statements regarding: the anticipated financial and operating performance of the Partners; the attractiveness of Alaris’ capital offering; the Trust’s Run Rate Payout Ratio, Run Rate Cash Flow, Run Rate Revenue and total revenue; the impact of recent new investments and follow-on investments; expectations regarding receipt (and amount of) any common equity distributions or dividends from Partners in which Alaris holds common equity, including the impact on the Trust’s net cash from operating activities, Run Rate Revenue, Run Rate Cash Flow and Run Rate Payout Ratio; the impact of future deployment; the Trust’s ability to deploy capital; the yield on the Trust’s investments and expected resets on Distributions; changes in SOFR and exchange rates; the impact of deferred Distributions and the timing of repayment there of; the Trust’s return on its investments; and Alaris’ expenses for 2024. To the extent any forward-looking statements herein constitute a financial outlook or future oriented financial information (collectively, “FOFI”), including estimates regarding revenues, Distributions from Partners (restarting full or partial Distributions and common equity distributions), Run Rate Payout Ratio, Run Rate Cash Flow, net cash from operating activities, expenses and impact of capital deployment, they were approved by management as of the date hereof and have been included to provide an understanding with respect to Alaris’ financial performance and are subject to the same risks and assumptions disclosed herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.

    By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of the Canadian and U.S. economies over the next 24 months and how that will affect Alaris’ business and that of its Partners (including, without limitation, the impact of any global health crisis, like COVID-19, and global economic and political factors) are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: the Russia/Ukraine conflict, conflicts in the Middle East, and other global economic pressures over the next twelve months will not materially impact Alaris, its Partners or the global economy; interest rates will not rise in a matter materially different from the prevailing market expectation over the next 12 months; global heath crises, like COVID-19 or variants thereof, will not impact the economy or our Partners operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; more private companies will require access to alternative sources of capital; the businesses of new Partners and those of existing Partners will perform in line with Alaris’ expectations and diligence; and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms. Management of Alaris has also assumed that the Canadian and U.S. dollar trading pair will remain in a range of approximately plus or minus 15% of the current rate over the next 6 months. In determining expectations for economic growth, management of Alaris primarily considers historical economic data provided by the Canadian and U.S. governments and their agencies as well as prevailing economic conditions at the time of such determinations.

    There can be no assurance that the assumptions, plans, intentions or expectations upon which these forward-looking statements are based will occur. Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to, the following: widespread health crises is, like COVID-19 (or its variants), other global economic factors (including, without limitation, the Russia/Ukraine conflict, conflicts in the Middle East, inflationary measures and global supply chain disruptions on the global economy, Trust and the Partners (including how many Partners will experience a slowdown of their business and the length of time of such slowdown)), the dependence of Alaris on the Partners, including any new investment structures; leverage and restrictive covenants under credit facilities; reliance on key personnel; failure to complete or realize the anticipated benefit of Alaris’ financing arrangements with the Partners; a failure to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions or collect proceeds from any redemptions in a timely fashion on anticipated terms, or at all; a failure to settle outstanding litigation on expected terms, or at all; a change in the ability of the Partners to continue to pay Alaris at expected Distribution levels or restart distributions (in full or in part); a failure to collect material deferred Distributions; a change in the unaudited information provided to the Trust; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading “Risk Factors” and “Forward Looking Statements” in Alaris’ Management Discussion and Analysis and Annual Information Form for the year ended December 31, 2023, which is or will be (in the case of the AIF) filed under Alaris’ profile at www.sedarplus.ca and on its website at www.alarisequitypartners.com.

    Readers are cautioned that the assumptions used in the preparation of forward-looking statements, including FOFI, although considered reasonable at the time of preparation, based on information in Alaris’ possession as of the date hereof, may prove to be imprecise. In addition, there are a number of factors that could cause Alaris’ actual results, performance or achievement to differ materially from those expressed in, or implied by, forward looking statements and FOFI, or if any of them do so occur, what benefits the Trust will derive therefrom. As such, undue reliance should not be placed on any forward-looking statements, including FOFI.

    The Trust has included the forward-looking statements and FOFI in order to provide readers with a more complete perspective on Alaris’ future operations and such information may not be appropriate for other purposes. The forward-looking statements, including FOFI, contained herein are expressly qualified in their entirety by this cautionary statement. Alaris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    For more information please contact:

    Investor Relations
    Alaris Equity Partners Income Trust
    403-260-1457
    ir@alarisequity.com

    The MIL Network –

  • MIL-OSI: Parex Resources Announces Third Quarter Results, Declaration of Q4 2024 Dividend, and Operational Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce its financial and operating results for the three-month period ended September 30, 2024, the declaration of its Q4 2024 regular dividend of C$0.385 per share, as well as an operational update. All amounts herein are in United States Dollars (“USD”) unless otherwise stated.

    “Following lower than expected results, Management is focused on driving production efficiency and optimizing performance from our key assets,” commented Imad Mohsen, President & Chief Executive Officer.

    “As we transition from 2024 to our 2025 planning phase, we are committed to improving results, delivering safe and reliable production, and positioning Parex to outperform.”

    Key Highlights

    • Generated Q3 2024 funds flow provided by operations (“FFO”)(1) of $152 million and FFO per share(2)(3) of $1.50.
    • FY 2024 average production guidance increased from 48,000-50,000 boe/d to 49,000-50,000 boe/d, based on stable operations at key assets as well as successful well results at Capachos and LLA-32.
    • FY 2024 capital expenditure(6) guidance updated from $370-390 million to $350-370 million, based on a conservative capital program focused on improving capital returns.
    • Declared Q4 2024 regular dividend of C$0.385 per share(4) or C$1.54 per share annualized.
    • Repurchased approximately 4.5 million shares YTD 2024 under the Company’s current normal course issuer bid (“NCIB”).
    • October 2024 average production was 47,000 boe/d(5).

    Q3 2024 Results

    • Quarterly average oil & natural gas production was 47,569 boe/d(7).
    • Realized net income of $66 million or $0.65 per share basic(3).
    • Generated quarterly FFO(1) of $152 million and FFO per share(2)(3) of $1.50, a 4% decrease and a 1% increase from Q3 2023, respectively.
    • Current taxes decreased from Q2 2024 by $39 million due to reduced corporate production as well as lower global oil prices; the Company also moved from an estimated 15% surtax to a projected 10% surtax with the depreciation of Brent oil price in the quarter.
    • Produced an operating netback(2) of $39.64/boe and an FFO netback(2) of $34.58/boe from an average Brent price of $78.71/bbl.
    • Incurred $82 million of capital expenditures(6), primarily from activities at LLA-34, Capachos, LLA-32 and LLA-122.
    • Generated $69 million of free funds flow(6) that was used for return of capital initiatives and $20 million of bank debt repayment; working capital surplus(1) was $38 million and cash $147 million at quarter end.
    • Paid a C$0.385 per share(4) regular quarterly dividend and repurchased 1,584,650 shares.

    (1) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory.”
    (3) Per share amounts (with the exception of dividends) are based on weighted-average common shares; dividends paid per share are based on the number of common shares outstanding at each dividend date.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (5) Light & medium crude oil: ~8,956 bbl/d, heavy crude oil: ~37,325 bbl/d, conventional natural gas: ~4,316 mcf/d; rounded for presentation purposes.
    (6) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (7) See “Operational and Financial Highlights” for a breakdown of production by product type.

    Operational and Financial Highlights Three Months Ended Nine Months Ended  
    (unaudited) Sep. 30,   Sep. 30,   Jun. 30,   Sep. 30,  
      2024   2023   2024   2024  
    Operational        
    Average daily production        
    Light Crude Oil and Medium Crude Oil (bbl/d) 9,064   8,837   9,541   8,615  
    Heavy Crude Oil (bbl/d) 37,777   44,779   43,229   42,167  
    Crude Oil (bbl/d) 46,841   53,616   52,770   50,782  
    Conventional Natural Gas (mcf/d) 4,368   5,742   4,788   4,170  
    Oil & Gas (boe/d)(1) 47,569   54,573   53,568   51,477  
             
    Operating netback ($/boe)        
    Reference price – Brent ($/bbl) 78.71   85.92   85.03   81.82  
    Oil & gas sales(4) 68.75   75.83   75.21   71.69  
    Royalties(4) (10.59 ) (13.72 ) (12.54 ) (11.48 )
    Net revenue(4) 58.16   62.11   62.67   60.21  
    Production expense(4) (14.81 ) (9.73 ) (12.95 ) (13.43 )
    Transportation expense(4) (3.71 ) (3.56 ) (3.40 ) (3.50 )
    Operating netback ($/boe)(2) 39.64   48.82   46.32   43.28  
             
    Funds flow provided by operations netback ($/boe)(2) 34.58   31.28   37.34   34.43  
             
    Financial ($000s except per share amounts)        
             
    Net income 65,793   119,736   3,845   129,731  
    Per share – basic(6) 0.65   1.13   0.04   1.27  
             
    Funds flow provided by operations(5) 151,773   157,839   180,952   481,032  
    Per share – basic(2)(6) 1.50   1.49   1.77   4.71  
             
    Capital expenditures(3) 82,367   156,747   97,797   265,585  
             
    Free funds flow(3) 69,406   1,092   83,155   215,447  
             
    EBITDA(3) 167,763   221,271   195,940   555,781  
    Adjusted EBITDA(3) 164,002   225,784   230,547   582,777  
             
    Long-term inventory expenditures (6,318 ) (374 ) 9,817   7,342  
             
    Dividends paid 28,467   29,239   28,528   85,526  
    Per share – Cdn$(4) 0.385   0.375   0.385   1.145  
             
    Shares repurchased 20,723   24,273   21,367   57,381  
    Number of shares repurchased (000s) 1,585   1,240   1,298   3,803  
             
    Outstanding shares (end of period) (000s)        
    Basic 100,031   105,014   101,616   100,031  
    Weighted average basic 100,891   105,621   102,259   102,203  
    Diluted(8) 100,933   105,722   102,528   100,933  
             
    Working capital surplus (deficit)(5) 37,509   (57,511 ) 34,156   37,509  
    Bank debt(7) 30,000   —   50,000   30,000  
    Cash 147,454   34,548   119,468   147,454  

    (1) Reference to crude oil or natural gas in the above table and elsewhere in this press release refer to the light and medium crude oil and heavy crude oil and conventional natural gas, respectively, product types as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
    (3) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (5) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (6) Per share amounts (with the exception of dividends) are based on weighted average common shares. Dividends paid per share are based on the number of common shares outstanding at each dividend record date.
    (7) Syndicated bank credit facility borrowing base of $200.0 million as at September 30, 2024.
    (8) Diluted shares as stated include common shares and stock options outstanding at period end; September 30, 2024 closing price was C$12.00 per share.

