Category: Economy

MIL-OSI Global: USAID’s history shows decades of good work on behalf of America’s global interests, although not all its projects succeeded

Source: The Conversation – USA – By Christian Ruth, America in the World Consortium Postdoctoral Fellow, University of Florida

Volunteers at a camp for internally displaced people in Bahir Dar, Ethiopia, carry wheat flour donated by USAID in December 2021. J. Countess/Getty Images

The Trump administration’s sudden dismantling of nearly all foreign aid, including the work carried out by the U.S. Agency for International Development, has upended the government agency’s longtime strategic role in implementing American foreign policy.

The Trump administration said at the end of February 2025 that it is freezing 90% of USAID’s foreign aid contracts, leaving few projects intact. It has also recalled nearly 10,000 USAID staff from countries around the world.

USAID is a government agency that, for more than 63 years, has led the United States’ foreign aid work on disaster recovery, poverty reduction and democratic reforms in many developing and middle-income countries.

Reuters reported that a senior USAID official wrote in a March 2 internal memo that a yearlong pause in USAID’s work on health, food and agriculture in the world’s poorest countries would raise malaria deaths by 40%, to between 71,000 and 166,000 annually. It would also result in an increase of between 28% and 32% in tuberculosis cases, among other negative effects.

As a historian of USAID, I know well that the agency has long faced a surprisingly high degree of scrutiny for its relatively tiny portion of the national budget.

USAID’s budget has always been small – recently, in 2023, making up a roughly US$50 billion drop in the $6 trillion ocean of the federal budget. But USAID’s projects have had an outsized effect on the world.

From a foreign policy standpoint, USAID’s greatest contribution to American influence abroad has always been its intangible soft-power effects. It helps to create an image of the U.S. as a positive, helpful world power worth partnering with.

A poster for USAID in Beirut marks the U.S. donation for rebuilding lighting infrastructure near a destroyed city port in August 2023.
Scott Peterson/Getty Images

Responding to a Soviet threat in the 1960s

USAID dates back to 1961, born from Cold War confrontations between the U.S. and the Soviet Union.

In 1961, President John F. Kennedy merged several separate foreign aid agencies and offices – including the Mutual Security Agency, the Point Four Program and the Foreign Operations Administration – into one new agency.

Kennedy, like other American presidents in the early years of the Cold War, fretted over the spread of communism.

A well-known development economist, Walt Rostow, who served in Kennedy’s administration, was among the experts who argued that the Soviet Union could easily influence poor countries in Latin America, Africa and Asia. It was possible, Rostow argued, to help these countries grow their economies and become more modern.

This possibility pushed Kennedy in 1961 to sign the Foreign Assistance Act, creating USAID that November.

USAID immediately began to oversee U.S. foreign aid programs to develop farming, irrigation and dam construction projects throughout Southeast Asia, Africa and Latin America, taking over the existing projects of the various other aid departments that were now defunct.

USAID was also responsible for public works projects in Cold War conflict zones, particularly Vietnam. There, USAID struggled in its efforts to build dams, improve rural agriculture techniques and construct South Vietnamese infrastructure. There were various environmental challenges working in the dense jungles, the physical threats caused by the ongoing Vietnam War and the realities of rural poverty.

For example, USAID introduced new farming technologies to Vietnam, including modern fertilizers and tractors. This helped some farmers produce more crops, faster. But it also created disparities between wealthy and poor farmers, as modern fertilizer and other improvements were expensive. A growing number of poor farmers simply gave up and moved to nearby cities.

Throughout the 1960s, USAID also funded the construction of hydropower water dams in Asia and Africa. This led to higher energy production in those regions, but also resulted in environmental degradation, as recklessly dammed rivers flooded forests and arable fields.

Rostow and other development experts had unrealistically high goals for helping poor countries grow their economies. By the end of the decade, across the board, USAID beneficiary countries in Asia and Africa fell short of the economic growth expectations the U.S. set at the beginning of the 1960s.

Still, USAID made substantial progress in developing food production and some economic growth, and improving the health of people in rural parts of countries such as India and Ghana.

But that progress had limits and did not magically turn these economies into modern, Western-style capitalist democracies.

With the help of a USAID grant, people lay pipework to bring water from a mountain spring to a town called Korem in Ethiopia in 1968.
Paul Conklin/Getty Images

Mixed results and focus

As a result of USAID’s uneven progress in modernizing poor countries, the agency’s approach shifted in the 1970s and ‘80s.

In the early 1970s, Congress and development experts pushed USAID away from grand, gross domestic product-focused modernization projects like dams, which they ostracized for their high costs and lack of tangible results.

Instead, with the support of the Carter administration, USAID began to work more on meeting poor people’s basic human needs, including food, shelter and education, so they could lift themselves out of poverty.

The agency shifted priorities once again in 1981, after President Ronald Reagan took office. His administration created programs meant to advertise American businesses and draw developing countries into the global marketplace.

Rather than USAID giving money to a local government to build a well in a rural village, for example, the agency increasingly started contracting local or American businesses to do so. The U.S., in other words, began outsourcing its foreign aid.

U.S. Ambassador to Indonesia Stapleton Roy, right, presents Indonesia’s food and agriculture minister, A.M. Saefuddin, with food donated by USAID in Bandar Lampung, South Sumatra, in July 1998.
Bernard Estrade/AFP via Getty Images

USAID’s next phase

At the end of the Cold War in 1991, the United States’ interest in spending money on helping poorer countries develop and modernize declined around the world.

USAID shifted priorities once again.

Without the threat of the Soviet Union, USAID’s mission throughout the 1990s became increasingly focused on new issues. These included democracy promotion in former Soviet countries in Eastern Europe. Sustainable development – a broad term that means promoting economic growth while respecting environmental concerns and long-term natural resource usage – was another focus in different regions.

After the U.S. invaded Iraq and Afghanistan in the early 2000s, USAID struggled to fulfill its existing international projects while also rebuilding critical infrastructure to resurrect the Iraqi and Afghani economies during wartime.

USAID’s funding remained stagnant in the 2010s after the recession. At the time, its annual budget was roughly $25 billion.

At the same time, China expanded its own international development program to entice governments toward its side and to tether them to the Chinese economy.

China’s aid work in South America has expanded rapidly over the past several years, and it is now the region’s top trading partner and also a major contributor to investment, energy and infrastructure projects. China’s aid and investment work in Africa has also grown considerably over the past few decades.

Now, with USAID’s dissolution, Chinese influence throughout poor and middle-income countries is expected to grow.

A lasting mark

Despite its limitations and frustrations, in my view, USAID has had an undeniable, and often massive, positive impact on the world.

USAID’s efforts to promote American businesses and exports abroad have resulted in the creation of thousands of jobs, both domestically and abroad, in a wide variety of industries, ranging from farming to medical sciences.

The tens of thousands of water wells and other forms of critical rural infrastructure the agency has funded, or created itself, have provided clean, safe drinking water for millions in Africa. The agency’s Office of Foreign Disaster Assistance has provided decades of critical disaster assistance during famines, earthquakes and hurricanes around the world.

These humanitarian efforts cost money, however. Some Republicans, including politicians and voters, say they have found the idea of American tax dollars being sent abroad, whether during the Cold War or today, wasteful, and others have worried over how aid funds may have been [abused].

USAID has always straddled a difficult line, as development is a messy field. But ending U.S. foreign aid will be much messier, and it could also cost millions of people who are reliant on USAID their health or lives.

Christian Ruth receives funding from America in the World Consortium.

– ref. USAID’s history shows decades of good work on behalf of America’s global interests, although not all its projects succeeded – https://theconversation.com/usaids-history-shows-decades-of-good-work-on-behalf-of-americas-global-interests-although-not-all-its-projects-succeeded-249337

MIL OSI – Global Reports –

March 6, 2025
MIL-OSI: NextNRG, Inc. Announces Estimated 136% Year-over-Year Revenue Growth for January 2025

Source: GlobeNewswire (MIL-OSI)

MIAMI, March 05, 2025 (GLOBE NEWSWIRE) — NextNRG, Inc. (“NextNRG” and the “Company”) (Nasdaq: NXXT), a pioneer in utilizing artificial intelligence and machine learning to redefine energy innovation with its cutting-edge utility operating system, smart microgrid solutions, wireless electric vehicle charging, and fuel delivery technologies, today announced record year-over-year (“YoY”) and sequential unaudited revenue growth for the month of January 2025 in its EzFill division. The tables below provide details regarding the YoY and month-over-month (“MoM”) comparisons.

January 2025 – YoY Comparison

January 2024 January 2025 Growth

Revenue $ 2,110,843 $ 4,992,090 136%

Gallons 546,292 1,438,824 163%

January 2025 – MoM Comparison

December 2024 January 2025 Growth

Revenue $ 2,272,058 $ 4,992,090 120%

Gallons 620,578 1,438,824 132%

NextNRG, Inc. Executive Chairman and CEO, Michael D. Farkas, commented, “This record-breaking month underscores the strength of our carefully designed growth strategy, which we are executing with discipline. We believe the acquisition of Shell Oil’s truck fleet, doubling our operational capacity, strategically positions us to maintain this momentum. January 2025 marked the initiation of fuel deliveries to the world’s leading e-commerce company under a substantial long-term agreement. Additionally, we are experiencing consistent revenue growth across our key markets and fleet accounts nationwide. With the recent financing and share exchange finalized, we believe we are well-equipped to advance the next stage of our strategic expansion.”

About NextNRG, Inc.

NextNRG Inc. (NextNRG) is Powering What’s Next by implementing artificial intelligence (AI) and machine learning (ML) into renewable energy, next-generation energy infrastructure, battery storage, wireless electric vehicle (EV) charging, and on-demand mobile fuel delivery to create an integrated ecosystem.

At the core of NextNRG’s strategy is its Utility Operating System which leverages AI and ML to help make existing utilities’ energy management as efficient as possible; and the deployment of NextNRG Smart Microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs, and improve grid resiliency. These microgrids are designed to serve commercial properties, schools, hospitals, nursing homes, parking garages, rural and tribal lands, recreational facilities, and government properties, expanding energy accessibility while supporting decarbonization initiatives.

NextNRG continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility’s fuel division and Shell Oil’s trucks, further solidifying its position as a leader in the on-demand fueling industry. NextNRG is also integrating sustainable energy solutions into its mobile fueling operations. The company hopes to be an integral part of assisting its fleet customers in their transition to EV supporting more efficient fuel delivery while advancing clean energy adoption. The transition process is expected to include the deployment of NextNRG’s innovative wireless EV charging solutions.

To find out more visit: www.nextnrg.com

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement describing NextNRG’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “expect,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG’s business and macroeconomic and geopolitical events. These and other risks are described in NextNRG’s filings with the Securities and Exchange Commission from time to time. NextNRG’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

Investor Relations Contact:

NextNRG, Inc.
Sharon Cohen
SCohen@nextnrg.com

The MIL Network –

March 6, 2025

MIL-OSI: Parex Resources Announces 2024 Full-Year Results & Reserves, Declaration of Q1 2025 Dividend, and Appointment of Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce its financial and operating results for the three- and twelve-month periods ended December 31, 2024, as well as the results of its independent reserves assessment as at December 31, 2024. Additionally, the Company declares its Q1 2025 regular dividend of C$0.385 per share and provides a corporate update. All amounts herein are in United States dollars (“USD”) unless otherwise stated.

