NewzIntel.com

Category: Canada

  • MIL-OSI Canada: Investor Alert: Impersonation Scam Uses Premier Scott Moe’s Image and Fake Social Media Posts to Target Saskatchewan People

    Source: Government of Canada regional news

    Released on July 30, 2025

    The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning Saskatchewan people of impersonation scams on social media claiming that Premier Scott Moe is endorsing online investment platforms.

    The FCAA informs Saskatchewan investors that Premier Scott Moe does not endorse or advertise any investment platforms.

    “Do not make investment decisions based on public figure endorsements,” FCAA Securities Division Executive Director Dean Murrison said. “Scammers can create fraudulent news and social media articles that imitate the real media source. Before you consider investing with an entity, always check the registration status at aretheyregistered.ca and do not deal with any unregistered entities.”

    The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses. 

    If you have experienced entities claiming public figure endorsements for their investment platforms or anyone claiming to be acting on their behalf, contact the FCAA’s Securities Division at 306-787-5936.

    In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.

    Tips to protect yourself:

    • Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators’ National Registration Search at aretheyregistered.ca.
    • Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
    • Get a second opinion and seek professional advice about the investment.
    • Do not allow unknown or unverified individuals to remotely access your computer.
    • Never make an investment decision based on a notable figure endorsement. Scammers often create fake social media posts or news articles claiming an investment is endorsed by a notable figure.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI USA News: Suspending Duty-Free De Minimis Treatment for All Countries

    Source: US Whitehouse

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), and section 301 of title 3, United States Code, it is hereby ordered:

    Section 1.  Background.  In Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Canada to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) and section 2(b) of that order.  In Executive Order 14226 of March 2, 2025 (Amendment to Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary of Commerce (Secretary) that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    In Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Mexico to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order.  In Executive Order 14227 of March 2, 2025 (Amendment to Duties To Address the Situation at Our Southern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    In Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), I declared a national emergency regarding the unusual and extraordinary threat from the failure of the Government of the People’s Republic of China (PRC) to arrest, seize, detain, or otherwise intercept chemical precursor suppliers, money launderers, other transnational criminal organizations, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order.  In Executive Order 14200 of February 5, 2025 (Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China), I paused the suspension of duty-free de minimis treatment for articles described in section 2(a) of Executive Order 14195 until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    I subsequently received notification from the Secretary that adequate systems have been established to process and collect duties for articles of the PRC and Hong Kong that would otherwise be eligible for duty-free de minimis treatment, and in Executive Order 14256 of April 2, 2025 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China as Applied to Low-Value Imports), I suspended duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for products of the PRC and Hong Kong described in section 2(a) of Executive Order 14195, as amended by Executive Order 14228 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China).  In addition, I instructed the Secretary to submit a report regarding the impact of Executive Order 14256 on American industries, consumers, and supply chains and to make recommendations for further action as he deems necessary.

    In Executive Order 14257 of April 2, 2025 (Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits), I declared a national emergency with respect to underlying conditions indicated by the large and persistent annual U.S. goods trade deficits.  I also provided that duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) would remain available for products described in section 3(a) of that order until I received a notification by the Secretary that adequate systems are in place to fully and expeditiously process and collect duties applicable for articles otherwise eligible for duty-free de minimis treatment.

    The Secretary has notified me that adequate systems are now in place to fully and expeditiously process and collect duties for articles otherwise eligible for duty-free de minimis treatment on a global basis, including for products described in section 2(a) and section 2(b) of Executive Order 14193, section 2(a) of Executive Order 14194, and section 3(a) of Executive Order 14257.

    In my judgment, I determine that it is still necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) in the manner and for the articles described below to deal with the unusual and extraordinary threats, which have their source in whole or substantial part outside the United States, to the national security, foreign policy, and economy of the United States. 

    I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Canadian goods to deal with the emergency declared in Executive Order 14193, as amended.  In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14193, as amended, are effective in addressing the emergency declared in Executive Order 14193 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14193 is not undermined.  For example, many shippers go to great lengths to evade law enforcement and hide illicit substances in imports that go through international commerce.  These shippers conceal the true contents of shipments sent to the United States through deceptive shipping practices.  Some of the techniques employed by these shippers to conceal the true contents of the shipments, the identity of the distributors, and the country of origin of the imports include the use of re-shippers in the United States, false invoices, fraudulent postage, and deceptive packaging.  The risks of evasion, deception, and illicit-drug importation are particularly high for low-value articles that have been eligible for duty-free de minimis treatment.

    Independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Mexican goods to deal with the emergency declared in Executive Order 14194, as amended.  In my judgment, and for substantially similar reasons as above, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14194, as amended, are effective in addressing the emergency declared in Executive Order 14194 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14194 is not undermined.

    Independently, and after considering information newly provided by the Secretary, among other things, I determine that it is still necessary and appropriate to continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain goods of the PRC and Hong Kong to deal with the emergency declared in Executive Order 14195, as amended.  In my judgment, and for substantially similar reasons as above, this suspension is still necessary and appropriate to ensure that the tariffs imposed by Executive Order 14195, as amended, are effective in addressing the emergency declared in Executive Order 14195 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14195 is not undermined.

    Also independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) on a global basis to deal with the emergency declared in Executive Order 14257, as amended.  In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14257, as amended, are not evaded and are effective in addressing the emergency declared in Executive Order 14257 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14257 is not undermined.

    Each of my determinations to suspend or continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) are independent from the other.  And each determination is made only for the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency.

    Sec. 2.  Suspension of Duty-Free de minimis Treatment.  (a)  The duty-free de minimis exemption provided under 19 U.S.C. 1321(a)(2)(C) shall no longer apply to any shipment of articles not covered by 50 U.S.C. 1702(b), regardless of value, country of origin, mode of transportation, or method of entry.  Accordingly, all such shipments, except those sent through the international postal network, shall be subject to all applicable duties, taxes, fees, exactions, and charges.  International postal shipments not covered by 50 U.S.C. 1702(b) shall be subject to the duty rates described in section 3 of this order.  Entry for all shipments that — prior to the effective date of this order — qualified for the de minimis exemption, except for shipments sent through the international postal network, shall be filed using an appropriate entry type in the Automated Commercial Environment (ACE) by a party qualified to make such entry.

    (b)  Shipments sent through the international postal network that would otherwise qualify for the de minimis exemption under 19 U.S.C. 1321(a)(2)(C) shall pass free of any duties except those specified in section 3 of this order, and without the preparation of an entry by U.S. Customs and Border Protection (CBP), until such time as CBP establishes a new entry process and publishes that process in the Federal Register.  

    Sec. 3.  Duty Rates for International Postal Shipments.  (a)  Transportation carriers delivering shipments to the United States through the international postal network, or other parties if qualified in lieu of such transportation carriers, must collect and remit duties to CBP using the methodology described in either subsection (b) or (c) of this section.  Each transportation carrier shall apply the same methodology across all covered shipments during any given period but may change its methodology no more than once per calendar month, or on another schedule determined to be appropriate by CBP, upon providing at least 24 hours’ notice to CBP.

    (b)  A duty equal to the effective IEEPA tariff rate applicable to the country of origin of the product shall be assessed on the value of each dutiable postal item (package) containing goods entered for consumption.

    (c)  A specific duty shall be assessed on each package containing goods entered for consumption, based on the effective IEEPA tariff rate applicable to the country of origin of the product as follows:

    (i)    Countries with an effective IEEPA tariff rate of less than 16 percent:  $80 per item;

    (ii)   Countries with an effective IEEPA tariff rate between 16 and 25 percent (inclusive):  $160 per item; and

    (iii)  Countries with an effective IEEPA rate above 25 percent:  $200 per item.

    (d)  For all international postal shipments subject to the methodologies described in subsections (b) and (c) of this section, the country of origin of the article must be declared to CBP.

    (e)  The specific duty methodology provided for in subsection (c) of this section shall be available for transportation carriers to select for a period of 6 months from the effective date of this order.  After such time all shipments to the United States through the international postal network must comply with the ad valorem duty methodology in subsection (b) of this section.

    (f)  Shipments sent through the international postal network that are subject to antidumping and countervailing duties or a quota must continue to be entered under an appropriate entry type in ACE to the extent required by all applicable regulations.

    Sec. 4.  Implementation.  (a)  The requirements and procedures established by sections 2 and 3 of this order shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

    (b)  The provisions of this order supersede section 2 of Executive Order 14256, as amended, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

    (c)  Consistent with applicable law, the Secretary of Homeland Security is directed and authorized to take all necessary actions to implement and effectuate this order — including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order.  The Secretary of Homeland Security, in consultation with the United States International Trade Commission (ITC), shall determine whether modifications to the Harmonized Tariff Schedule of the United States are necessary to effectuate this order and may make such modifications through notice in the Federal Register.  The Secretary of Homeland Security shall consult with the Secretary of State, the Secretary of the Treasury, the Attorney General, the Secretary of Commerce, the United States Trade Representative, the ITC, and the Postmaster General, where appropriate.  The Secretary of Homeland Security may, consistent with applicable law, redelegate any of these functions within the Department of Homeland Security.  All executive departments and agencies shall take all appropriate measures within their authority to implement this order.

    (d)  To ensure remittance of duties in accordance with this order, and to assure compliance with other legal requirements, CBP is authorized to require a basic importation and entry bond as described in 19 C.F.R. 113.62 for informal entries valued at or less than $2,500.  Any carrier that transports international postal shipments to the United States, by any mode of transportation, must have an international carrier bond as described in 19 C.F.R. 113.64 to ensure payment of the duties described in section 3 of this order.  CBP is authorized to ensure that the international carrier bonds required by this subsection are sufficient to account for the duties described in section 3 of this order.

    Sec. 5.  Definition.  As used in this order, the term “effective IEEPA tariff rate” means the total duty rate imposed on articles to address a national emergency declared under IEEPA, including Executive Order 14257, as amended; Executive Order 14193; as amended, Executive Order 14194, as amended; and Executive Order 14195, as amended, in accordance with the stacking rules set out in Executive Order 14289 of April 29, 2025 (Addressing Certain Tariffs on Imported Articles), and any subsequent order or proclamation addressing stacking or the applicability of tariffs imposed under IEEPA.

    Sec. 6.  Severability.  (a)  If any provision of this order or the application of any provision of this order to any individual or circumstance is held to be invalid, the remainder of this order and the application of its provisions to any other individuals or circumstances shall not be affected.

    (b)(i)  If the additional duties imposed under Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended, are held to be invalid, the suspension of, or continued suspension of, duty-free de minimis treatment, as detailed in this order, shall not be affected.  Duty-free de minimis treatment would still be suspended, whether pursuant to my authority under 50 U.S.C. 1702(a)(1)(B) to “regulate . . . importation” or my authority under that provision to “nullify” or “void” “exercising any right . . . or privilege with respect to . . . any property,” in the way and to the extent explained in this order, to deal with the emergencies declared in Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended.  Such suspensions are still necessary and appropriate to address the unusual and extraordinary threats to the national security, foreign policy, and economy of the United States.  Each determination to suspend or continue to suspend duty-free de minimis treatment is still independent from the other determination and made only with the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency.  CBP is directed and authorized to take all necessary actions consistent with applicable law to implement and effectuate this order in line with this section ‑- including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order in line with this section.

    (ii)  Duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall remain available for postal shipments until notification by the Secretary to the President that adequate systems are in place to fully and expeditiously process and collect duties applicable for postal shipments otherwise eligible for duty-free de minimis treatment.  After such notification, duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall not be available for postal shipments.

    Sec. 7.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

    (i)   the authority granted by law to an executive

    department or agency, or the head thereof; or

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

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

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

    (d)  The costs for publication of this order shall be borne by the Department of Homeland Security.

                                 DONALD J. TRUMP

    THE WHITE HOUSE,

        July 30, 2025.

    MIL OSI USA News –

  • MIL-OSI Canada: Expanding wastewater services in Airdrie

    [. With the population now over 90,000 and demand on critical infrastructure continuing to rise, this $50 million investment will support the construction of a new 7-kilometre wastewater pipeline that connects to the City of Calgary’s existing wastewater treatment system. This regional approach is a cost-effective and environmentally responsible solution, eliminating the need for a new treatment facility while supporting the development of thousands of new homes and businesses.

    “Airdrie is one of the fastest-growing municipalities in Alberta, and needs upgraded infrastructure to meet the demand for new, serviced, sub-divisions. This expansion will support projected growth of 45,000 housing units and a significant number of commercial developments.”

    Devin Dreeshen, Minister of Transportation and Economic Corridors

    This project ensures that Airdrie can continue to growth sustainably while leveraging existing regional infrastructure assets, rather than building a new treatment facility. By partnering with Calgary to manage wastewater treatment, Airdrie is reducing long-term infrastructure costs.  

    “Our government’s investment in upgraded wastewater infrastructure is great news for a growing community like Airdrie. With new residential and commercial developments popping up every day in this area, the need for reliable wastewater treatment services has never been greater. By bringing new wastewater pipeline infrastructure online, we are ensuring families and businesses have the services they need to thrive.”

    Angela Pitt, MLA for Airdrie-East

    As more people and businesses choose to call Airdrie home, this wastewater system upgrade will ensure reliable service for new residential and commercial developments while supporting future growth by removing infrastructure barriers, attracting investment, and enhancing the city’s economic competitiveness.

    “We are deeply grateful to the Province of Alberta for recognizing the significant infrastructure pressures facing the City of Airdrie. This announcement represents the largest provincial funding commitment in our city’s history and comes at a pivotal time for our growing community. We extend our sincere thanks to The Provincial Government, our partners in private industry and the dedicated team at the City of Airdrie, along with everyone who contributed to making this achievement possible.”

    Peter Brown, mayor, City of Airdrie

    The total cost of the project is $114 million. Design work will begin later in 2025, with construction set to begin in 2026 and completion anticipated by 2027.

    Quick facts

    • Recently annexed land in east Airdrie offers 10,000 acres of developable land, accessible through the recently completed 40 Avenue/Highway 2 interchange.
    • Design work on the new pipeline will begin this year, with construction slated for 2026 and completion by 2027.

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI: Tenaris Announces 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

    LUXEMBOURG, July 30, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended June 30, 2025 in comparison with its results for the quarter ended June 30, 2024.

    Summary of 2025 Second Quarter Results

    (Comparison with first quarter of 2025 and second quarter of 2024)

      2Q 2025 1Q 2025 2Q 2024
    Net sales ($ million) 3,086 2,922 6% 3,322 (7%)
    Operating income ($ million) 583 550 6% 512 14%
    Net income ($ million) 542 518 5% 348 56%
    Shareholders’ net income ($ million) 531 507 5% 335 59%
    Earnings per ADS ($) 0.99 0.94 5% 0.59 68%
    Earnings per share ($) 0.50 0.47 5% 0.29 68%
    EBITDA* ($ million) 733 696 5% 650 13%
    EBITDA margin (% of net sales) 23.7% 23.8%   19.6%  

    * EBITDA in 2Q 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $821 million, or 24.7% of sales.

    In the second quarter, our sales rose 6% sequentially reflecting an increase in North American OCTG prices and stable volumes. EBITDA and net income also rose. Margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

    Our free cash flow for the quarter amounted to $538 million and, after spending $600 million on dividends and $237 million on share buybacks, our net cash position amounted to $3.7 billion at June 30, 2025.

    Market Background and Outlook

    Oil prices have softened as OPEC+ accelerates the unwinding of its 2.2 Mb/d voluntary production cuts and demand growth is subdued amidst a high level of economic and geopolitical uncertainty. Drilling activity, however, has remained relatively resilient, although there has been some reduction in oil drilling in the United States, Canada and Saudi Arabia. Mexico, with the recent financing of Pemex, may start to recover some activity after its extended decline. 

    Following the recent increase in tariffs on imports of steel products from 25% to 50%, we expect U.S. OCTG imports to reduce from the high levels of the first half and U.S. OCTG prices to increase over time. 

    For the second half, as anticipated in our last conference call, our sales will show a moderate decline compared to the first half reflecting lower drilling activity and a lower contribution from line pipe projects. Our margins will also be affected by the recent increase in tariff costs. 

    Analysis of 2025 Second Quarter Results

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 2Q 2025 1Q 2025 2Q 2024
    Seamless 803 775 4% 805 0%
    Welded 179 212 (16%) 228 (21%)
    Total 982 987 (1%) 1,033 (5%)
               

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 2Q 2025 1Q 2025 2Q 2024
    (Net sales – $ million)          
    North America 1,403 1,244 13% 1,439 (2%)
    South America 531 552 (4%) 599 (11%)
    Europe 215 208 3% 269 (20%)
    Asia Pacific, Middle East and Africa 771 761 1% 823 (6%)
    Total net sales ($ million) 2,920 2,765 6% 3,130 (7%)
    Services performed on third party tubes ($ million) 110 101 8% 102 7%
    Operating income ($ million) 554 514 8% 459 21%
    Operating margin (% of sales) 19.0% 18.6%   14.7%  
               

    Net sales of tubular products and services increased 6% sequentially and decreased 7% year on year. Sequentially, a 1% decline in volumes sold was offset by a 6% increase in average selling prices. In North America sales increased due to higher OCTG prices in the region and higher shipments to the US offshore. In South America sales decreased following a reduction in shipments to the Raia offshore project in Brazil compensated by the start of shipments for the Vaca Muerta Sur pipeline in Argentina and higher coating services in the Caribbean. In Europe sales were stable sequentially however year on year we had lower sales of offshore line pipe. In Asia Pacific, Middle East and Africa sales were stable as we had lower sales in Saudi Arabia, compensated by higher sales of offshore line pipe and coating services in sub-Saharan Africa and for a gas processing plant in Algeria.

    Operating results from tubular products and services amounted to a gain of $554 million in the second quarter of 2025 compared to a gain of $514 million in the previous quarter and a gain of $459 million in the second quarter of 2024. Despite the increase in average selling prices margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 2Q 2025 1Q 2025 2Q 2024
    Net sales ($ million) 166 157 6% 192 (14%)
    Operating income ($ million) 29 36 (21%) 52 (45%)
    Operating margin (% of sales) 17.3% 23.1%   27.3%  
               

    Net sales of other products and services increased 6% sequentially and decreased 14% year on year. Sequentially, sales increased mainly due to higher sales of oilfield services in Argentina, excess raw materials and energy sold to third parties which had a lower margin.

    Selling, general and administrative expenses, or SG&A, amounted to $484 million, or 15.7% of net sales, in the second quarter of 2025, compared to $457 million, 15.6% in the previous quarter and $497 million, 15.0% in the second quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher services and fees, taxes, and other expenses.

    Other operating results amounted to a loss of $6 million in the second quarter of 2025, compared to a gain of $6 million in the previous quarter and a $170 million loss in the second quarter of 2024. In the second quarter of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $32 million in the second quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $57 million in the second quarter of 2024. Financial result of the quarter is mainly attributable to a $54 million net finance income from the net return of our portfolio investments partially offset by foreign exchange and derivatives results.

    Equity in earnings (losses) of non-consolidated companies generated a gain of $33 million in the second quarter of 2025, compared to a gain of $14 million in the previous quarter and a loss of $83 million in the second quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX) and in the second quarter of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

    Income tax charge amounted to $105 million in the second quarter of 2025, compared to $81 million in the previous quarter and $138 million in the second quarter of 2024. Sequentially, the higher income tax charge reflects better results at several subsidiaries.

    Cash Flow and Liquidity of 2025 Second Quarter

    Net cash generated by operating activities during the second quarter of 2025 was $673 million, compared to $821 million in the previous quarter and $0.9 billion in the second quarter of 2024. During the second quarter of 2025 cash generated by operating activities includes a net working capital reduction of $26 million.

    With capital expenditures of $135 million, our free cash flow amounted to $538 million during the quarter. Following a dividend payment of $600 million and share buybacks of $237 million in the quarter, our net cash position amounted to $3.7 billion at June 30, 2025.

    Analysis of 2025 First Half Results

      6M 2025 6M 2024 Increase/(Decrease)
    Net sales ($ million) 6,008 6,763 (11%)
    Operating income ($ million) 1,133 1,323 (14%)
    Net income ($ million) 1,060 1,098 (4%)
    Shareholders’ net income ($ million) 1,038 1,072 (3%)
    Earnings per ADS ($) 1.94 1.87 4%
    Earnings per share ($) 0.97 0.93 4%
    EBITDA* ($ million) 1,429 1,637 (13%)
    EBITDA margin (% of net sales) 23.8% 24.2%  

    * EBITDA in 6M 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $1,808 million, or 26.7% of sales.

    Our sales in the first half of 2025 decreased 11% compared to the first half of 2024 as volumes of tubular products shipped decreased 5% and tubes average selling prices decreased 7% due to price declines in North America. Following the decrease in sales, EBITDA margin declined from 26.7%, excluding a $171 million provision, to 23.8% and EBITDA declined 21%. While net income declined 4% year on year, earnings per share increased 4% following the reduction of outstanding shares due to the share buyback.