    Operational Update

    2024 Corporate Guidance Update

    FY 2024 average production guidance has been updated to 49,000 to 50,000 boe/d (49,500 boe/d midpoint) and concurrently, capital expenditure(5) guidance for the year has been updated to $350 to $370 million ($360 million midpoint).

    At $80/bbl Brent crude oil price, funds flow provided by operations(4) is expected to be $575 to $585 million and generate roughly $220 million of free funds flow(5) at the midpoint of guidance. A key driver of the funds flow provided by operations increase from the prior updated guidance is a lower projected effective tax rate for FY 2024.

    Category 2024 Updated Guidance
    (August 28, 2024)    		 2024 Updated Guidance
    (November 5, 2024)
    Brent Crude Oil Average Price $80/bbl $80/bbl
    Average Production 48,000-50,000 boe/d 49,000-50,000 boe/d
    Funds Flow Provided by Operations Netback(1)(2)(3) $30-32/boe $31-33/boe
    Funds Flow Provided by Operations(4) $545-565 million $575-585 million
    Capital Expenditures(5) $370-390 million $350-370 million
    Free Funds Flow(5) $175 million (midpoint) $220 million (midpoint)

    (1) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
    (2) 2024 updated assumptions: Vasconia differential: ~$4/bbl; production expense: $13-14/bbl; transportation expense: ~$3.50/bbl; G&A expense: ~$4.00/bbl; effective tax rate: 14-17%.
    (3) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (4) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (5) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.

    Cabrestero and LLA-34(1)(2)

    The Cabrestero and LLA-34 blocks had average production of approximately 37,000 bbl/d of heavy crude oil (net) combined in Q3 2024. During the quarter, both blocks experienced higher-than-expected downtime that adversely affected quarterly production.

    Additionally, at both blocks, annual decline rates are broadly in line with Management budgeting where there is a continued focus on ramping up injection rates. At Cabrestero specifically, the Company continues to progress its polymer injection pilot and is moving towards approving a full field expansion based on success to date.

    (1) Cabrestero: 100% W.I.
    (2) LLA-34: 55% W.I.

    LLA-32 – Exploitation Update(1)

    Following the mid-year reallocation of 2024 capital to LLA-32, the Company has now drilled three successful wells on the block. The most recent well, the second follow-up appraisal well, is producing roughly 2,000 bbl/d of light crude oil (gross)(2). Based on success to date, Parex is continuing to invest capital and has spud a horizontal well.

    (1) 87.5% W.I.
    (2) Short-term production rate. See “Oil & Gas Matters Advisory.”

    Northern Llanos – Capachos Update(1)

    The first well of a three-well campaign came online in late Q3 2024. The well is currently producing roughly 4,000 bbl/d of light crude oil with approximately 6,000 mcf/d of natural gas (gross)(2).

    Parex plans to fulfill an exploration commitment and spud the second well of the campaign in the coming weeks.

    (1) 50% W.I.
    (2) Short-term production rate. See “Oil & Gas Matters Advisory.”

    Northern Llanos – Arauca(1)

    The Arauca-81 well is expected to be onstream in Q4 2024, following a successful operational sidetrack.

    (1) Business Collaboration Agreement with Ecopetrol S.A. (Parex 50% Participating Share); Ecopetrol S.A. currently holds 100% of the working interest in the Convenio Arauca while the assignment procedure is pending.

    Big ‘E’ Exploration – Llanos Foothills – LLA-122(1)

    The drilling of the Arantes well in the high-potential Colombian Foothills continues to progress on an extended timeline. In Q3 2024, an operational sidetrack was executed following a stuck pipe event; the sidetrack was successful, and the well is now at roughly 17,750 feet. Parex is progressing toward the setting of the final liner immediately above the zones of interest, prior to drilling and evaluating the prospective zones. Based on the current pace of operations, the Company expects preliminary results by YE 2024.

    (1) 50% W.I.

    Return of Capital Update

    Q4 2024 Dividend

    Parex’s Board of Directors have approved a Q4 2024 regular dividend of C$0.385 per share to shareholders of record on December 9, 2024, to be paid on December 16, 2024. This regular dividend payment to shareholders is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada).

    Current Normal Course Issuer Bid

    As at October 31, 2024, Parex has repurchased approximately 4.5 million shares under its current NCIB, for total consideration of roughly C$85 million.

    2025 Budget & Guidance

    The Company continues to assess its short- and long-term development and exploration opportunities as it progresses through its 2025 budgeting and planning process, with next year’s corporate guidance expected to be released in January 2025.

    Q3 2024 Results – Conference Call & Webcast

    Parex will host a conference call and webcast to discuss its Q3 2024 results on Wednesday, November 6, 2024, beginning at 9:30 am MT (11:30 am ET). To participate in the conference call or webcast, please see the access information below:

    Conference ID:   7102953
    Participant Toll-Free Dial-In Number   1-646-307-1963
    Participant Dial-In Number:   1-647-932-3411
    Webcast:   https://events.q4inc.com/attendee/321063614
         

    About Parex Resources Inc.

    Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

    For more information, please contact:

    Mike Kruchten
    Senior Vice President, Capital Markets & Corporate Planning
    Parex Resources Inc.
    403-517-1733
    investor.relations@parexresources.com

    Steven Eirich
    Investor Relations & Communications Advisor
    Parex Resources Inc.
    587-293-3286
    investor.relations@parexresources.com

    NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

    Non-GAAP and Other Financial Measures Advisory

    This press release uses various “non-GAAP financial measures”, “non-GAAP ratios”, “supplementary financial measures” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below. Such measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measures as indicators of Parex’s performance.

    These measures facilitate management’s comparisons to the Company’s historical operating results in assessing its results and strategic and operational decision-making and may be used by financial analysts and others in the oil and natural gas industry to evaluate the Company’s performance. Further, management believes that such financial measures are useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company’s principal business activities.

    Set forth below is a description of the non-GAAP financial measures, non-GAAP ratios, supplementary financial measures and capital management measures used in this press release.

    Non-GAAP Financial Measures

    Capital expenditures, is a non-GAAP financial measure which the Company uses to describe its capital costs associated with oil and gas expenditures. The measure considers both property, plant and equipment expenditures and exploration and evaluation asset expenditures which are items in the Company’s statement of cash flows for the period and is calculated as follows:

     
      For the three months ended       For the nine months ended  
      Sep. 30,     Sep. 30,   Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Property, plant and equipment expenditures $ 68,406     $ 93,957   $ 49,214     $ 158,451  
    Exploration and evaluation expenditures   13,961       62,790     48,583       107,134  
    Capital expenditures $ 82,367     $ 156,747   $ 97,797     $ 265,585  


    Free funds flow,     is a non-GAAP financial measure that is determined by funds flow provided by operations less capital expenditures. The Company considers free funds flow to be a key measure as it demonstrates Parex’s ability to fund return of capital, such as the NCIB and dividends, without accessing outside funds and is calculated as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,     Sep. 30,     Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Cash provided by operating activities $ 181,874     $ 87,568   $ 222,782     $ 502,068  
    Net change in non-cash working capital   (30,101 )     70,271     (41,830 )     (21,036 )
    Funds flow provided by operations   151,773       157,839     180,952       481,032  
    Capital expenditures   82,367       156,747     97,797       265,585  
    Free funds flow $ 69,406     $ 1,092   $ 83,155     $ 215,447  


    EBITDA    , is a non-GAAP financial measure that is defined as net income adjusted for finance income and expenses, income tax expense (recovery) and depletion, depreciation and amortization.

    Adjusted EBITDA, is a non-GAAP financial measure defined as EBITDA adjusted for non-cash impairment charges, unrealized foreign exchange gains (losses), unrealized gains (losses) on risk management contracts and share-based compensation expense (recovery).