Key Highlights

Generated annual funds flow provided by operations of $622 million⁽¹⁾ and free funds flow of $275 million⁽²⁾ in 2024.
Evaluated PDP after-tax net asset value per share of C$22.02⁽³⁾.
Added 10 mmboe 1P reserves and 7 mmboe 2P reserves at LLA-34 and Cabrestero through positive technical revisions as well as extensions & improved recovery; 2024 reserves evaluation supported by technology, including waterflood and polymer injection results⁽⁸⁾.
Tracking to deliver FY 2025 average production guidance of 43,000 to 47,000 boe/d (45,000 boe/d midpoint); YTD average production is 44,500 boe/d⁽⁴⁾.
Declared a Q1 2025 regular dividend of C$0.385 per share⁽⁵⁾ (C$1.54 per share annualized).
Commenced a normal course issuer bid (“NCIB”) on January 22, 2025; in 2024, the Company repurchased roughly 5% of its outstanding shares through its prior NCIB.
Appointed Cameron Grainger as Chief Financial Officer, effective immediately.
Retiring from the Board of Directors are Lisa Colnett and Robert Engbloom as part of standard Board renewal process; in preparation, the Company has approved Mona Jasinski and Jeff Lawson as director nominees for the upcoming Annual General Meeting of Shareholders.

Imad Mohsen, President & Chief Executive Officer, commented: “In 2024, Parex generated strong financial results from its underlying asset base while achieving its best annual safety performance. Despite challenges, we accomplished multiple strategic milestones throughout the year that reinforce Parex’s long-term sustainability. Building on a strong foundation, as reflected in today’s reserve report, we remain focused on executing our 2025 plan, which is characterized by lower-risk activities and a high-graded set of opportunities. The team at Parex is dedicated to rebuilding market confidence, by delivering steady results, evolving our Colombian portfolio, and strengthening our track record of shareholder returns — while also progressing towards Llanos Foothills exploration in 2026.”

2024 Full-Year Achievements & Results

Achieved multiple strategic milestones throughout the year, in addition to delivering returns to shareholders:
- Signed definitive agreements in the Llanos Foothills to consolidate Parex’s position, advancing gas and exploration strategies;
- Implemented waterflood at Cabrestero successfully and continued waterflood progression at LLA-34;
- Completed polymer injection pilot at Cabrestero with positive results, advancing enhanced oil recovery initiatives;
- Executed Putumayo business collaboration agreements to add a new core area for the Company; and
- Returned $186 million to shareholders during the year, which cumulatively results in C$1.5 billion returned to shareholders through dividends and share repurchases over the past five years.
Average production of 49,924⁽⁶⁾ boe/d, meeting revised FY 2024 guidance range of 49,000 to 50,000 boe/d.
Realized net income of $61 million or $0.60 per share basic⁽⁷⁾.
Generated funds flow provided by operations (“FFO”) of $622 million⁽¹⁾ and FFO per share of $6.14⁽³⁾⁽⁷⁾.
Produced an operating netback of $41.30/boe⁽³⁾ and an FFO netback of $33.95/boe⁽³⁾ from an average Brent price of $79.86/bbl.
Incurred $348 million⁽²⁾ of capital expenditures, primarily from activities at LLA-34, Arauca, LLA-32, LLA-122, and Capachos.
Delivered the Company’s best safety performance on record, with strong results across all safety metrics, including lagging and leading indicators.

2024 Fourth Quarter Results

Average production was 45,297 boe/d⁽^6).
Realized net loss of $69 million or $0.70 per share basic⁽⁷⁾, largely a result of non-cash impairments recorded in the period.
Generated FFO of $141 million⁽¹⁾ and FFO per share of $1.43⁽³⁾⁽⁷⁾.
Produced an operating netback of $34.90/boe⁽³⁾ and an FFO netback of $32.39/boe⁽³⁾ from an average Brent price of $74.01/bbl.
Recovered current tax of $6 million in the quarter; for 2025 the Company expects its FFO netback to be supported by lower current tax expenses compared to prior periods due to the Company’s before tax cash flow profile, previous capital expenditures, and certain tax strategies that have been deployed over recent years.
Incurred $82 million⁽²⁾ of capital expenditures, primarily from activities at LLA-34, LLA-32, and Capachos.
Generated $59 million of free funds flow⁽²⁾; working capital surplus was $59 million⁽¹⁾ and cash was $98 million at quarter end.

2024 Year-End Corporate Reserves Report: Highlights⁽⁸⁾

For the year ended December 31, 2024, the Company:

Increased both proved (“1P”) reserves per share and proved plus probable (“2P”) reserves per share by 6%, while proved developed producing (“PDP”) reserves per share was down 9%, compared to 2023.
- LLA-34: realized positive technical revisions of 6 mmboe 1P related to waterflood implementation and increased recovery factor.
- Cabrestero: added 3 mmboe 2P related to improved recovery through implementation of polymer injection.
- LLA-32: more than doubled 1P and 2P through extensions to 2 mmboe and 4 mmboe, respectively, compared to 2023.
- Putumayo: added inventory runway and acquired 10 mmboe and 18 mmboe of 1P and 2P, respectively, from Parex earning 50% working interest in four blocks through an enhanced strategic partnership with Ecopetrol S.A⁽⁹⁾.
Increases in 1P and 2P reserves per share were partially offset by negative technical revisions associated with portfolio management at Arauca as well as a non-core block in the Magdalena basin.
- Arauca negative technical revisions were 3 mmboe and 6 mmboe of 1P and 2P, respectively.
- Aguas Blancas negative technical revisions were 2 mmboe and 2 mmboe of 1P and 2P, respectively.
Realized PDP reserves replacement ratio of 41%; three-year average PDP reserves replacement ratio was 85%.
- Lower-than-expected Arauca and corporate exploration results were in-year PDP replacement factors.
Improved PDP, 1P and 2P reserve life index by 10%, 26% and 27%, respectively, compared to 2023.
- Improved metrics supported by a lower absolute production profile that benefited PDP, 1P and 2P metrics, as well as achieving approximately 100% year-over-year reserve replacement in 1P and 2P.
Evaluated after-tax PDP, 1P and 2P net asset value per share⁽³⁾ of C$22.02, C$26.60, and C$35.55, respectively.

(1) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory.”
(2) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
(3) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory.”
(4) Estimated average production for January 1, 2025 to February 28, 2025; light & medium crude oil: ~9,382 bbl/d, heavy crude oil: ~34,268 bbl/d, conventional natural gas: ~5,100 mcf/d; rounded for presentation purposes.
(5) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
(6) See “Operational and Financial Highlights” for a breakdown of production by product type.
(7) Based on weighted-average basic shares for the period.
(8) See “2024 Year-End Corporate Reserves Report” sections and “Reserves Advisory” for additional information.
(9) As previously announced December 11, 2024.

Operational and Financial Highlights	Three Months Ended						Year Ended
	Dec. 31,		Dec. 31,		Sep. 30,		December 31,
	2024		2023		2024		2024		2023		2022
Operational
Average daily production
Light Crude Oil and Medium Crude Oil (bbl/d)	9,550		9,700		9,064		8,850		8,417		7,471
Heavy Crude Oil (bbl/d)	34,882		46,760		37,777		40,336		45,163		43,008
Crude oil (bbl/d)	44,432		56,460		46,841		49,186		53,580		50,479
Conventional Natural Gas (mcf/d)	5,190		5,214		4,368		4,428		4,656		9,420
Oil & Gas (boe/d)⁽¹⁾	45,297		57,329		47,569		49,924		54,356		52,049

Operating netback ($/boe)
Reference price – Brent ($/bbl)	74.01		82.90		78.71		79.86		82.18		99.04
Oil & gas sales⁽⁴⁾	63.73		70.55		68.75		69.80		70.71		86.55
Royalties⁽⁴⁾	(9.43	)	(12.12	)	(10.59	)	(10.99	)	(12.31	)	(17.61	)
Net revenue⁽⁴⁾	54.30		58.43		58.16		58.81		58.40		68.94
Production expense⁽⁴⁾	(15.53	)	(13.67	)	(14.81	)	(13.93	)	(10.42	)	(6.88	)
Transportation expense⁽⁴⁾	(3.87	)	(3.54	)	(3.71	)	(3.58	)	(3.43	)	(3.22	)
Operating netback ($/boe)⁽²⁾	34.90		41.22		39.64		41.30		44.55		58.84

Funds flow provided by operations netback ($/boe)⁽²⁾	32.39		36.81		34.58		33.95		33.59		38.35

Financial ($000s except per share amounts)

Net income (loss)	(69,051	)	133,783		65,793		60,680		459,309		611,368
Per share – basic⁽⁶⁾	(0.70	)	1.28		0.65		0.60		4.32		5.38

Funds flow provided by operations⁽⁵⁾	141,201		193,377		151,773		622,233		667,782		724,890
Per share – basic⁽²⁾⁽⁶⁾	1.43		1.85		1.50		6.14		6.29		6.38

Capital expenditures⁽³⁾	82,110		91,419		82,367		347,695		483,343		512,252

Free funds flow⁽³⁾	59,091		101,958		69,406		274,538		184,439		212,638

EBITDA⁽³⁾	(10,419	)	110,860		167,763		545,362		650,829		953,210
Adjusted EBITDA⁽³⁾	137,312		201,552		164,002		720,089		817,280		1,066,040

Long-term inventory expenditures	(2,569	)	(866	)	(6,318	)	4,773		39,430		140,266

Dividends paid	26,658		29,505		28,467		112,184		118,676		75,491
Per share – Cdn$⁽⁴⁾⁽⁶⁾	0.385		0.375		0.385		1.53		1.50		0.89

Shares repurchased	16,408		22,453		20,723		73,789		105,068		221,464
Number of shares repurchased (000s)	1,692		1,220		1,585		5,495		5,628		11,821

Outstanding shares (end of period) (000s)
Basic	98,339		103,812		100,031		98,339		103,812		109,112
Weighted average basic	99,063		104,394		100,891		101,414		106,247		113,572
Diluted⁽⁸⁾	99,238		104,502		100,933		99,238		104,502		109,939

Working capital surplus⁽⁵⁾	59,397		79,027		37,509		59,397		79,027		84,988
Bank debt⁽⁷⁾	60,000		90,000		30,000		60,000		90,000		—
Cash	98,022		140,352		147,454		98,022		140,352		419,002

(1)  Reference to crude oil or natural gas in the above table and elsewhere in this press release refer to the light and medium crude oil and heavy crude oil and conventional natural gas, respectively, product types as defined in National Instrument 51-101 – Standard of Disclosure for Oil and Gas Activities.
(2)  Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
(3)  Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
(4)  Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
(5)  Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
(6)  Per share amounts (with the exception of dividends) are based on weighted average common shares.
(7)  Borrowing limit of $240.0 million as of December 31, 2024.
(8)  Diluted shares as stated include the effects of common shares and stock options outstanding at the period-end. The December 31, 2024 closing stock price was C$14.58 per share.

Operational Update

For the period of January 1, 2025, to February 28, 2025, estimated average production was 44,500 boe/d⁽⁵⁾.

Parex currently has two drilling rigs operating (one operated and one non-operated), with expectations to ramp-up to four drilling rigs in Q2 2025 (three operated and one non-operated).