    Cash flow provided by operating activities amounted to $1.5 billion during the first half of 2025, including a reduction in working capital of $250 million. After capital expenditures of $309 million, our free cash flow amounted to $1.2 billion. Following a dividend payment of $600 million and share buybacks for $474 million in the semester, our net cash position amounted to $3.7 billion at the end of June 2025.

    The following table shows our net sales by business segment for the periods indicated below:

    Net sales ($ million) 6M 2025 6M 2024 Increase/(Decrease)
    Tubes 5,686 95% 6,421 95% (11%)
    Others 322 5% 342 5% (6%)
    Total 6,008   6,763   (11%)
               

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 6M 2025 6M 2024 Increase/(Decrease)
    Seamless 1,578 1,582 0%
    Welded 390 496 (21%)
    Total 1,969 2,078 (5%)
           

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 6M 2025 6M 2024 Increase/(Decrease)
    (Net sales – $ million)      
    North America 2,647 3,028 (13%)
    South America 1,083 1,216 (11%)
    Europe 423 522 (19%)
    Asia Pacific, Middle East and Africa 1,532 1,656 (7%)
    Total net sales ($ million) 5,686 6,421 (11%)
    Services performed on third parties tubes ($ million) 211 294 (28%)
    Operating income ($ million) 1,068 1,245 (14%)
    Operating margin (% of sales) 18.8% 19.4%  
           

    Net sales of tubular products and services decreased 11% to $5,686 million in the first half of 2025, compared to $6,421 million in the first half of 2024 due to a 5% decrease in volumes and a 7% decrease in average selling prices due to price declines in North America. Average drilling activity in the first half of 2025 decreased 4% in the United States and Canada and 7% internationally compared to the first half of 2024.

    Operating results from tubular products and services amounted to a gain of $1,068 million in the first half of 2025 compared to a gain of $1,245 million in the first half of 2024. In first six months of 2024 our Tubes operating income included a $171 million charge for litigations related to the acquisition of a participation in Usiminas and a $39 million gain from the positive resolution of legal claims in Mexico and Brazil. The decline in operating results is mainly due to the decline in average selling prices and the corresponding impact on margins.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 6M 2025 6M 2024 Increase/(Decrease)
    Net sales ($ million) 322 342 (6%)
    Operating income ($ million) 65 78 (17%)
    Operating margin (% of sales) 20.2% 23.0%  
           

    Net sales of other products and services decreased 6% to $322 million in the first half of 2025, compared to $342 million in the first half of 2024. The decline in sales is related to lower sales of sucker rods, coiled tubing and excess raw materials, partially offset by an increase in the sale of oilfield services in Argentina.

    Operating results from other products and services amounted to a gain of $65 million in the first half of 2025, compared to a gain of $78 million in the first half of 2024. Results were mainly derived from our oilfield services business in Argentina and from the sale of sucker rods.

    Selling, general and administrative expenses, or SG&A, declined from $1,005 million in the first half of 2024 to $941 million in the first half of 2025, however they increased from 14.9% to 15.7% of sales. The decline in SG&A expenses is mainly due to lower taxes, labor costs and depreciation and amortization.

    Other operating results amounted to a loss of $50 thousand in the first half of 2025, compared to a loss of $157 million in the first half of 2024. In the first six months of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $67 million in the first half of 2025, compared to a gain of $32 million in the first half of 2024. While net finance income increased in the first six months of 2025 due to a stronger net financial position, foreign exchange results were negative, compared to the positive impact recorded in the same period of 2024. In the first half of 2024 other financial results were negatively affected by a cumulative loss of the U.S. dollar denominated Argentine bond previously recognized in other comprehensive income.

    Equity in earnings (losses) of non-consolidated companies generated a gain of $47 million in the first half of 2025, compared to a loss of $34 million in the first half of 2024. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and in the first six months of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

    Income tax amounted to a charge of $187 million in the first half of 2025, compared to $223 million in the first half of 2024. The lower income tax charge reflects the reduction in results at several subsidiaries.

    Cash Flow and Liquidity of 2025 First Half

    Net cash provided by operating activities during the first half of 2025 amounted to $1.5 billion (including a reduction in working capital of $250 million), compared to cash provided by operations of $1.8 billion (net of a reduction in working capital of $276 million) in the first half of 2024.

    Capital expenditures amounted to $309 million in the first half of 2025, compared to $333 million in the first half of 2024. Free cash flow amounted to $1.2 billion in the first half of 2025, compared to $1.5 billion in the first half of 2024.

    Following a dividend payment of $600 million in May 2025 and share buybacks of $474 million during the first half of 2025, our net cash position amounted to $3.7 billion at the end of June 2025.

    Conference call

    Tenaris will hold a conference call to discuss the above reported results, on July 31, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

    To listen to the conference please join through one of the following options:
    ir.tenaris.com/events-and-presentations or
    https://edge.media-server.com/mmc/p/dy4pxaxk

    If you wish to participate in the Q&A session please register at the following link:
    https://register-conf.media-server.com/register/BI13b7d2b9dcce43d79257fc8cfbdde30c

    Please connect 10 minutes before the scheduled start time.

    A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

    Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

    Consolidated Condensed Interim Income Statement

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
      (Unaudited) (Unaudited)
    Net sales 3,085,672 3,321,677 6,007,884 6,763,221
    Cost of sales (2,013,639) (2,143,614) (3,934,494) (4,277,666)
    Gross profit 1,072,033 1,178,063 2,073,390 2,485,555
    Selling, general and administrative expenses (483,633) (496,688) (940,698) (1,004,820)
    Other operating income 4,317 9,461 16,105 25,485
    Other operating expenses (9,983) (179,127) (16,150) (182,847)
    Operating income 582,734 511,709 1,132,647 1,323,373
    Finance Income 63,669 68,884 142,113 125,173
    Finance Cost (9,712) (15,722) (21,457) (36,305)
    Other financial results, net (22,294) 4,021 (53,735) (56,447)
    Income before equity in earnings of non-consolidated companies and income tax 614,397 568,892 1,199,568 1,355,794
    Equity in earnings (losses) of non-consolidated companies 32,651 (82,519) 46,686 (34,340)
    Income before income tax 647,048 486,373 1,246,254 1,321,454
    Income tax (105,342) (138,147) (186,684) (223,003)
    Income for the period 541,706 348,226 1,059,570 1,098,451
             
    Attributable to:        
    Shareholders’ equity 531,323 335,186 1,038,254 1,072,166
    Non-controlling interests 10,383 13,040 21,316 26,285
      541,706 348,226 1,059,570 1,098,451
     

    Consolidated Condensed Interim Statement of Financial Position

    (all amounts in thousands of U.S. dollars) At June 30, 2025 At December 31, 2024
      (Unaudited)  
    ASSETS        

    Non-current assets

    		        
    Property, plant and equipment, net 6,168,254   6,121,471  
    Intangible assets, net 1,362,262   1,357,749  
    Right-of-use assets, net 147,197   148,868  
    Investments in non-consolidated companies 1,575,101   1,543,657  
    Other investments 1,009,677   1,005,300  
    Deferred tax assets 835,954   831,298  
    Receivables, net 152,215 11,250,660 205,602 11,213,945

    Current assets

    		        
    Inventories, net 3,486,537   3,709,942  
    Receivables and prepayments, net 244,958   179,614  
    Current tax assets 415,626   332,621  
    Contract assets 60,182   50,757  
    Trade receivables, net 1,892,116   1,907,507  
    Derivative financial instruments 2,676   7,484  
    Other investments 2,482,514   2,372,999  
    Cash and cash equivalents 572,289 9,156,898 675,256 9,236,180
    Total assets   20,407,558   20,450,125

    EQUITY

    		        
    Shareholders’ equity   16,583,542   16,593,257
    Non-controlling interests   211,117   220,578
    Total equity   16,794,659   16,813,835

    LIABILITIES

    		        

    Non-current liabilities

    		        
    Borrowings 4,361   11,399  
    Lease liabilities 94,170   100,436  
    Derivative financial instruments 1,552   –  
    Deferred tax liabilities 472,640   503,941  
    Other liabilities 296,990   301,751  
    Provisions 61,746 931,459 82,106 999,633

    Current liabilities

    		        
    Borrowings 319,919   425,999  
    Lease liabilities 53,917   44,490  
    Derivative financial instruments 9,254   8,300  
    Current tax liabilities 298,803   366,292  
    Other liabilities 792,982   585,775  
    Provisions 156,387   119,344  
    Customer advances 139,751   206,196  
    Trade payables 910,427 2,681,440 880,261 2,636,657

    Total liabilities

    		   3,612,899   3,636,290
    Total equity and liabilities   20,407,558   20,450,125
     

    Consolidated Condensed Interim Statement of Cash Flows

    (all amounts in thousands of U.S. dollars)   Three-month period ended June 30, Six-month period ended June 30,
        2025 2024 2025 2024
        (Unaudited) (Unaudited)
    Cash flows from operating activities          
    Income for the period   541,706 348,226 1,059,570 1,098,451
    Adjustments for:          
    Depreciation and amortization   150,002 138,509 296,408 313,951
    Bargain purchase gain   – (2,211) – (2,211)
    Provision for the ongoing litigation related to the acquisition of participation in Usiminas   8,650 170,610 18,527 170,610
    Income tax accruals less payments   (36,660) (84,340) (90,793) (113,562)
    Equity in earnings (losses) of non-consolidated companies   (32,651) 82,519 (46,686) 34,340
    Interest accruals less payments, net   (4,616) (14,573) (13,039) (2,635)
    Changes in provisions   628 (6,277) (1,765) (4,732)
    Changes in working capital   26,499 285,066 250,316 275,518
    Others, including net foreign exchange   19,589 17,672 21,609 52,448
    Net cash provided by operating activities   673,147 935,201 1,494,147 1,822,178
               
    Cash flows from investing activities          
    Capital expenditures   (135,454) (161,318) (309,292) (333,415)
    Changes in advances to suppliers of property, plant and equipment   (18,769) (13,467) (5,853) (10,515)
    Cash decrease due to deconsolidation of subsidiaries   (1,848) – (1,848) –
    Acquisition of subsidiaries, net of cash acquired   – 25,946 – 25,946
    Loan to joint ventures   – (1,391) (1,359) (2,745)
    Proceeds from disposal of property, plant and equipment and intangible assets   56,829 723 57,729 6,135
    Dividends received from non-consolidated companies   41,348 53,136 41,348 53,136
    Changes in investments in securities   94,299 (277,085) (131,337) (1,036,752)
    Net cash used in investing activities   36,405 (373,456) (350,612) (1,298,210)
               
    Cash flows from financing activities          
    Dividends paid   (600,317) (458,556) (600,317) (458,556)
    Dividends paid to non-controlling interest in subsidiaries   (27,264) – (27,264) –
    Changes in non-controlling interests   – (5) – 1,115
    Acquisition of treasury shares   (236,744) (492,322) (473,932) (803,386)
    Payments of lease liabilities   (15,392) (16,614) (30,047) (33,382)
    Proceeds from borrowings   128,874 365,149 476,443 1,195,096
    Repayments of borrowings   (145,831) (418,521) (574,956) (1,172,599)
    Net cash used in financing activities   (896,674) (1,020,869) (1,230,073) (1,271,712)
               
    Decrease in cash and cash equivalents   (187,122) (459,124) (86,538) (747,744)
               
    Movement in cash and cash equivalents          
    At the beginning of the period   758,952 1,323,056 660,798 1,616,597
    Effect of exchange rate changes   (338) (15,237) (2,768) (20,158)
    Decrease in cash and cash equivalents   (187,122) (459,124) (86,538) (747,744)
    At June 30,   571,492 848,695 571,492 848,695
     

    Exhibit I – Alternative performance measures

    Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

    EBITDA, Earnings before interest, tax, depreciation and amortization.

    EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

    EBITDA is calculated in the following manner:

    EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

    EBITDA is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
    Income for the period 541,706 348,226 1,059,570 1,098,451
    Income tax charge 105,342 138,147 186,684 223,003
    Equity in earnings (losses) of non-consolidated companies (32,651) 82,519 (46,686) 34,340
    Financial Results (31,663) (57,183) (66,921) (32,421)
    Depreciation and amortization 150,002 138,509 296,408 313,951
    EBITDA 732,736 650,218 1,429,055 1,637,324
             

    Free Cash Flow

    Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

    Free cash flow is calculated in the following manner:

    Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

    Free cash flow is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
    Net cash provided by operating activities 673,147 935,201 1,494,147 1,822,178
    Capital expenditures (135,454) (161,318) (309,292) (333,415)
    Free cash flow 537,693 773,883 1,184,855 1,488,763
             

    Net Cash / (Debt)

    This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

    Net cash/ debt is calculated in the following manner:

    Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

    Net cash/debt is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At June 30,
      2025 2024
    Cash and cash equivalents 572,289 850,236
    Other current investments 2,482,514 2,452,375
    Non-current investments 1,002,523 1,120,834
    Derivatives hedging borrowings and investments (3,698) –
    Current borrowings (319,919) (559,517)
    Non-current borrowings (4,361) (21,386)
    Net cash / (debt) 3,729,348 3,842,542
         

    Operating working capital days

    Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

    Operating working capital days is calculated in the following manner:

    Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

    Operating working capital days is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At June 30,
      2025 2024
    Inventories 3,486,537 3,834,623
    Trade receivables 1,892,116 2,185,425
    Customer advances (139,751) (298,158)
    Trade payables (910,427) (1,020,453)
    Operating working capital 4,328,475 4,701,437
    Annualized quarterly sales 12,342,688 13,286,708
    Operating working capital days 128 129
     

    Giovanni Sardagna      
    Tenaris
     1-888-300-5432
    www.tenaris.com

    The MIL Network –

  • MIL-OSI: CVR Energy Reports Second Quarter 2025 Results, Announces Leadership Transition Plans

    Source: GlobeNewswire (MIL-OSI)

    • Second quarter net loss attributable to CVR Energy stockholders of $114 million; EBITDA loss of $24 million; adjusted EBITDA of $99 million
    • Second quarter loss per diluted share of $1.14 and adjusted loss per diluted share of 23 cents
    • Prepaid $70 million and $20 million in principal of the Term Loan in June and July 2025, respectively
    • Mark Pytosh to assume role of President, Chief Executive Officer and Director on January 1, 2026, following Dave Lamp retirement; Brett Icahn appointed to the Board of Directors effective August 1, 2025
    • CVR Partners announced a cash distribution of $3.89 per common unit

    SUGAR LAND, Texas, July 30, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (NYSE: CVI, “CVR Energy” or the “Company”) today announced second quarter 2025 net loss attributable to CVR Energy stockholders of $114 million, or $1.14 per diluted share, compared to second quarter 2024 net income attributable to CVR Energy stockholders of $21 million, or 21 cents per diluted share. Adjusted loss for the second quarter of 2025 was 23 cents per diluted share, compared to adjusted earnings per diluted share of 9 cents in the second quarter of 2024. Net loss for the second quarter of 2025 was $90 million, compared to net income of $38 million in the second quarter of 2024. Second quarter 2025 EBITDA loss was $24 million, compared to second quarter 2024 EBITDA of $103 million. Adjusted EBITDA for the second quarter of 2025 was $99 million, compared to adjusted EBITDA of $87 million in the second quarter of 2024.

    “CVR Energy’s 2025 second quarter earnings results for its refining business were impacted by an $89 million unfavorable mark-to-market impact on its outstanding Renewable Fuel Standard obligation as well as reduced throughput volumes while we ran off intermediate inventory following the completion of the planned turnaround at the Coffeyville refinery,” said Dave Lamp, CVR Energy’s President and Chief Executive Officer.

    “CVR Partners achieved solid operating results for the second quarter of 2025, with a combined ammonia production rate of 91 percent,” Mr. Lamp said. “CVR Partners also was pleased to declare a second quarter 2025 cash distribution of $3.89 per common unit.”

    The Company also announced leadership transition plans following Mr. Lamp’s notice of his intent to retire as President and Chief Executive Officer effective December 31, 2025. Mark A. Pytosh, the Company’s Executive Vice President – Corporate Services who also serves as President, Chief Executive Officer and Director of the general partner of CVR Partners, LP (“CVR Partners”), is expected to assume the role of President, Chief Executive Officer and Director of CVR Energy while continuing to serve in those same roles for CVR Partners’ general partner. Mr. Lamp is expected to remain on the Company’s Board of Directors and the board of directors of CVR Partners’ general partner.

    “I would like to thank our employees, communities and stockholders for their support over the past several years. It has been a privilege to have worked closely with our strong management team to drive value throughout the organization, and I look forward to continuing to serve our companies as a member of the Board,” said Mr. Lamp. “Mark has been a strong leader for CVR Partners and for our midstream operations. We have worked closely together for many years, and I am confident he is the right person to build upon the foundations we have laid while driving CVR Energy and CVR Partners into the future.”

    Mr. Pytosh joined the general partner of CVR Partners as a Director in 2011 and became President and Chief Executive Officer in May 2014. In January 2018, Mr. Pytosh was appointed Executive Vice President – Corporate Services of the Company with executive responsibility over the Company’s midstream operations. Prior to joining CVR Partners, Mr. Pytosh held senior financial roles in energy, power, solid waste and investment banking. Mr. Pytosh is expected to remain President, Chief Executive Officer and Director of CVR Partners’ general partner.

    Mr. Pytosh commented, “Dave’s leadership, operating discipline and strong corporate values have inspired the Company. I look forward to building upon Dave’s incredible legacy while leveraging our operating platform and strong management team to position the Company for positive growth and maximizing value for all of our stockholders.”

    On July 28, 2025, the Board appointed Brett Icahn as a director effective August 1, 2025, increasing the Board size to nine members.

    Petroleum Segment

    The Petroleum Segment reported a second quarter 2025 net loss of $137 million and EBITDA loss of $84 million, compared to net income of $18 million and EBITDA of $56 million for the second quarter of 2024. Adjusted EBITDA for the Petroleum Segment was $38 million for the second quarter of 2025, compared to adjusted EBITDA of $37 million for the second quarter of 2024.

    Combined total throughput for the second quarter of 2025 was approximately 172,000 barrels per day (“bpd”) compared to approximately 186,000 bpd of combined total throughput for the second quarter of 2024. Throughput during the current quarter was lower primarily to allow processing of intermediate inventories built during the turnaround at the Coffeyville, Kansas, refinery which began in the first quarter of 2025 and was completed in April 2025.

    Refining margin for the second quarter of 2025 was $35 million, or $2.21 per total throughput barrel, compared to $185 million, or $10.94 per total throughput barrel, during the same period in 2024. Included in our second quarter 2025 refining margin were unfavorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $89 million, unfavorable inventory valuation impacts of $31 million, and unfavorable unrealized derivative impacts of $2 million primarily related to Canadian crude oil positions. Excluding these items, adjusted refining margin for the second quarter of 2025 was $9.95 per barrel, compared to an adjusted refining margin per barrel of $9.81 for the second quarter of 2024. The increase in adjusted refining margin per barrel was primarily due to an increase in the Group 3 2-1-1 crack spread.

    Renewables Segment

    Effective beginning with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, we revised our reportable segments to reflect a new reportable segment: Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma.

    The Renewables Segment reported second quarter 2025 net loss of $11 million and EBITDA loss of $5 million, compared to net loss of $11 million and EBITDA loss of $5 million for the second quarter of 2024. Adjusted EBITDA loss for the Renewables Segment was $4 million for the second quarter of 2025, compared to adjusted EBITDA loss of $2 million for the second quarter of 2024.

    Total vegetable oil throughput for the second quarter of 2025 was approximately 155,000 gallons per day (“gpd”), compared to approximately 127,000 gpd for the second quarter of 2024.

    Renewables margin was $5 million, or $0.38 per vegetable oil throughput gallon, for the second quarter of 2025 compared to $5 million, or 43 cents per vegetable oil throughput gallon, for the second quarter of 2024. Factors contributing to our second quarter 2025 renewables margin were higher net sales of $13 million resulting from increased production and sales volumes, increased renewable diesel yield due to improved catalyst performance, and increased biomass-based diesel RIN and LCFS credit prices in the current period, partially offset by the loss of the BTC in the current period and a decrease in average CARB ULSD prices of 24 cents per gallon. Higher net sales were partially offset by higher cost of sales of $12 million due to an increase in throughput and production volumes.

    Nitrogen Fertilizer Segment

    The Nitrogen Fertilizer Segment reported net income of $39 million and EBITDA of $67 million on net sales of $169 million for the second quarter of 2025, compared to net income of $26 million and EBITDA of $54 million on net sales of $133 million for the second quarter of 2024.

    Production at CVR Partners, LP’s (“CVR Partners”) fertilizer facilities decreased compared to the second quarter of 2024, producing a combined 197,000 tons of ammonia during the second quarter of 2025, of which 54,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 321,000 tons of urea ammonia nitrate (“UAN”). During the second quarter of 2024, the fertilizer facilities produced a combined 221,000 tons of ammonia, of which 69,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 337,000 tons of UAN.

    For the second quarter 2025, average realized gate prices for ammonia and UAN were up 14 percent and 18 percent, respectively, over the prior year to $593 and $317 per ton, respectively. Average realized gate prices for ammonia and UAN were $520 and $268 per ton, respectively, for the second quarter of 2024.