    The Company considers EBITDA and Adjusted EBITDA to be key measures as they demonstrates Parex’s profitability before finance income and expenses, taxes, depletion, depreciation and amortization and other non-cash items. A reconciliation from net income to EBITDA and Adjusted EBITDA is as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,       Sep. 30,       Jun. 30,       Sep. 30,  
    ($000s)   2024       2023       2024       2024  
    Net income $ 65,793     $ 119,736     $ 3,845     $ 129,731  
    Adjustments to reconcile net income to EBITDA:              
    Finance income   (963 )     (2,496 )     (1,097 )     (3,317 )
    Finance expense   7,494       5,219       5,421       18,109  
    Income tax expense   42,767       49,995       130,888       249,472  
    Depletion, depreciation and amortization   52,672       48,817       56,883       161,786  
    EBITDA $ 167,763     $ 221,271     $ 195,940     $ 555,781  
    Non-cash impairment charges   —       2,189       4,661       4,661  
    Share-based compensation expense (recovery)   (7,994 )     4,642       5,770       (4,687 )
    Unrealized foreign exchange loss (gain)   4,233       (2,318 )     24,176       27,022  
    Adjusted EBITDA $ 164,002     $ 225,784     $ 230,547     $ 582,777  


    Non-GAAP Ratios

    Operating netback per boe, is a non-GAAP ratio that the Company considers to be a key measure as it demonstrates Parex’ profitability relative to current commodity prices. Parex calculates operating netback per boe as operating netback (calculated as oil and natural gas sales from production, less royalties, operating, and transportation expense) divided by the total equivalent sales volume including purchased oil volumes for oil and natural gas sales price and transportation expense per boe and by the total equivalent sales volume excluding purchased oil volumes for royalties and operating expense per boe.

    Funds flow provided by operations netback per boe or FFO netback per boe, is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by produced oil and natural gas sales volumes. The Company considers funds flow provided by operations netback per boe to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to current commodity prices.

    Basic funds flow provided by operations per share or FFO per share, is a non-GAAP ratio that is calculated by dividing funds flow provided by operations by the weighted average number of basic shares outstanding. Parex presents basic funds flow provided by operations per share whereby per share amounts are calculated using weighted-average shares outstanding, consistent with the calculation of earnings per share. The Company considers basic funds flow provided by operations per share or FFO per share to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to the weighted average number of basic shares outstanding.

    Capital Management Measures

    Funds flow provided by operations, is a capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. The Company considers funds flow provided by operations to be a key measure as it demonstrates Parex’s profitability after all cash costs. A reconciliation from cash provided by operating activities to funds flow provided by operations is as follows:

     
      For the three months ended     For the nine months ended  
        Sep. 30,     Sep. 30,     Jun. 30,       Sep. 30,  
    ($000s)   2024       2023     2024       2024  
    Cash provided by operating activities $ 181,874     $ 87,568   $ 222,782     $ 502,068  
    Net change in non-cash working capital   (30,101 )     70,271     (41,830 )     (21,036 )
    Funds flow provided by operations $ 151,773     $ 157,839   $ 180,952     $ 481,032  


    Working capital surplus (deficit),     is a capital management measure which the Company uses to describe its liquidity position and ability to meet its short-term liabilities. Working capital surplus (deficit) defined as current assets less current liabilities.

     
      For the three months ended     For the nine months ended  
      Sep. 30,       Sep. 30,     Jun. 30,     Sep. 30,  
    ($000s)   2024       2023       2024     2024  
    Current assets $ 248,208     $ 240,559     $ 281,846   $ 248,208  
    Current liabilities   210,699       298,070       247,690     210,699  
    Working capital surplus (deficit) $ 37,509     $ (57,511 )   $ 34,156   $ 37,509  


    Supplementary Financial Measures

    “Oil and natural gas sales per boe” is determined by sales revenue excluding risk management contracts, as determined in accordance with IFRS, divided by total equivalent sales volume including purchased oil volumes.

    “Royalties per boe” is comprised of royalties, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Net revenue per boe” is comprised of net revenue, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Production expense per boe” is comprised of production expense, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Transportation expense per boe” is comprised of transportation expense, as determined in accordance with IFRS, divided by the total equivalent sales volumes including purchased oil volumes.

    “Dividends paid per share” is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.

    Oil & Gas Matters Advisory

    The term “Boe” means a barrel of oil equivalent on the basis of 6 Mcf of natural gas to 1 barrel of oil (“bbl”). Boe’s may be misleading, particularly if used in isolation. A boe conversation ratio of 6 Mcf: 1 Bbl is based on an energy equivalency 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 Mcf: 1Bbl, utilizing a conversion ratio at 6 Mcf: 1 Bbl may be misleading as an indication of value.

    This press release contains a number of oil and gas metrics, including, operating netbacks and FFO netbacks. These oil and gas metrics have been prepared by management and do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare the Company’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment or other purposes.

    Any reference in this press release to short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determination of the rates at which such wells will continue production and decline thereafter and readers are cautioned not to place reliance on such rates in calculating the aggregate production of Parex.

    Distribution Advisory

    The Company’s future shareholder distributions, including but not limited to the payment of dividends and the acquisition by the Company of its shares pursuant to an NCIB, if any, and the level thereof is uncertain. Any decision to pay further dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith and any special dividends) or acquire shares of the Company will be subject to the discretion of the Board of Directors of Parex and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. Further, the actual amount, the declaration date, the record date and the payment date of any dividend are subject to the discretion of the Board. There can be no assurance that the Company will pay dividends or repurchase any shares of the Company in the future.

    Advisory on Forward Looking Statements

    Certain information regarding Parex set forth in this document contains forward-looking 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”, “forecast”, “guidance”, “budget” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. Such statements represent Parex’s internal projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. 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 Parex’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex.

    In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to: the Company’s focus, plans, priorities and strategies; average production guidance and capital expenditure guidance; expectations and plans regarding the Cabrestero and LLA-34 blocks, the LLA-32 block, Northern Llanos – Capachos, the Arauca-81 well, and Llanos Foothills – LLA-122; the anticipated terms of the Company’s Q4 2024 regular quarterly dividend, including its expectation that it will be designated as an “eligible dividend”; and the anticipated date and time of Parex’s conference call to discuss Q3 2024 results.

    These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; prolonged volatility in commodity prices; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced in Canada and Colombia; determinations by OPEC and other countries as to production levels; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities in Canada and Colombia; the risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; failure of counterparties to perform under contracts; the risk that Brent oil prices may be lower than anticipated; the risk that Parex’s evaluation of its existing portfolio of development and exploration opportunities may not be consistent with its expectations; the risk that Parex may not have sufficient financial resources in the future to provide distributions to its shareholders; the risk that the Board may not declare dividends in the future or that Parex’s dividend policy changes; the risk that Parex may not be responsive to changes in commodity prices; the risk that Parex may not meet its production guidance for the year ended December 31, 2024; the risk that Parex’s 2024 capital expenditures may be greater than anticipated; the risk that plans and expectations related to Parex’s drilling program as disclosed herein do not materialize as expected and/or at all; the risk that Parex may not be able to increase production into year end; 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. Additional information on these and other factors that could affect Parex’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca).

    Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Parex has made assumptions regarding, among other things: current and anticipated commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil, including the anticipated Brent oil price; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; royalty rates; future operating costs; uninterrupted access to areas of Parex’s operations and infrastructure; recoverability of reserves and future production rates; the status of litigation; timing of drilling and completion of wells; on-stream timing of production from successful exploration wells; operational performance of non-operated producing fields; pipeline capacity; that Parex will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that Parex’s conduct and results of operations will be consistent with its expectations; that Parex will have the ability to develop its oil and gas properties in the manner currently contemplated; that Parex’s evaluation of its existing portfolio of development and exploration opportunities is consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of Parex’s production and reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that Parex will be able to obtain contract extensions or fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; that Parex will have sufficient financial resources to pay dividends and acquire shares pursuant to its NCIB in the future; that Parex is able to execute its plans with respect to the Company’s drilling program as disclosed herein; and other matters.

    Management has included the above summary of assumptions and risks related to forward-looking information provided in this document in order to provide shareholders with a more complete perspective on Parex’s current and future operations and such information may not be appropriate for other purposes. Parex’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 Parex will derive. These forward-looking statements are made as of the date of this document and Parex 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.

    This press release contains information that may be considered a financial outlook under applicable securities laws about the Company’s potential financial position, including, but not limited to; Parex’s FY 2024 capital expenditure guidance and midpoint capital expenditure guidance; Parex 2024 guidance, including anticipated Brent crude oil average prices, funds flow provided by operations netback; funds flow provided by operations, capital expenditures, free funds flow; and the anticipated terms of the Company’s Q4 2024 regular quarterly dividend including its expectation that it will be designated as an “eligible dividend”, all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Company and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company’s potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.

    The following abbreviations used in this press release have the meanings set forth below:

    bbl   one barrel
    bbls   barrels
    bbl/d   barrels per day
    boe   barrels of oil equivalent of natural gas; one barrel of oil or natural gas liquids for six thousand cubic feet of natural gas
    boe/d   barrels of oil equivalent of natural gas per day
    mcf   thousand cubic feet
    mcf/d   thousand cubic feet per day
    W.I.   working interest
     

    PDF available: http://ml.globenewswire.com/Resource/Download/036d688c-0a1e-4b88-a59e-ea8a6ec811a7

    The MIL Network –

  • MIL-OSI Australia: Australians are traumatised by Middle East horrors. They deserve the facts

    Source: Australian Government – Minister of Foreign Affairs

    Many Australians are understandably traumatised by the past year in the Middle East. Every day, we see more unbearable scenes. The terrorist attack by Hamas on October 7, 2023: the worst loss of Jewish life in a single day since the Holocaust, and almost 100 hostages still held. And in Israel’s response: 42,000 Palestinians killed – including more than 13,000 children. About 2 million facing starvation.

    While this conflict might be far away, it is close to many in Australia. Some have lost family – or have loved ones in danger. Communities connect with different sides in this conflict.