The Company’s operations are supportive of a growing H2 2025 production profile, with the following activities:

Progressing waterflood and polymer injection programs at LLA-34 and Cabrestero.
- Cabrestero is fully on waterflood, with plans for a full polymer injection scheme that is supported by pilot results to date.
- LLA-34 continues to ramp-up waterflood activity and is planning to commence a polymer injection pilot in 2025.
Planning to begin LLA-32 drilling campaign in Q2 2025.
- LLA-32 is located to the north and adjacent to LLA-34 and Cabrestero; Parex drilled three successful wells at LLA-32 in 2024.
Advancing near-field exploration program, with the expectation to drill 3-4 prospects in H1 2025.
- Prospects are generally focused in the Southern Llanos where Parex has had previous basin success.
Gaining momentum to achieve initial access in the Putumayo in Q2 2025 as originally anticipated.
- Per budgeted plans, activity is expected to begin with a workover rig, with a drilling rig added approximately mid-year.

Operations so far this year are progressing within Management expectations and Parex’s 2025 corporate guidance remains as previously released January 14, 2025, and as set out below:

Category	2025 Guidance
Brent Crude Oil Average Price	$70/bbl
Average Production⁽¹⁾	43,000-47,000 boe/d
Funds Flow Provided by Operations Netback⁽¹⁾⁽²⁾	$26-28/boe
Funds Flow Provided by Operations⁽¹⁾⁽³⁾	$425-465 million
Capital Expenditures⁽⁴⁾	$285-315 million
Free Funds Flow⁽⁴⁾	$145 million (midpoint)

(1) 2025 assumptions: operational downtime: ~5%; Vasconia differential: ~$5/bbl; production expense: $15-16/bbl; transportation expense: ~$3.50/bbl; G&A expense: ~$4.50/bbl; effective tax rate: 3-6%; see “Non-GAAP and Other Financial Measures Advisory”.
(2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
(3) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
(4) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
(5) Estimated average production for January 1, 2025 to February 28, 2025; light & medium crude oil: ~9,382 bbl/d, heavy crude oil: ~34,268 bbl/d, conventional natural gas: ~5,100 mcf/d; rounded for presentation purposes.

Return of Capital

Q1 2025 Dividend

Parex’s Board of Directors has approved a Q1 2025 regular dividend of C$0.385 per share to shareholders of record on March 11, 2025, to be paid on March 18, 2025.

This quarterly dividend payment to shareholders is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada).

Normal Course Issuer Bid Update

As at February 28, 2025, Parex has repurchased approximately 0.3 million shares under its current NCIB at an average price of C$14.30 per share, for a total consideration of roughly C$4 million.

In 2024, Parex repurchased 5.5 million shares under a prior NCIB, representing approximately 5% of the public float and a return of C$99 million to shareholders.

2024 Year-End Corporate Reserves Report: Discussion

The following tables summarize information contained in the independent reserves report prepared by GLJ Ltd. (“GLJ”) dated March 4, 2025 with an effective date of December 31, 2024 (the “GLJ 2024 Report”). All December 31, 2024 reserves presented are based on GLJ’s forecast pricing effective January 1, 2025; all December 31, 2023 reserves presented are based on GLJ’s forecast pricing effective January 1, 2024 and all December 31, 2022 reserves presented are based on GLJ’s forecast pricing effective January 1, 2023. GLJ pricing is available on their website at www.gljpc.com.

All reserves are presented as Parex’s working interest before royalties and in certain tables set forth below, the columns may not add due to rounding. Additional reserve information as required under NI 51-101 will be included in the Company’s Annual Information Form for the 2024 fiscal year, which is available on SEDAR+.

Gross Reserves Volumes

			Dec. 31	Change over Dec. 31,
	2022	2023	2024	Change over Dec. 31,
Reserve Category	Mboe	Mboe	Mboe⁽¹⁾	2023
Proved Developed Producing (PDP)	82,788	82,628	71,908	(13	%)
Proved Developed Non-Producing	11,767	7,252	5,534	(24	%)
Proved Undeveloped	36,100	22,647	34,678	53	%
Proved (1P)	130,655	112,528	112,119	—	%
Proved + Probable (2P)	200,704	168,625	169,633	1	%
Proved + Probable + Possible (3P)	281,595	231,299	245,383	6	%

(1) 2024 net reserves after royalties are: PDP 62,128 Mboe, proved developed non-producing 4,939 Mboe, proved undeveloped 29,644 Mboe, 1P 96,711 Mboe, 2P 146,645 Mboe and 3P 211,882 Mboe.

Gross Reserves Reconciliation

	Total 1P		Total 2P		Total 3P
	Mboe		Mboe		Mboe
December 31, 2023	112,528		168,625		231,299
Technical Revisions⁽¹⁾	2,777		(5,434	)	(10,870	)
Extensions & Improved Recovery⁽²⁾	4,760		6,636		9,133
Discoveries⁽³⁾	160		200		240
Acquisitions⁽⁴⁾	10,166		17,877		33,853
Production	(18,272	)	(18,272	)	(18,272	)
December 31, 2024⁽⁵⁾	112,119		169,633		245,383

(1) Reserves technical revisions are associated with positive evaluations of LLA-34 and Cabrestero, offset by negative revisions of Arauca, Aguas Blancas, and Capachos.
(2) Extensions & improved recovery are associated with positive evaluations of Cabrestero, LLA-32, and LLA-34.
(3) Discoveries are associated with the positive evaluation of LLA-30.
(4) Acquisitions are associated with the positive evaluations of Occidente, Nororiente and Area Sur.
(5) The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Reserves Net Present Value After Tax Summary – GLJ Brent Forecast⁽¹⁾⁽²⁾

	NPV15			NPV15		NAV	CAD/sh Change over
	December 31,			December 31,		December 31,	CAD/sh Change over
		2023		2024		2024	Dec. 31,
Reserve Category	(000s)⁽²⁾			(000s)⁽²⁾		(CAD/sh)⁽³⁾	2023⁽⁴⁾
PDP	$	1,679,078	$	1,505,386	$	22.02	4	%
Proved Developed Non-Producing		112,298		83,310	$	1.21	(6	%)
Proved Undeveloped		201,380		230,174	$	3.36	38	%
1P	$	1,992,757	$	1,818,870	$	26.60	5	%
2P	$	2,556,169	$	2,430,060	$	35.55	10	%
3P	$	3,191,329	$	3,102,864	$	45.39	12	%

(1) Net present values (“NPV”) are stated in USD and are discounted at 15 percent. The forecast prices used in the calculation of the present value of future net revenue are based on the GLJ January 1, 2024 and GLJ January 1, 2025 price forecasts, respectively. The GLJ January 1, 2025 price forecast is in the Company’s Annual Information Form for the 2024 fiscal year.
(2) Includes future development capital (“FDC”) as at December 31, 2023 of $27 million for PDP, $346 million for 1P, $537 million for 2P and $707 million for 3P and FDC as at December 31, 2024 of $23 million for PDP, $440 million for 1P, $595 million for 2P and $740 million for 3P.
(3) 2024 NAV calculated, as at December 31, 2024, as after tax NPV15 plus working capital of USD$59 million (converted at USDCAD=1.4389), less bank debt of USD$60 million, divided by 98 million basic shares outstanding as at December 31, 2024. Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
(4) 2023 NAV calculated, as at December 31, 2023, as after tax NPV15 plus working capital of USD$79 million (converted at USDCAD=1.3226), less bank debt of USD$90 million, divided by 104 million basic shares outstanding as at December 31, 2023. Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.

Appointment of Chief Financial Officer

Following a thorough executive search, Cameron Grainger has been appointed as Chief Financial Officer (“CFO”), effective immediately.

“We are very pleased to announce Cam as CFO. He is a trusted leader, who has developed an exceptional understanding of our portfolio while providing over 15 years of financial leadership at Parex. I look forward to continuing to work with Cam as he plays an integral role on our leadership team and am confident that he will continue to make significant contributions in support of our strategy,” said Imad Mohsen, President & Chief Executive Officer.

Mr. Grainger has served as the Company’s interim CFO since September 21, 2024, and prior to, was the Vice President, Finance, as well as Controller. Mr. Grainger has held roles with increasing levels of responsibility at Parex since 2011, and is a Chartered Professional Accountant.

Board of Directors Update

The Company announces that Lisa Colnett as well as Robert Engbloom are retiring from the Board of Directors and will not stand for re-election at the upcoming Annual General Meeting of Shareholders (“Meeting”).

“We want to thank Lisa and Bob for their contributions that have supported Parex’s growth in Colombia and wish them all the best,” commented Wayne Foo, Chair of the Board of Parex.

In preparation for the upcoming retirements, the Company has approved Mona Jasinski and Jeff Lawson as director nominees at the upcoming Meeting.

“We are excited to recommend Mona and Jeff to Parex’s Board of Directors, both of whom have a wealth of experience across the energy sector and bring refreshed perspectives,” commented Mr. Foo.

Ms. Jasinski has over 20 years of human resources, corporate strategy and leadership expertise with experience spanning the energy and chemicals sectors as well as philanthropic boards. She is currently the Senior Vice President, HR & Communications at NOVA Chemicals. Prior to NOVA Chemicals, she built a depth of energy-specific experience, serving as Executive Vice President, People and Culture, at Vermilion Energy for 12 years, and previously held leadership roles at Royal Dutch Shell and TransCanada Pipelines. Ms. Jasinski holds a Master of Business Administration from the University of Calgary and an ICD.D designation from the Institute of Corporate Directors.

Mr. Lawson has extensive experience in corporate strategy, mergers & acquisitions as well as investments and corporate restructurings across the energy and legal sectors. He is currently the Senior Vice President, Corporate Development and Chief Sustainability Officer at Cenovus Energy. Prior to Cenovus, he spent 15 years at Peters & Co. in a variety of senior finance roles and he was also a securities lawyer at Burnet, Duckworth & Palmer for 14 years where he co-led the securities group and served on the firm’s executive committee. Mr. Lawson holds a Bachelor of Laws from the University of Alberta.

Q4 2024 and FY 2024 Results – Conference Call & Webcast

Parex will host a conference call and webcast to discuss its Q4 2024 and FY 2024 results on Thursday, March 6, 2025, beginning at 9:30 am MT (11:30 am ET). To participate in the conference call or webcast, please see the access information below:

Conference ID:	2908137
Participant Toll-Free Dial-In Number:	1-646-307-1963
Participant International Dial-In Number:	1-647-932-3411
Webcast:	https://events.q4inc.com/attendee/690785926

Annual General Meeting

Parex anticipates holding its Annual General Meeting of Shareholders on Thursday, May 8, 2025.

The Notice of Annual General Meeting & Management Proxy Circular is expected to be available on or about March 26, 2025, at www.parexresources.com and SEDAR+.

About Parex Resources Inc.

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

For more information, please contact:

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

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

NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

Reserves Advisory

The recovery and reserve estimates of crude oil reserves provided in this news release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual crude oil reserves may eventually prove to be greater than, or less than, the estimates provided herein. All December 31, 2024 reserves presented are based on GLJ’s forecast pricing effective January 1, 2025. All December 31, 2023 reserves presented are based on GLJ’s forecast pricing effective January 1, 2024. All December 31, 2022 reserves presented are based on GLJ’s forecast pricing effective January 1, 2023.

Comparatives to the independent reserves report prepared by GLJ dated February 29, 2024 with an effective date of December 31, 2023 (the “GLJ 2023 Report”), and the independent reserves report prepared by GLJ dated February 2, 2023 with an effective date of December 31, 2022 (“GLJ 2022 Report”, and collectively with the GLJ 2024 Report and the GLJ 2023 Report, the “GLJ Reports”). Each GLJ Report was prepared in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”).