    Corporate and Other

    The Company reported an income tax benefit of $42 million, or 31.7 percent of loss before income taxes, for the three months ended June 30, 2025, compared to an income tax benefit of $26 million, or (219.7) percent of income before income taxes, for the three months ended June 30, 2024. The increase in income tax benefit was primarily due to a decrease in overall pretax earnings while the change in the effective tax rate was primarily due to changes in pretax earnings attributable to noncontrolling interest and the impact of federal and state tax credits and incentives in relation to overall pretax earnings.

    Cash, Debt and Dividend

    Consolidated cash and cash equivalents were $596 million at June 30, 2025, a decrease of $391 million from December 31, 2024. Consolidated total debt and finance lease obligations were $1.9 billion at June 30, 2025, including $570 million held by the Nitrogen Fertilizer Segment.

    On June 30, 2025, certain of the Company’s subsidiaries (the “Term Loan Borrowers”) prepaid $70 million in principal of the senior secured term loan facility (the “Term Loan”), in addition to required principal and interest payments as set forth in the Term Loan. As a result of this transaction, the Company recognized a $1 million loss on extinguishment of debt in the second quarter of 2025, related to the write-off of unamortized discount and deferred financing costs. Further, on July 25, 2025, the Term Loan Borrowers prepaid an additional $20 million in principal of the Term Loan, plus any accrued and unpaid interest to the redemption date.

    CVR Energy will not pay a cash dividend for the second quarter of 2025.

    Today, CVR Partners announced that the Board of Directors of its general partner declared a second quarter 2025 cash distribution of $3.89 per common unit, which will be paid on August 18, 2025, to common unitholders of record as of August 11, 2025.

    Second Quarter 2025 Earnings Conference Call

    CVR Energy previously announced that it will host its second quarter 2025 Earnings Conference Call on Thursday, July 31, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

    The second quarter 2025 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/939p6amw. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13754877.

    Forward-Looking Statements
    This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; EBITDA and Adjusted EBITDA; management changes; impacts of planned and unplanned downtime; timing of turnarounds and impacts thereof on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; cash flow generation; operating income and net sales, including the factors impacting same; refining margin; crack spreads, including the drivers thereof; impact of costs to comply with the RFS and revaluation of our RFS liability; inventory levels and valuation impacts; derivative gains and losses and the drivers thereof; renewable feedstocks; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; demand trends; RIN generation levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company’s ability to offset the impact thereof; LCFS credit and CARB ULSD pricing; carbon capture and decarbonization initiatives; demand for refined products; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense and benefits, including the drivers thereof; pretax earnings and our effective tax rate; the availability and impact of tax credits and incentives; use of proceeds under our debt instruments; debt levels; ability to paydown debt, make debt prepayments and terms associated therewith; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization; turnaround expense; cash reserves; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by a new administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. The terms of the employment agreement referenced herein are qualified in their entirety by the text of the agreement which will be duly disclosed in the Company’s upcoming filings with the Securities and Exchange Commission.

    About CVR Energy, Inc.
    Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners.

    Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

    Contact Information:

    Investor Relations

    Richard Roberts
    (281) 207-3205
    InvestorRelations@CVREnergy.com

    Media Relations

    Brandee Stephens
    (281) 207-3516
    MediaRelations@CVREnergy.com

    Non-GAAP Measures

    Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

    As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.

    The following are non-GAAP measures we present for the periods ended June 30, 2025 and 2024:

    EBITDA – Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

    Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA – Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

    Refining Margin – The difference between our Petroleum Segment net sales and cost of materials and other.

    Adjusted Refining Margin – Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Refining Margin and Adjusted Refining Margin, per Throughput Barrel – Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.

    Direct Operating Expenses per Throughput Barrel – Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

    Renewables Margin – The difference between our Renewables Segment net sales and cost of materials and other.

    Adjusted Renewables Margin – Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon – Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

    Direct Operating Expenses per Vegetable Oil Throughput Gallon – Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

    Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA – EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Adjusted Earnings (Loss) per Share – Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

    Free Cash Flow – Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

    We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

    Factors Affecting Comparability of Our Financial Results

    Petroleum Segment

    Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $24 million and $3 million during the three months ended June 30, 2025 and 2024, respectively, and $190 million and $42 million during the six months ended June 30, 2025 and 2024, respectively.

    CVR Energy, Inc. 
    (all information in this release is unaudited)
     
    Consolidated Statement of Operations Data
     
     
      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions, except per share data)   2025       2024       2025       2024  
    Net sales $ 1,761     $ 1,967     $ 3,407     $ 3,829  
    Operating costs and expenses:              
    Cost of materials and other   1,582       1,667       3,099       3,130  
    Direct operating expenses (exclusive of depreciation and
    amortization)    		   169       173       324       337  
    Depreciation and amortization   76       70       142       145  
    Cost of sales   1,827       1,910       3,565       3,612  
    Selling, general and administrative expenses (exclusive of
    depreciation and amortization)    		   36       28       73       63  
    Depreciation and amortization   2       2       4       4  
    (Gain) loss on asset disposal   (1 )     —       —       1  
    Operating (loss) income   (103 )     27       (235 )     149  
    Other (expense) income:              
    Interest expense, net   (30 )     (19 )     (55 )     (39 )
    Other income, net   1       4       4       8  
    (Loss) income before income tax benefit   (132 )     12       (286 )     118  
    Income tax benefit   (42 )     (26 )     (91 )     (10 )
    Net (loss) income   (90 )     38       (195 )     128  
    Less: Net income attributable to noncontrolling interest   24       17       42       25  
    Net (loss) income attributable to CVR Energy
    stockholders    		 $ (114 )   $ 21     $ (237 )   $ 103  
                   
    Basic and diluted (loss) earnings per share $ (1.14 )   $ 0.21     $ (2.36 )   $ 1.02  
    Dividends declared per share $ —     $ 0.50     $ —     $ 1.00  
                   
    Adjusted (loss) earnings per share * $ (0.23 )   $ 0.09     $ (0.81 )   $ 0.12  
    EBITDA * $ (24 )   $ 103     $ (85 )   $ 306  
    Adjusted EBITDA * $ 99     $ 87     $ 122     $ 186  
                   
    Weighted-average common shares outstanding – basic and
    diluted    		   100.5       100.5       100.5       100.5  
    • See “Non-GAAP Reconciliations” section below.

    Selected Consolidated Balance Sheet Data

    (in millions) June 30, 2025   December 31, 2024
    Cash and cash equivalents $ 596   $ 987
    Working capital (inclusive of cash and cash equivalents)   201     726
    Total assets   3,984     4,263
    Total debt and finance lease obligations, including current portion   1,861     1,919
    Total liabilities   3,318     3,375
    Total CVR stockholders’ equity   466     703
               

    Selected Consolidated Cash Flow Data

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions)   2025       2024       2025       2024  
    Net cash used in:              
    Operating activities $ 176     $ 81     $ (19 )   $ 258  
    Investing activities   (185 )     (74 )     (267 )     (129 )
    Financing activities   (90 )     (65 )     (105 )     (729 )
    Net decrease in cash, cash equivalents, and restricted
    cash    		 $ (99 )   $ (58 )   $ (391 )   $ (600 )
                   
    Free cash flow * $ (12 )   $ 7     $ (297 )   $ 128  

    * See “Non-GAAP Reconciliations” section below.

    Selected Segment Data

      Three Months Ended June 30,
        2025       2024
    (in millions) Petroleum   Renewables   Nitrogen Fertilizer   Consolidated   Petroleum   Renewables   Nitrogen Fertilizer   Consolidated
    Net sales $ 1,561     $ 76     $ 169   $ 1,761     $ 1,795   $ 63     $ 133   $ 1,967
    Operating (loss) income   (133 )     (11 )     46     (103 )     10     (11 )     34     27
    Net (loss) income   (137 )     (11 )     39     (90 )     18     (11 )     26     38
    EBITDA *   (84 )     (5 )     67     (24 )     56     (5 )     54     103
                                   
    Capital expenditures (1)                              
    Maintenance $ 14     $ 1     $ 6   $ 21     $ 22   $ —     $ 4   $ 27
    Growth   9       1       4     15       11     2       1     14
    Total capital expenditures $ 23     $ 2     $ 10   $ 36     $ 33   $ 2     $ 5   $ 41
      Six Months Ended June 30,
        2025       2024
    (in millions) Petroleum   Renewables   Nitrogen Fertilizer   Consolidated   Petroleum   Renewables   Nitrogen Fertilizer   Consolidated
    Net sales $ 3,038     $ 142     $ 311   $ 3,407     $ 3,517   $ 97     $ 261   $ 3,829
    Operating (Loss) Income   (295 )     (11 )     81     (235 )     128     (21 )     54     149
    Net (loss) income   (297 )     (11 )     66     (195 )     145     (20 )     39     128
    EBITDA *   (202 )     1       120     (85 )     227     (9 )     93     306
                                   
    Capital expenditures (1)                              
    Maintenance $ 55     $ 1     $ 10   $ 66     $ 44   $ 1     $ 9   $ 57
    Growth   17       1       6     26       25     9       1     35
    Total capital expenditures $ 72     $ 2     $ 16   $ 92     $ 69   $ 10     $ 10   $ 92

    * See “Non-GAAP Reconciliations” section below.
    (1) Capital expenditures are shown exclusive of capitalized turnaround expenditures.

    Selected Balance Sheet Data

      June 30, 2025   December 31, 2024
    (in millions) Petroleum   Renewables   Nitrogen
    Fertilizer    		   Consolidated   Petroleum   Renewables   Nitrogen
    Fertilizer    		   Consolidated
    Cash and cash equivalents (1) $ 325   $ 22   $ 114   $ 596   $ 735   $ 13   $ 91   $ 987
    Total assets   3,011     414     998     3,984     3,288     420     1,019     4,263
    Total debt and finance lease obligations, including current
    portion (2)    		   293     —     570     1,861     354     —     569     1,919

    (1) Corporate cash and cash equivalents consisted of $135 million and $148 million at June 30, 2025 and December 31, 2024, respectively.
    (2) Corporate total debt and finance lease obligations, including current portion consisted of $998 million and $996 million at June 30, 2025 and December 31, 2024, respectively.

    Petroleum Segment

    Key Operating Metrics per Total Throughput Barrel

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions)   2025     2024     2025     2024
    Refining margin * $ 2.21   $ 10.94   $ 1.14   $ 13.68
    Adjusted refining margin *   9.95     9.81     9.04     10.15
    Direct operating expenses *   6.45     6.94     7.32     6.34
    • See “Non-GAAP Reconciliations” section below.

    Refining Throughput and Production Data by Refinery

    Throughput Data Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in bpd) 2025   2024   2025   2024
    Coffeyville              
    Gathered crude 61,505   87,402   44,213   74,903
    Other domestic 30,718   28,625   21,584   37,275
    Canadian 581   9,518   610   9,525
    Condensate —   5,079   —   6,390
    Other feedstocks and blendstocks 7,883   10,773   7,111   11,671
    Wynnewood              
    Gathered crude 55,470   34,190   56,936   38,624
    Other domestic 1,595   2,421   1,087   1,210
    Condensate 8,965   5,965   9,556   8,114
    Other feedstocks and blendstocks 5,432   2,235   5,309   3,287
    Total throughput 172,149   186,208   146,406   190,999
    Production Data Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in bpd) 2025     2024     2025     2024  
    Coffeyville              
    Gasoline 50,323     71,515     34,718     72,119  
    Distillate 46,911     57,710     33,645     56,858  
    Other liquid products (428 )   7,015     2,930     5,784  
    Solids 3,711     4,990     2,523     4,985  
    Wynnewood              
    Gasoline 36,657     25,672     38,190     28,828  
    Distillate 23,645     16,053     24,293     17,610  
    Other liquid products 8,267     2,349     6,671     3,956  
    Solids 12     6     11     6  
    Total production 169,098     185,310     142,981     190,146  
                   
    Crude utilization (1) 76.9 %   83.9 %   64.9 %   85.2 %
    Light product yield (as % of crude throughput) (2) 99.2 %   98.7 %   97.7 %   99.6 %
    Liquid volume yield (as % of total throughput) (3) 96.1 %   96.8 %   95.9 %   96.9 %
    Distillate yield (as % of crude throughput) (4) 44.4 %   42.6 %   43.2 %   42.3 %

    (1) Total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oil throughput capacity of 206,500 bpd.
    (2) Total Gasoline and Distillate divided by Total Crude Throughput.
    (3) Total Gasoline, Distillate, and Other liquid products divided by total throughput.
    (4) Total Distillate divided by Total Crude Throughput.

    Key Market Indicators

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (dollars per barrel)   2025       2024       2025       2024  
    West Texas Intermediate (WTI) NYMEX $ 63.74     $ 80.63     $ 67.52     $ 78.81  
    Crude Oil Differentials to WTI:              
    Brent   2.97       4.40       3.29       4.60  
    WCS (heavy sour)   (9.43 )     (12.53 )     (10.92 )     (14.66 )
    Condensate   (0.71 )     (0.66 )     (0.68 )     (0.76 )
    Midland Cushing   0.74       1.08       0.92       1.31  
    NYMEX Crack Spreads:              
    Gasoline   24.76       27.48       20.86       25.07  
    Heating Oil   26.99       24.67       27.71       30.62  
    NYMEX 2-1-1 Crack Spread   25.87       26.07       24.29       27.85  
    PADD II Group 3 Product Basis:              
    Gasoline   (3.58 )     (10.61 )     (3.20 )     (10.33 )
    Ultra-Low Sulfur Diesel   (0.12 )     (3.89 )     (3.60 )     (7.04 )
    PADD II Group 3 Product Crack Spread:              
    Gasoline   21.18       16.87       17.66       14.74  
    Ultra-Low Sulfur Diesel   26.87       20.78       24.11       23.59  
    PADD II Group 3 2-1-1   24.02       18.83       20.89       19.17  
                                   

    Renewables Segment

    Key Operating Metrics per Vegetable Oil Throughput Gallon

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025     2024     2025     2024
    Renewables margin * $ 0.38   $ 0.43   $ 0.76   $ 0.51
    Adjusted renewables margin *   0.44     0.67     0.68     0.64
    Direct operating expenses *   0.54     0.72     0.51     0.76
    • See “Non-GAAP Reconciliations” section below.

    Renewables Throughput and Production Data

      Three Months Ended June 30,   Six Months Ended June 30,
    (in gallons per day) 2025     2024     2025     2024  
    Throughput Data              
    Corn Oil 1,107     33,253     10,488     34,947  
    Soybean Oil 153,609     93,303     144,837     66,128  
                   
    Production Data              
    Renewable diesel 148,373     117,277     146,292     89,936  
                   
    Renewable utilization (1) 61.4 %   50.2 %   61.6 %   40.1 %
    Renewable diesel yield (as % of corn and soybean oil throughput) 95.9 %   92.7 %   94.2 %   89.0 %

    (1) Total corn and soybean oil throughput divided by total renewable throughput capacity of 252,000 gallons per day.

    Key Market Indicators

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025     2024     2025     2024
    Chicago Board of Trade (CBOT) soybean oil (dollars per pound) $ 0.49   $ 0.45   $ 0.47   $ 0.46
    Midwest crude corn oil (dollars per pound)   0.50     0.51     0.48     0.53
    CARB ULSD (dollars per gallon)   2.36     2.60     2.38     2.63
    NYMEX ULSD (dollars per gallon)   2.16     2.51     2.27     2.61
    California LCFS (dollars per metric ton)   52.36     51.51     59.13     57.37
    Biodiesel RINs (dollars per RIN)   1.08     0.51     0.94     0.55
     

    Nitrogen Fertilizer Segment

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (percent of capacity utilization) 2025     2024     2025     2024  
    Ammonia utilization rate (1) 91 %   102 %   96 %   96 %

    (1) Reflects our ammonia utilization rate on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of CVR Partners’ facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and six months ended June 30, 2025 and 2024 and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.

    Sales and Production Data

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025     2024     2025     2024
    Consolidated sales volumes (thousands of tons):              
    Ammonia   57     43     117     113
    UAN   345     330     681     614
                   
    Consolidated product pricing at gate (dollars per ton): (1)              
    Ammonia $ 593   $ 520   $ 573   $ 525
    UAN   317     268     287     268
                   
    Consolidated production volume (thousands of tons):              
    Ammonia (gross produced) (2)   197     221     413     414
    Ammonia (net available for sale) (2)   54     69     117     130
    UAN   321     337     668     643
                   
    Feedstock:              
    Petroleum coke used in production (thousands of tons)   130     133     261     261
    Petroleum coke used in production (dollars per ton) $ 56.68   $ 62.96   $ 49.54   $ 69.21
    Natural gas used in production (thousands of MMBtus) (3)   1,897     2,213     4,057     4,361
    Natural gas used in production (dollars per MMBtu) (3) $ 3.29   $ 1.93   $ 4.00   $ 2.51
    Natural gas in cost of materials and other (thousands of
    MMBtus)     (3)    		   2,201     1,855     3,807     3,620
    Natural gas in cost of materials and other (dollars per
    MMBtu)     (3)    		 $ 3.63   $ 1.85   $ 4.05   $ 2.65

    (1) Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
    (2) Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
    (3) The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

    Key Market Indicators

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025     2024     2025     2024
    Ammonia — Southern plains (dollars per ton) $ 576   $ 523   $ 569   $ 545
    Ammonia — Corn belt (dollars per ton)   630     565     624     581
    UAN — Corn belt (dollars per ton)   403     288     364     290
                   
    Natural gas NYMEX (dollars per MMBtu) $ 3.51   $ 2.32   $ 3.69   $ 2.21
                           

    Q3 2025 Outlook

    The table below summarizes our outlook for certain operational statistics and financial information for the third quarter of 2025. See “Forward-Looking Statements” above.

      Q3 2025
      Low   High
    Petroleum      
    Total throughput (bpd)   200,000       215,000  
    Crude utilization (1)   92 %     97 %
    Direct operating expenses (in millions) (2) $ 105     $ 115  
           
    Renewables      
    Total throughput (in millions of gallons)   16       20  
    Renewable utilization (4)   70 %     85 %
    Direct operating expenses (in millions) (2) $ 8     $ 10  
           
    Nitrogen Fertilizer      
    Ammonia utilization rate   93 %     98 %
    Direct operating expenses (in millions) (2) $ 60     $ 65  
           
    Capital Expenditures (in millions) (3)      
    Petroleum $ 25     $ 30  
    Renewables   1       3  
    Nitrogen Fertilizer   20       25  
    Other   1       2  
    Total capital expenditures $ 47     $ 60  

    (1) Represents crude oil throughput divided by consolidated crude oil throughput capacity of 206,500 bpd.
    (2) Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and inventory valuation impacts.
    (3) Turnaround and capital expenditures are disclosed on an accrual basis.
    (4) Represents renewable feedstock throughput divided by total renewable throughput capacity of 252,000 gallons per day.