    The Middle East’s contested history helps explain these divergent perspectives. Those who know the imperative of Israel for the Jewish people’s survival. Who feel October 7 as part of the long shadow of antisemitism; the abomination of the Holocaust and millennia of Jewish persecution. And those who know the dispossession of the Palestinian people; the failure of the international community to honour the 1947 promise made for a Palestinian state when Israel was established. Who feel that the loss of Muslim and Arab lives has been too easily dismissed.

    These two experiences seem less reconciled than ever – and they are intensified in a debate often framed by incorrect information.

    For example, people continue to demand Australia call for a ceasefire in Gaza. Yet, it’s nearly 11 months since Australia voted for a ceasefire with 152 other countries at the United Nations General Assembly. While some don’t hear our condemnation of Israel Defence Forces’ attacks on civilians or aid workers, others wrongly claim we enable Hamas by insisting Israel follow the rules of war.

    As the conflict spread to Lebanon, Opposition Leader Peter Dutton said Australia was isolated by calling for a ceasefire there – when we did so with dozens of other countries. And despite that call, I am asked when Australia will stop bombing Lebanon. We never started.

    These examples show what happens when certain politicians and media make false claims in bad faith – and when people shout over each other rather than listen to each other. I understand people want their government to make this war end. But this isn’t Vietnam or Iraq – Australia is not contributing to the war. Nor are we supplying weapons for it.

    There is a big difference between Australia wanting to end this war and being able to do it on our own. Our only hope is in being active in the international community. As long as this war goes on, we will keep partnering to deliver aid, uphold international law and drive towards peace.

    As well as our co-ordinated calls for ceasefire and the release of hostages, we act in concert with other donors to provide lifesaving aid. Australia has committed more than $90 million in humanitarian assistance to support civilians impacted by conflicts in Gaza and Lebanon. We have also doubled our annual funding to the United Nations Relief and Works Agency (UNRWA).

    I’m leading an influential group of countries to create a global Declaration on the Protection of Humanitarian Personnel. We are building a coalition for the safety of aid workers who provide the food, water and medicine that civilians need to survive.

    Australia works with Canada, New Zealand and other supporters of international law, including by backing the independence of the International Court of Justice and the International Criminal Court. International law includes the UN Charter that allows countries to defend themselves – and the Geneva Conventions that protect civilians during wars. Palestinian civilians cannot pay the price of defeating Hamas.

    Australia has joined a large number of countries in condemning and sanctioning Hamas, Hizballah and others for their terrorism. Just as we have partnered in sanctioning Israeli extremist settlers for their violence against Palestinians in the West Bank.

    We work with others because going it alone gets us nowhere in the Middle East. But you wouldn’t think that listening to somepoliticians. Peter Dutton demands I do what no other country has done: say the rules don’t apply to Israel. And the Greens demand I apply sanctions to Israel that no other country has applied. When Australia applies sanctions, we co-ordinate with partners. That’s what makes them effective.

    These two ends of the political spectrum repeat absolutist positions we see overseas in order to recklessly reproduce the conflict in our diverse society and exploit distressed Australians. All-or-nothing demands do nothing to end the Middle East cycle of violence.

    That can only happen when the promise of two states is fulfilled. Frustratingly, this seems a distant prospect. It is bitterly opposed by Hamas, which seeks to end the Jewish state. It is also not supported by many in the Netanyahu government. But Israel’s own long-term security requires it, and Palestinians have a right to self-determination.

    Australia was one of 143 countries to vote in support of Palestinian aspirations for full membership of the UN – where we have also called for a timeline for the international declaration of Palestinian statehood.

    On our own, we have little leverage to move the dial in the Middle East. That’s why our approach centres on building international support with other countries that want to end this war.

    Originally published in The Sydney Morning Herald and The Age on Wednesday, 6 November 2024. 

    MIL OSI News –

  • MIL-OSI Security: 35th ADA Brigade supports Keen Sword 25 exercise in Japan

    Source: United States INDO PACIFIC COMMAND

    SOUTH KOREA  –  

    Soldiers from Eighth Army’s 35th Air Defense Artillery Brigade participated in Keen Sword 25, which concluded Nov. 1.

    Keen Sword is a joint bilateral exercise designed to increase readiness and interoperability between the U.S. and Japan.

    Seventeen service members from E Battery, 6-52 Air Defense Artillery Battalion participated in a joint field training exercise with the 17th Field Artillery Brigade (Joint Base Lewis-McChord, Washington) in Japan. Two Avengers and one Sentinel Radar were part of a support package that provided base defense assets during the exercise.

    Additional training was accomplished when the units were able to network with the 38th Air Defense Artillery Brigade based in Japan via a tactical datalink network. Mobility training was also accomplished as Echo Battery utilized port operations to ship and receive their equipment. The team deployed to one of Japan’s islands for the 10-day exercise.

    Keen Sword 25 participants included military units from the U.S. and Japan, Australia and Canada, which all took part in integrated training across the island nation. They honed their skills to maintain warfighting readiness. Bilateral and multilateral events undertaken as part of Keen Sword 25 included joint live fire training, medical mass casualty exercises, installation security forces training and simulated airfield damage repair, among others.

    The 35th ADA Brigade is one of Eighth Army’s six major subordinate commands based at Osan Air Base, South Korea.

    MIL Security OSI –

  • MIL-OSI China: China import expo attractive to global exhibitors

    Source: China State Council Information Office

    Chinese Premier Li Qiang pledged to open the country’s huge market further to share more growth opportunities with the rest of the world on Tuesday as the seventh edition of the China International Import Expo (CIIE) opened in Shanghai.

    Chinese Premier Li Qiang delivers a keynote speech at the opening ceremony of the seventh China International Import Expo and the Hongqiao International Economic Forum in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    The business exhibition of the world’s first national-level exposition dedicated to imports has attracted about 3,500 exhibitors from 129 countries and regions this year. Notably, a record high of 297 Fortune 500 companies and industry leaders are attending the six-day expo. And more than 400 new products, new technologies and new services are unveiled.

    Experts believe the large scale of the expo highlighted the global companies’ confidence in the Chinese market and their commitment to further development in China despite the sluggish global economic recovery.

    Enormous market

    China is willing to open up its enormous market further and will continue to expand market access to sectors including telecommunications, the internet, education, culture and healthcare in an orderly fashion, Premier Li said in a keynote speech at the opening ceremony of the 7th CIIE.

    The sound fundamentals of the Chinese economy remain unchanged, according to Li, adding that the country’s new growth drivers are fast-growing, with double-digit investment growth in high-tech industries and development booms in emerging industries including artificial intelligence, advanced manufacturing and the green economy.

    During a meeting on Monday with select exhibitors and buyers attending the expo, Li said that China is able to sustain steady economic recovery, improve the quality and capacity of its market, and provide more extensive growth space for global businesses in terms of trade, investment and innovation. He added that the Chinese market is still one of the best choices for companies worldwide.

    The keen interest from global participants has shown the growing influence of the CIIE and the charm of the Chinese market and also highlighted China’s determination to push forward the building of an open world economy, said Zhao Fujun, a researcher with the Development Research Center of the State Council.

    In 2018, China inaugurated the CIIE to build an open platform for international trade cooperation and to support free trade and economic globalization, making it a “golden gateway” to the world’s second-largest consumer market.

    This photo taken on Nov. 5, 2024 shows the Tanzania Pavilion during the seventh China International Import Expo (CIIE) in east China’s Shanghai. [Photo/Xinhua]

    More than 420 billion U.S. dollars worth of tentative deals were signed at the CIIE’s earlier six editions since 2018. Beyond the event, global companies can reach a larger customer base and make further investments in the country.

    Toshinobu Umetsu, president and CEO of Shiseido China, said he is very inspired and encouraged by Premier Li’s emphasis on China’s commitment to continuing high-level opening-up and to sharing development opportunities with the rest of the world.

    The Japanese cosmetics giant will continue to strengthen its long-term investment in China. It has never wavered in its confidence and determination to invest in China, as the incredible vitality and resilience of the Chinese market make it a very important international market, Umetsu said.

    German healthcare and agribusiness giant Bayer AG is among more than 180 companies and institutions that have attended all seven editions of the CIIE since 2018.

    Bayer’s participation at the expo demonstrates its unwavering commitment to this important market, said Bill Anderson, chairman of Bayer AG Management Board.

    “International cooperation and economic globalization are important factors in the world’s development. That’s why Bayer is glad to be part of the expo for the seventh consecutive year,” said Anderson.

    New opportunities

    The CIIE unlocks new opportunities for the world, Bayer said, adding that it will actively leverage this vital platform to continuously unleash its innovative potential while looking forward to forging partnerships with global collaborators.

    A visitor learns about a bronchoscope robot at the exhibition area of Intuitive Fosun during the seventh China International Import Expo (CIIE) in east China’s Shanghai, Nov. 5, 2024. [Photo/Xinhua]

    Penne Kehl, Asia Pacific Group president of Cargill Agriculture and Trading, expects a very busy schedule at the import expo, including meeting with customers and partners and signing a few important deals and partnerships. U.S. food giant Cargill has participated in CIIE for seven consecutive years.

    As its influence grows, the expo is attracting new foreign enterprises over the years. Canadian sportswear giant Lululemon is among the first-time participants.

    The Chinese mainland is Lululemon’s largest market outside of North America and is also one of the most dynamic and exciting ones, which is key to driving the company’s international business, said Calvin McDonald, CEO of Lululemon.

    “It’s an exciting opportunity to showcase the brand, drive awareness to our growth story and what we have planned for the future,” said McDonald. He added that Lululemon will continue to open more stores in the country, adding to its current 137 stores in 41 cities.