It should not be assumed that the estimates of future net revenues presented herein represent the fair market value of the reserves. There are numerous uncertainties inherent in estimating quantities of crude oil, reserves and the future cash flows attributed to such reserves.

“Proved Developed Producing Reserves” are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

“Proved Developed Non-Producing Reserves” are those reserves that either have not been on production or have previously been on production but are shut-in and the date of resumption of production is unknown.

“Proved Undeveloped Reserves” are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g. when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned.

“Proved” reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

“Probable” reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

“Possible” reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10 percent probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.

The term “Boe” means a barrel of oil equivalent on the basis of 6 Mcf of natural gas to 1 barrel of oil (“bbl”). Boe’s may be misleading, particularly if used in isolation. A boe conversation ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion ratio at 6:1 may be misleading as an indication of value.

Light crude oil is crude oil with a relative density greater than 31.1 degrees API gravity, medium crude oil is crude oil with a relative density greater than 22.3 degrees API gravity and less than or equal to 31.1 degrees API gravity, and heavy crude oil is crude oil with a relative density greater than 10 degrees API gravity and less than or equal to 22.3 degrees API gravity.

With respect to F&D costs, the aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total F&D costs related to reserve additions for that year. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

This press release contains several oil and gas metrics, including reserve replacement, reserve additions including acquisitions, and reserve life index. In addition, the following non-GAAP financial measures and non-GAAP ratios, as described below under “Non-GAAP and Other Financial Measures”, can be considered to be oil and gas metrics: F&D costs, FD&A costs, F&D recycle ratio, FD&A recycle ratio, operating netback, funds flow provided by operations, funds flow provided by operations netback, reserve replacement and NAV. Such oil and gas metrics have been prepared by management and do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metric should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare the Company’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment or other purposes. A summary of the calculations of reserve replacement and RLI are as follows, with the other oil and gas metrics referred to above being described herein under “Non-GAAP and Other Financial Measures”:

Reserve additions including acquisitions is calculated by the change in reserves category and adding current year annual production.

Reserve replacement is calculated by dividing the annual reserve additions by the annual production.

Reserve life index is calculated by dividing the applicable reserves category by the annualized fourth quarter average production.

2024 Year-End Corporate Reserves Report: Supplemental Reserves Tables

All reserves are presented as Parex working interest before royalties and in certain tables set forth below, the columns may not add due to rounding.

Gross Reserves by Area⁽¹⁾

	1P	2P	3P
Area	Mboe⁽¹⁾	Mboe⁽¹⁾	Mboe⁽¹⁾
LLA-34	63,320	88,823	120,283
Southern Llanos	20,634	30,487	37,749
Northern Llanos	12,246	18,007	24,113
Magdalena	5,754	14,439	29,384
Putumayo	10,166	17,877	33,853
Total	112,119	169,633	245,383

(1) The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Gross Reserves Volumes by Product Type

Product Type	PDP	1P	2P	3P
Light & Medium Crude Oil (Mbbl)	10,084	30,138	51,422	84,901
Heavy Crude Oil (Mbbl)	58,654	76,788	107,161	140,348
Natural Gas Liquids (Mbbl)	480	1,207	1,643	2,108
Conventional Natural Gas (MMcf)	16,139	23,915	56,441	108,155
Oil Equivalent (Mboe)	71,908	112,119	169,633	245,383

Gross Reserves Volumes Per Share⁽¹⁾

	Dec. 31			Change over Dec. 31, 2022
	2022	2023	2024⁽¹⁾	Change over Dec. 31, 2022
Year-End Basic Outstanding Shares (000s)	109.1	103.8	98.3	(5	%)
PDP (boe/share)	0.76	0.80	0.73	(9	%)
1P (boe/share)	1.20	1.08	1.14	6	%
2P (boe/share)	1.84	1.62	1.72	6	%
3P (boe/share)	2.58	2.23	2.50	12	%

(1) 2024 net reserves after royalties are: PDP 62,128 Mboe, proved developed non-producing 4,939 Mboe, proved undeveloped 29,644 Mboe, 1P 96,711 Mboe, 2P 146,645 Mboe and 3P 211,882 Mboe.

Reserve Replacement Ratio and Reserve Life Index

	Dec. 31, 2022⁽¹⁾		Dec. 31, 2023⁽²⁾		Dec. 31, 2024⁽³⁾		3-Year
PDP
Reserve Replacement Ratio	112	%	99	%	41	%	85	%
Reserve Life Index	4.2 years		3.9 years		4.3 years		4.1 years
1P
Reserve Replacement Ratio	128	%	9	%	98	%	77	%
Reserve Life Index	6.6 years		5.4 years		6.8 years		6.2 years
2P
Reserve Replacement Ratio	110	%	(62	%)	106	%	49	%
Reserve Life Index	10.1 years		8.1 years		10.3 years		9.4 years

(1) Calculated by dividing the amount of the relevant reserves category by average Q4 2022 production of 54,257 boe/d annualized (consisting of 10,511 bbl/d of light crude oil and medium crude oil, 42,746 bbl/d of heavy crude oil and 6,000 mcf/d of conventional natural gas).
(2) Calculated by dividing the amount of the relevant reserves category by average Q4 2023 production of 57,329 boe/d annualized (consisting of 9,700 bbl/d of light crude oil and medium crude oil, 46,760 bbl/d of heavy crude oil and 5,214 mcf/d of conventional natural gas).
(3) Calculated by dividing the amount of the relevant reserves category by estimated average Q4 2024 production of 45,297 boe/d annualized (consisting of 9,550 bbl/d of light crude oil and medium crude oil, 34,882 bbl/d of heavy crude oil and 5,190 mcf/d of conventional natural gas).

Future Development Capital (“FDC”) (000s)⁽¹⁾

Reserve Category	2025		2026		2027		2028		2029+		Total FDC		Total FDC/boe
PDP	$	23,467	$	—	$	—	$	—	$	—	$	23,467	$	0.33
1P	$	239,609	$	113,210	$	73,861	$	13,000	$	622	$	440,302	$	3.93
2P	$	241,934	$	157,800	$	157,181	$	17,166	$	21,317	$	595,398	$	3.51

(1) FDC are stated in USD, undiscounted and based on GLJ January 1, 2025 price forecasts.

Summary of Reserve Metrics – Company Gross

			2024	3-Year
	PDP	1P	2P	PDP	1P	2P
F&D Costs ($/boe)⁽¹⁾	45.60	36.11	169.52	27.90	36.91	122.51
FD&A Costs ($/boe)⁽¹⁾	45.60	24.75	21.09	27.90	32.21	49.94
Recycle Ratio – F&D⁽¹⁾	0.9 x	1.1 x	0.2 x	1.7 x	1.3 x	0.4 x
Recycle Ratio – FD&A⁽¹⁾	0.9 x	1.7 x	2.0 x	1.7 x	1.5 x	1.0 x

(1) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.

Non-GAAP and Other Financial Measures Advisory

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

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

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

Non-GAAP Financial Measures

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

	For the three months ended						For the year ended
	December 31,				September 30,		December 31,
($000s)		2024		2023		2024		2024		2023		2022
Property, plant and equipment expenditures	$	62,799	$	50,753	$	68,406	$	221,250	$	310,933	$	389,979
Exploration and evaluation expenditures		19,311		40,666		13,961		126,445		172,410		122,273
Capital expenditures	$	82,110	$	91,419	$	82,367	$	347,695	$	483,343	$	512,252

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

	For the three months ended								For the year ended
	December 31,					September 30,			December 31,
($000s)		2024		2023		2024				2024		2023		2022
Cash provided by operating activities	$	67,847	$	194,242		$	181,874		$	569,915	$	376,471	$	983,602
Net change in non-cash assets and liabilities		73,354		(865	)		(30,101	)		52,318		291,311		(258,712	)
Funds flow provided by operations		141,201		193,377			151,773			622,233		667,782		724,890
Capital expenditures		82,110		91,419			82,367			347,695		483,343		512,252
Free funds flow	$	59,091	$	101,958		$	69,406		$	274,538	$	184,439	$	212,638

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

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

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

	For the three months ended									For the year ended
	December 31,						September 30,			December 31,
($000s)		2024			2023			2024			2024			2023			2022
Net income (loss)	$	(69,051	)	$	133,783		$	65,793		$	60,680		$	459,309		$	611,368
Adjustments to reconcile net income (loss) to EBITDA:
Finance income		(998	)		(2,067	)		(963	)		(4,315	)		(14,055	)		(9,015	)
Finance expenses		4,318			2,878			5,676			18,408			13,834			8,393
Other expense		2,208			362			1,818			6,227			2,582			1,315
Income tax expense (recovery)		(880	)		(81,929	)		42,767			248,592			(5,070	)		191,798
Depletion, depreciation and amortization		53,984			57,833			52,672			215,770			194,229			149,351
EBITDA	$	(10,419	)	$	110,860		$	167,763		$	545,362		$	650,829		$	953,210
Non-cash impairment charges		137,841			85,330			—			142,502			142,540			103,394
Share-based compensation expense (recovery)		6,149			7,674			(7,994	)		1,462			30,364			19,128
Unrealized foreign exchange loss (gain)		2,581			(2,312	)		4,233			29,603			(6,453	)		(9,692	)
Unrealized loss on risk management contracts		1,160			—			—			1,160			—			—
Adjusted EBITDA	$	137,312		$	201,552		$	164,002		$	720,089		$	817,280		$	1,066,040

Non-GAAP Ratios

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

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

Finding & Development Costs (F&D costs) per boe and Finding, Development and Acquisition Costs (FD&A costs) per boe, is a non-GAAP ratio that helps to explain the cost of finding and developing additional oil and gas reserves. F&D costs are determined by dividing capital expenditures plus the change in FDC in the period divided by BOE reserve additions in the period. FD&A costs per boe are determined by dividing capital expenditures in the period plus the change in FDC plus acquisition costs divided by BOE reserve additions in the period.

F&D and FD&A Costs⁽¹⁾					2024		3-Year
($000s)	PDP		1P		2P		PDP	1P		2P

Capital Expenditures⁽²⁾	347,695		347,695		347,695		1,343,290	1,343,290		1,343,290
Capital Expenditures – change in FDC	(3,321	)	(69,775	)	(109,856	)	8,730	(95,935	)	(113,170	)
Total Capital	344,374		277,920		237,839		1,352,020	1,247,355		1,230,120

Net Acquisitions	—		—		—		—	—		—
Net Acquisitions – change in FDC	—		164,207		168,739		—	168,739		164,207
Total Net Acquisitions	—		164,207		168,739		—	168,739		164,207

Total Capital including Acquisitions	344,374		442,127		406,578		1,352,020	1,416,094		1,394,327

Reserve Additions	7,552		7,697		1,403		48,459	33,797		10,041
Net Acquisitions Reserve Additions	—		10,166		17,877		—	10,166		17,877
Reserve Additions including Acquisitions (Mboe)	7,552		17,863		19,280		48,459	43,963		27,918

F&D Costs ($/boe)	45.60		36.11		169.52		27.90	36.91		122.51
FD&A Costs ($/boe)	45.60		24.75		21.09		27.90	32.21		49.94

(1) All reserves are presented as Parex working interest before royalties.
(2) Calculated using capital expenditures for the period ended December 31, 2024.