    Non-GAAP Reconciliations

    Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions)   2025       2024       2025       2024  
    Net (loss) income $ (90 )   $ 38     $ (195 )   $ 128  
    Interest expense, net   30       19       55       39  
    Income tax benefit   (42 )     (26 )     (91 )     (10 )
    Depreciation and amortization   78       72       146       149  
    EBITDA   (24 )     103       (85 )     306  
    Adjustments:              
    Revaluation of RFS liability, unfavorable (favorable)   89       —       200       (91 )
    Unrealized loss (gain) on derivatives, net   2       (17 )     (1 )     7  
    Inventory valuation impacts, unfavorable (favorable)   32       1       8       (36 )
    Adjusted EBITDA $ 99     $ 87     $ 122     $ 186  
     

    Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted (Loss) Earnings per Share

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025       2024       2025       2024  
    Basic and diluted (loss) earnings per share $ (1.14 )   $ 0.21     $ (2.36 )   $ 1.02  
    Adjustments: (1)              
    Revaluation of RFS liability, unfavorable (favorable)   0.65       —       1.50       (0.68 )
    Unrealized loss (gain) on derivatives, net   0.02       (0.13 )     (0.01 )     0.05  
    Inventory valuation impacts, unfavorable (favorable)   0.24       0.01       0.06       (0.27 )
    Adjusted (loss) earnings per share $ (0.23 )   $ 0.09     $ (0.81 )   $ 0.12  

    (1) Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

    Reconciliation of Net Cash (Used In) Provided By Operating Activities to Free Cash Flow

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions)   2025       2024       2025       2024  
    Net cash (used in) provided by operating activities $ 176     $ 81     $ (19 )   $ 258  
    Less:              
    Capital expenditures   (41 )     (43 )     (92 )     (90 )
    Capitalized turnaround expenditures   (148 )     (32 )     (191 )     (44 )
    Return of equity method investment   1       1       5       4  
    Free cash flow $ (12 )   $ 7     $ (297 )   $ 128  
     

    Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions)   2025       2024       2025       2024  
    Petroleum net (loss) income $ (137 )   $ 18     $ (297 )   $ 145  
    Interest (income) expense, net   5       (5 )     5       (10 )
    Depreciation and amortization   48       43       90       92  
    Petroleum EBITDA   (84 )     56       (202 )     227  
    Adjustments:              
    Revaluation of RFS liability, unfavorable (favorable)   89       —       200       (91 )
    Unrealized loss (gain) on derivatives, net   2       (17 )     (1 )     7  
    Inventory valuation impacts, unfavorable (favorable) (1)   31       (2 )     10       (39 )
    Petroleum Adjusted EBITDA $ 38     $ 37     $ 7     $ 104  
     

    Reconciliation of Petroleum Segment Gross (Loss) Profit to Refining Margin and Adjusted Refining Margin

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions)   2025       2024       2025       2024  
    Net sales $ 1,561     $ 1,795     $ 3,038     $ 3,517  
    Less:              
    Cost of materials and other   (1,526 )     (1,610 )     (3,008 )     (3,041 )
    Direct operating expenses (exclusive of depreciation and amortization)   (102 )     (118 )     (193 )     (221 )
    Depreciation and amortization   (48 )     (43 )     (90 )     (92 )
    Gross (loss) profit   (115 )     24       (253 )     163  
    Add:              
    Direct operating expenses (exclusive of depreciation and amortization)   102       118       193       221  
    Depreciation and amortization   48       43       90       92  
    Refining margin   35       185       30       476  
    Adjustments:              
    Revaluation of RFS liability, unfavorable (favorable)   89       —       200       (91 )
    Unrealized loss (gain) on derivatives, net   2       (17 )     (1 )     7  
    Inventory valuation impacts, unfavorable (favorable) (1)   31       (2 )     10       (39 )
    Adjusted refining margin $ 157     $ 166     $ 239     $ 353  
                   
    Total throughput barrels per day   172,149       186,208       146,406       190,999  
    Days in the period   91       91       181       182  
    Total throughput barrels   15,665,597       16,944,862       26,499,565       34,761,961  
                   
    Refining margin per total throughput barrel $ 2.21     $ 10.94     $ 1.14     $ 13.68  
    Adjusted refining margin per total throughput barrel   9.95       9.81       9.04       10.15  
    Direct operating expenses per total throughput barrel   6.45       6.94       7.32       6.34  

    (1) The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

    Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA

      Three Months Ended June 30,   Six Months Ended June 30,
    (in millions)   2025       2024       2025       2024  
    Renewables net loss $ (11 )   $ (11 )   $ (11 )   $ (20 )
    Interest income, net   —       —       —       (1 )
    Depreciation and amortization   6       6       12       12  
    Renewables EBITDA   (5 )     (5 )     1       (9 )
    Adjustments:              
    Inventory valuation impacts, (favorable) unfavorable (1)   1       3       (2 )     2  
    Renewables Adjusted EBITDA $ (4 )   $ (2 )   $ (1 )   $ (7 )
     

    Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin

      Three Months Ended June 30,   Six Months Ended June 30,
    (in millions, except throughput data)   2025       2024       2025       2024  
    Net sales $ 76     $ 63     $ 142     $ 97  
    Less:              
    Cost of materials and other   (71 )     (58 )     (121 )     (88 )
    Direct operating expenses (exclusive of depreciation and
    amortization)    		   (7 )     (8 )     (14 )     (13 )
    Depreciation and amortization   (6 )     (6 )     (12 )     (12 )
    Gross loss   (8 )     (9 )     (5 )     (16 )
    Add:              
    Direct operating expenses (exclusive of depreciation and
    amortization)    		   7       8       14       13  
    Depreciation and amortization   6       6       12       12  
    Renewables margin   5       5       21       9  
    Inventory valuation impacts, (favorable) unfavorable (1)   1       3       (2 )     2  
    Adjusted renewables margin $ 6     $ 8     $ 19     $ 11  
                   
    Total vegetable oil throughput gallons per day   154,716       126,556       155,325       101,075  
    Days in the period   91       91       181       182  
    Total vegetable oil throughput gallons   14,079,118       11,516,572       28,113,944       18,395,649  
                   
    Renewables margin per vegetable oil throughput gallon $ 0.38     $ 0.43     $ 0.76     $ 0.51  
    Adjusted renewables margin per vegetable oil throughput gallon   0.44       0.67       0.68       0.64  
    Direct operating expenses per vegetable oil throughput gallon   0.54       0.72       0.51       0.76  

    (1) The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel and renewable feedstock prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

    Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions)   2025     2024     2025     2024
    Nitrogen Fertilizer net income $ 39   $ 26   $ 66   $ 39
    Interest expense, net   7     8     15     15
    Depreciation and amortization   21     20     39     39
    Nitrogen Fertilizer EBITDA and Adjusted EBITDA $ 67   $ 54   $ 120   $ 93

    The MIL Network –

  • MIL-OSI Canada: Statement by Prime Minister Carney on Canada’s recognition of a Palestinian state

    Source: Government of Canada – Prime Minister

    “Canada has long been committed to a two-state solution – an independent, viable, and sovereign Palestinian state living side by side with the State of Israel in peace and security.

    For decades, it was hoped that this outcome would be achieved as part of a peace process built around a negotiated settlement between the Israeli government and the Palestinian Authority.

    Regrettably, this approach is no longer tenable. Prospects for a two-state solution have been steadily and gravely eroded, including by:

    • The pervasive threat of Hamas terrorism to Israel and its people, culminating in the heinous terrorist attack of October 7, 2023, and Hamas’ longstanding violent rejection of Israel’s right to exist and a two-state solution.
    • The accelerated settlement building across the West Bank and East Jerusalem, while settler violence against Palestinians has soared.
    • Actions such as the E1 Settlement Plan and this month’s vote by the Knesset calling for the annexation of the West Bank.
    • The ongoing failure by the Israeli government to prevent the rapidly deteriorating humanitarian disaster in Gaza, with impeded access to food and other essential humanitarian supplies.

    The deepening suffering of civilians leaves no room for delay in co-ordinated international action to support peace, security, and the dignity of all human life. Preserving a two-state solution means standing with all people who choose peace over violence or terrorism, and honouring their innate desire for the peaceful co-existence of Israeli and Palestinian states as the only roadmap for a secure and prosperous future.

    For these reasons, Canada intends to recognize the State of Palestine at the 80th Session of the United Nations General Assembly in September 2025.

    This intention is predicated on the Palestinian Authority’s commitment to much-needed reforms, including the commitments by Palestinian Authority President Abbas to fundamentally reform its governance, to hold general elections in 2026 in which Hamas can play no part, and to demilitarize the Palestinian state. Canada will increase its efforts in supporting strong, democratic governance in Palestine and the contributions of its people to a more peaceful and hopeful future.

    We reiterate that Hamas must immediately release all hostages taken in the horrific terrorist attack of October 7; that Hamas must disarm; and that Hamas must play no role in the future governance of Palestine. Canada will always steadfastly support Israel’s existence as an independent state in the Middle East living in peace and security. Any path to lasting peace for Israel also requires a viable and stable Palestinian state, and one that recognizes Israel’s inalienable right to security and peace.

    Canada has already committed over $340 million in humanitarian aid to address the dire humanitarian situation in Gaza. We are further committing $30 million in new funding to help address the needs of Palestinian civilians, and providing an additional $10 million to support the Palestinian Authority’s role in stabilizing and governing the West Bank. We are working with our allies to deliver immediate assistance to those in dire need.

    We will intensify our efforts with our international partners to develop a credible peace plan that establishes governance and security arrangements for Palestine and ensures the delivery of humanitarian aid at the necessary scale to Gaza. Canada will be a constructive partner in building a just, meaningful, and lasting peace in the region, and a future that respects the dignity, security, and aspirations of all Palestinians and Israelis.”

    MIL OSI Canada News –

  • MIL-OSI: Gran Tierra Energy Inc. Reports Second Quarter 2025 Results & Another Quarter of Record Production

    Source: GlobeNewswire (MIL-OSI)

    • Achieved Record Total Company Average Quarterly Production of 47,196 boepd
    • Funds Flow From Operations(1)of $54 million, Adjusted EBITDA(1)of $77 million and Return to Free Cash Flow
    • Signed Mandate Letter for Funding of Up to $200 Million
    • Entered into Binding Agreement to Exit the UK North Sea
    • Achieved Company Record Total of 32 Million Hours Without a Lost Time Injury
    • Recorded Operating Costs per boe of $13.42 for the Quarter – the Lowest Since The First Quarter of 2022

    CALGARY, Alberta, July 30, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE: GTE) announced the Company’s financial and operating results for the quarter ended June 30, 2025 (the “Quarter”) and provided an operational update. All dollar amounts are in United States (“U.S.”) dollars and all production volumes are on an average working interest before royalties (“WI”) basis unless otherwise indicated. Production is expressed in barrels (“bbl”) of oil equivalent (“boe”) per day (“boepd” or “boe/d”) and are based on WI sales before royalties. For per boe amounts based on net after royalty (“NAR”) production, see Gran Tierra’s Quarterly Report on Form 10-Q filed July 30, 2025.

    Message to Shareholders

    Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “Gran Tierra delivered record-setting production this quarter, reflecting the strength of our diversified portfolio and consistent operational execution across Colombia, Ecuador, and Canada.

    In Ecuador, we are building on the momentum of our Iguana Block discoveries with the planned drilling of two high-impact exploration wells in the Charapa Block later this year. In Colombia, the successful development drilling at Costayaco and Cohembi, along with the strong early waterflood response in Cohembi’s north area, underscores the ongoing potential of our core assets and validates our disciplined approach to reservoir management. In Acordionero, our proactive waterflood management, surface facility upgrades, pump upsizes and ongoing improvement in electrical submersible pump run lives continue to mitigate base decline.

    In Canada, our Montney and Clearwater assets are delivering encouraging results, with three gross-wells (1.2 net) brought on stream in the Quarter, outperforming expectations. These outcomes further reinforce our strategy of disciplined capital allocation and balanced growth as we focus on generating long-term value for our stakeholders.

    We continue to optimize our portfolio with the signed disposition of the UK North Sea assets, which is expected to close in the third quarter of 2025.”

    Operational Update:

    • Safety: Since 2022, Gran Tierra has achieved a record of 32 million person-hours equating to more than 3 years without a lost time injury.
    • Ecuador
      • Building on the successful discoveries in the Iguana Block during the first quarter of 2025, civil works are currently underway to support the drilling of the final two wells under Gran Tierra’s exploration commitments in the country. These wells are planned for the Charapa Block in the Conejo prospect, with drilling expected to commence toward the end of the third quarter of 2025.
    • Colombia
      • Gran Tierra successfully drilled the first of three development wells planned for 2025 in the northern area of the Costayaco field. The Costayaco-63 well was perforated in four productive sands, stimulated, and placed on immediate production. The well is currently producing ~800 bbls of oil per day (“bopd”) with a 48% watercut compared to an average field watercut of 92%. In July, the second well—Costayaco-64—was drilled, stimulated and completed. The well is currently producing ~1,300 bopd with a 13% watercut. The final well, Costayaco-65, was spud on July 20, 2025 and is scheduled to be brought on production in August 2025.
      • During the Quarter the remaining two wells of the 2025 five well Cohembi program were brought onto production. The average drilling cost of the five wells was ~$3.0 million per well, representing a 47% reduction from the prior operator’s average last five wells drilled in 2017/18. As part of the program and to support pressure, water injection began on May 30, 2025. A strong waterflood response and increase of greater than 2,600 bopd gross across the northern part of the field has been observed and continues to improve.
      • The Cristobal well in LLA-85 was drilled below budget to total depth (“TD”) and abandoned, fulfilling all the commitments on the block.
      • In Acordionero, production in the Quarter averaged ~14,200 bopd compared to ~13,800 bopd in the first quarter of 2025 (the “Prior Quarter”). Increases in base production were achieved by increasing total fluid production through planned electrical submersible pump upsizes, additional surface injection capacity allowing for continued growth of total fluid production and water injection. Record highs were achieved in both total fluid production (~89,400 bbls/day) and water injection (~85,000 bbls/day) during the Quarter.
    • Canada
      • In the Simonette, the first two (1.0 net) Lower Montney wells were completed successfully and brought on stream on April 5, 2025. Results from both wells are currently out-performing management’s current type curves. The third Montney well was spud on June 29, 2025 and reached TD on July 18, 2025. The fourth Montney well was spud on July 22, 2025 and is expected to reach total depth in the first half of August.

    Enhanced Liquidity:

    • Gran Tierra is pleased to announce it has signed a mandate letter with a syndicate of banks for a $200 million prepayment facility backed by crude oil deliveries. The Company is progressing toward full documentation, with closing expected in the third quarter of 2025 and funding anticipated shortly thereafter. The facility is structured to enhance financial flexibility, support long-term capital planning, and optimize the Company’s debt maturity profile. Further details of the prepayment will be announced in due course once final terms are agreed upon.
    • Separately, Gran Tierra recently completed the semi-annual redetermination of its Canadian credit facility, with lenders confirming an unchanged borrowing base of C$100 million. This outcome reflects the continued strength and stability of the Company’s Canadian asset base. The facility provides C$50 million in available commitments, comprised of a C$35 million syndicated facility and a C$15 million operating facility with a maturity date of October 31, 2026. The next redetermination is scheduled on or before November 30, 2025.
    • Gran Tierra also employs a disciplined, risk-managed hedging strategy designed to protect cash flow, support capital planning, and enhance financial stability across commodity cycles. The Company utilizes a diversified mix of oil and gas hedges that provide downside protection while preserving upside exposure. This proactive approach contributed to a $14 million derivative hedging gain booked during the Quarter. The Company also maintains a rolling 12-month hedging program to further mitigate volatility:
      • South American Oil Hedges (Brent): For the second half of 2025, Gran Tierra has hedged approximately 50% of its South American oil production with a weighted average floor of $63.16 per barrel and a ceiling of $76.50 per barrel. For the first half of 2026 the Company has hedged approximately 33% of its South American oil production with a weighted average floor of $61.67 per barrel and a ceiling of $75.58.
      • Canadian Oil Hedges (West Texas Intermediate): For the second half of 2025, Gran Tierra has hedged approximately 60% of its Canadian oil production with a weighted average floor of $61.67 per barrel and a ceiling of $72.37 per barrel. For the first half of 2026 the Company has hedged approximately 50% of its Canadian oil production with a weighted average floor of $56.82 per barrel and a ceiling of $72.01.
      • Canadian Gas Hedges (AECO): For the second half of 2025, Gran Tierra has hedged approximately 40% of its Canadian gas production with a weighted average floor of $2.82 per GJ and a ceiling of $2.96 per GJ.
      • FX Hedges (COP to USD): Starting in April 2025, Gran Tierra entered into a 12-month, $10 million per month hedging program for the COP to USD exchange rate. The hedges have a floor of 4,430 and a ceiling of 4,705.

    Key Highlights of the Quarter:

    • Production: Gran Tierra’s total average WI production was 47,196 boepd, which was 44% higher than the second quarter of 2024 due to the production from the Canadian operations acquired on October 31, 2024 and positive exploration well drilling results in Ecuador. Total average WI production was 1% higher than the Prior Quarter as a result of successful drilling in Simonette, Cohembi infill drilling and waterflood management, strong Acordionero performance and continued exploration success in Ecuador from the Iguana wells. Working interest sales in the Quarter decreased to 45,727 boepd primarily due to the deferral of 143,730 barrels of Ecuador oil production, which were held in inventory at the end of June and subsequently sold in July.
    • Net Income (Loss): Gran Tierra incurred a net loss of $13 million, compared to a net loss of $19 million in the Prior Quarter and net income of $36 million in the second quarter of 2024.
    • Adjusted EBITDA(1): Adjusted EBITDA(1) was $77 million compared to $85 million in the Prior Quarter and $103 million in the second quarter of 2024. Twelve-month trailing net debt(1) to adjusted EBITDA(1) was 2.3 times (only accounts for eight months of Canadian operations adjusted EBITDA) and the Company continues to have a long-term target ratio of 1.0 times.
    • Funds Flow from Operations(1): Funds flow from operations(1) was $54 million ($1.53 per share), up 17% from the second quarter of 2024 and down 3% from the Prior Quarter. Brent price decreased by 11% per bbl compared to the Prior Quarter and our cash netback(1) decreased by 1% illustrating the resiliency of the portfolio.
    • Net Cash Provided by Operating Activities: Net cash provided by operating activities was $35 million ($0.98 per share), down 53% from the Prior Quarter and down 53% from the second quarter of 2024.
    • Cash and Debt: As of June 30, 2025, the Company had a cash balance of $61 million, total debt of $807 million and net debt(1) of $746 million. During the Quarter, the Company drew a total of $45 million on its credit facilities to fund capital expenditures. There were significant capital expenditures in the first quarter, amounting to approximately 40% of budgeted capital expenditures for the year, which were paid in the Quarter resulting in the Company drawing on its credit facilities. We currently forecast the facilities to have a zero balance by the end of the year. In addition to the $61 million cash on hand as of June 30, 2025, the Company currently has approximately $112 million in credit and lending facilities with $47 million drawn as of June 30, 2025.
    • Share Buybacks: Gran Tierra repurchased 239,754 shares of common stock during the Quarter. From January 1, 2023, to July 28, 2025, the Company repurchased approximately 5.2 million shares, or 15% of shares issued and outstanding on January 1, 2023.

    Additional Key Financial Metrics:

    • Capital Expenditures: Capital expenditures were $51 million during the Quarter which were lower than the $95 million in the Prior Quarter and lower than $61 million in the second quarter of 2024. During the Quarter the majority of capital expenditures were incurred in Colombia on Cohembi drilling and infrastructure.
    • Oil, Natural Gas and Natural Gas Liquids (“NGL”) Sales: Gran Tierra generated sales of $152 million, down 8% from the second quarter of 2024 primarily as a result of a 22% decrease in Brent pricing, partially offset by 43% higher sales volumes due to higher production and lower Castilla, Oriente, and Vasconia oil differentials. Oil sales decreased 11% from the Prior Quarter primarily due to an 11% decrease in Brent price, partially offset by lower Castilla, Oriente, and Vasconia oil differentials.
    • South American Quality and Transportation Discounts: The Company’s quality and transportation discounts in South America per bbl were lower during the Quarter at $10.30, compared to $11.58 in the Prior Quarter and $12.79 in the second quarter of 2024. The Castilla oil differential per bbl tightened to $4.73, down from $5.34 in the Prior Quarter and $8.21 in the second quarter of 2024 (Castilla is the benchmark for the Company’s Middle Magdalena Valley Basin oil production). The Vasconia differential per bbl tightened to $1.71, down from $2.27 in the Prior Quarter, and $4.00 in the second quarter of 2024. The Ecuadorian benchmark, Oriente, per bbl was $7.26, down from $7.65 in the Prior Quarter and $8.38 in the second quarter of 2024. The current(2) differentials are approximately $4.38 per bbl for Castilla, $1.38 per bbl for Vasconia, and $7.64 per bbl for Oriente.
    • Operating Expenses: On a per boe basis, operating expenses decreased by 17% when compared to the second quarter of 2024 and 16% when compared to the Prior Quarter, primarily due to lower workover activities and lower lifting costs associated with inventory build-up in Ecuador, power generation, and equipment rentals. This was the lowest operating expense per boe achieved since the first quarter of 2022. Total operating expenses decreased by 17% to $56 million, compared to the Prior Quarter, largely driven by lower workover activities and reduced lifting costs related to power generation, equipment rental, and inventory fluctuation in Ecuador. Compared to the second quarter of 2024, total operating expenses increased by 19% from $47 million, primarily due to the addition of Canadian operations and the ramp-up of activity in Ecuador. The increase in total operating costs is commensurate with the 44% increase in production.
    • Transportation Expenses: The Company’s transportation expenses increased by 10% to $8 million, compared to the Prior Quarter’s transportation expenses of $7 million as a result of incremental sales volumes transported by Canadian operations resulting in higher tolls. When compared to the second quarter of 2024 transportation expenses increased from $6 million due to new Canadian operations, higher sales volumes transported in Ecuador, partially offset by lower sales volumes transported in Colombia.
    • Operating Netback(1)(3): The Company’s operating netback(1)(3) was $21.39 per boe, down 6% from the Prior Quarter and down 45% from the second quarter of 2024, primarily as a result of a decrease in oil pricing. The decrease from the second quarter of 2024 is a result in the change in the Company’s production mix with the addition of the Canadian assets.
    • General and Administrative (“G&A”) Expenses: G&A expenses before stock-based compensation were $3.48 per boe, up from $2.86 per boe in the Prior Quarter, due to the timing of certain annual corporate expenses. G&A expenses before stock-based compensation were down from $3.77 per boe, compared to the second quarter of 2024 as a result of higher sales volumes from the inclusion of Canadian operations in the Quarter.
    • Cash Netback(1): Cash netback(1) per boe decreased to $12.95, compared to $13.04 in the Prior Quarter, primarily as a result of lower operating netback(1) and were offset by lower current income tax expense and positive cash settlement on derivative instruments. Compared to one year ago, cash netback(1) per boe decreased by $2.90 from $15.85 per boe as a result of lower operating netback(1) while being offset by lower current tax expense.