    China offers free booths and other support measures to 37 least-developed countries to help them showcase their products at the import expo. It also expanded the exhibition area for African agricultural products.

    China has been opening up its market to Africa, enabling transformation on the African continent, said Peter Kagwanja, founder and president of the Africa Policy Institute.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Speech by SITI at Seminar on Life Science and Global Health “Innovation ·Inclusion · Impact” (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Seminar on Life Science and Global Health “Innovation ·Inclusion · Impact” on November 5 (Ottawa time):
     
    Ms Wu (Board Director of Hong Kong Canada Business Association, Ottawa, and Department Chair of Algonquin College School of Business and Hospitality, Ms Sandra Wu), Mr Eng (President of Hong Kong Canada Business Association, Ottawa, Mr Frank Eng), Senator Woo (Senator of Canada, Mr Woo Yuen-pau), Mr McLean (Member of the House of Commons of Canada, Mr Greg McLean), Mr Arya (Member of the House of Commons of Canada, Mr Chandra Arya), distinguished guests, ladies and gentlemen,     
     
          Good evening. It is my great pleasure to join you all here today in Ottawa and in such a historic building for the Seminar of Life Science and Global Health, to explore the vital intersection of life science and global health, through the lenses of innovation, inclusion, and impact.
     
          Over the years, Hong Kong has established close ties with Canada in many façades, say economically, culturally and people-to-people bond. We share many similarities and a wide range of common interests. While Canada has long been recognised as a powerhouse in the field of life and health science, Hong Kong is emerging as an international innovation and technology (I&T) centre, as well as a health and medical innovation hub in the Asia-Pacific region. Taking this opportunity, I would like to give you a brief update on Hong Kong’s I&T landscape and the opportunities that lie ahead in the field of life and health technology.
     
          Promoting I&T development is of top priority on the policy agenda of the Hong Kong Special Administrative Region (SAR) Government. Back in December 2022, we promulgated the Hong Kong I&T Development Blueprint, which clearly indicated our development direction to perfect the I&T ecosystem by promoting positive interaction between upstream for basic research, midstream for technology transfer, and downstream for all industries development. We greatly support the development of technology industries with an edge and of strategic importance.
     
          Life and health technology is one of our focuses.
     
          Hong Kong possesses professional medical services and a well-established healthcare system. Supported by five top 100 universities and two top 40 medical schools in the world, together with a multitude of world-class experts in the life and health disciplines, Hong Kong enjoys significant advantages in developing life and health technology. 
     
          To capitalise on our strength in basic research and foster global I&T collaboration, Hong Kong’s flagship R&D (research and development) initiative, namely InnoHK, has built collaboration with more than 30 world-renowned universities and research institutes from 12 economies, including Canada of course, and set up a total of 29 InnoHK research laboratories. Of these, 16 of them focus on healthcare-related technologies and have brought notable scientific achievements and benefits to society. For example, the Centre for Eye and Vision Research, which was jointly established by the University of Waterloo and Hong Kong Polytechnic University, is one of them.
     
          Furthermore, we will launch a HK$6 billion subsidy programme, roughly $1.1 billion Canadian dollars, to support setting up cross-institutional and multidisciplinary life and health technology research institutes in Hong Kong. We have also earmarked HK$3 billion, that is approximately $540 million Canadian dollars, for the Frontier Technology Research Support Scheme to accelerate cross-disciplinary researches in various frontier technology fields, including clinical medicine and health, gene and biotechnology, spearheaded by the local funded universities and renowned scholars from around the world. These initiatives will empower us to create a vibrant research atmosphere with the participation of global talent, thereby strengthening Hong Kong’s capability for forward-looking and disruptive scientific researches.
     
          A few weeks ago, the Chief Executive of the Hong Kong SAR Government announced his 2024 Policy Address, in which a series of new initiatives are introduced to accelerate the pace of the development of Hong Kong into an international I&T centre.  Among them, we will launch a new HK$10 billion I&T Industry-Oriented Fund, which is equivalent to around $1.8 billion Canadian dollars, to form a fund-of-funds to channel more market capital to invest in specified emerging and future industries of strategic importance, including life and health technology. Indeed, we launched a HK$10 billion Research, Academic and Industry Sectors One-plus Scheme last year to accelerate the transformation and commercialisation of outstanding research outcomes from universities, and another HK$10 billion New Industrialisation Acceleration Scheme this year to encourage industries of strategic importance, including life and health technology, to set up new smart production facilities in Hong Kong. Just these three funding schemes alone, totalling HK$30 billion, almost $5.4 billion Canadian dollars in financial commitment, demonstrates our strong commitment to promoting industry development and placing a strong emphasis on investment in the I&T sector.
     
          Adequate sites and sophisticated infrastructure are equally important for the long-term I&T development. Located in the border area between Hong Kong and Shenzhen, the Hetao Hong Kong Park, or the Loop in short, will serve as an I&T hub of strategic value connecting Mainland China and the international community. We will set up the InnoLife Healthtech Hub in the Loop to attract top-notch research teams and talent from around the world. We will allocate another HK$2 billion to support the InnoHK research clusters to establish presence in the Loop, and HK$200 million to support start-ups in the Loop engaging in life and health technology in the form of incubation and acceleration programmes. 
     
          Besides, new I&T land will be available in San Tin Technopole in the northern part of Hong Kong to support I&T industry development, creating synergy with the nearby Shenzhen I&T Zone. With the new I&T platform in the Loop and new I&T land in San Tin Technopole, coupling with the gigantic market of the Guangdong-Hong Kong-Macao Greater Bay Area, there are indeed many I&T opportunities and possibilities lying ahead in Hong Kong.
     
          While the global economic and political situation is becoming more complicated, Asia will still play a pivotal role in the technological revolution. Under the principle of “one country, two systems” and with a strategic geographical location on the doorstep of Mainland China, Hong Kong is the best platform to connect I&T talent and companies from Mainland China and around the world. Whether you are looking for job opportunities, capital or investment, there is always a place for you in Hong Kong. I strongly believe that apart from life and health technology, there is a lot of room for bilateral collaboration between Hong Kong and Canada, say, in green technology, renewable energy, environmental protection and sustainability, where Canada has an edge.    
     
          Ladies and gentlemen, the challenges we face in global health are complex and multifaceted. By fostering global I&T collaboration, we amplify the impact brought by innovation and inclusion, from zero to one, from one to many, to unlock new possibilities and drive the next wave of technological advancement for the betterment of the mankind. Hong Kong stands ready to play the promising role as a “super-connector” and a “super value-adder” to create value and impact to the world.
     
          In closing, I would like to express my gratitude to Hong Kong – Canada Business Association (Ottawa) and Invest Hong Kong for organising today’s seminar. I look forward to the fruitful collaborations that will arise from this seminar. Thank you very much.   

    MIL OSI Asia Pacific News –

  • MIL-OSI: Orezone Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    All dollar amounts are in USD unless otherwise stated and abbreviation “M” means million.

    VANCOUVER, British Columbia, Nov. 05, 2024 (GLOBE NEWSWIRE) —  Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) reported its operational and financial results for the three and nine months ended September 30, 2024. The Company will host a conference call and webcast on November 6, 2024 commencing at 8:00am PT to discuss its quarterly and year-to-date performance, and outlook for the remainder of the year, including commentary on the progress of its Phase II hard rock expansion and early success on its multi-year, discovery-focus drilling campaign. Call access and webcast details are provided at the end of this press release.

    Patrick Downey, President and CEO, commented, “The third quarter provided a number of positive developments for our Bomboré Mine. Operationally, mining access was opened up in the Siga pits and grid power returned to normalized levels, both of which will ensure ongoing improved gold production and costs in Q4-2024. We generated solid free cash flow during the quarter and continued to pay down debt and advance the Phase II hard rock expansion which will set the path for Bomboré to increase annual gold production by 50% within the next 12 months. We also commenced our multi-year exploration program with the first two diamond drill holes from the current campaign returning robust results, with broad and above-average grade mineralization to 240 metres below the current pit limit, validating our belief that with further targeted drilling, Bomboré can grow into a 7 to 10 million ounce orebody.

    With unhedged gold sales at record prices continuing into the fourth quarter, we forecast generation of continued strong operating cashflow that will help support the Phase II expansion construction. The $58M Phase II term loan previously announced with Coris Bank is advancing and is expected to close in the coming weeks.”