Recycle ratio, is a non-GAAP ratio that measures the profit per barrel of oil to the cost of finding and developing that barrel of oil. The recycle ratio is determined by dividing the annual operating netback per boe by the F&D costs and FD&A costs in the period.

			2024	3-Year
	PDP	1P	2P	PDP	1P	2P

Operating netback ($/boe)	41.30	41.30	41.30	48.43	48.43	48.43

F&D Costs⁽²⁾ ($/boe)	45.60	36.11	169.52	27.90	36.91	122.51
FD&A Costs⁽²⁾ ($/boe)	45.60	24.75	21.09	27.90	32.21	49.94

Recycle Ratio – F&D⁽¹⁾	0.9 x	1.1 x	0.2 x	1.7 x	1.3 x	0.4 x
Recycle Ratio – FD&A⁽¹⁾	0.9 x	1.7 x	2.0 x	1.7 x	1.5 x	1.0 x

(1) Recycle ratio is calculated as operating netback per boe divided by F&D or FD&A as applicable. Three-year operating netback on a per boe basis is calculated using weighted average sales volumes.

Net Asset Value (“NAV”) per share, is a non-GAAP ratio that combines the 51-101 NPV15 value after tax with the Company’s estimated working capital at the period end date, less bank debt at the period end date, divided by common shares outstanding at the period end date. The Company uses the NAV per share as a way to reflect the Company’s value considering existing working capital on hand, less bank debt, plus the NPV15 after tax value on Oil and Gas Reserves. NAV per share is stated in CAD dollars using an exchange rate of USDCAD=1.4389. NAV is defined as total assets less total liabilities.

Net Asset Value (“NAV”) per boe, is a non-GAAP ratio that combines the 51-101 NPV15 value after tax with the Company’s estimated working capital at the period end date, less bank debt at the period end date, divided by reserve volumes at the period end date. The Company uses the NAV per boe as a way to reflect the Company’s value considering existing working capital on hand, less bank debt, plus the NPV15 after tax value on Oil and Gas Reserves. Net asset value is defined as total assets less total liabilities.

Basic funds flow provided by operations per share is a non-GAAP ratio that is calculated by dividing funds flow provided by operations by the weighted average number of basic shares outstanding. Parex presents basic funds flow provided by operations per share whereby per share amounts are calculated using weighted-average shares outstanding, consistent with the calculation of earnings per share.

Capital Management Measures

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

	For the three months ended								For the year ended
	December 31,					September 30,			December 31,
($000s)		2024		2023			2024			2024		2023		2022
Cash provided by operating activities	$	67,847	$	194,242		$	181,874		$	569,915	$	376,471	$	983,602
Net change in non-cash assets and liabilities		73,354		(865	)		(30,101	)		52,318		291,311		(258,712	)
Funds flow provided by operations	$	141,201	$	193,377		$	151,773		$	622,233	$	667,782	$	724,890

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

	For the three months ended						For the year ended
	December 31,				September 30,		December 31,
($000s)		2024		2023		2024		2024		2023		2022
Current assets	$	245,943	$	337,175	$	248,208	$	245,943	$	337,175	$	593,602
Current liabilities		186,546		258,148		210,699		186,546		258,148		508,614
Working capital surplus	$	59,397	$	79,027	$	37,509	$	59,397	$	79,027	$	84,988

Supplementary Financial Measures

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

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

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

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

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

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

Dividend Advisory

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

Advisory on Forward-Looking Statements

In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to the Company’s operational and financial position; the Company’s plan, strategy and focus; the focus of the Company’s 2025 operational plan; Parex’s plan of rebuilding market confidence by delivering steady results, evolving its Colombian portfolio and strengthening its track record of shareholder returns, while also progressing towards Llanos Foothills exploration in 2026; Parex’s FY 2025 average production guidance; the anticipated Board nominees at Parex’s upcoming Meeting; the anticipated number of operating and non-operating drilling rigs that Parex will have in Q2 2025; expectations that the Company’s operations are supportive of a growing H2 2025 production profile and the Company’s anticipated activities at certain of its locations, including the anticipated timing thereof; the Company’s 2025 guidance, including anticipated Brent crude oil average price, average production, funds flow provided by operations netback, funds flow provided by operations, capital expenditures and free funds flow; the anticipated terms of the Company’s Q1 2025 regular quarterly dividend including its expectation that it will be designated as an “eligible dividend”; the anticipated date and time of Parex’s 2025 Meeting and the release of its 2024 Annual Information Form; and the anticipated date of Parex’s conference call. In addition, statements relating to “reserves” are by their nature forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. The recovery and reserve estimates of Parex’s reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered.

These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; determinations by OPEC and other countries as to production levels; volatility in commodity prices; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced, in Canada and Colombia; competition; lack of availability of qualified personnel; the results and timelines of exploration and development drilling, test, monitoring and work programs and related activities; obtaining required approvals of regulatory authorities, in Canada and Colombia; risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; risk that Parex’s evaluation of its existing portfolio of development and exploration opportunities is not consistent with its expectations; that production test results may not necessarily be indicative of long term performance or of ultimate recovery; the risk that Parex may not commence exploration activities in the Llanos Foothills area when anticipated, or at all; the risk that Parex’s FY 2025 average production may be less than anticipated; the risk that Parex may have less operating and non-operating drilling rigs in Q2 2025 than anticipated; the risk that Parex’s financial and operating results may not be consistent with its expectations; the risk that the Company may not release its Annual Information Form or hold its 2025 Meeting when anticipated; the risk that Parex may not have sufficient financial resources in the future to provide distributions to its shareholders; the risk that the Board may not declare dividends in the future or that Parex’s dividend policy changes;and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Parex’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca).

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

Management has included the above summary of assumptions and risks related to forward-looking information provided in this document in order to provide shareholders with a more complete perspective on Parex’s current and future operations and such information may not be appropriate for other purposes. Parex’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Parex will derive. These forward-looking statements are made as of the date of this document and Parex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

This press release contains information that may be considered a financial outlook under applicable securities laws about the Company potential financial position, including, but not limited to: the Company’s 2025 guidance, including anticipated funds flow provided by operations netback, funds flow provided by operations, capital expenditures and free funds flow; and the anticipated terms of the Company’s Q1 2025 regular quarterly dividend including its expectation that it will be designated as an “eligible dividend”. Such financial outlook has been prepared by Parex’s management to provide an outlook of the Company’s activities and results. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed above and assumptions with respect to the costs and expenditures to be incurred by the Company, including capital equipment and operating costs, foreign exchange rates, taxation rates for the Company, general and administrative expenses and the prices to be paid for the Company’s production.

Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in this press release, and such variations may be material. The Company and Management believe that the financial outlook has been prepared on a reasonable basis, reflecting the best estimates and judgments, and represent, to the best of Management’s knowledge, Parex’s expected expenditures and results of operations. However, because this information is highly subjective and subject to numerous risks including the risks discussed above, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company’s potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.

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

PDP	proved developed producing
1P	proved
2P	proved plus probable
3P	proved plus probable plus possible
bbl	one barrel
bbls	barrels
bbl/d	barrels per day
boe	barrels of oil equivalent; one barrel of oil or natural gas liquids for six thousand cubic feet of natural gas
boe/d	barrels of oil equivalent per day
mbbl	thousands of barrels
mboe	thousand barrels of oil equivalent
mcf	thousand cubic feet
mcf/d	thousand cubic feet per day
mmboe	one million barrels of oil equivalent
mmcf	one million cubic feet
W.I.	working interest

PDF available:

http://ml.globenewswire.com/Resource/Download/dc94d190-6b5f-48f2-9d09-33ac94624887

The MIL Network –

March 6, 2025

MIL-OSI: Sunrun Earns Best Company’s 2025 Platinum Solar Award and Preferred Partner Award

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, March 05, 2025 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), America’s leading provider of clean energy as a subscription service, has been awarded the 2025 Platinum Solar Award and the exclusive Preferred Partner Award by BestCompany.com, a leading reviews platform that empowers consumers to make confident purchase decisions. These awards recognize Sunrun’s commitment to customer satisfaction, innovation, and industry leadership.

“Customer obsession is at the core of everything we do at Sunrun. We’ve made significant investments in service and delivering an industry-best customer experience, and we’re honored to be recognized by Best Company for the progress we’ve made,” said Chance Allred, Sunrun’s Chief Experience Officer. “We are laser focused on putting our customers at the center of every decision we make and see every interaction as an opportunity to build trust and long-term value. This customer-first approach is reflected in our strong Net Promoter Scores and the positive experiences customers continue to share with others on review platforms.”

“We speak with their customers every day. We know what their advocates say about them and we see how excited their customers are to refer them to friends,” said Landon Taylor, CEO of Snoball, Best Company’s review and referral platform. “Sunrun is an excellent choice for the Platinum Solar and Preferred Partner Awards.”

As part of its selection process, Best Company said that Sunrun stood out because of its proven expertise, innovative partnerships, cutting-edge technology, flexible financing options, commitment to sustainability, comprehensive customer support, and stability.

“With how much change has occurred in the industry over the last few years, including large companies going out of business and their customers feeling the brunt of that, Sunrun’s financial stability and strength of partnerships was a key contributor to this award,” Best Company said. “They are built for the long haul.”

The Best Company recognition comes on the heels of Sunrun being named a Sustainability Innovator in Good Housekeeping’s 2025 Home Renovation Awards. Additionally, Sunrun was awarded the 2024 Excellence in Customer Service Award by the Business Intelligence Group and earned a 2024 Silver Stevie® Award for Achievement in Customer Experience.

These accolades highlight Sunrun’s commitment to providing families across America with clean, affordable, and reliable solar energy. With the industry’s most comprehensive maintenance, monitoring, and repair program—including 24/7 system monitoring, free maintenance and repairs, and a solar performance guarantee—Sunrun continues to extend its brand differentiation by providing customers with a seamless experience and industry-best products and services. In 2024, Sunrun’s Net Promoter Score at the time of installation reached 76 points, a level achieved only by the most trusted and admired consumer brands.

About Sunrun
Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com.

Media Contact
Wyatt Semanek
Director, Corporate Communications
press@sunrun.com

Investor & Analyst Contact
Patrick Jobin
SVP, Deputy CFO & Investor Relations Officer
investors@sunrun.com

The MIL Network –

March 6, 2025
MIL-OSI: TransUnion Identifies Increased Risk for Tax Fraud Linked to 970 Data Breaches in 2024

Source: GlobeNewswire (MIL-OSI)

CHICAGO, March 05, 2025 (GLOBE NEWSWIRE) — Tax refund theft is an annual concern and 2025 brings an elevated risk, according to a TransUnion (NYSE: TRU) analysis. Researchers found that in 2024 there were 970 data breaches in which fraudsters obtained the kinds of personally identifiable information (PII) required for various forms of tax fraud.

In total, 640 million consumer records were exposed in 2024, containing critical pieces of information like Social Security numbers, address histories, and full names. A recent TransUnion report found full Social Security numbers were exposed in 71% of data breaches in the first half of 2024 alone—up from 57% in all of 2023. The exposed information can help fraudsters file false tax returns in a victim’s name, or access someone’s bank account to intercept their tax return.

“What we found is that the volume and severity of recent data breaches have created tremendous vulnerability,” said Greg Schlichter, director of research and consulting for TransUnion’s public sector business. “Government agencies, like the IRS, as well as financial institutions and consumers need to be alert to this threat.”