    Financial and Operational Highlights (all amounts in $000s, except per share and boe amounts)

    Consolidated Financial Data Three Months Ended June 30,   Three Months Ended March 31,   Six Months Ended June 30,
      2025 2024   2025   2025 2024
                   
    Net (Loss) Income $(12,741) $36,371   $(19,280)   $(32,021) $36,293
    Per Share – Basic and Diluted $(0.36) $1.16   $(0.54)   $(0.90) $1.15
                   
    Oil, Natural Gas and NGL Sales $152,481 $165,609   $170,533   $323,014 $323,186
    Operating Expenses (55,855) (47,035)   (67,354)   (123,209) (95,501)
    Transportation Expenses (7,618) (5,690)   (6,911)   (14,529) (10,274)
    Operating Netback (1)(3) $89,008 $112,884   $96,268   $185,276 $217,411
                   
    G&A Expenses Before Stock-Based Compensation $14,460 $10,967   $12,143   $26,603 $21,749
    G&A Stock-Based Compensation Expense (Recovery) 546 6,160   (517)   29 9,521
    G&A Expenses, Including Stock Based Compensation $15,006 $17,127   $11,626   $26,632 $31,270
                   
    Adjusted EBITDA (1) $76,987 $103,004   $85,162   $162,149 $197,796
                   
    EBITDA (1) $84,908 $101,187   $79,710   $164,618 $193,078
                   
    Net Cash Provided by Operating Activities $34,677 $73,233   $73,230   $107,907 $134,060
                   
    Funds Flow from Operations (1) $53,906 $46,167   $55,344   $109,250 $120,474
                   
    Capital Expenditures (Before Changes in Working Capital) $51,170 $61,273   $94,727   $145,897 $116,604
                   
    Free Cash Flow (1) $2,736 $(15,106)   $(39,383)   $(36,647) $3,870
                   
    Average Daily Production (boe/d)              
    WI Production Before Royalties 47,196 32,776   46,647   46,923 32,509
    Royalties (7,396) (6,774)   (8,084)   (7,738) (6,586)
    Production NAR 39,800 26,002   38,563   39,185 25,923
    Decrease (Increase) in Inventory (1,469) (811)   461   (509) (288)
    Sales 38,331 25,191   39,024   38,676 25,635
    Royalties, % of WI Production Before Royalties 16% 21%   17%   16% 20%
                   
    Cash Netback ($/boe )(1)              
    Average Realized Price before Royalties 43.71 72.24   48.55   46.14 69.27
    Royalties (7.07) (15.31)   (8.33)   (7.69) (14.16)
    Average Realized Price 36.64 56.93   40.22   38.45 55.11
    Transportation Expenses (1.83) (1.96)   (1.63)   (1.73) (1.75)
    Average Realized Price Net of Transportation Expenses 34.81 54.97   38.59   36.72 53.36
    Operating Expenses (13.42) (16.17)   (15.89)   (14.67) (16.29)
    Operating Netback (1)(3) 21.39 38.80   22.70   22.05 37.07
    G&A Expenses Before Stock-Based Compensation (3.48) (3.77)   (2.86)   (3.17) (3.71)
    Realized Foreign Exchange (Loss) Gain (0.14) 0.37   (0.51)   (0.33) (0.06)
    Cash Settlement on Derivative Instruments 0.39 —   0.10   0.25 —
    Interest Expense, Excluding Amortization of Debt Issuance Costs (4.87) (5.38)   (4.58)   (4.72) (5.24)
    Interest Income 0.06 0.35   0.10   0.08 0.29
    Other Gain 0.09 —   —   0.04 —
    Net Lease Payments 0.04 0.02   0.04   0.04 0.07
    Current Income Tax Expense (0.53) (14.54)   (1.95)   (1.25) (7.88)
    Cash Netback (1) $12.95 $15.85   $13.04   $12.99 $20.54
                   
    Share Information (000s)              
    Common Stock Outstanding, End of Period 35,289 31,022   35,524   35,289 31,022
    Weighted Average Number of Shares of Common Stock Outstanding – Basic and Diluted 35,335 31,282   35,777   35,555 31,547
    South American Operational Information Three Months Ended June 30,   Three Months Ended March 31,   Six Months Ended June 30,
      2025 2024   2025   2025 2024
    Operating Netback (1)(3)              
    Oil Sales $118,187 $165,609   $138,671   $256,858 $323,186
    Operating Expenses (42,554) (47,035)   (50,827)   (93,381) (95,501)
    Transportation Expenses (4,176) (5,690)   (4,304)   (8,480) (10,274)
    Operating Netback (1)(3) $71,457 $112,884   $83,540   $154,997 $217,411
                   
    Capital Expenditures (Before Changes in Working Capital) $49,327 $60,806   $64,984   $114,311 $116,137
                   
    Average Daily Production (boe/d)              
    WI Production Before Royalties 29,700 32,776   29,686   29,693 32,509
    Royalties (5,209) (6,774)   (5,844)   (5,525) (6,586)
    Production NAR 24,491 26,002   23,842   24,168 25,923
    Decrease (Increase) in Inventory (1,469) (811)   461   (509) (288)
    Sales 23,022 25,191   24,303   23,659 25,635
    Royalties, % of WI Production Before Royalties 18% 21%   20%   19% 20%
                   
    Operating Netback ($/boe) (1)(3)              
    Brent $66.71 $85.03   $74.98   $70.81 $83.42
    Quality and Transportation Discount (10.30) (12.79)   (11.58)   (10.82) (14.15)
    Royalties (10.41) (15.31)   (12.29)   (11.36) (14.16)
    Average Realized Price 46.00 56.93   51.11   48.63 55.11
    Transportation Expenses (1.63) (1.96)   (1.59)   (1.61) (1.75)
    Average Realized Price Net of Transportation Expenses 44.37 54.97   49.52   47.02 53.36
    Operating Expenses (16.56) (16.17)   (18.73)   (17.68) (16.29)
    Operating Netback (1)(3) $27.81 $38.80   $30.79   $29.34 $37.07
    Canadian Operational Information (4) Three Months Ended June 30,   Three Months Ended March 31,   Six Months Ended June 30,
      2025 2024   2025   2025 2024
    Operating Netback (1)(3)              
    Oil Sales $23,196 $—   $21,269   $44,465 $—
    Natural Gas Sales 6,894 —   7,561   14,455 —
    NGL Sales 6,364 —   7,997   14,361 —
    Royalties (2,158) —   (4,966)   (7,124) —
    Oil, Natural Gas and NGL Sales After Royalties $34,296 $—   $31,861   $66,157 $—
    Operating Expenses (13,301) —   (16,527)   (29,828) —
    Transportation Expenses (3,442) —   (2,607)   (6,049) —
    Operating Netback (1)(3) $17,553 $—   $12,727   $30,280 $—
                   
    Capital Expenditures (Before Changes in Working Capital) $1,796 $—   $29,360   $31,156 $—
                   
    Average Daily Production              
    Crude Oil (bbl/d) 4,335 —   3,623   3,981 —
    Natural Gas (mcf/d) 50,124 —   49,860   49,992 —
    NGLs (bbl/d) 4,807 —   5,029   4,917 —
    WI Production Before Royalties (boe/d) 17,496 —   16,961   17,230 —
    Royalties (boe/d) (2,187) —   (2,240)   (2,213) —
    Production NAR (boe/d) 15,309 —   14,721   15,017 —
    Sales (boe/d) 15,309 —   14,721   15,017 —
    Royalties, % of WI Production Before Royalties 13% —%   13%   13% —%
                   
    Benchmark Prices              
    West Texas Intermediate ($/bbl) 63.81 80.82   71.47   67.60 78.95
    AECO Natural Gas Price (C$/GJ) 1.60 1.12   2.05   1.82 1.74
                   
    Average Realized Price              
    Crude Oil ($/bbl) 58.80 —   65.23   61.71 —
    Natural Gas ($/mcf) 1.51 —   1.69   1.60 —
    NGLs ($/bbl) 14.55 —   17.67   16.14 —
                   
    Operating Netback ($/boe) (1)(3)              
    Average Realized Price $22.90 $—   $24.12   $23.50 $—
    Royalties (1.36) —   (3.25)   (2.28) —
    Transportation Expenses (2.16) —   (1.71)   (1.94) —
    Operating Expenses (8.35) —   (10.83)   (9.56) —
    Operating Netback (1)(3) $11.03 $—   $8.33   $9.72 $—


    (1) Funds flow from operations, operating netback, net debt, cash netback, earnings before interest, taxes and depletion, depreciation and accretion (“DD&A”) (“EBITDA”) and EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gains or losses, stock-based compensation expense, other gains or losses, transaction costs and financial instruments gains or losses (“Adjusted EBITDA”), cash flow and free cash flow are non-GAAP measures and do not have standardized meanings under generally accepted accounting principles in the United States of America (“GAAP”). Cash flow refers to funds flow from operations. Free cash flow refers to funds flow from operations less capital expenditures. Refer to “Non-GAAP Measures” in this press release for descriptions of these non-GAAP measures and, where applicable, reconciliations to the most directly comparable measures calculated and presented in accordance with GAAP.
    (2) Gran Tierra’s third quarter-to-date 2025 total average differentials and average production are for the period from July 1 to July 30, 2025.
    (3) Operating netback as presented is defined as oil sales less operating and transportation expenses. See the table titled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.
    (4) Gran Tierra entered Canada with the acquisition of i3 Energy which closed October 31, 2024, therefore no comparative data is provided for the corresponding periods of 2024.


    Conference Call Information:

    Gran Tierra will host its second quarter 2025 results conference call on Thursday, July 31, 2025, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time. Interested parties may access the conference call by registering at the following link: https://register-conf.media-server.com/register/BId33e377f2b494c3c95a7fbd1df59627e. The call will also be available via webcast at www.grantierra.com.

    Corporate Presentation:

    Gran Tierra’s Corporate Presentation has been updated and is available on the Company website at www.grantierra.com.

    Contact Information

    For investor and media inquiries please contact:

    Gary Guidry
    President & Chief Executive Officer

    Ryan Ellson
    Executive Vice President & Chief Financial Officer

    +1-403-265-3221

    info@grantierra.com

    About Gran Tierra Energy Inc.

    Gran Tierra Energy Inc., together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

    Gran Tierra’s Securities and Exchange Commission (the “SEC”) filings are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Forward Looking Statements and Legal Advisories:

    This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). All statements other than statements of historical facts included in this press release regarding our business strategy, plans and objectives of our management for future operations, capital spending plans and benefits of the changes in our capital program or expenditures, our liquidity and financial condition, and those statements preceded by, followed by or that otherwise include the words “expect,” “plan,” “can,” “will,” “should,” “guidance,” “forecast,” “budget,” “estimate,” “signal,” “progress”, “anticipates” and “believes,” derivations thereof and similar terms identify forward-looking statements. In particular, but without limiting the foregoing, this press release contains forward-looking statements regarding: : the Company’s expectations regarding committed funding (including but not limited to the signing of a mandate for prepayment structure backed by crude oil deliveries), liquidity and its leverage ratio target, the Company’s plans regarding strategic investments, acquisitions, dispositions, synergies, and growth, the Company’s drilling program and capital expenditures and the Company’s expectations of commodity prices, exploration and production trends and its positioning for 2025. The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, pricing and cost estimates (including with respect to commodity pricing and exchange rates), the general continuance of assumed operational, regulatory and industry conditions in Canada, Colombia and Ecuador, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned.

    Among the important factors that could cause our actual results to differ materially from the forward-looking statements in this press release include, but are not limited to: our ability to successfully integrate the assets and operations of i3 Energy Plc (“i3Energy”) and realize the anticipated benefits and operating synergies expected from the 2024 acquisition of i3 Energy; certain of our operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to local operations; global health events; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from actual or anticipated tariffs and trade policies, global health crises, geopolitical events, including the conflicts in Ukraine and the Middle East, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil prices and oil consumption more than we currently predict, which could cause further modification of our strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges; the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of our products; our ability to execute our business plan, which may include acquisitions, and realize expected benefits from current or future initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of our common stock or bonds; the risk that we do not receive the anticipated benefits of government programs, including government tax refunds; our ability to access debt or equity capital markets from time to time to raise additional capital, increase liquidity, fund acquisitions or refinance debt; the risk that we are unable to successfully negotiate final terms and close an anticipated prepayment structure backed by crude oil deliveries, our ability to comply with financial covenants in our indentures and make borrowings under our credit agreements; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2024 filed February 24, 2025 and its other filings with the SEC. These filings are available on the SEC website at http://www.sec.gov and on SEDAR+ at www.sedarplus.ca.

    The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on management’s experience and other factors believed to be appropriate. Gran Tierra believes these assumptions to be reasonable at this time, but the forward-looking statements are subject to risk and uncertainties, many of which are beyond Gran Tierra’s control, which may cause actual results to differ materially from those implied or expressed by the forward looking statements. The risk that the assumptions on which the 2025 outlook are based prove incorrect may increase the later the period to which the outlook relates. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra 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 expressly required by applicable law. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

    The forecasts of expected liquidity to address bond amortization in the fourth quarter of 2026 and that Gran Tierra’s credit facilities would have a zero balance by the end of the year may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained in this press release about prospective financial performance, financial position or cash flows are provided to give the reader a better understanding of the potential future performance of the Company in certain areas and are based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected operational and financial information for the end of 2025 and the fourth quarter of 2026. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. The actual results of Gran Tierra’s operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

    Non-GAAP Measures

    This press release includes non-GAAP financial measures as further described herein. These non-GAAP measures do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as alternatives to net income or loss, cash flow from operating activities or other measures of financial performance as determined in accordance with GAAP. Gran Tierra’s method of calculating these measures may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as to not imply that more emphasis should be placed on the non-GAAP measure.

    Operating netback, as presented, is defined as oil sales less operating and transportation expenses. See the table entitled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.

    Cash netback as presented is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain or loss, other gain or loss and unrealized derivative instruments gain or loss. Management believes that operating netback and cash netback are useful supplemental measures for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra’s principal business activities prior to the consideration of other income and expenses. A reconciliation from net income or loss to cash netback is as follows:

      Three Months Ended June 30,   Three Months Ended March 31,   Six Months Ended June 30,
    Cash Netback – (Non-GAAP) Measure ($000s)   2025     2024       2025       2025     2024  
    Net (Loss) Income $ (12,741 ) $ 36,371     $ (19,280 )   $ (32,021 ) $ 36,293  
    Adjustments to reconcile net loss or income to cash netback              
    DD&A expenses   68,635     55,490       72,202       140,837     111,640  
    Deferred tax expense (recovery)   2,453     (51,361 )     (4,712 )     (2,259 )   (37,882 )
    Stock-based compensation expense (recovery)   546     6,160       (517 )     29     9,521  
    Amortization of debt issuance costs   4,082     2,760       3,833       7,915     6,066  
    Non-cash lease expense   1,725     1,381       1,736       3,461     2,794  
    Lease payments   (1,545 )   (1,311 )     (1,567 )     (3,112 )   (2,369 )
    Unrealized foreign exchange loss (gain)   3,114     (3,323 )     1,687       4,801     (5,589 )
    Other loss   38     —       52       90     —  
    Unrealized derivative instrument (gain) loss   (12,401 )   —       1,910       (10,491 )   —  
    Cash netback $ 53,906   $ 46,167     $ 55,344     $ 109,250   $ 120,474  

    EBITDA, as presented, is defined as net income or loss adjusted for DD&A expenses, interest expense and income tax expense or recovery. Adjusted EBITDA, as presented, is defined as EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gain or loss, stock-based compensation expense or recovery, other gain or loss and unrealized derivative instruments gain or loss. Management uses this supplemental measure to analyze performance and income generated by our principal business activities prior to the consideration of how non-cash items affect that income, and believes that this financial measure is useful supplemental information for investors to analyze our performance and our financial results. A reconciliation from net income or loss to EBITDA and adjusted EBITDA is as follows:

      Three Months Ended June 30,   Three Months Ended March 31,   Six Months Ended June 30,   Twelve Month Trailing June 30,
    EBITDA – (Non-GAAP) Measure ($000s)   2025     2024       2025       2025     2024       2025  
    Net (Loss) Income $ (12,741 ) $ 36,371     $ (19,280 )   $ (32,021 ) $ 36,293     $ (65,098 )
    Adjustments to reconcile net loss or income to EBITDA and Adjusted EBITDA                  
    DD&A expenses   68,635     55,490       72,202       140,837     111,640       259,816  
    Interest expense   24,366     18,398       23,235       47,601     36,822       91,245  
    Income tax expense (recovery)   4,648     (9,072 )     3,553       8,201     8,323       41,267  
    EBITDA $ 84,908   $ 101,187     $ 79,710     $ 164,618   $ 193,078     $ 327,230  
    Non-cash lease expense   1,725     1,381       1,736       3,461     2,794       6,590  
    Lease payments   (1,545 )   (1,311 )     (1,567 )     (3,112 )   (2,369 )     (5,778 )
    Foreign exchange loss (gain)   3,716     (4,413 )     3,838       7,554     (5,228 )     3,974  
    Stock-based compensation expense (recovery)   546     6,160       (517 )     29     9,521       215  
    Other loss   38     —       52       90     —       90  
    Unrealized derivative instrument (gain) loss   (12,401 )   —       1,910       (10,491 )   —       (7,117 )
    Adjusted EBITDA $ 76,987   $ 103,004     $ 85,162     $ 162,149   $ 197,796     $ 325,204  

    Funds flow from operations, as presented, is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain or loss, other gain or loss and unrealized gain or loss on derivative instruments. Management uses this financial measure to analyze performance and income or loss generated by our principal business activities prior to the consideration of how non-cash items affect that income or loss, and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. Free cash flow, as presented, is defined as funds flow from operations adjusted for capital expenditures. Management uses this financial measure to analyze cash flow generated by our principal business activities after capital requirements and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. A reconciliation from net income or loss to both funds flow from operations and free cash flow is as follows:

      Three Months Ended June 30,   Three Months Ended March 31,   Six Months Ended June 30,   Twelve Month Trailing June 30,
    Funds Flow From Operations – (Non-GAAP) Measure ($000s)   2025     2024       2025       2025     2024       2025  
    Net (Loss) Income $ (12,741 ) $ 36,371     $ (19,280 )   $ (32,021 ) $ 36,293     $ (65,098 )
    Adjustments to reconcile net loss or income to funds flow from operations                  
    DD&A expenses   68,635     55,490       72,202       140,837     111,640       259,816  
    Deferred tax expense (recovery)   2,453     (51,361 )     (4,712 )     (2,259 )   (37,882 )     7,735  
    Stock-based compensation expense (recovery)   546     6,160       (517 )     29     9,521       215  
    Amortization of debt issuance costs   4,082     2,760       3,833       7,915     6,066       14,767  
    Non-cash lease expense   1,725     1,381       1,736       3,461     2,794       6,590  
    Lease payments   (1,545 )   (1,311 )     (1,567 )     (3,112 )   (2,369 )     (5,778 )
    Unrealized foreign exchange loss (gain)   3,114     (3,323 )     1,687       4,801     (5,589 )     2,497  
    Other loss   38     —       52       90     —       90  
    Unrealized derivative instrument (gain) loss   (12,401 )   —       1,910       (10,491 )   —       (7,117 )
    Funds flow from operations $ 53,906   $ 46,167     $ 55,344     $ 109,250   $ 120,474     $ 213,717  
    Capital expenditures $ 51,170   $ 61,273     $ 94,727     $ 145,897   $ 116,604     $ 285,471  
    Free cash flow $ 2,736   $ (15,106 )   $ (39,383 )   $ (36,647 ) $ 3,870     $ (71,754 )

    Net debt as of June 30, 2025, was $746 million, calculated using the sum of the aggregate principal amount of 7.75% Senior Notes, 9.50% Senior Notes outstanding and amount drawn on credit facilities, excluding deferred financing fees, totaling $807 million, less cash and cash equivalents of $61 million. Management believes that net debt is a useful supplemental measure for management and investors in order to evaluate the financial sustainability of the Company’s business and leverage. The most directly comparable GAAP measure is total debt.

    Presentation of Oil and Gas Information

    Boes have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 boe of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf: 1 boe would be misleading as an indication of value.

    References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium heavy crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids for which there is no precise breakdown since the Company’s sales volumes typically represent blends of more than one product type. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.

    This press release contains certain oil and gas metrics, including operating netback and cash netback, which 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. These metrics are calculated as described in this press release and management believes that they are useful supplemental measures for the reasons described in this press release.

    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.

    The MIL Network –

  • MIL-OSI Canada: Remarks by the Minister of Foreign Affairs, Anita Anand at the Ministerial Conference on the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution

    Source: Government of Canada News

    July 28, 2025
    New York, New York

    Check against delivery

    Excellencies, distinguished delegates, honoured colleagues.

    The Palestinian question is at the heart of any hope for long-term stability in the Middle East.

    Despite the complexity of the situation, our collective presence here today reflects strong international support for a negotiated solution.

    One that ensures Palestinian self-determination and Israeli security.

    And one that charts a path toward lasting regional peace and prosperity.

    As article 1 of the UN Declaration of Human Rights states: “All human beings are born free and equal in dignity and rights.”

    Canada remains firmly committed to a two-state solution: an independent, viable and sovereign Palestinian state living side by side with Israel in peace and security.