    2024 THIRD QUARTER HIGHLIGHTS AND SIGNIFICANT SUBSEQUENT EVENTS

    (All mine site figures on a 100% basis)   Q3-2024 Q3-2023 9M-2024 9M-2023
    Operating Performance          
    Gold production oz 26,581 30,726   82,244   107,509
    Gold sales oz 27,698 29,167   83,864   105,914
    Average realized gold price $/oz 2,473 1,910   2,280   1,922
    Cash costs per gold ounce sold1 $/oz 1,410 1,152   1,297   936
    All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 1,655 1,306   1,519   1,088
    Financial Performance          
    Revenue $000s 68,652 55,803   191,680   203,911
    Earnings from mine operations $000s 22,340 13,882   72,389   81,042
    Net income attributable to shareholders of Orezone1 $000s 4,984 5,194   25,620   39,134
    Net income per common share attributable to shareholders of Orezone1
    Basic
    Diluted

    $
    $

    0.01
    0.01

    0.01
    0.01

    		  

    0.07
    0.06

    		  

    0.11
    0.11
    Adjusted EBITDA1 $000s 25,756 19,163   72,175   93,334
    Adjusted earnings attributable to shareholders of Orezone1 $000s 7,365 3,588   18,427   39,398
    Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.02 0.01   0.05   0.11
    Cash and Cash Flow Data          
    Operating cash flow before changes in working capital $000s 18,888 16,474   53,876   82,839
    Operating cash flow $000s 24,043 6,978   29,677   66,059
    Free cash flow1 $000s 14,120 (4,024 ) (818 ) 35,490
    Cash, end of period $000s 66,900 27,711   66,900   27,711

    1 Cash costs, AISC, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information.

    • Safety: Continued strong safety performance with 1.31M and 3.68M hours worked without a lost-time injury for Q3-2024 and 9M-2024, respectively.
    • Liquidity: Free cashflow generation of $14.1M in Q3-2024 despite the continued build-up of VAT receivables and Phase II Expansion capital expenditures in the quarter. Cash stood at $66.9M at September 30, 2024, increases of $55.5M from June 30, 2024 and $47.4M from December 31, 2023, respectively.    
    • Gold Production and Costs:   Gold production of 26,581 ounces at an AISC of $1,655/oz as a result of an above-average strip ratio due to mine sequencing, and drawdown of lower-grade stockpiles due to heavy rainfall events restricting pit access during the quarter combined with higher-than-budgeted government royalties from a better realized gold price.
    • Siga Pits Mining Extension: Mining at Siga East ramped up in Q3-2024 after the relocation of households to the new MV3 resettlement site in June 2024 while mining at Siga South commenced in August 2024. The Q4-2024 mine plan calls for greater mill delivery of higher-grade ore tonnes from the Siga pits as mining productivity and material movement are forecasted to improve with the end of the rainy season and the recent expansion of the contractor mining fleet. Two new heavy-duty excavators and twenty new haul trucks were mobilized to site at the end of October and were placed into service at the start of November. As a result, quarterly gold production is expected to be the highest in Q4-2024 as demonstrated by the production of 12,096 gold ounces in October.
    • Phase II Hard Rock Expansion (“Phase II Expansion”) Approval: The Company announced on July 10, 2024 that its Board of Directors had approved the Phase II Expansion after securing over $105M in new debt and equity for the construction. On August 8, 2024, the Company completed the issuance of 92,743,855 common shares at a share price of C$0.70 for net proceeds of C$64.8M ($47.3M). Concurrently, the Company is working on closing its XOF 35.0 billion ($58M) senior secured loan (“Phase II Term Loan”) with Coris Bank International (“Coris Bank”) in November 2024. The draft loan agreement with Coris Bank is in final form and the Company is now arranging for intercreditor consents from the convertible debenture holders for this additional senior debt.      
    • Phase II Expansion Early Achievements: Expansion activities are advancing ahead of schedule while committed costs are tracking on budget. The Company has placed over 50% of all packages, including CIL tank platework and 95% of all process equipment, including the purchase of a new, pre-owned 9MW 26’ diameter SAG mill. For site activities, all bulk earthwork is complete, and the laydown area is ready to receive deliveries. Rapid progress on major site contracts such as concrete will see these contracts awarded early, thereby adding further float to the schedule for first gold. For the 9M-2024, the Company has expended $9.8M on both early works and the on-going Phase II Expansion, and expects to expend a further $9M – $12M in Q4-2024 as the Company rapidly advances the expansion towards first gold in Q4-2025.
    • Multi-year Exploration Campaign Commencement: The Company initiated a 30,000 m, multi-year discovery focused drill program designed to test the broader size and scale of the Bomboré mineralized system with the goal of increasing the Bomboré global resource to 7M to 10M gold ounces. Results from the first two drill holes at the North Zone intercepted mineralization 240 m below the current reserve pit limit, including 1.67 g/t gold over 46.00 m, demonstrating the continuity of the mineralized system at depth, both in terms of grade and overall width (see the Company’s October 10, 2024 news release). Additional drill results from the next round of drilling are set for release before the end of 2024.
    • Better Grid Power Availability: Availability of grid power normalized in Q3-2024 with the national grid supplying 92% of Bomboré mine’s power needs, up significantly from Q2-2024 when grid power provided only 34% of power consumption.  
    • Debt Reduction: Scheduled principal repayments of XOF 3.0 billion ($5.0M) were made in Q3-2024 on the Company’s Phase I senior loan with Coris Bank.

    2024 Guidance for Bomboré Mine

    Operating Guidance (100% basis) Unit Original
    2024 Guidance    		 Revised
    2024 Guidance    		 9M-2024
    Actuals
    Gold production Au oz 110,000 – 125,000 Unchanged   82,244
    All-In Sustaining Costs123 $/oz Au sold $1,300 – $1,375 $1,400 – $1,475 $1,519
    Sustaining capital2 $M $14 – $15 Unchanged $11.7
    Growth capital – non Phase II Expansion2 $M $16 – $17 Unchanged $13.2
    Growth capital – Phase II Expansion early works2 $M No guidance provided $3.6 $3.6
    Growth capital – Phase II Expansion2 $M No guidance provided $15.0 – $18.0 $6.2
    1. AISC is a non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.30.
    3. Government royalties of $160/oz included in original AISC guidance based on an assumed gold price of $2,000 per oz. Government royalties of $200/oz is now estimated in the revised AISC guidance from a better gold price realized.

    2024 gold production is expected to be at or above the mid-point of guidance with AISC now guided to fall within $1,400/oz to $1,475/oz, a minor increase to the original guidance, mainly due to the impact of higher power costs from the lack of grid availability in H1-2024 (~$60/oz) and from higher government royalties (~$40/oz) on better realized gold prices.

    Sustaining capital for 2024 is expected to reach the low-end of the $14M – $15M guidance range as spending in Q4-2024 will be limited mainly to the ongoing tailings storage facility (“TSF”) expansion (stage 4 lift) and completion of the new on-site explosives magazine.

    Growth capital consists of two carryover projects from 2023:

          (i)      Power connection to Burkina Faso’s national grid (9M-2024 actuals: $1.4M)

    The powerline was energized in January 2024, and system commissioning of the new line and substations were completed in March 2024. Remaining equipment and software upgrades to shorten the transfer between the grid and back-up gensets, and to reduce the quantity of reactive power are expected to be implemented by year-end.

          (ii)      Resettlement Action Plan (“RAP”) – Phases II and III (9M-2024 actuals: $11.8M)

    RAP Phases II and III commenced in 2023 and will see the construction of over 2,200 private and public structures in three new resettlement communities (MV3, MV2, and BV2) to help relocate communities occupying areas in the southern half of the Bomboré mining permit.

    The Company successfully relocated families to the new MV3 resettlement site in June 2024 and is currently constructing the new MV2 resettlement site with construction progress reaching 85% at the end of Q3-2024. Relocation of households to MV2 and the start of construction works at BV2 are scheduled for in Q4-2024.

    RAP spending, including costs for compensation, consultants, relocation allowances, and livelihood restoration programs, is forecasted to remain unchanged at between $15M to $16M for 2024.

    BOMBORÉ GOLD MINE (100% BASIS) – OPERATING HIGHLIGHTS

        Q3-2024 Q3-2023 9M-2024 9M-2023
    Safety          
    Lost-time injuries frequency rate per 1M hrs 0.00 0.00   0.00 0.00  
    Personnel-hours worked 000s hours 1,308 1,128   3,680 3,093  
    Mining Physicals          
    Ore tonnes mined tonnes 1,457,631 2,231,360   5,826,711 6,364,169  
    Waste tonnes mined tonnes 2,690,759 2,654,010   9,265,615 8,188,409  
    Total tonnes mined tonnes 4,148,390 4,885,370   15,092,326 14,552,578  
    Strip ratio waste:ore 1.85 1.19   1.59 1.29  
    Processing Physicals          
    Ore tonnes milled tonnes 1,491,740 1,453,541   4,275,755 4,299,394  
    Head grade milled Au g/t 0.64 0.74   0.68 0.86  
    Recovery rate % 87.4 88.8   87.8 90.9  
    Gold produced Au oz 26,581 30,726   82,244 107,509  
    Unit Cash Cost          
    Mining cost per tonne $/tonne 3.76 3.19   3.49 2.99  
    Mining cost per ore tonne processed $/tonne 9.58 7.79   8.85 6.93  
    Processing cost $/tonne 7.94 9.80   8.77 9.90  
    Site general and admin (“G&A”) cost $/tonne 3.77 3.98   3.84 3.64  
    Cash cost per ore tonne processed $/tonne 21.29 21.57   21.46 20.47  
    Cash Costs and AISC Details          
    Mining cost (net of stockpile movements) $000s 14,295 11,319   37,834 29,786  
    Processing cost $000s 11,846 14,238   37,486 42,566  
    Site G&A cost $000s 5,617 5,787   16,405 15,671  
    Refining and transport cost $000s 51 66   304 378  
    Government royalty cost $000s 5,500 3,503   15,227 12,345  
    Gold inventory movements $000s 1,748 (1,303 ) 1,539 (1,584 )
    Cash costs1on a sales basis $000s 39,057 33,610   108,795 99,162  
    Sustaining capital $000s 4,453 2,606   11,752 10,444  
    Sustaining leases $000s 73 41   219 228  
    Corporate G&A cost $000s 2,255 1,837   6,643 5,451  
    All-In Sustaining Costs1on a sales basis $000s 45,838 38,094   127,409 115,285  
    Gold sold Au oz 27,698 29,167   83,864 105,914  
    Cash costs per gold ounce sold1 $/oz 1,410 1,152   1,297 936  
    All-In Sustaining Costs per gold ounce sold1 $/oz 1,655 1,306   1,519 1,088  