How government agencies can defeat fraudsters
Many fraudsters will target call centers to either test the veracity of PII acquired from criminal marketplaces, or to directly impersonate a victim. Call center leaders must look out for suspicious calls—such as those that show signs of spoofing, or those placed through a Voice-over-IP service—even for routine requests like address changes or tax return tracking.

In addition, fraudsters will access online government portals with stolen PII to validate stolen identity information, file false returns or intercept return status updates. Agencies should employ identity verification and document authentication technologies to flag impersonators who may also use AI to generate photo-realistic credentials.

“There are a number of fraud prevention tools that agencies can leverage,” said Naureen Ali, U.S. Head of Fraud at TransUnion. “Using call authentication and identity resolution capabilities will make it easier to thwart fraud attempts that use stolen and synthetic identities.”

The researchers note branded calling tools are likely needed for agencies looking to proactively notify taxpayers whose returns are at risk, given the volume of government impersonation fraud. A recent TransUnion survey found that 62% of consumers won’t answer a call from a number or caller ID name they don’t recognize, even if they’re expecting a call from a government agency.

The role for banks and consumers
While the government should look out for fraudsters attempting to falsely file and claim tax returns, banks and other financial institutions should check to confirm that the payee matches the account owner on record. This can help ensure that incoming funds are intended for that customer.

Even prior to this point, however, banks should already be scrutinizing their deposit account openings to check for potentially fraudulent account creations that are used for criminal activities like drop accounts and mule accounts. Similarly, financial institutions should remain diligent to try to protect their existing deposit accounts from account takeovers.

Consumers can also protect themselves by monitoring their bank account activity and credit history. When they know their tax refund is due, they can check regularly to ensure it remains in their account. They can also use credit monitoring services to know if fraudsters have created new accounts in their name.

Learn more about TransUnion’s TruValidate™ Identity Verification Solutions and TruContact™ Trusted Call Solutions.

Read more about the implications of data breaches on tax fraud here.

About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business

Contact Dave Blumberg
TransUnion

E-mail david.blumberg@transunion.com

Telephone 312-972-6646

The MIL Network –

March 6, 2025
MIL-OSI: RXR.Lab Announces IEO Launch of Equity-Based RWA Blockchain Lottery Platform
Source: GlobeNewswire (MIL-OSI)

Singapore, March 05, 2025 (GLOBE NEWSWIRE) — RXR.Lab announces its Initial Exchange Offering (IEO), scheduled for March 6, 2025, across four major exchanges: P2B, Azbit, DEX-trade, and Bitstorage.finance. The IEO will end on April 7th. 1 RXR token will correspond to 1 RXR.Lab Equity.

As the world’s first equity-based RWA project, RXR redefines the gaming and crowdfunding landscape. Every RXR token represents equity in RXR.Lab, aligning user participation with platform growth and profits.

Rethinking the Lottery Industry

RXR.Lab introduces an innovative concept to the global lottery and gaming industry, with several core features:
- One Dollar Purchase Model: With just $10, users can enter and win high-value items, including 1 BTC.
- Equity Sharing: Even if users don’t win, they can recover part of their costs through the platform’s unique equity-based mechanism.
- Blockchain Technology: The integration of blockchain ensures transparency, decentralization, and fairness. This eliminates the trust issues found in traditional lottery systems.
Rooted in the CAPM model, RXR.Lab’s structure combines entertainment with financial value, offering a predictable, equity-driven ecosystem.

Tokenomics and Governance

RXR tokens represent equity and investment potential. Key highlights include tokenomics and the structure of governance:
- About the Token: The maximum supply is 380 million RXR tokens to make sure supply will be scarce and retain value.
- Initial Supply: Only 130 million tokens will be released, with 40 million in circulation during the first phase.
- Smart Contract Audit: RXR tokens have undergone a Solidproof audit, ensuring security and transparency for investors.
Every token represents a share of RXR.Lab’s assets and profits, aligning user participation with long-term platform success.

Goals and Future Plans

RXR.Lab is working to change the classical diagram of financial and gaming relations. In this sense, March 6, 2025, will see the launch of this project’s IEO.

Over time, the team plans to include blockchain features, as well as to push its “one-dollar purchase” model to market. Secondly, RXR.Lab will extend a governance model in a decentralized way. In a word, any participant of any project will become a shareholder.

RXR.Lab aims to create an open and inclusive ecosystem by integrating real assets with blockchain technology. The project will foster the creation of a sustainable model for universal participation and collaborative growth.

About RXR.Lab

RXR.Lab is the world’s first equity-based blockchain lottery platform that combines real-world assets with entertainment and investment. Blockchain transparency, equity sharing, and innovative lottery mechanics make up the core offering of RXR.Lab. This strategy presents users with a fair and predictable way to participate in the global gaming market.

The fast-approaching IEO launch indeed opens an opportunity for the investors looking to be part of this new project. To know more about RXR.Lab, readers may refer to the project’s official website and follow the social media pages below. The whitepaper and the official presentation designed by the RXR.Lab team is also a relevant source to check out, and the project’s dApp is available for the public.

X (Twitter) | Telegram | Discord

Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities

The MIL Network –
March 6, 2025
MIL-OSI: Bread Financial Announces Approval of $150 Million Share Repurchase Program

Source: GlobeNewswire (MIL-OSI)

COLUMBUS, Ohio, March 05, 2025 (GLOBE NEWSWIRE) — Bread Financial^® Holdings, Inc. (NYSE: BFH) (“Bread Financial” or the “Company”) today announced that its Board of Directors (the “Board”) has authorized a new plan to repurchase up to $150 million of shares of its common stock. There is no expiration date for the repurchase plan.

“Aligned with our capital priorities, we have prudently focused on strengthening our balance sheet over the past five years, including building capital and reducing debt. The issuance of Tier 2 capital and this share repurchase authorization will further strengthen our total capital ratios, while providing capital flexibility for future growth and further optimization of our capital position over time,” said Ralph Andretta, president and chief executive officer of Bread Financial.

Any decision to repurchase shares will be subject to market conditions and other factors, including legal and regulatory restrictions and required approvals, up to the aggregate amount authorized by the Board. The repurchase plan does not obligate the Company to acquire any specific number of shares and may be suspended or terminated at any time.

About Bread Financial^®
Bread Financial^® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. The Company’s payment solutions, including Bread Financial general purpose credit cards and savings products, empower its customers and their passions for a better life. Additionally, the Company delivers growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through their private label and co-brand credit cards and pay-over-time products providing choice and value to their shared customers.

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, among other things, statements regarding the Company’s intended share repurchases and the expected impact on share count dilution. The Company believes that its expectations are based on reasonable assumptions. Forward-looking statements, however, are based only on currently available information and the Company’s current beliefs, expectations and assumptions, and are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond the Company’s control, including risk and uncertainties described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, the Company’s Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. The Company’s forward-looking statements speak only as of the date made, and it undertakes no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

Contacts

Brian Vereb — Investor Relations
Brian.Vereb@breadfinancial.com

Susan Haugen — Investor Relations
Susan.Haugen@breadfinancial.com

Rachel Stultz — Media
Rachel.Stultz@breadfinancial.com

The MIL Network –

March 6, 2025
MIL-OSI: Stack Capital Group Inc. Invests $10 Million USD Into CoreWeave

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 05, 2025 (GLOBE NEWSWIRE) — Stack Capital Group Inc. (TSX:STCK) (“Stack Capital”), an investment holding company that invests in equity, debt and/or other securities of leading growth-to-late-stage private businesses, is pleased to announce that it has invested $10 million USD into CoreWeave, Inc. (“CoreWeave” or the “Company”), a leading cloud-based AI infrastructure company that provides GPU-accelerated data centers delivering high-performance compute capabilities with significant cost savings to its customers, many of whom are leading AI enterprises.

CoreWeave offers scalable resources for high-compute workloads that demand intensive processing, making it easy and cost-effective for its customers to handle complex computing tasks without having to invest heavily in their own hardware. Its servers, storage, and networking solutions deliver best-in-class performance that is up to 35 times faster and 80% less expensive than those offered by generalized public cloud peers. From advanced data processing used in AI, machine learning, scientific research, finance, visual effects rendering, and pixel streaming, CoreWeave’s platform is designed to support a broad range of applications. By continually investing in cutting-edge GPU compute capabilities and infrastructure, the Company has managed to stay ahead of its peers, market trends and customer needs which, in turn, has served to enhance its credibility and overall reach.

“Given its growing data center presence across the United States, Europe, and Canada, CoreWeave is extremely well-positioned to continue capitalizing on accelerating global demand for AI infrastructure and compute capabilities,” said Jeff Parks, CEO of Stack Capital. “With leading AI enterprises such as Microsoft, Nvidia, Meta, and Cohere already in the fold, and a recently announced IPO filing, it’s an exciting time to be an investor in CoreWeave, as well as Stack Capital.”

About Stack Capital

Stack Capital is an investment holding company and its business objective is to invest in equity, debt, and/or other securities of growth-to-late-stage private businesses. Through Stack Capital, shareholders have the opportunity to gain exposure to the diversified private investment portfolio; participate in the private market; and have liquidity due to the listing of the Common Shares on the TSX. At the same time, the public structure also allows Stack Capital to focus its efforts on maximizing long-term performance through a portfolio of high growth businesses, which are not widely available to most Canadian investors. SC Partners Ltd. has taken the initiative in creating Stack Capital and acts as its administrator and is responsible to source and advise with respect to all portfolio investments.

For more information, please visit our website or contact:

Brian Viveiros
VP, Corporate Development, and Investor Relations
647.280.3307
brian@stackcapitalgroup.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f420200-2890-4ef9-946d-6dfd3666374c

The MIL Network –

March 6, 2025
MIL-OSI: MEXC Lists RedStone (RED) with 300,000 USDT Prize Pool

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, March 05, 2025 (GLOBE NEWSWIRE) — MEXC, the world’s leading cryptocurrency trading platform, has announced it will list RedStone (RED) on March 6, 2025. To celebrate, MEXC will be launching exclusive events for all users, with a total prize pool of 300,000 USDT.

RedStone (RED) is a rapidly growing Oracle solution designed to enhance DeFi applications by providing gas-efficient data feeds across 50+ blockchains. Trusted by top protocols like Morpho, Venus, and ether.fi, RedStone is advancing data availability for decentralized finance.

RedStone (RED) Listing Events – 300,000 USDT Prize Pool

To celebrate the listing of RedStone (RED), MEXC will be launching multiple events with a total 300,000 USDT prize pool, running from February 26, 2025, 04:00 UTC, to March 19, 2025, 10:00 UTC.
Event 1: Deposit and Share 200,000 USDT
Event 2: Futures Challenge — Trade to Share 50,000 USDT in Futures Bonuses
Event 3: Invite New Users & Share 50,000 USDT
Event 4: Spread the Word and Win 1,000 USDT Bonus Rewards

With the listing of RedStone, MEXC further strengthens its position as a leading exchange for emerging and high-potential crypto assets. The platform has grown its user base to 32 million by offering a diverse selection of tokens, high-frequency airdrops, and seamless participation processes. In 2024, MEXC introduced 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

For more information and to participate, please visit the event page.