    Canada supports the Palestinian people’s right to self-determination.

    And we endorse the principle of Palestinian statehood.

    We shall continue to discuss with the Palestinian Authority the next steps in our relationship.

    A workable Palestinian state needs legitimate, democratic governance that serves all Palestinian people.

    Crucially important is the Palestinian Authority’s commitment to undertake the comprehensive reforms necessary to govern Gaza and the West Bank.

    To that end, today Canada is pledging an additional $10 million this year to accelerate reform and capacity building for the Palestinian Authority.

    Canada’s commitment to a two-state solution is rooted in our desire to see the Palestinian people living with freedom and dignity AND to see Israelis live in peace and security.

    In this light, this path is not only the most just course, it is the only sustainable one.

    In Gaza, the humanitarian situation is catastrophic.

    Multitudes of Palestinians are dying of starvation, being killed trying to access food and water or are in military operations that have resulted in mass casualties. And those who survive are at risk of preventable disease and death.

    This is unacceptable.

    We condemn the continued detention of hostages held captive by Hamas since 7 October, 2023, and call for their immediate and unconditional release.

    Hamas is a terrorist organization, and it must immediately and unconditionally release all hostages.

    Hamas can have no role in Gaza’s future governance.

    Israel’s right to live in peace and security with its neighbours has long been, and continues to be, a key principle of Canada’s Middle East policy.

    I believe this right must be recognized by all partners who are committed to peace.

    To this principle must be joined our shared commitment to Palestine’s right to live in peace and security.

    Joined by international partners, Canada also recently condemned the ongoing civilian suffering:

    • We condemn the inhumane killing of civilians, including children.
    • We condemn the ongoing expansion of settlements and settler violence in the West Bank.
    • And we condemn the forced displacement of the Palestinians population.

    The actions outlined just now are all violations of international humanitarian law.

    We urge all partners to continue to support a principled response through non-governmental humanitarian organizations—organizations with proven capacity to deliver humanitarian assistance at scale.

    Canada has committed more than $315 million in humanitarian aid to Gaza—making us the third-largest bilateral donor in response to this crisis.

    This includes:

    • Support to the World Food Programme to address critical food assistance needs.
    • Support to the International Committee of the Red Cross [and] Red Crescent to provide emergency medical care and protection.
    • Support to UNICEF to deliver urgent nutritional supplies to malnourished children.
    • And support to other experienced humanitarian partners and NGOs.

    Announcement

    Today, given the ongoing and urgent need, Canada is announcing an additional $30 million in new money this year for those in Gaza.

    This funding will allow more aid to be prepositioned in the region and ready to be delivered at scale as soon as logistically possible.

    For this critical aid to reach those in need, humanitarian partners must be granted safe and unhindered access to civilians in Gaza.

    But how do we get to a place where recovery and healing can begin?

    Canada sees this conference as a reaffirmation of principles—and a call to action.

    A lasting political solution requires a permanent ceasefire to begin the hard work of rebuilding institutions, restoring trust and the conditions for a viable two-state solution.

    [In this regard, Canada commends the efforts of Qatar, Egypt and the United States in looking to secure a ceasefire.]

    No durable solution can emerge without all parties at the table.

    Until that time, and after a ceasefire, the Government of Canada will be present with humanitarian aid and will play a leading role in building bridges to more and more aid for Gaza with international partners.

    MIL OSI Canada News –

  • MIL-OSI Canada: Monday, July 28, 2025

    Source: Government of Canada – Prime Minister

    Note: All times local

    Prince County, Prince Edward Island

    10:30 a.m. The Prime Minister will announce new measures to lower costs for Canadians. A media availability will follow.

    Notes for media:

    • Open coverage

    • Media wishing to cover the event are asked to contact media@pmo-cpm.gc.ca to confirm their attendance.

    MIL OSI Canada News –

  • MIL-OSI Canada: Muscowpetung Saulteaux Nation and Canada reach agricultural benefits agreement

    Source: Government of Canada News

    July 30, 2025 — Muscowpetung Saulteaux Nation, Treaty 4 Territory, Saskatchewan — Crown-Indigenous Relations and Northern and Arctic Affairs Canada and Muscowpetung Saulteaux Nation

    Today, Chief Melissa Tavita of Muscowpetung Saulteaux Nation and the Honourable Rebecca Alty, Minister of Crown-Indigenous Relations, announced a settlement agreement resolving the Nation’s Agricultural Benefits claim, also known as a Cows and Plows settlement.

    Canada will pay nearly $99 million in compensation to the First Nation for failing to fulfill its Treaty 4 obligations to provide farming tools, crop seeds, and livestock.

    These agricultural benefits were meant to facilitate Muscowpetung Saulteaux Nation’s transition to a strong, self-sustaining community through farming. However, as a result of Canada’s failure to meet its Treaty obligations, the Nation did not have the equipment it needed to support its members.

    The settlement will be strategically allocated to uplift the Nation and support long-term prosperity. Key investments include:

    • Housing Development: Significant funding will be dedicated to addressing the Nation’s housing backlog. Modern, culturally aligned homes will be constructed to ensure safe and dignified living conditions for families on-reserve.
    • Infrastructure Upgrades: Investment in road systems, community facilities, and connectivity will strengthen the Nation’s ability to support future development and improve quality of life.
    • Water System Improvements: Ensuring clean and reliable drinking water remains a top priority. This funding will be used to upgrade water-treatment systems and ensure every home has access to safe water.
    • Youth Programming: The future of Muscowpetung lies in its youth. New programming will focus on cultural education, sports, leadership development, and mental wellness—empowering the next generation of leaders.
    • Per-Capita Distribution: Every adult member of Muscowpetung will receive a one-time payment of $40,000. For Nation members under the age of 18, the funds will be placed in a secure trust account, earning 4% annually, to be accessed once they reach adulthood. This ensures that the benefits of the settlement are shared today and into the future.

    Settling specific claims is an important part of Canada’s ongoing efforts to advance reconciliation by rebuilding trust and strengthening its relationships with First Nations. By providing fair compensation in recognition of unkept promises, Canada is taking responsibility and working toward a better future. This work is guided by the United Nations Declaration on the Rights of Indigenous Peoples Act. 

    MIL OSI Canada News –

  • MIL-OSI: Hampton Financial Corporation Announces 3rd Quarter Results

    Source: GlobeNewswire (MIL-OSI)

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

    TORONTO, July 30, 2025 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV: HFC) today announced its financial results for the 3rd quarter ended May 31st, 2025.

    Third Quarter ended May 31st, 2025.

    IFRS results highlights:

    • Q3 Revenue of $1,738,000; decrease of 39% year-over-year
    • Q3 Net Loss of $(1,201,000) or $(0.02) per share;

    Fiscal results (IFRS results adjusted for non-cash Items) highlights:

    • Q3 Adjusted Net Loss of $(945,000) or $(0.02) per share;
    • Q3 EBITDA of $(686,000) vs $305,000 in the comparative quarter last year

    Summary of Corporate Developments:

    While our 3rd quarter results reflect continued weakness, results for the 9 months ended May 31st show signs of improvement which is being felt across across the Capital Markets industry. Corporate finance is improving slightly over the first half of our fiscal year but is still well below 2023/24 levels. While 2025 is showing some signs of improvement, the year ahead for our core business remains somewhat unclear. That said we intend to move ahead with a number of initiatives to further expand our business portfolio, while growing our existing Wealth Management and Capital Markets businesses.

    Hampton’s commercial lending business, via its wholly owned subsidiary Oxygen Working Capital (“OWC”), has begun to show growth and make progress across a number of fronts, while onboarding new clients and diversifying it’s lending base. With further opportunities to lend across its existing portfolio currently being evaluated, the balance of the year is set to show similar signs of progress as the loan book continues to grow quarter over quarter.

    “The third quarter results continue to demonstrate the industry-wide challenges faced during the fall of 2024, but we are beginning to see some selective improvements. Capital Markets activities continue to improve slowly as interest rates decline. We remain optimistic for the balance of the fiscal year,” said Hampton Executive Chairman & CEO Peter Deeb.

    Copies of Hampton’s unaudited interim financial statements and its Management’s Discussion & Analysis for the nine months ended May 31st, 2025, can be accessed on SEDAR+ at www.sedar.com.

    About Hampton Financial Corporation

    Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments.

    Through its wholly-owned subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company, through HSL, provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad and HSL’s Corporate Finance Group provides early stage, growing companies the capital, they need to create value for investors. HSL continues to develop its Wealth Management, Advisory Team and Principal-Agent programs which offers to the industry’s most experienced wealth managers a unique and flexible operating platform that provides additional freedom, financial support, and tax effectiveness as they build and manage their professional practice.

    Through its wholly-owned subsidiary, Oxygen Working Capital (“OWC”) the company offers factoring and other commercial financing services to clients across Canada.

    The Company is exploring opportunities to diversify its sources of revenue by way of strategic investments in both complimentary business and non-core sectors that can leverage the expertise of its Board and the diverse experience of its management team.

    For more information, please contact:

    Olga Juravlev
    Chief Financial Officer
    Hampton Financial Corporation
    (416) 862-8701

    Or

    Peter M. Deeb
    Executive Chairman & CEO
    Hampton Financial Corporation
    (416) 862-8651

    The TSXV has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

    No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

    Forward-Looking Statements

    This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “should”, “hopeful”, “recovery”, “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including negatives thereof, suggesting future outcomes.

    Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond the Company’s ability to predict or control which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

    The MIL Network –

  • MIL-OSI: Hampton Financial Corporation Announces 3rd Quarter Results

    Source: GlobeNewswire (MIL-OSI)

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

    TORONTO, July 30, 2025 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV: HFC) today announced its financial results for the 3rd quarter ended May 31st, 2025.

    Third Quarter ended May 31st, 2025.

    IFRS results highlights:

    • Q3 Revenue of $1,738,000; decrease of 39% year-over-year
    • Q3 Net Loss of $(1,201,000) or $(0.02) per share;

    Fiscal results (IFRS results adjusted for non-cash Items) highlights:

    • Q3 Adjusted Net Loss of $(945,000) or $(0.02) per share;
    • Q3 EBITDA of $(686,000) vs $305,000 in the comparative quarter last year

    Summary of Corporate Developments:

    While our 3rd quarter results reflect continued weakness, results for the 9 months ended May 31st show signs of improvement which is being felt across across the Capital Markets industry. Corporate finance is improving slightly over the first half of our fiscal year but is still well below 2023/24 levels. While 2025 is showing some signs of improvement, the year ahead for our core business remains somewhat unclear. That said we intend to move ahead with a number of initiatives to further expand our business portfolio, while growing our existing Wealth Management and Capital Markets businesses.

    Hampton’s commercial lending business, via its wholly owned subsidiary Oxygen Working Capital (“OWC”), has begun to show growth and make progress across a number of fronts, while onboarding new clients and diversifying it’s lending base. With further opportunities to lend across its existing portfolio currently being evaluated, the balance of the year is set to show similar signs of progress as the loan book continues to grow quarter over quarter.

    “The third quarter results continue to demonstrate the industry-wide challenges faced during the fall of 2024, but we are beginning to see some selective improvements. Capital Markets activities continue to improve slowly as interest rates decline. We remain optimistic for the balance of the fiscal year,” said Hampton Executive Chairman & CEO Peter Deeb.

    Copies of Hampton’s unaudited interim financial statements and its Management’s Discussion & Analysis for the nine months ended May 31st, 2025, can be accessed on SEDAR+ at www.sedar.com.

    About Hampton Financial Corporation

    Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments.

    Through its wholly-owned subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company, through HSL, provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad and HSL’s Corporate Finance Group provides early stage, growing companies the capital, they need to create value for investors. HSL continues to develop its Wealth Management, Advisory Team and Principal-Agent programs which offers to the industry’s most experienced wealth managers a unique and flexible operating platform that provides additional freedom, financial support, and tax effectiveness as they build and manage their professional practice.

    Through its wholly-owned subsidiary, Oxygen Working Capital (“OWC”) the company offers factoring and other commercial financing services to clients across Canada.

    The Company is exploring opportunities to diversify its sources of revenue by way of strategic investments in both complimentary business and non-core sectors that can leverage the expertise of its Board and the diverse experience of its management team.

    For more information, please contact:

    Olga Juravlev
    Chief Financial Officer
    Hampton Financial Corporation
    (416) 862-8701

    Or

    Peter M. Deeb
    Executive Chairman & CEO
    Hampton Financial Corporation
    (416) 862-8651

    The TSXV has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

    No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

    Forward-Looking Statements

    This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “should”, “hopeful”, “recovery”, “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including negatives thereof, suggesting future outcomes.

    Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond the Company’s ability to predict or control which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

    The MIL Network –

  • MIL-OSI China: 12-year-old Yu reaches second final at Aquatics Worlds

    Source: People’s Republic of China – State Council News

    China’s 12-year-old Yu Zidi advanced to her second final at the World Aquatics Championships on Wednesday, clocking two minutes 7.95 seconds in the women’s 200-meter butterfly semifinal.

    Yu Zidi of China competes during the women’s 200m butterfly semifinal of swimming at the World Aquatics Championships in Singapore, July 30, 2025. (Xinhua/Xia Yifang)

    Yu, who narrowly missed the podium with a fourth-place finish in the 200-meter individual medley on Monday, placed sixth in her semifinal heat.

    The race was led by Olympic champion Summer McIntosh of Canada, who posted a time of 2:06.22.

    Competing in her first international meet, Yu qualified for the final as the eighth-fastest swimmer overall. The final will be held on Thursday. 

    MIL OSI China News –

  • MIL-OSI China: Thomas Muller set to join MLS side Vancouver Whitecaps

    Source: People’s Republic of China – State Council News

    Bayern Munich veteran Thomas Muller is close to sealing a move to Major League Soccer (MLS).

    According to German and Canadian media reports, only minor details remain before the 35-year-old signs a two-year contract with the Vancouver Whitecaps as a free agent on August 1.

    The 131-time capped German international is expected to further boost the MLS’ profile alongside Argentine superstar Lionel Messi, who plays for Inter Miami. Reports say Muller’s debut for the Whitecaps could come on August 9 against the San Jose Earthquakes.

    Layvin Kurzawa (L) from Paris Saint-Germain competes with Thomas Muller from Bayern Munich during their match of Group B of the 2017-18 season Champions League at Parc des Princes in Paris, France on Sept. 27, 2017. Paris Saint-Germain won by 3-0 at home. (Xinhua/Chen Yichen)

    The Bavarian forward recently expressed a desire to gain international experience to round out a decorated career that includes two UEFA Champions League titles, 13 Bundesliga championships and six German Cup trophies.

    Muller has called the MLS an intriguing competition, noting that “we see a World Cup played in the United States, Canada and Mexico, in 2026.”

    German ties to the Canadian west coast club may have influenced his decision. Canadian international full-back Alphonso Davies joined Bayern from Vancouver in 2018, while Whitecaps managing director Alexander Schuster previously worked for German sides Mainz 05 and Schalke 04. In 2022, Nick Salihamidzic, son of former Bayern sporting director Hasan Salihamidzic, played for Vancouver.

    “I am looking forward to playing in the MLS and meeting figureheads such as Messi,” said Muller, who leaves Bayern after contributing 250 goals and 276 assists in 756 competitive appearances.

    He follows in the footsteps of fellow Bayern and German greats Franz Beckenbauer, Gerd Muller, Lothar Matthaeus and Bastian Schweinsteiger, who all played in the MLS after their European careers.

    The Whitecaps have won the Canadian Championship four times, including three in the past three years.

    Muller acknowledged the challenge of adapting to new surroundings, saying, “When you leave a club like Bayern, you meet different circumstances.” He added that he still feels “the desire for football burning in my chest.”

    Turning 36 in September, Muller saw his wish for a one-year contract extension turned down by Bayern as his playing time declined in recent seasons, when he primarily served as a substitute and mentor for younger players. 

    MIL OSI China News –

  • MIL-OSI Canada: Prime Minister Carney speaks with President of Palestinian Authority Mahmoud Abbas

    Source: Government of Canada – Prime Minister

    Today, the Prime Minister, Mark Carney, spoke with the President of the Palestinian Authority, Mahmoud Abbas.

    The leaders discussed the rapidly deteriorating humanitarian disaster in Gaza. Prime Minister Carney reaffirmed Canada’s commitment to a two-state solution – an independent, viable, and sovereign Palestinian state living side by side with the State of Israel in peace and security.

    Prime Minister Carney shared Canada’s intention to recognize the State of Palestine at the 80th Session of the United Nations General Assembly in September 2025. He indicated that this intention is predicated on the Palestinian Authority’s commitment to much-needed reforms, including the commitments by Palestinian Authority President Abbas to fundamentally reform its governance, to hold general elections in 2026 in which Hamas can play no part, and to demilitarize the Palestinian state. Prime Minister Carney welcomed President Abbas’ commitment to these reforms.

    The Prime Minister informed the President that Canada will increase its efforts to promote peace and stability in the region, and work closely with regional allies toward this goal.

    Associated link

    MIL OSI Canada News –

  • MIL-OSI United Nations: ‘Choose Transformation over Dependency’, With Scaled-Up, Coordinated Investment to Make Food Systems Resilience, Sustainable, Deputy Secretary-General Urges

    Source: United Nations 4

    Following are UN Deputy Secretary-General Amina Mohammed’s keynote remarks, as prepared for delivery, on food systems transformation in complex settings, in Addis Ababa today:

    I am honoured to be here today.  I thank our co-hosts Ethiopia and Italy and the World Food Programme (WFP), United Nations Children’s Fund (UNICEF) and the HDP Nexus Coalition for organizing this important conversation.

    And I thank all of you present today for your commitment to putting an end to hunger and transforming our food systems, making these work even in the most dire and complex circumstances.

    Communities are trapped around the world in relentless cycles of hardship.  Over 37 million children under five will face acute malnutrition this year — almost the entire population of Canada.  Of those, nearly 10 million will suffer severe wasting — the deadliest form of undernutrition.

    In many countries facing the greatest challenges, courage is on display at all moments.  But, we must ensure that the courage is matched with long term solutions that can result in resilience and sustainability.  Short-term interventions dominate, with little connection to longer-term development planning are not the solution we are seeking.  We must choose transformation over dependency.

    We have good examples.  Nations are embedding resilience into national strategies.  Leaders are refusing to accept hunger as inevitable. Instead, they are combining local, indigenous and traditional knowledge with science to accelerate action towards inclusive and resilient food systems while rebuilding their nations.  These Governments are not waiting for permission, they are leading.  But, leadership cannot succeed alone, it must be built on a solid foundation rooted in adequate finance, partnership and inclusion.

    First, finance.  We need finance that multiplies impact, catalytic investments that invest in local capacity, patient capital that waits for transformation, not quick returns.  The World Bank has committed to this approach, we must encourage others to follow.

    Second, we need coordination that serves people, not bureaucracies.  Humanitarian response linked to long-term development.  Climate action connected to food security.  Competing mandates replaced by shared purpose.

    Third, we need to place communities at the centre of our efforts.  Women grow 60 per cent of Africa’s food but own less than 20 per cent of the land.  Young people are at the vanguard of innovative agriculture but cannot access the financing that supports them.  This is especially the case in complex settings where perceived risk is higher and the options fewer.

    Yet, investing in the transformation of food systems is especially critical in complex settings where equitable and sustainable food systems do more than feed people — they drive food security, strengthen resilience, enable stability and promote inclusive economic growth.

    This transformation must be guided by local innovations and proven strategies, rooted in data and the lived realities of crisis-affected communities.

    We have the tools, and we have inspiring examples from countries leading change, many of which we will hear in this room today.  What we need now is accelerated action at scale.

    Food systems hold the key to sustainable development.  Let us use that key to unlock opportunity, stability, and hope for and with those who need it most.  And let us not forget that we need to strengthen our multilateral system to make peace and sustainable development a reality for all communities around the world.

    MIL OSI United Nations News –

  • MIL-OSI Canada: Investing in Accessible On-Demand Transit Across Grey and Bruce Counties

    Source: Government of Canada News (2)

    Grey and Bruce Counties, Ontario, July 30, 2025 — Residents will benefit from improved accessible transportation services and transit system efficiency after a combined investment of more than $1.4 million from the federal government, Saugeen Mobility and Regional Transit (S.M.A.R.T.) a not-for profit organization which provides day-to-day transportation to the residents of Bruce and Grey counties for residents who have a disability.

    S.M.A.R.T. will receive an investment to purchase four accessible vans, eight accessible cars, and booking software to improve their on-demand transit service. S.M.A.R.T. will also receive funding in partnership with Home and Community Support Services of Grey and Bruce to complete a feasibility study to explore more efficient transit software systems, which will support better service delivery of their services.

    MIL OSI Canada News –

  • MIL-OSI Canada: CRTC takes action to help improve access to local news in Yellowknife

    Source: Government of Canada News (2)

    July 30, 2025—Gatineau—Canadian Radio-television and Telecommunications Commission (CRTC)

    Today, the CRTC approves an application by 506992 N.W.T. Ltd. (Cabin Radio) to operate an English-language commercial FM radio station in Yellowknife, Northwest Territories.