    1 Non-IFRS measure. See “Non-IFRS Measures” section for additional details.

    Bomboré Production Results

    Q3-2024 vs Q3-2023

    Gold production in Q3-2024 was 26,581 ounces, a decline of 13% from the 30,726 ounces produced in Q3-2023. The lower gold production is attributable to a 14% decrease in head grades and a 2% decrease in plant recoveries, partially offset by a 3% increase in plant throughput. The better head grades in Q3-2023 were from the sequencing of higher-grade pits in earlier periods of the mine plan, and greater ore release from more tonnes mined allowing for the stockpiling of lower-grade ore. Less tonnes were mined in Q3-2024 due to lower contractor equipment availability and heavier-than-average rainfall events combined with mining rates in Q3-2023 benefiting from the deployment of a second mining contractor. Pre-stripping activities at the Siga pits increased the strip ratio (1.85 vs 1.19) in Q3-2024, leading to the temporary drawdown of lower grade stockpiles to maintain mill throughput in August 2024. Plant recoveries for Q3-2024 were marginally lower from the greater blend of transition ore in the mill feed as mining deepens in certain pits. The presence of transition ore results in slightly lower metallurgical recoveries and additional plant maintenance due to the harder nature of the ore. Plant throughput increased in Q3-2024 as the Company successfully improved hourly plant throughput by increasing mill power draw and reducing residence time in the CIL circuit without a noticeable effect of recovery rates. Plant throughput was further impacted in Q3-2024 by a ball mill reline performed at the end the quarter (no comparable mill reline in Q3-2023). This mill reline was brought forward from Q4-2024 to ensure maximum mill availability during Q4-2024 when higher-grade ore from the SIGA pits is mined.

    Plant throughput, head grades, and recoveries in Q4-2024 are expected to improve quarter-over-quarter as mining ramps up at Siga East and Siga South for the full quarter, with more contribution of higher-grade, softer ore to the mill feed, and from the completion of all scheduled major plant maintenance in earlier periods of the year.

    9M-2024 vs 9M-2023

    Gold production in 9M-2024 was 82,244 ounces, a decline of 24% from the 107,509 ounces produced in 9M-2023. The lower gold production is attributable to a 20% decrease in head grades, a 3% decrease in plant recoveries, and a 1% decrease in plant throughput. Head grades were higher in 9M-2023 as a result of processing high-grade stockpiles accumulated during the Phase I construction, which were fully depleted by June 2023, and from the sequencing of higher-grade pits in earlier periods of the mine plan. Plant recoveries were lower in 9M-2024 mainly from a greater blend of transition ore. Plant throughput was marginally lower in 9M-2024 due to plant downtime in Q2-2024 caused by frequent grid blackouts and power dips, and time lost to switch to back-up gensets. Grid availability returned to normal levels beginning in July 2024 and with steady grid power, plant throughput is expected to reach a quarterly record in Q4-2024.

    Bomboré Operating Costs

    Q3-2024 vs Q3-2023

    AISC per gold ounce sold in Q3-2024 was $1,655, a 27% increase from $1,306 per ounce sold in Q3-2023. The higher AISC is primarily the result of: (a) a 14% decline in Q3-2024 gold production as explained above; (b) greater per ounce royalty costs from new royalty rates that took effect in October 2023, coupled with a 29% higher realized selling price ($2,473/oz vs $1,910/oz); and (c) increased unit mining costs with deeper pits, drill-and-blast associated with harder transition ore mined, and higher strip ratio, partially offset by a reduction in power costs from the utilization of lower-cost grid energy.

    Cash cost per ore tonne processed in Q3-2024 was $21.29 per tonne, a decrease of 1% from $21.57 per tonne in Q3-2023 mainly from the use of lower-cost grid power in Processing ($7.94/tonne vs $9.80/tonne) and lower site G&A costs ($3.77/tonne vs $3.98/tonne) from tight spending control, partially offset by a 23% increase ($9.58/tonne versus $7.79/tonne) in mining costs per ore tonne processed.

    Mining costs have increased as lower benches are mined resulting in longer hauls and more transition material that requires some drill-and-blast prior to excavation and greater rehandle prior to feeding into the dump pocket on the ROM pad. In addition, unit costs have increased from a higher strip ratio from the pre-stripping of the Siga pits and the waste pushback to the H1 pit that experienced a minor wall failure in 2023.

    Processing costs per ore tonne have benefitted from the introduction of grid power to the Bomboré mine in February 2024 with power cost per tonne dropping to $2.80/tonne in Q3-2024 from $4.94/tonne in Q3-2023, a decrease of $2.14/tonne. Further savings in power costs were offset by a greater blend of transition ore requiring higher per tonne consumption of power and from the rental and use of back-up diesel gensets to supply power when the grid was unavailable. Grid utilization dramatically improved in Q3-2024 at 92% versus 34% in Q2-2024 when issues with the supply system in Ghana and Côte D’Ivoire temporarily reduced the export of power into Burkina Faso. Processing costs in Q3-2024 was also impacted by higher maintenance costs from the ball mill reline.

    9M-2024 vs 9M-2023

    AISC per gold ounce sold in 9M-2024 was $1,519, a 40% increase from $1,088 per ounce sold in 9M-2023. The higher AISC were due namely for the same reasons as explained in the above section.

    NON-IFRS MEASURES

    The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 which is incorporated by reference herein.

    CONFERENCE CALL AND WEBCAST

    The condensed consolidated interim financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio webcast to discuss 2024 third quarter results on November 6, 2024 at 8:00am PT (11:00am ET).

    Webcast
    Date:    Wednesday, November 6, 2024
    Time:    8:00 am Pacific time (11:00 am Eastern time)
    Please register for the webcast here:  Orezone Q3-2024 Conference Call and Webcast

    Conference Call

    Toll-free in U.S. and Canada: 1-800-715-9871
    International callers: +646-307-1963
    Event ID: 9776163

    QUALIFIED PERSONS
    The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects.

    About Orezone Gold Corporation

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its Phase I oxide operations on December 1, 2022, and is now proceeding with its staged Phase II hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A.   

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Vanessa Pickering
    Manager, Investor Relations

    Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that constitutes “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur, and include, amongst other statements, the Phase II hard rock expansion setting the path for Bomboré to increase annual gold production by 50% within the next 12 months and that Bomboré can grow into a 7 to 10 million ounce orebody.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management’s discussion and analysis filed on SEDAR+ on www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements.

    Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network –

  • MIL-OSI Russia: “Better Than Yesterday.” Stories of Moscow Creative Universities Graduates

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Just recently, these young artists were still studying: they went to rehearsals, wrote notes, took exams and began to seriously join the world of art. Today, they are members of the most famous creative groups in the country, they go out on the big stage – and the audience is gradually learning their names. The stories of an opera soloist, a jazz musician, an actor and an actress – in the material mos.ru.

    Janis Shklyaev: “The main thing is not to lose the fire”

    Graduate of the Moscow State Institute of Music named after A.G. Schnittke

    — I liked singing since childhood, and that’s when I started going on stage. After school, I entered the Krasnoyarsk College of Arts named after P.I. Ivanov-Radkevich, where my passion for singing only grew stronger. Then, however, I had to take a break in my career: I was called up for military service. But music accompanied me there too: I joined the Academic Song and Dance Ensemble of the Russian Army named after A.V. Alexandrov.

    Then I returned to Krasnoyarsk, got a job in the Siberian Male Choir, completed one course in the vocal department of the Siberian State Institute of Arts named after D.A. Hvorostovsky. Then I decided to move to the capital – I entered the Moscow State Institute of Music named after A.G. Schnittke. I was enrolled in the class of People’s Artist of Russia Mikhail Kizin.

    After graduating from the institute, I joined the Chelyabinsk State Academic Opera and Ballet Theatre named after M.I. Glinka. I love all my roles, but especially the part of Lensky from “Eugene Onegin”. From a technical point of view, it poses challenges that are interesting to solve, and from an emotional point of view, it helps to reveal my temperament. By the way, I now see my hero completely differently, I find something in him that I had not noticed before. At school, when I read the novel, the image of Lensky was more lyrical for me, but now I feel his tragedy, his inner impulses. And in the future, I would like to perform the part of Maurice from the opera “Adriana Lecouvreur” by composer Francesco Cilea.

    The most pleasant thing about my work is to see the audience in the hall, to give them emotions, to awaken feelings, to let them experience the work together with me. I would advise those who have decided to study this profession not to lose the fire and desire to do it. Of course, the support of loved ones is also important. I was lucky: on my way I met understanding, knowledgeable teachers who believed in my strength, helped me overcome difficulties. I am especially grateful to all of them – as well as to my parents.

    Konstantin Boytsov: “We felt like rock stars”

    Graduate of the Jazz Academy

    — Like many children, I went to music school — more for general development. My parents couldn’t even imagine that I would seriously want to become a musician. Once I even decided to quit music school, but then I accidentally saw a concert of jazz trumpeter Wynton Marsalis on the Internet. I watched it over and over again, and each time I was captivated by these melodies. Then I fell in love with the music of Canadian bassist Alain Caron and saxophonist Michael Brecker. Jazz became real magic for me — I realized that I wanted to learn to improvise myself. When I told my parents about this, they supported me: my mother helped me find a teacher to prepare me for admission and bought me my first saxophone. Then I realized that talent is not the main component of success, work, self-development and discipline are much more important.