About MEXC
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 32 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
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Contact:
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PR Manager
lucia.hu@mexc.com

Disclaimer: This content is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/67ab62dc-cccd-4f21-8b6f-59ebd1aaac9c

The MIL Network –

March 6, 2025
MIL-OSI United Kingdom: Perfect weather conditions help make Sperrins and Killeter Walking Festival a real success

Source: Northern Ireland – City of Derry

Perfect weather conditions help make Sperrins and Killeter Walking Festival a real success

5 March 2025

Perfect weather conditions help make Sperrins and Killeter Walking Festival a real success
The weather conditions were perfect for the walking enthusiasts of all ages and abilities that participated in the recent Sperrins Killeter Walking Festival. This weekend was part of the Sperrin Walking programme, which continues across councils throughout March.
The festival, which was led by outdoor experts at Far and Wild in collaboration with Derry City and Strabane District Council, not only showcased the stunning scenery and diverse walking routes of the picturesque Sperrins Mountains but featured a range of diverse activities including guided walks and evening entertainment to showcase the region’s hospitality and tourism appeal.
Ashleigh Devine, Events Coordinator with Derry City and Strabane District Council, said the event was a huge success for everyone involved. “The festival not only provided a fantastic opportunity for outdoor enthusiasts to explore the beauty of the Sperrins but also boosted the local economy by attracting visitors to the area and showcasing the region’s hospitality. Over the weekend it was great to see so many people taking part. A special thanks goes out to the local community for making everyone feel so welcome and to the wonderful guides from Far and Wild for all their knowledge and expertise.”
Among the highlights of the weekend was the 8km walk, ‘The Moat at the Heart of Glenelly,’ and the ‘Myths & Stories from the Edge of Time’, that saw walkers trekking from Lettercran in Co Donegal to Killeter village in Co Tyrone via the scenic Carrickaholten Forest, retracing the footsteps of emigrants, market-goers, smugglers, and travellers who have crossed the border area throughout history.
Those taking part in the weekend festival also enjoyed refreshments and entertainment at the Killeter Heritage Centre where there was an opportunity to meet for a chat, a coffee and to exchange stories.
The Mayor of Derry City and Strabane District Council, Cllr Lilian Seenoi Barr, extended a huge thank you to everyone involved in making the festival such a success.
For more information about the whole Sperrins Walking Programme visit: https://sperrinspartnershipproject.com/sperrins-walking/

MIL OSI United Kingdom –

March 6, 2025
MIL-OSI China: CPPCC members commend China’s achievements

Source: China State Council Information Office 2

Members of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) took part in a group interview with the press in Beijing on March 4 ahead of the opening of its third session, sharing insights on China’s new milestones and prospects.

Members of the 14th National Committee of the CPPCC take part in a group interview at the Great Hall of the People, Beijing, March 4, 2025. [Photo by Zheng Liang/China.org.cn]
Lin Songtian, deputy director of the CPPCC National Committee’s Foreign Affairs Committee, called the Belt and Road Initiative (BRI) a landmark project linking five continents, promoting global prosperity and benefiting current and future generations.
“The initiative has benefited people in over 150 countries, paving a new path for cooperation, mutual benefit and shared development worldwide,” Lin told reporters at the Great Hall of the People. He noted that the BRI has driven development in partner countries, improved investment environments and established numerous economic zones and industrial parks, creating vast employment opportunities, enhancing livelihoods and enabling Chinese enterprises to expand globally with robust infrastructure, legal and policy support.
Since 2013, the BRI has delivered global benefits through key projects: the China-Laos Railway boosted Asia’s regional connectivity, the Addis Ababa-Djibouti Railway provided Ethiopia sea port access, Peru’s Chancay Port became a green, smart logistics hub, and the China-Europe Railway Express strengthened Asia-Europe ties, connecting 25 countries and over 220 cities with more than 100,000 freight trains.
“With joint efforts from all parties, high-quality BRI cooperation will allow Chinese people to pursue their dreams worldwide with greater accessibility, while enabling more people around the globe to share in development opportunities and prosperity,” he said.
Qiao Hong, academician of the Chinese Academy of Sciences (CAS) and CPPCC member, highlighted China’s remarkable progress in humanoid robotics in recent years, noting that the country now accounts for more than half of global robot deployment and leads the world in related technologies.
Qiao emphasized that humanoid robots, a key manifestation of artificial intelligence (AI) and a vital platform for general-purpose physical AI systems, represent the cutting edge of technological evolution. She added that the “Q-series” humanoid robots, independently developed by the CAS’ Institute of Automation, have successfully established the core technological foundation for the humanoid robot mega-factory.
“As part of China’s national strategic technological force, we will continue to harness our technological advancements and talent resources to solidify the nation’s core technological foundation and advance China’s goal of becoming a global technological powerhouse,” Qiao said.

Members of the 14th National Committee of the CPPCC take part in a group interview at the Great Hall of the People, Beijing, March 4, 2025. [Photo by Zheng Liang/China.org.cn]
Jin Li, vice-president of the Southern University of Science and Technology and CPPCC member, addressed challenges posed by China’s aging population, highlighting efforts to develop the silver economy and improve the well-being of elderly people.
China’s silver economy, driven by its aging population, is set for significant growth, potentially creating 100 million jobs by 2050 and tapping into a market worth $4 trillion by 2035, boosting economic vitality. Currently, there are more than 300 million people aged 60 and above in China, with this figure expected to exceed 400 million by 2035.
“The growing population aged 60 to 70 brings a wealth of energy and experience. A silver think tank can unlock opportunities in this demographic,” Jin said, noting that improving education and health care enables older individuals to continue making significant contributions to the workforce and society.
Jin highlighted that the needs of China’s aging population are shifting from basic necessities like clothing, food, shelter and transportation to personal growth, including health care, elderly care, leisure and exploration, as the silver economy offers vast opportunities in terms of both supply and demand.
Yan Jianbing, president of Huazhong Agricultural University and CPPCC member, emphasized that China’s innovation in agricultural science and technology ranks among the world’s highest, making significant contributions to agricultural progress.
Yan expressed optimism in maintaining food security, praising the efforts of agricultural science and technology workers. In 2024, China’s grain output exceeded 700 million metric tons for the first time, with per capita availability surpassing 500 kilograms — well above the international food security threshold.

Members of the 14th National Committee of the CPPCC take part in a group interview at the Great Hall of the People, Beijing, March 4, 2025. [Photo by Zheng Liang/China.org.cn]
Zhao Hong, chief physician at the Chinese Academy of Medical Sciences’ Cancer Hospital and CPPCC member, highlighted China’s remarkable progress in biopharmaceutical innovation in recent years, aimed at better safeguarding public health. Last year, the nation approved 48 novel drugs and 65 innovative medical devices, with the number of novel medicines in the pipeline ranking second globally.
“China has shifted from imitation to innovation in the biopharmaceutical field, significantly enhancing its capabilities and demonstrating a promising future,” Zhao said.
CPPCC member Zhou Lan also noted China’s increased efforts to renovate old residential areas, creating modern and convenient living environments. Over 66,000 urban renewal projects have been carried out, updating and renovating 250,000 old neighborhoods, benefiting more than 100 million residents.
“These urban renewal projects have not only optimized residents’ living conditions but also attracted new, efficient investment to these cities while preserving their cultural and historical heritage,” she said.

MIL OSI China News –

March 6, 2025
MIL-OSI China: Int’l observers, business leaders optimistic about Chinese economy

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

Observers and business leaders across the world have expressed their optimism towards the Chinese economy, as China targets an economic growth rate of around 5 percent in 2025, according to a government work report submitted Wednesday to the national legislature for deliberation.

MIL OSI China News –

March 6, 2025
MIL-OSI: Bread Financial Announces Private Offering of Subordinated Notes

Source: GlobeNewswire (MIL-OSI)

COLUMBUS, Ohio, March 05, 2025 (GLOBE NEWSWIRE) — Bread Financial^® Holdings, Inc. (NYSE: BFH) (“Bread Financial” or the “Company”) announced today that it intends to offer, subject to market and other conditions, $400 million aggregate principal amount of fixed-rate reset subordinated notes (the “Notes”) in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).

The Company intends to lend no less than $250 million of the net proceeds of the Notes offering as subordinated debt to one of its subsidiary banks, Comenity Capital Bank, with the remaining proceeds intended to be used for general corporate purposes, which may include share repurchases.

Consummation of the offering of the Notes is subject to market and other conditions, and there can be no assurance that the Company will be able to successfully complete this transaction on the terms described above, or at all.

The Notes will not be registered under the Securities Act, or any state securities laws. The Notes may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements under the Securities Act and applicable state securities laws. Accordingly, the Notes will be offered only (A) to persons reasonably believed to be “qualified institutional buyers” under Rule 144A of the Securities Act or (B) outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.

This news release shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Bread Financial^®
Bread Financial^® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. The Company’s payment solutions, including Bread Financial general purpose credit cards and savings products, empower its customers and their passions for a better life. Additionally, the Company delivers growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through their private label and co-brand credit cards and pay-over-time products providing choice and value to their shared customers.

Forward-looking Statements
This news release contains forward-looking statements, including, but not limited to, statements related to the Notes offering described above. Forward-looking statements give the Company’s expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements made regarding, and the guidance given with respect to, the Company’s anticipated operating or financial results, future financial performance and outlook, future dividend declarations or stock repurchases and future economic conditions.

The Company believes that its expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that the Company’s expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political, public health and social events or conditions, including ongoing wars and military conflicts, and natural disasters; future credit performance of the Company’s customers, including the level of future delinquency and write-off rates; loss of, or reduction in demand for services from, significant brand partners or customers in the highly competitive markets in which the Company competes; the concentration of the Company’s business in U.S. consumer credit; increases or volatility in the Allowance for credit losses that may result from the application of the current expected credit loss (CECL) model; inaccuracies in the models and estimates on which the Company rely, including the amount of the Company’s Allowance for credit losses and its credit risk management models; increases in fraudulent activity; failure to identify, complete or successfully integrate or disaggregate business acquisitions, divestitures and other strategic initiatives, including, with respect to divested businesses, any associated guarantees, indemnities or other liabilities; the extent to which the Company’s results are dependent upon brand partners, including brand partners’ financial performance and reputation, as well as the effective promotion and support of the Company’s products by brand partners; increases in the cost of doing business, including market interest rates; the Company’s level of indebtedness and inability to access financial or capital markets, including asset-backed securitization funding or deposits markets; restrictions that limit the ability of the Company’s subsidiary banks, Comenity Bank and Comenity Capital Bank (the “Banks”), to pay dividends to it; pending and future litigation; pending and future federal, state, local and foreign legislation, regulation, supervisory guidance and regulatory and legal actions including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions with respect to late fees, interchange fees or other charges; increases in regulatory capital requirements or other support for the Banks; impacts arising from or relating to the transition of the Company’s credit card processing services to third party service providers that it completed in 2022; failures, or breaches in operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects, failure of information security controls or otherwise; loss of consumer information or other data due to compromised physical or cyber security, including disruptive attacks from financially motivated bad actors and third-party supply chain issues; any tax or other liability, or adverse impacts arising out of or related to the spinoff of the Company’s former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. (LVI) and certain of its subsidiaries, and subsequent litigation or other disputes. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. In addition, the Consumer Financial Protection Bureau (CFPB) issued a final rule in 2024 that, absent a successful legal challenge or other invalidation of the rule, will place significant limits on credit card late fees, which would have a significant impact on the Company’s business and results of operations for at least the short term and, depending on the effectiveness of the mitigating actions that the Company has taken or may in the future take in anticipation of, or in response to, the final rule, may potentially adversely impact it over the long term; the Company cannot provide any assurance as to the effective date, if any, of the rule, the result of any pending or future challenges or other litigation relating to the rule, or its ability to mitigate or offset the impact of the rule on its business and results of operations. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, the Company’s Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. The Company’s forward-looking statements speak only as of the date made, and it undertakes no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

Contacts

Brian Vereb — Investor Relations
Brian.Vereb@breadfinancial.com

Susan Haugen — Investor Relations
Susan.Haugen@breadfinancial.com

Rachel Stultz — Media
Rachel.Stultz@breadfinancial.com

The MIL Network –

March 6, 2025
MIL-OSI United Kingdom: Cutting-Edge Research on AI Security bolstered with new Challenge Fund to ramp up public trust and adoption
Source: United Kingdom – Executive Government & Departments 2

Press release

Cutting-Edge Research on AI Security bolstered with new Challenge Fund to ramp up public trust and adoption

AI security research and protecting critical systems will be the focus of the first grant fund created under the AI Security Institute.
AI security research and protecting critical systems will be the focus of the first grant fund created under the AI Security Institute

Researchers worldwide can access grants up to £200,000 for innovative research to harden critical industries, prevent AI misuse, and ensure oversight and control of these highly capable systems

New work will increase public confidence in the technology, driving up adoption and boosting growth as part of the government’s Plan for Change

The first ever Challenge Fund launched under the AI Security Institute today (Wednesday 5 March) will focus on areas critical to the UK’s national security such as AI misuse, bolstering public confidence in the technology and leading to greater AI adoption across the economy as a central pillar of the government’s Plan for Change.