    This decision will help Yellowknife residents have better access to local news and community-focused programming, including Indigenous voices while reflecting the realities and priorities of people in the North in our broadcasting system.

    In February 2025, the CRTC held a two-day public hearing to consider applications to operate a new commercial FM radio station serving the Yellowknife market.

    Cabin Radio’s proposal received strong local support, met the CRTC’s requirements for commercial radio, and was found to better enhance competition and the diversity of voices in the Yellowknife radio market. It also included commitments to diversity, emerging artists, and French-language programming. To maintain market stability, the CRTC approved only one new station and denied Vista’s application, noting concerns about the financial impact of adding two FM stations — an issue raised by both applicants. 

    Cabin Radio’s arrival on the FM band will bring a new voice to Yellowknife’s radio landscape and increase programming diversity.

    Quick facts

    • The CRTC is an independent quasi-judicial tribunal that regulates the Canadian communications sector in the public interest. The CRTC holds public consultations on telecommunications and broadcasting matters and makes decisions based on the public record.
    • Cabin Radio has committed to a comprehensive reflection of the community it serves by fostering local engagement, creating space for Indigenous voices, and delivering high-quality, timely, and relevant news to the Yellowknife community.

    Associated links

    MIL OSI Canada News –

  • MIL-OSI Canada: World Day Against Trafficking in Persons: Joint statement

    “Human trafficking is a horrific crime that robs individuals of their freedom and dignity, and victims are often left with deep emotional and psychological trauma. Alberta’s government is committed to fighting all forms of human trafficking, whether they involve sexual exploitation, forced labour or other forms of coercion and abuse. We recently invested $5.5 million through the Combatting Trafficking in Persons grant to support organizations that assist survivors and raise awareness across Alberta. We are also working closely with the Alberta Centre to End Trafficking in Persons to strengthen our province’s capacity to prevent, identify and respond to human trafficking. We will continue to forge strong partnerships across governments, law enforcement and community organizations to disrupt criminal activity and protect those at risk.”

    Mike Ellis, Minister of Public Safety and Emergency Services

    “Coercion, violence and exploitation have no place in Alberta. Our government is committed to eliminating all forms of gender-based violence, including human trafficking, through Building on Our Strengths: Alberta’s 10-Year Strategy to End Gender-Based Violence. Our actions focus on education, prevention and supporting front-line organizations across the province to put an end to gender-based violence in Alberta.”

    Tanya Fir, Minister of Arts, Culture and Status of Women

    “Many Albertans may not realize that human trafficking is happening right here in our province. It could be a neighbour, co-worker, classmate, or even a family member who is being victimized. That’s why Alberta’s government continues to invest in critical supports like women’s shelters, sexual assault centres, and child and youth advocacy centres so survivors of sexual violence and exploitation can access the help they need. By working together to learn how to recognize, report and prevent human trafficking, we can empower survivors and build safer communities for everyone.”

    Searle Turton, Minister of Children and Family Services

    “Human trafficking is happening in our cities, towns and communities, often in plain sight. On
    this World Day Against Trafficking in Persons, we are reminded that behind every statistic is a
    person: someone’s child, friend or loved one, exploited through force, fraud or coercion.
    At the Alberta Centre to End Trafficking in Persons, we’re working across sectors to disrupt
    trafficking networks, support survivors with dignity and care, and prevent future exploitation.
    This year’s global campaign highlights the critical role of law enforcement and the justice system in dismantling trafficking while supporting survivors.”

    Paul Brandt, co-chair, Alberta Centre to End Trafficking in Persons

    MIL OSI Canada News –

  • MIL-OSI: Questerre announces definitive agreement to acquire 100% of PX Energy

    Source: GlobeNewswire (MIL-OSI)

    THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS

    CALGARY, Alberta, July 29, 2025 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) is pleased to announce that it has entered into a definitive agreement (the “Definitive Agreement”) to acquire 100% of Parana Xisto SA (“PX Energy”), a privately held shale oil production and refining company based in southern Brazil by way of acquisition of the shares of its indirect parent companies, Forbes & Manhattan Resources Inc. (“F&M Resources”) and Forbes Participaҫões Ltda (the “Acquisition”).

    “This acquisition is a rare opportunity for us to gain the expertise and capacity to advance our multi-billion barrel oil shale resource in Jordan(1). I’m very pleased we were able to structure it to ensure the Quebec Assets are not affected by this deal.” said Michael Binnion, President and Chief Executive Officer of Questerre. “PX Energy has operated for over thirty years using technology developed by Petrobras. We believe the PX Energy platform will also provide us with the operational base, deep expertise, and capital foundation needed to advance the Red Leaf oil shale and biofuel technology to the next stage. We are in active discussions with potential co-investors for up to 50% of this acquisition.”

    Transaction Highlights

    Assets acquired: PX Energy currently produces approximately 4,500 boe per day, with a targeted increase to 6,000 boe per day by August 31, 2026, supported by growth capital projects currently underway.

    Purchase consideration: 65 million common shares of Questerre, structured as follows:

    • 15 million common shares issued upon closing, which will be subject to a voting and lock-up agreement;
       
    • 50 million common shares, released in two tranches based on the achievement of key performance milestones:
      • With respect to the first tranche of 25 million common shares, US$30 million Free Cash Flow achieved no later than September 30, 2027, with respect to the second tranche of 25 million common shares, US$40 million Free Cash Flow achieved no later than September 30, 2028; or
      • Equity financings completed at or above C$0.50 per share with respect to the first tranche for aggregate proceeds of at least C$25 million completed no later than September 30, 2027 and with respect to the second tranche, an equity financing at or above C$1.00 per share for aggregate proceeds of at least C$25 million no later than September 30, 2028.

    Quebec asset spin-out: It is anticipated that Questerre’s Quebec-based assets (the “Quebec Assets”) will be transferred into a separate sidecar subsidiary company (the “Quebec Spin-out”). Questerre anticipates either distributing preferred shares of Questerre or of the new entity to its existing shareholders ahead of the closing of the acquisition of PX Energy in order not to dilute its existing shareholders’ position in the Quebec Assets.

    Closing conditions: Completion of the Acquisition is subject to a number of conditions, including satisfactory due diligence review, board approval, standard regulatory approvals (including acceptance from the Toronto Stock Exchange and Oslo Stock Exchange (collectively, the “Exchanges”)) and third-party approvals including satisfactory waivers by the bond holders and convertible noteholders in favor of Questerre. Where applicable, the proposed Acquisition cannot close until the required shareholder approval is obtained. There can be no assurance that the Acquisition will be completed as proposed or at all.

    The Company has retained Clarksons Securities AS, a Norwegian based investment banking firm as financial advisor to advise on the existing outstanding debt of PX Energy including US$80 million in senior secured bonds in Forbes Resources Brazil Holding SA (the parent company of PX Energy). The Company is anticipating that a stronger sponsor will be well received by the debt holders and the holders of US$8 million in convertible promissory notes in F&M Resources. Financial information on Forbes Resources Brazil Holding SA is available online at: https://investidores.pxenergy.com.br/.

    Strategic Rationale

    PX Energy is a vertically integrated refining and shale oil operation with established ESG performance, favorable cost structures, and a strong growth trajectory. Its operations generate US Dollar-linked revenues with Brazil reais-denominated costs, providing robust margin potential in a dynamic macroeconomic environment.

    The acquisition strengthens Questerre’s oil shale footprint and complements its commitment to advancing environmentally responsible hydrocarbon technologies through its investee Red Leaf Resources Inc.

    About Questerre Energy Corporation

    Questerre Energy Corporation is a Calgary-based energy technology company focused on the responsible development of oil and gas resources across the Americas. Questerre integrates leading-edge technologies with a disciplined capital strategy to unlock long-term value while maintaining strong environmental and social governance standards.

    About PX Energy Inc.

    PX Energy is a Brazilian shale oil and refining company operating since the 1990s. It employs advanced pyrolysis technology, integrates mining and refinery operations, and maintains some of the region’s lowest carbon intensity per barrel. With secured offtake agreements and robust infrastructure, PX Energy is a platform for scalable, sustainable energy production. More information about PX Energy is available online at https://pxenergy.com.br/

    All information contained in this news release with respect to PX Energy was supplied by the F&M Resources, for inclusion herein, without independent review by Questerre, and Questerre and its directors and officers have relied on F&M Resources for any information concerning the PX Energy.

    For further information, please contact:

    Questerre Energy Corporation
    Jason D’Silva, Chief Financial Officer
    (403) 777-1185 | (403) 777-1578 (FAX) 

    Advisory Regarding Forward-Looking Statements

    This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) within the meaning of applicable securities laws in Canada. Any statements about Questerre’s expectations, beliefs, plans, goals, targets, predictions, forecasts, objectives, assumptions, information and statements about possible future events, conditions and results of operations or performance are not historical facts and may be forward-looking. Forward-looking information is often, but not always, made through the use of words or phrases such as “anticipates”, “aims”, “strives”, “seeks”, “believes”, “can”, “could”, “may”, “predicts”, “potential”, “should”, “will”, “estimates”, “plans”, “mileposts”, “projects”, “continuing”, “ongoing”, “expects”, “intends” and similar words or phrases suggesting future outcomes. Forward-looking information in this news release includes, but is not limited to, statements in respect of:

    • anticipated benefits of the Acquisition to the Company and its shareholders, including any operational and economic synergies;
    • the timing and receipt of any required securityholder, third-party (including, satisfactory waivers by the bondholders and convertible noteholders), Exchanges, or regulatory approvals;
    • the ability of the Company and PX Energy to satisfy the conditions to, and to negotiate and execute a Definitive Agreement and to complete, the Acquisition;
    • the anticipated timing for executing a Definitive Agreement;
    • the form of the Quebec Spin-out, and any changes to the anticipated structure thereof;
    • the closing of the Acquisition and the Quebec Spin-out, including the timing thereof, if it is to close at all;
    • the application of the HCCO technology to, and the overall integration of, the PX Energy Platform being acquired, and any operational synergies or economic benefits that may result;
    • PX Energy’s predicted production rates, and its production at similar rates upon completion of the Acquisition; and
    • the achievement of the performance milestones attached to the consideration payable, and the timing thereof, if at all.

    The forward-looking information that may be in this news release is based on current expectations, estimates, projections and assumptions, having regard to the Company’s experience and its perception of historical trend which have been used to develop such statements and information, but which may prove to be incorrect, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to:

    • the timely receipt of approval of the Acquisition by the Exchanges, third parties, and other regulatory bodies;
    • all closing conditions to the Acquisition being satisfied and the closing of the Acquisition occurring as anticipated;
    • all closing conditions to the Quebec Spin-out being satisfied and the closing of the Quebec Spin-out occurring as anticipated;
    • foreign currency exchange rates and interest rates;
    • future crude oil, natural gas liquids, and natural gas prices;
    • management’s expectations relating to the timing and results of its other exploration and development activities;
    • ability of management to execute on key priorities;
    • the effectiveness of various actions resulting from the Company’s strategic priorities;
    • the Company’s ability to integrate the PX Energy platform to advance its oil shale and biofuel technology to the next stage;
    • the Company’s ability to maintain PX Energy predicted rate of production; and
    • the Company’s ability to apply its HCCO technology to the assets being acquired.

    Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. Undue reliance should not be placed on forward-looking information as actual results may differ materially from those expressed or implied by forward-looking information.

    Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation, the following risk factors:

    • the Acquisition not being completed on the terms anticipated or at all, including due to a closing condition not being satisfied, including, the inability to obtain receipt of all necessary securityholder, third parties (including satisfactory waivers by the bond holders and convertible noteholders), Exchanges, and regulatory approvals or consents, lack of material changes with respect to the parties and their respective businesses;
    • the Quebec Spin-out not being completed on the terms anticipated or at all;
    • the synergies expected from the Acquisition not being realized;
    • loss of key personnel of PX Energy upon completion of the Acquisition;
    • the implementation of Bill 21 by the Government of Quebec;
    • additional funding requirements;
    • exploration, development and production risks;
    • volatility in the oil and gas industry;
    • prices, markets and marketing of crude oil and natural gas;
    • liquidity and the company’s substantial capital requirements;
    • prices, markets and marketing of crude oil and natural gas;
    • political uncertainty;
    • non-government organizations;
    • changing investor sentiment;
    • global financial market volatility;
    • adverse economic conditions;
    • alternatives to and changing demand for petroleum products;
    • environmental risks;
    • regulatory risks;
    • inability of management to execute its business plan;
    • competition from other issuers;
    • expiration of licenses and leases;
    • Indigenous claims;
    • possible failure to realize anticipated benefits of acquisitions; and
    • reputational risks.

    Additional information regarding some of these risks, expectations or assumptions and other risk factors may be found in the Company’s Annual Information Form for the year ended December 31, 2024, and other documents available on the Company’s profile at www.sedarplus.ca. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

    Barrel of oil equivalent (“boe”) amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

    This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of US persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“)), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

    (1) There is no certainty that it will be commercially viable to produce any portion of the resources. In October 2016, Questerre commissioned an independent assessment of its oil shale resources in Jordan (the “Millcreek Report”). The Millcreek Report was conducted by Millcreek Mining Group, an independent qualified reserves evaluator, as defined by NI 51-101 with an effective date of September 30, 2016. The assessment was prepared in accordance with NI 51-101 and the COGE Handbook. The assessment indicated a best estimate of discovered petroleum initially in place of between 7.8 billion barrels to 12.2 billion barrels. Given the preliminary nature of the Millcreek Report, it does not contain any estimates regarding the timing or cost to obtain commercial development nor has Questerre finalized the specific technology to be used. Please reference the Annual Information Form for the year ended December 31, 2016, and dated March 24, 2017, as filed under the Corporation’s profile on www.sedarplus.ca.

    The MIL Network –

  • MIL-OSI: WISeKey Renews WebTrust Compliance for OISTE/WISeKey Global Root of Trust

    Source: GlobeNewswire (MIL-OSI)

    WISeKey Renews WebTrust Compliance for OISTE/WISeKey Global Root of Trust

    Geneva and Zug, Switzerland – July 29, 2025 – WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY), a global leader in cybersecurity and IoT, today announced the successful renewal of its WebTrust Seal of Assurance. This renewal confirms that WISeKey’s OISTE/WISeKey Trust Model and Certification Authority (CA) services meet the rigorous audit criteria established by the WebTrust program.

    The WebTrust for Certification Authorities program, now overseen by CPA Canada, is designed to strengthen public trust in digital certificate services and the broader PKI ecosystem. By maintaining this prestigious certification, WISeKey reinforces its position as a trusted provider of secure digital identity and cybersecurity solutions.

    Comprehensive Audit Scope
    WISeKey has successfully passed WebTrust audits in the following critical domains:

    • WebTrust for Certification Authorities – validates WISeKey’s operational integrity in the issuance and lifecycle management of digital certificates.
    • WebTrust for Baseline Requirements – confirms compliance with the CA/B Forum’s security and issuance standards for publicly trusted certificates.
    • WebTrust for Extended Validation (EV) – verifies WISeKey’s adherence to strict requirements for issuing EV SSL certificates.
    • WebTrust for S/MIME – introduced in 2024, it confirms WISeKey’s secure practices in issuing digital certificates for encrypted email communications.
    • WebTrust for Network Security – newly added in 2025, itattests to WISeKey’s robust cybersecurity controls across its infrastructure.

    Advancing Trust Services
    WISeKey delivers its trust services via next-generation certificate management platforms, which offer automated provisioning (via ACME and APIs), crypto-agility, and streamlined renewal and revocation processes, reducing operational risks and improving efficiency.

    This latest certification also covers WISeKey’s newly deployed Root Certification Authorities, which serve as the foundation for its post-quantum trust services. Through its subsidiary, SEALSQ Corp (Nasdaq: LAES), WISeKey is investing heavily in quantum-resistant solutions that integrate both software and hardware components.

    Carlos Moreira, Founder and CEO of WISeKey, stated: “The renewal of our WebTrust assurance demonstrates the reliability and resilience of WISeKey’s Trust Services. It reflects our commitment to maintaining the highest standards of security and compliance for our global clients.”

    Expanding Global Recognition
    In addition to WebTrust accreditation, WISeKey undergoes regular assessments to meet the diverse compliance requirements of its multinational clientele. These include accreditations for:

    • Matter, the smart home standard supported by CSA, Google, Apple, and Amazon.
    • Wi-SUN Alliance, reflects WISeKey’s standing as a trusted root for critical IoT and home automation.
    • GSMA, ensurs compliance with mobile security standards, such as the issuance of digital certificates for eSIM.

    The Role of OISTE Roots in PKI and WISeKey Trust Services delivered by the WISeKey Holding
    OISTE Root Certificate Authorities (Root CAs) sit at the top of the PKI hierarchy. They issue and validate subordinate CAs, anchoring trust for all digital certificates downstream. If a Root CA is compromised, the entire trust chain can be invalidated, making trustworthiness and security paramount.
    Certificates issued by trusted CAs enable authentication, encryption, and integrity for digital communications. EV certificates, in particular, offer enhanced validation and are preferred for high-assurance applications.

    By maintaining WebTrust accreditation, OISTE’s Root CAs remain embedded in major browsers and operating systems, ensuring seamless interoperability and global recognition.

    WISeKey SA, another WISeKey subsidiary which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, acts as a “Trust Center” for the rest of companies of the group, centralizing and optimizing the investment in datacenter and PKI technologies.

    For more information, visit: www.oiste.org and www.wisekey.com

    About WISeKey

    WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

    Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact: Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com     		 WISeKey Investor Relations (US) 
    The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611
    lcati@theequitygroup.com

    The MIL Network –

  • MIL-OSI: Falcon Oil & Gas Ltd. – Notice of Annual General and Special Shareholder Meeting and Management Information Circular

    Source: GlobeNewswire (MIL-OSI)

    Falcon Oil & Gas Ltd.
    (“Falcon”)

    Notice of Annual General and Special Shareholder Meeting and Management Information Circular

    29 July 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) will hold its Annual General and Special Shareholder Meeting at the Conrad Hotel, Earlsfort Terrace, Dublin 2, Ireland on 27 August 2025 at 11:00 a.m. (Dublin time). A complete notice and related documents are now available on SEDAR+ at www.sedarplus.ca and Falcon’s website at www.falconoilandgas.com and are being sent to shareholders of record as at 21 July 2025.

    Ends.

    For further information, please contact:

    CONTACT DETAILS:

    Falcon Oil & Gas Ltd.          +353 1 676 8702
    Philip O’Quigley, CEO +353 87 814 7042
    Anne Flynn, CFO +353 1 676 9162
     
    Cavendish Capital Markets Limited (NOMAD & Broker)
    Neil McDonald / Adam Rae +44 131 220 9771

    About Falcon Oil & Gas Ltd.
    Falcon Oil & Gas Ltd. is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd. is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.

    For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

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

    The MIL Network –

  • MIL-OSI NGOs: Plastic Greenpeace report exposes petrochemical giants’ campaign to derail Global Plastics Treaty A report released today by Greenpeace UK reveals how the Global Plastics Treaty is under threat from some of the world’s largest petrochemical companies who have been systematically lobbying against… by Alexandra Sedgwick July 29, 2025

    Source: Greenpeace Statement –

    A report released today by Greenpeace UK reveals how the Global Plastics Treaty is under threat from some of the world’s largest petrochemical companies who have been systematically lobbying against cuts to plastic production while generating massive profits from their growing plastics business. The report reveals that since the treaty talks began in November 2022, seven companies alone have produced enough plastic to fill 6.3 million rubbish trucks – equivalent to five and a half trucks every minute. 

    The report – ‘Plastics, Profits and Power: How petrochemical companies are derailing the Global Plastics Treaty’ draws on data obtained from industry sources. It finds that that since the start of the treaty process, Dow, ExxonMobil, BASF, Chevron Phillips, Shell, SABIC and INEOS have ramped up their plastic production capacity by 1.4 million tonnes and sent a combined total of 70 lobbyists to negotiations, where they have also been represented by powerful industry front groups.  

    Dow alone has sent at least 21 lobbyists to negotiations whilst earning an estimated £3.4 billion from plastics. The report also states that INEOS, the UK’s largest plastics producer, has raised production capacity by more than 20% and is investing £3.5 billion in Project ONE, set to become Europe’s biggest plastics plant in Antwerp, Belgium.

    The Greenpeace UK report comes just days before governments meet in Geneva, Switzerland, in the final round of treaty talks. The report reveals the tactics used by lobbyists to dominate negotiations, influence delegates, and block progress. It also highlights the lobbying by powerful trade associations at the talks, pushing industry-friendly positions while shielding corporate members from scrutiny.

    Anna Diski, the report’s author and Senior Plastics Campaigner with Greenpeace UK, said:

    “We all want to see a strong Global Plastics Treaty that turns the tide on plastic pollution. Our research shows that those with the most to lose from meaningful regulation are working hardest to obstruct it. We can’t allow the corporations who profit from plastic pollution to write the rules or we’ll end up with a toothless Treaty. It’s time to ban lobbyists from the Talks and for UN Member States to stand firm and support a strong Treaty.”