    And at the age of 16, I got to a concert by Igor Butman. Igor Mikhailovich became a source of inspiration for me – it seems, forever. And I am very happy that now I work in the Moscow Jazz Orchestra under his direction. Of course, it is not always easy: sometimes tours, flights and relocations are difficult, but it pays off with a huge number of stories, emotions that we get while traveling. And also with a range of feelings when we see the enthusiastic faces of people in the audience. This is the most valuable and precious thing in our work.

    I remember with particular warmth a concert in St. Petersburg, in which I participated when I was still a first-year student at the Academy. We were invited to an orchestral battle, there were almost 40 people on one stage. We played swing from the 1920s and 1930s, and the audience danced right in front of us. The atmosphere was incredible, we felt like real rock stars from the jazz world.

    Nelly Khaperskaya: “Acting is like a sport”

    Oleg Tabakov’s Theatre School

    — I come from a circus family, I spent my entire childhood in the arena and behind the scenes of the circus. Therefore, there were never any doubts about choosing a creative profession. Of course, everyone thought that I would follow in my parents’ footsteps, but completely by chance I passed the casting at Konstantin Khabensky’s studio, and there I realized that I wanted to connect my life with Oleg Tabakov’s School, and then with his theater. True, at first my dad did not want me to move away from the circus. But it seems to me that the circus and theater coexist quite closely: the skills I acquired in childhood were very useful in the acting profession.

    As a result, I entered the Oleg Tabakov School. I consider Vladimir Mashkov my main teacher, he is my creative dad. He gave me life in this profession, opened the doors to it. For me, Vladimir Lvovich is an example, I consider him a genius. This applies not only to the profession: he will always help those who need it. You want to follow him further and conquer new heights.

    I realized that acting is like a sport. You always have to work, constantly improve your knowledge and skills, constantly be in training and rehearsals. Every day you have to become better than you were yesterday. It’s not easy. For the guys who are just thinking about whether to connect their lives with the acting profession or not, I would say this: if you are passionate about it, then difficulties are pleasant.

    Now I work at the Oleg Tabakov Theatre. Among the productions I participate in is “Matrosskaya Tishina”, where I play Tanya. This is a legendary performance that Oleg Pavlovich himself staged. I go on stage with my teachers. Of course, they help a lot with advice, as always. In fact, we have been on the professional stage since our first years – this is a feature of the Oleg Tabakov Theatre School. Even when I was a student, I got roles in “Passions for Bumbarash”, “Fight”, “My Fair Lady”, “The Elder Son”, “Atom of the Sun”, “Heirs” and, actually, in “Matrosskaya Tishina”. Not all of these performances are in the repertoire now, but I sincerely love each role.

    Shvartsy from Tulchin. The story of Oleg Tabakov’s most anticipated performance

    Egor Khokhlov: “I understood where my place is”

    Oleg Tabakov’s Theatre School

    — When I entered the Oleg Tabakov Theatre School, I doubted my decision to become an actor, I didn’t fully understand who I wanted to be. But I saw the teachers, looked at the other guys — and suddenly I understood where my place was. A happy accident, it can happen to anyone. The main thing is to be attentive to yourself and feel it.

    At first, I was worried about how my family would react to my decision: no one is connected with the theater. Besides, it is a profession with zero guarantees, you can fail in it at all – there are hundreds, thousands of such examples. But my parents were understanding, very supportive, believed in me. I am also grateful to my teachers – first of all, Vladimir Mashkov, Alena Lapteva, Vitaly Egorov. Over the five years of study, they did a lot for us. They said that you need to study and improve constantly. To evoke emotions in the viewer, to push them to certain thoughts – all this requires colossal efforts.

    I started performing on stage at the Oleg Tabakov Theatre when I was still a student. This idea belongs to Oleg Pavlovich: he believed that students should see how professional artists work – this is the only way to pass on the profession to the young. My senior colleagues and teachers helped with advice and continue to do so. Now I am involved in several performances, including “Bumbarash Passion”, “Deadly Act” and “The Hunt to Live”.

    I think the most important piece of advice I can give to aspiring actors is this: Don’t be afraid to jump into every situation that comes your way. The stage is hard, and you have to be prepared for anything. Take every chance you get, try to imitate the behavior of different people. And one more thing that’s very important: Don’t be shy.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.mos.ru/nevs/item/146210073/

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: SITI continues visit to Canada (with photos)

    Source: Hong Kong Government special administrative region

         The Secretary for Innovation, Technology and Industry, Professor Sun Dong, arrived in Ottawa to continue his visit to Canada on November 5 (Ottawa time).

         Professor Sun attended the Seminar on Life Science and Global Health, themed “Innovation · Inclusion · Impact” and organised by the Hong Kong-Canada Business Association (Ottawa Chapter) and Invest Hong Kong, at the Parliament Building. In his keynote speech, Professor Sun said while Canada has long been recognised as a powerhouse in the field of life and health science, Hong Kong is also emerging as an international innovation and technology (I&T) centre. The Hong Kong Special Administrative Government strives to support the development of life and health technology as one of the technology industries with an edge and of strategic importance.

         Professor Sun outlined a number of significant advantages that Hong Kong enjoys in developing life and health technology. Hong Kong’s flagship research and development initiative, InnoHK, has built collaboration with more than 30 world-renowned universities and research institutes from 12 economies, including Canada, and set up a total of 29 research laboratories with 16 of them focusing on healthcare-related technologies. A $6 billion subsidy programme to support local universities to set up life and health technology research institutes and a $3 billion Frontier Technology Research Support Scheme to accelerate cross-disciplinary researches are in place.

         “Adequate sites and sophisticated infrastructure are equally important for long-term I&T development. We will set up the InnoLife Healthtech Hub in the Hetao Hong Kong Park (the Loop) to attract top-notch research teams and talent from around the world. We will allocate another HK$2 billion to support the InnoHK research clusters to establish presence in the Loop, and HK$200 million to support start-ups in the Loop engaging in life and health technology in the form of incubation and acceleration programmes.” Professor Sun added that new I&T land will be available in San Tin Technopole to support I&T industry development, creating synergy with the nearby Shenzhen I&T Zone.

         Professor Sun continued that having the distinctive advantages of enjoying strong support of the motherland and being closely connected to the world under “one country, two systems”, Hong Kong is the best platform to connect I&T talent and companies from the Mainland and around the world. He strongly believes that apart from life and health technology, there is a lot of room for bilateral collaboration between Hong Kong and Canada in fields such as green technology, renewable energy, environmental protection and sustainability.

         Professor Sun also met with Canada-Hong Kong Parliamentary Friendship Group Member and Senator of Canada, Mr Woo Yuen-pau; the Group Chair and Member of Parliament of Canada, Mr Greg McLean; and Member of Parliament of Canada Mr Chandra Arya, at the Parliament Building. They had a brief exchange of views on areas of common interest, such as enhancing further collaboration on science, innovation and research between Hong Kong and Canada, as well as people and cultural exchanges between the two places.

         Professor Sun also called on the Chinese Ambassador to Canada, Mr Wang Di, to brief him on the progress of building Hong Kong into an international I&T centre, as well as the city’s continuous efforts in integrating into national I&T development. Professor Sun said that Hong Kong spares no effort in developing new quality productive forces tailored to local conditions, including optimising the strategy and institutional set-up for the development of new industrialisation, and increasing investment for I&T industries.

         Professor Sun will proceed to visit Waterloo on November 6 (Toronto time).               

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HK’s advantages promoted in Ottawa

    Source: Hong Kong Information Services

    Continuing a visit to Canada, Secretary for Innovation, Technology & Industry Prof Sun Dong delivered a keynote speech at a Seminar on Life Science & Global Health, held at the Parliament Building in Ottawa.

    Prof Sun said that while Canada is a long-recognised powerhouse in the field of life and health science, Hong Kong is emerging as an international innovation and technology (I&T) centre.

    He then outlined a number of advantages that Hong Kong enjoys in relation to the development of life and health technologies.

    Hong Kong’s flagship research and development initiative, InnoHK, has established collaborations with more than 30 world-renowned universities and research institutes in 12 economies, including Canada. It has set up 29 research laboratories,16 of them focused on healthcare-related technologies. Also in place are a $6 billion subsidy programme supporting local universities to set up life and health technology research institutes, and a $3 billion Frontier Technology Research Support Scheme to accelerate cross-disciplinary research.

    He said: “We will set up the InnoLife Healthtech Hub in the Hetao Hong Kong Park (the Loop) to attract top-notch research teams and talent from around the world. We will allocate another $2 billion to support the InnoHK research clusters to establish (a) presence in the Loop, and $200 million to support startups in the Loop engaging in life and health technology in the form of incubation and acceleration programmes.”

    New land will be made available in San Tin Technopole to support I&T industry development, creating synergy with the nearby Shenzhen I&T Zone, he added.

    He also outlined that Hong Kong is the best platform for connecting Mainland I&T talent and companies with those from around the world, as the city possesses the distinctive advantages of enjoying strong national support and being closely connected to the world under “one country, two systems”.

    Prof Sun also met a Canadian senator and a member of the country’s parliament to discuss ways of enhancing collaboration on science, innovation and research between Hong Kong and Canada, as well as fostering people-to-people and cultural exchanges.

    Separately, Prof Sun called on Chinese Ambassador to Canada Wang Di to brief him on the progress of developing Hong Kong into an international I&T centre, as well as the city’s efforts to integrate into the nation’s I&T development. The tech chief said that Hong Kong spares no effort in developing new quality productive forces tailored to local conditions, including in its pursuit of new industrialisation, and its increased investment for I&T industries.

    MIL OSI Asia Pacific News –