    According to CIEL, 220 fossil fuels lobbyists attended the fifth round of treaty negotiations in 2024 held in Busan, South Korea which ended without agreement. This made lobbyists the single largest delegation at the talks – more than the EU and its member states combined, outnumbering the delegates from the Scientists’ Coalition for an Effective Plastics Treaty by three to one. 

    Greenpeace is calling for at least a 75% reduction in plastic production by 2040 and is demanding that a strong conflict of interest policy be embedded in the treaty to prevent undue influence; negotiations must also prioritise those most affected by the plastics crisis, with space guaranteed for independent scientists, Indigenous Peoples, frontline communities and civil society groups, all of whom should all be able to play a role in shaping and implementing the treaty.  

    Ends.

    Contact:

    Greenpeace UK Press Office – press.uk@greenpeace.org or +44 7377 730878 / +44 20 7865 8255

    The report is available here 

    A photo gallery of images associated with the report is available in the Greenpeace Media Library

    Notes: 

    The INC5.2 summit to agree a Global Plastics Treaty will run from 5-14 August 2025 in Geneva, Switzerland. Greenpeace will be present with an international delegation of 30 people representing Africa, Southeast and East Asia, Middle East and North Africa, Europe, Canada, Colombia and the US.  The delegation will use its extensive policy and legal experience and government relationships to push for greater ambition in the treaty process, particularly on the critical issue of delivering legally binding cuts to plastic production. 

    Greenpeace UK’s analysis is based on estimated global production figures for polypropylene (PP) and polyethylene (PE) for November/December 2022, 2023 and 2024 financial years, for Dow, ExxonMobil, BASF, Chevron, Shell, SABIC and INEOS, produced by Market Research Future (data available on request). This estimate covers two of the world’s most widely-used polymers, commonly found in packaging and consumer goods. It excludes other major plastic types such as PET and polystyrene, and excludes 2025 production data even as treaty talks continue into this year. As such, the final figure is presented as an underestimate of total plastic production during this time. To calculate the plastic volume in rubbish truck equivalents, Greenpeace UK used the standard capacity of a UK refuse truck, which holds approximately 12 metric tonnes of plastic waste.

    All of the companies mentioned in this report were given the opportunity to reply to the findings, none responded.

    MIL OSI NGO –

  • MIL-OSI: Ransomware Surges as Attempts Spike 146% Amid Aggressive Extortion Tactics

    Source: GlobeNewswire (MIL-OSI)

    Key Findings:

    • Ransomware attacks blocked by the Zscaler cloud rose 146%, the sharpest spike observed in the past three years.
    • Public extortion cases jumped by 70% based on data leak site analysis.
    • Data exfiltration volumes increased 92%.
    • Manufacturing, Technology, and Healthcare were the top targeted industries, and the Oil & Gas sector experienced a 935% increase in attacks.

    SAN JOSE, Calif., July 29, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (NASDAQ: ZS), the leader in cloud security, today published its annual Zscaler ThreatLabz 2025 Ransomware Report. The report examines the latest trends shaping the ransomware threat landscape, revealing how attacks are adapting and escalating. It highlights the most targeted sectors and regions, profiles the most active ransomware families, analyzes shifting attack methodologies, and provides actionable recommendations to help organizations strengthen their defenses. ThreatLabz’s findings underscore the critical importance of organizations adopting a comprehensive Zero Trust Everywhere strategy. This approach is essential to prevent ransomware and other malicious threats from lateral movement and compromising sensitive user data, applications, and information.

    “Ransomware tactics continue to evolve, with the growing shift toward extortion over encryption as a clear example,” said Deepen Desai, EVP Cybersecurity, Zscaler. “GenAI is also increasingly becoming part of the ransomware threat actor’s playbook, enabling more targeted and efficient attacks. As threats advance, security measures must keep pace. The Zscaler Zero Trust Exchange™ platform empowers organizations to shrink their attack surface, identify and block initial compromise threats, prevent lateral movement, and stop data exfiltration to shut down extortion events before they happen.”

    Data Demand Fuels Steady Attack Growth
    Ransomware attacks are intensifying at an alarming rate, with attempted attacks blocked in the Zscaler cloud up 146% year-over-year. This escalation reflects a strategic shift: ransomware groups are increasingly prioritizing extortion over encryption. Accordingly, the report details a 92% increase in the total volume of exfiltrated data by 10 major ransomware groups in the past year, rising from 123 TB to 238 TB. This emphasis on data theft—and the threat of exposure—allows attackers to exert greater pressure on victims, amplifying the impact of ransomware on organizations globally.

    Industries Under Siege
    Cybercriminals continue to focus on the high-stakes environments of the Manufacturing (1,063 attacks), Technology (922), and Healthcare (672) sectors, making them the most frequently hit by ransomware over the past year. These industries are particularly vulnerable due to the potential for operational disruption, the sensitivity of stolen data, and the associated risks of reputational damage and regulatory fallout.

    The Oil & Gas sector has seen a staggering increase in ransomware attacks, spiking over 900% year-over-year. This surge is likely a result of increased automation of systems that control critical infrastructure, including drilling rigs and pipelines, expanding the sector’s attack surface, coupled with outdated security practices.

    United States Is the Target of Half of All Ransomware Attacks
    Leak site data highlights a distinct geographic disparity, with victims in the United States accounting for 50% of ransomware attacks, significantly outpacing Canada (5%) and the United Kingdom (4%). Ransomware attacks in the U.S. more than doubled to 3,671, exceeding the combined total number of attacks reported across all other countries in the top 15 most-targeted countries. This concentration demonstrates how threat actors continue to strategically target digitally concentrated, high-value economies.

    Ransomware Groups Driving the Surge
    Several highly active groups continued to dominate the ransomware ecosystem, with RansomHub leading the pack, claiming the highest number of publicly named victims at 833. Akira and Clop have both moved up in the ransomware attack rankings since last year. Akira, associated with 520 victims, has steadily expanded its reach through numerous affiliates and initial access brokers. Clop, known for its focus on supply chain attacks, is close behind with 488 victims, employing an effective strategy of exploiting vulnerabilities in commonly used third-party software.

    Zscaler ThreatLabz identified 34 newly active ransomware families over the past year, bringing the total number tracked to 425 since their research began, and has a public GitHub repository that now hosts 1,018 ransomware notes, with 73 added in the last year.

    How Zscaler Stops Ransomware with Zero Trust + AI
    Ransomware flourishes in environments with fragmented security, limited visibility, implicit trust, and outdated legacy architectures that amplify risk rather than reduce it. The Zscaler Zero Trust Exchange mitigates these risks by replacing traditional, network-centric models with a cloud-native, AI-driven zero trust architecture, and stops ransomware at every stage of the attack life cycle by:

    • Minimizing the attack surface
    • Preventing initial compromise
    • Eliminating lateral movement
    • Blocking data exfiltration

    Additional AI-powered ransomware protections from Zscaler include:

    • Breach prediction
    • Phishing and C2 detection
    • Inline sandboxing
    • Zero Trust Browser
    • Segmentation
    • Dynamic, risk-based policy
    • Data discovery and classification
    • Data loss prevention (DLP) controls

    Download the Report
    Get the full ThreatLabz 2025 Ransomware Report to explore how Zscaler ThreatLabz plays an active role in protecting enterprises worldwide. Download today.

    Research Methodology
    The research methodology for this report is a comprehensive process that uses multiple data sources to identify and track ransomware trends. The ThreatLabz team collected data between April 2024 and April 2025 from sources including the Zscaler global security cloud, and the team’s own analysis of ransomware samples and attack data.

    About ThreatLabz
    ThreatLabz is the security research arm of Zscaler. This world-class team is responsible for hunting new threats and ensuring that the thousands of organizations using the global Zscaler platform are always protected. In addition to malware research and behavioral analysis, team members are involved in the research and development of new prototype modules for advanced threat protection on the Zscaler platform, and regularly conduct internal security audits to ensure that Zscaler products and infrastructure meet security compliance standards. ThreatLabz regularly publishes in-depth analyses of new and emerging threats on its portal, research.zscaler.com.

    About Zscaler
    Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 160 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.

    Media Contact:
    Nick Gonzalez
    press@zscaler.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b92c9822-3941-45ec-8aa1-87defcd57281

    The MIL Network –

  • MIL-OSI China: ‘Not a genius, just hard work’: Yu Zidi nearly medals at 12

    Source: People’s Republic of China – State Council News

    “A genius?” Yu Zidi echoed when asked if she sees herself as one.

    “No, not really,” she replied. “It’s all the result of hard training.”

    The 12-year-old swimming prodigy came within a heartbeat of a historic medal at the World Aquatics Championships on Monday, finishing fourth in the women’s 200-meter individual medley.

    Making her international debut, Yu clocked a personal best of two minutes 9.21 seconds – just 0.06 seconds behind bronze medalist Mary-Sophie Harvey of Canada, who touched in 2:09.15.

    “My original goal was simply to give my best and try for a podium finish, even though I thought it might be out of reach,” Yu told Chinese television after the race. “But I wanted to give it a shot. I came really close today, so I’ll keep working hard when I get back.”

    A primary school student, Yu showed remarkable composure and progression across all three rounds, improving from 2:11.90 in the heats to 2:10.22 in the semifinals before reaching her personal best in the final.

    “I was really nervous before the race,” she said. “But at the same time, I was excited to compete against some of the world’s top athletes. The result was excellent – it exceeded my expectations.”

    Yu held third place at the halfway mark, but her breaststroke leg cost her crucial time. Despite a strong comeback in the freestyle, the margin proved too tight.

    “My breaststroke still needs a lot of work,” she admitted. “It’s something I’ll definitely focus on improving in training.”

    Asked to reflect on her overall performance, Yu said, “I can’t say I’m totally satisfied, but it’s alright. I need to keep working hard.”

    Yu made headlines earlier this year at China’s national championships, where she swam 2:10.63 – the fastest time ever recorded by a 12-year-old – to take the silver medal.

    She is set to race again in the women’s 200m butterfly on July 30 and the 400m individual medley on August 3.

    MIL OSI China News –

  • MIL-Evening Report: View from The Hill: Albanese wants international cover before Australia recognises Palestine as a state

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

    Anthony Albanese will recall well when another Labor prime minister was feeling the heat over Palestinian status.

    It was 2012 and then-Prime Minister Julia Gillard was forced into a corner over the stand Australia should take on a motion to give Palestine observer status at the United Nations.

    Gillard and her foreign minister, Bob Carr, clashed over the matter. Gillard wanted to oppose the motion, siding with the United States and Israel. Carr and others pushed back hard, and eventually Australia abstained.

    In his book, Diary of a Foreign Minister, Carr records that in the cabinet debate earlier, “Albanese gave a no-holds-barred robust presentation of the case for voting ‘yes’ or abstaining”.

    Now Albanese, in the wake of France having just declared it will recognise Palestine as a state, faces another, albeit different, iteration of the Palestinian status issue. The circumstances are much more direct and acute. On this occasion, he is arguing for time.

    Carr is still out there advocating. But a more central voice is former minister Ed Husic (who was around in 2012, too, but still on the backbench). The Labor rank and file are strongly pro-Palestine. They are backed by the ALP platform, which calls for Palestine to be recognised as a state.

    Even as a minister in the last parliamentary term, bound by cabinet solidarity, Husic pushed the boundaries when speaking out about the Middle East conflict. Having been dumped from the frontbench in factional manoeuvring after the election, he is free to say bluntly what he thinks. Now he is putting his shoulder to the wheel to advocate recognition.

    In a Guardian article on Monday he reminded his Labor peers and betters “that our party has twice agreed at its highest decision-making forum – the National Conference of the Australian Labor party – to recognise the state of Palestine.

    “The time to do so is absolutely right now.”

    Albanese is caught between his party and his caution.

    It is a fair assumption the prime minister, with his long history of being pro-Palestinian, would like to follow the lead of French President Emmanuel Macron.

    Equally, however, he would want Australia to move in concert with like-minded countries, including the United Kingdom, Canada and New Zealand. Australia has previously banded with these countries in joint statements about the Middle East conflict.

    Albanese said at the weekend Australian recognition of a Palestinian state wasn’t imminent – although last year Foreign Minister Penny Wong opened the way for possible recognition as part of a peace process (rather than only accorded at the end of it).

    The prime minister put a context around recognition. “How do you exclude Hamas from any involvement there? How do you ensure that a Palestinian state operates in an appropriate way which does not threaten the existence of Israel? And so we don’t do any decision as a gesture. We will do it as a way forward if the circumstances are met.”

    In caucus on Tuesday, Husic pressed his point, asking how long the preconditions for statehood could be expected to take. Albanese essentially went through what he’d said before.

    Labor’s Friends of Palestine group is pressing for sanctions, as well as recognition.

    The group’s spokesperson Peter Moss says: “Over the past 21 months, Labor members in branches and conferences have repeatedly urged the government to join 147 UN member states and now France in recognising Palestine.

    “By making recognition contingent on a non-existent peace process, the government has effectively ruled out delivering on policy that has broad public support.

    “We call on the Australian government to implement official platform policy and immediately and unconditionally recognise a Palestinian state on the pre-4 June 1967 borders.”

    In recent weeks more than 80 Labor branches and other party units have passed a strong motion calling for sanctions and an arms embargo on Israel.

    In the last few days, the group wrote to Wong, seeking a meeting to discuss its calls for sanctions and for the Albanese government “to work with international partners to develop a practical plan for the establishment of a free and independent Palestinian State”. No meeting has yet been arranged.

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

    – ref. View from The Hill: Albanese wants international cover before Australia recognises Palestine as a state – https://theconversation.com/view-from-the-hill-albanese-wants-international-cover-before-australia-recognises-palestine-as-a-state-262028

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: Minister Solomon to Announce Transportation Decarbonization Funding

    Source: Government of Canada News

    July 29, 2025

    TORONTO — The Minister of Artificial Intelligence and Digital Innovation and Minister responsible for the Federal Economic Development Agency for Southern Ontario, the Honourable Evan Solomon, on behalf of the Minister of Energy and Natural Resources, the Honourable Tim Hodgson, will make a funding announcement to support transportation decarbonization in the Greater Toronto Area. Media availability will follow. 

    Date: Wednesday, July 30, 2025

    Time: 9:30 a.m. ET

    All accredited media are asked to pre-register by emailing media@nrcan-rncan.gc.ca. Details on how to participate will be provided upon registration.

    MIL OSI Canada News –

  • MIL-Evening Report: Women’s rugby is booming, but safety relies on borrowed assumptions from the men’s game

    Source: The Conversation (Au and NZ) – By Kathryn Dane, Postdoctoral associate, University of Calgary

    Rugby union, commonly known as just rugby, is a fast-paced and physical team sport. More girls and women in Canada and around the world are playing it now than ever before.

    As of 2021, women’s rugby reached a record 2.7 million players globally, a 25 per cent increase over four years, and by 2023, women’s rugby participation was growing at a rate of 38 per cent year-over-year.

    Countries including Australia, England, Ireland and the United States offer professional contracts for women’s teams. While these remain modest compared to the men’s game, they still represent a clear step forward.

    Canada’s senior women’s XVs team is currently ranked second in the world and heading into the 2025 Rugby World Cup, which kicks off on Aug. 22 in England. The national sevens team also captured silver at the 2024 Paris Olympics — further evidence of the game’s growing competitiveness in Canada.

    However, many systems, including coaching and medical support, have not kept pace with the demands of elite competition. With visibility increasing ahead of the 2025 World Cup, stronger institutional support is needed to match the sports’ growing professionalism and popularity.

    Safety concerns

    Often described as a “game for all”, rugby builds confidence, resilience and lifelong friendships. For girls and women especially, rugby can be empowering in ways few sports can match. It embraces the physicality of tackling, pushes back against traditional gender expectations and fosters solidarity and inclusion by valuing all body shapes and abilities.

    But rugby is also a collision sport, and as such, it carries inherent risks. Tackling is the top cause of injury in rugby, and it has one of the highest concussion rates among youth girls’ sports in Canada. Concussions can have long-term effects on players’ health.



    Read more:
    Concussion is more than sports injuries: Who’s at risk and how Canadian researchers are seeking better diagnostics and treatments

    These concerns are especially urgent as the women’s game becomes more physical and professionalized, and players are hit harder and more often. Unlike men’s rugby, women’s teams often operate with fewer medical or coaching support resources, which can lead to inconsistent or absent injury prevention programs.

    Compounding the risk is the fact that many women also come to rugby later in life, often with less experience in contact sports. This delayed exposure restricts proper tackle skill development and player confidence in contact. This means safe tackling is even more important.

    Without proper supports, the physical risks of the game may outweigh its benefits.

    Science is still playing catch-up

    While women’s rugby is growing rapidly, the science behind it is has not kept pace. Most of what we know about rugby safety — how to tackle, how much to train or when it’s safe to return to play after injury — largely comes from research on men.

    Decisions around coaching and player welfare have been based on male data, leaving female players under-served and potentially at greater risk. While these foundations may well apply to girls and women, the problem is we don’t yet know for sure.

    Only four per cent of rugby tackle research has focused on women. Much of the early evidence on girls rugby comes from Canada, underscoring the country’s leadership in this space. Still, most coaches and clinicians rely on a “one-size-fits-all” approach that may not account for menstrual cycles, pregnancy, different injury profiles or later sport entry.

    The differences matter because strength, speed and injury risk all vary. Women are 2.6 times more likely than men to sustain a concussion. Gender also shapes access to training, care and facilities, often limiting opportunities for women to develop safe tackling skills, receive adequate support and train in safe, well-resourced environments, factors that impact both performance and safety.



    Read more:
    Prevention is better than cure when it comes to high concussion rates in girls’ rugby

    Even safety tools reflect this gap. World Rugby’s Tackle Ready and contact load guidelines were designed around male athletes. While well-intentioned, we know little about how they work for girls and women. Instead of discarding these tools, we need to adapt and evaluate them in female contexts to ensure they support injury prevention and provide equal protection.

    Women’s rugby needs better data

    Change is underway. More research and tools are being designed specifically for girls and women. A search of PubMed, a database of published biomedical research, reveals a steep rise in studies on women’s rugby over the past decade, especially in injury surveillance, injury prevention, performance, physiology and sociocultural contexts.

    New rule trials, such as testing lower tackle heights, are being evaluated on women athletes. New technologies like instrumented mouthguards and video analysis are also helping researchers understand how girls and women tackle, how head impacts happen and how they can be prevented.

    Much of this new research is led by our team at the Sport Injury Prevention Research Centre, a pan-Canadian, multidisciplinary group focused on moving upstream to prevent concussions in adolescent girls’ rugby.

    The women’s game is also driving its own innovations. Resources like World Rugby’s Contact Confident help girls and women safely build tackle skills, particularly those new to contact sport.

    Researchers are analyzing injury patterns, interviewing players and coaches and studying return-to-play pathways that reflect girls’ and women’s physiology and life stages.

    The scope of research is also expanding to pelvic health, breast protection and more tailored injury prevention. Global collaboration is making this work more inclusive, spanning different countries, skill levels and age groups, not just elite competitions.

    But this is just the start.

    A golden opportunity lies ahead

    Girls’ and women’s rugby is experiencing unprecedented growth. Rising participation, media attention and new sponsorships are fuelling momentum. It’s a golden opportunity to build strong, sustainable foundations.

    Gold-standard support requires focused, ongoing research and a commitment to sharing that evidence with players, coaches, health-care providers and policymakers. It’s time to build systems for women’s rugby based on women’s data, not borrowed assumptions from the men’s game.

    But challenges remain. Some national teams still have to raise funds to attend World Cups. Others train without consistent access to medical or performance staff — clear signs that the women’s game is still catching up.

    To sustain and accelerate the growth of girls’ and women’s rugby, the sport deserves more resources and research tailored specifically to participants. A “one-size-fits-all” model no longer works. By investing in systems that are safer, focused on prevention, more inclusive and grounded in evidence, we can build a thriving future for women’s rugby that lasts for generations to come.

    Isla Shill has received funding from World Rugby.

    Stephen West has previously received funding from World Rugby

    Kathryn Dane 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. Women’s rugby is booming, but safety relies on borrowed assumptions from the men’s game – https://theconversation.com/womens-rugby-is-booming-but-safety-relies-on-borrowed-assumptions-from-the-mens-game-261055

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: U.S. Coast Guard Northwest District holds Change of Command ceremony

    Source: United States Coast Guard

    News Release  

    U.S. Coast Guard Northwest District PA Detachment Astoria
    Contact: Coast Guard PA Detachment Astoria
    Office: (503) 861-6380
    After Hours: (206) 220-7237
    PA Detachment Astoria online newsroom

     

    07/27/2025 03:18 PM EDT

    U.S. Coast Guard Northwest District held a change of command ceremony at Base Seattle, Friday. Rear Adm. Arex Avanni assumed the duties and responsibilities of the U.S. Coast Guard’s Northwest District Commander from Rear Adm. Charles Fosse. Avanni now assumes responsibility for all Coast Guard operations throughout the Northwest region which encompasses the states of Washington, Oregon, Idaho, and Montana. This area includes more than 4,400 miles of coastline, 600 miles of inland waterways, and a 125 nautical mile international border with Canada.

    MIL Security OSI –