Researchers covering a range of AI security threats, such as protecting critical systems from failure and preventing AI misuse, can now apply for fresh funding to strengthen UK defences, as part of a £5 million programme. As AI capabilities advance, so do the risks, making investment in robust security research more urgent than ever. By tackling these risks head on, the government will also boost public trust in AI – helping to remove barriers for those looking to adopt the technology to drive forward growth, innovation, and new opportunities in all areas of the economy.

Led by the UK’s AI Security Institute, the Challenge Fund will award grants of up to £200,000 per project to address pressing, open questions in AI security and safety – with researchers being called on to put their proposals forward.

This initiative reinforces the Institute’s renewed security focus, building a strong evidence base to understand and mitigate the most serious threats posed by advanced AI systems. It will also ensure the UK’s critical infrastructure is protected as the government looks to unlock AI’s full potential and boost adoption across the economy – ramping up productivity and ensuring more innovative AI is developed on UK shores as part of the Plan for Change.

Minister for AI and Digital Government Feryal Clark said:

AI is at the heart of our Plan for Change – driving economic growth, creating jobs, and transforming public services for people across the country. But to unlock its full potential, we must ensure AI systems are secure, resilient, and trusted – with safety baked in from the start.

This fund supports world-class research to tackle the toughest safety and security challenges in AI, protecting critical infrastructure and removing barriers to adoption. By addressing these challenges head-on, we’re laying the foundations for AI to boost productivity, strengthen public services and power a decade of national renewal.

The fund will focus on supporting research tackling 4 critical AI security and safety challenges. As AI integrates into financial markets, healthcare and energy grids, failures or misuse could cause systemic disruptions and security risks – as such, the research will help boost confidence in AI and make sure our economy is better protected.

Ensuring human oversight is another priority, as AI takes on complex decision-making roles. The fund will support research into robust controls which will allow humans to reliably monitor and intervene to prevent any emerging risks, even as AI systems operate autonomously. This funding will support research to strengthen protections and reduce these risks.

AI Security Institute Chair Ian Hogarth said:

This fund directly supports researchers seeking to understand and address the most urgent AI risks – whether that’s ensuring AI systems remain resilient against misuse, ensuring human oversight over autonomous systems or strengthening our society against emerging threats.

Making sure AI systems are aligned and operate with human oversight are 2 of the key open questions in technical AI safety. By funding high-impact research across these priority areas, we’re building the evidence base needed to develop a robust understanding of, and real-world solutions for, the most urgent security risks AI presents.

By advancing AI security, the fund will bolster public confidence, drive long-term economic growth, and cement the UK’s leadership in responsible AI development. This aligns with the government’s Plan for Change, accelerating AI adoption to enhance productivity and improve public services nationwide.

The AI Security Institute will provide grants to researchers and non-profit organisations worldwide with clear, tangible security solutions. Proposals will be assessed on their potential impact, with priority given to innovations that would not be realised without this support.

Further information

Visit the AI Security Institute website for further details. Applications open on 5 March 2025, with successful projects announced within 12 weeks.

DSIT media enquiries

Email press@dsit.gov.uk

Monday to Friday, 8:30am to 6pm 020 7215 300

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Published 5 March 2025
MIL OSI United Kingdom –
March 6, 2025
MIL-OSI United Kingdom: Swifter justice for victims as courts sit at record level
Source: United Kingdom – Government Statements

Press release

Swifter justice for victims as courts sit at record level

Victims will receive swifter justice as the Government announces record funding for the Crown Court. New investment will see the courts sitting at the highest allocation since records began as part of its Plan for Change to make streets safer.
Highest level allocated ever which means more cases heard to keep our streets safe

Crown Court judges to oversee 110,000 days’ worth of cases in next financial year

Funding boost for court maintenance and new court buildings

The Lord Chancellor, Shabana Mahmood, confirmed today (Wednesday, 5 March) that Crown Court judges will sit for a collective 110,000 days in the next financial year – 4,000 more than was initially allocated the previous year.

The increase will mean more hearings at the Crown Court in the coming year, helping victims see justice faster than they otherwise would have done, and is part of the Government’s decisive action to repair the justice system it inherited and improve the experience of victims. However, more radical change is needed to stop the backlog of cases continuing to increase.

Sir Brian Leveson is midway through a review commissioned by the Lord Chancellor to consider bold and ambitious reforms to address the ongoing crisis in the courts.  The court backlog has grown significantly since the pandemic and reached a record high of 73,000 in the year ending September 2024.

Only reform to how the criminal courts operate can bring that number down. This is part of the Government’s wider work, including the Independent Sentencing Review, to restore confidence in the justice system and put it on a more sustainable footing after inheriting a prison estate on the point of collapse.

The increase comes as the Government also boosts court maintenance and building funding from £120 million last year to £148.5 million this year. The increase will fund vital repairs across the court and tribunal estate.

The announcement will also boost the number of days the Immigration and Asylum Tribunal will be sitting to near maximum capacity, helping to speed up asylum claims. The builds on the Government’s work to restore order to the immigration system so that every part – border security, case processing, appeals and returns – operates efficiently.

Lord Chancellor and Secretary of State for Justice, Shabana Mahmood, said:

This Government inherited a record and rising courts backlog, with justice delayed and denied for far too many victims. Bearing down on that backlog is an essential element of our Plan for Change, bringing offenders to justice to keep our streets safe.

Funding a record number of sitting days is a critical first step. But there is more that we must and we will do. I have asked Sir Brian Leveson to consider radical reforms to deliver the swifter justice that victims deserve.

The investment in court maintenance and capital projects will help fund security improvements and fix leaking roofs and out-of-order lifts. Repairs includes the RAAC remedial works at Harrow Crown Court – bringing back into operation an entire court, with eight courtrooms, that has been closed since August 2023.

The boost in capital funding will also help fund the next generation of court buildings across the country. Some of the projects which will receive funding as a result include the new 30-hearing room tribunal centre being built at Newgate Street in London, the 18-hearing rooms at the City of London Courts, and a County and Family Court in Reading.

Minister for Courts and Legal Services, Sarah Sackman KC, said:

The crumbling state of the courtrooms we inherited illustrate why public confidence in our justice system has ebbed away. That is why we’re boosting funding for vital repair work so our courts are, once again, fit for purpose, safe and welcoming places.

This money will also help ensure we maintain and increase court capacity so more trials and tribunals can take place.

At the end of last year, the Government launched a review of potential once-in-a-generation reform of the criminal court system to tackle the backlog. Sir Brian Leveson is conducting a review to identify major reforms which can help bring swifter justice for victims and reduce the backlog.

The plans form part of the Government’s commitment to safer streets by reducing the court backlog, speeding up hearings for victims and defendants, and rebuilding public confidence in the criminal justice system.

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Published 5 March 2025
MIL OSI United Kingdom –
March 6, 2025
MIL-OSI Asia-Pac: Speech by SITI at Brussels ETO Chinese New Year reception in Barcelona (English only) (with photo)

Source: Hong Kong Government special administrative region

Speech by SITI at Brussels ETO Chinese New Year reception in Barcelona (English only) (with photo)
******************************************************************************************

Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Chinese New Year reception hosted by the Hong Kong Economic and Trade Office in Brussels (Brussels ETO) in Barcelona, Spain on March 4 (Barcelona time): Ladies and gentlemen, Good evening, buenas noches, Kung Hei Fat Choi! It is with great pleasure that I join you all here this evening at the Chinese New Year Reception in Barcelona to extend my warmest greetings from Hong Kong. As we gather here to celebrate the Year of the Snake, it is a timely opportunity to reflect on the Snake as a symbol of transformation, agility, and wisdom – qualities that resonate deeply with our endeavors in pushing ahead the innovation and technology (I&T) development. Building on Hong Kong’s success as a world-renowned international financial, aviation and trading centre, Hong Kong is well-positioned to be developed into an international I&T centre under the big wave of technology. With the unwavering support from the motherland and our substantial investment on the I&T front in recent years, Hong Kong’s I&T ecosystem is becoming increasingly vibrant. Our I&T development is now at the dawn of an unprecedented golden era. Over the past two years, the Hong Kong Special Administrative Region Government has launched a series of proactive initiatives to boost Hong Kong’s I&T development, including developing I&T infrastructure, supporting research and development, and attracting talent and investments. I am happy to say that they are bearing fruit. Start-ups in Hong Kong continued to flourish with a record high number of almost 4 700. We had also achieved impressive progress in attracting I&T enterprises and talent from the Mainland and overseas. In two years’ time, we have attracted more than 130 I&T enterprises with high potential and representativeness to set up or expand their businesses in the city. All of them are the best proof of Hong Kong’s attractiveness. But we are not resting on our laurels. Leveraging the unique advantages we enjoyed under “one country, two systems”, we continue to strengthen our impact as a “super connector” and a “super value-adder” in the international arena through promoting global I&T and industry collaboration. Ladies and gentlemen, as the Chinese proverb says, “The plan for the year lies in the Spring”. With me tonight are representatives from Hong Kong’s major I&T quangos, including the Hong Kong Science Park, Cyberport, the Hong Kong Applied Science and Technology Research Institute, and the Hong Kong Microelectronics Research and Development Institute, as well as their tech ventures. We are here not only to showcase Hong Kong’s latest I&T offerings in the Mobile World Congress 2025, but also to explore new opportunities and sow the seeds for more win-win I&T co-operation between Hong Kong and Spain, as well as the entire Iberian Peninsula. I am confident that our tech mission to Spain this time will be a fruitful one, just like the future of Hong Kong’s I&T development. In closing, thank you for my colleagues at the Brussels ETO as well as the Hong Kong Trade Development Council for co-organising this great event. May the Year of the Snake inspire us to shed our old ways of thinking and embrace the agility, wisdom and spirit of innovation that will drive us forward. Thank you and wish you all an enjoyable evening!

Ends/Wednesday, March 5, 2025Issued at HKT 9:01

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MIL OSI Asia Pacific News –

March 6, 2025
MIL-OSI Asia-Pac: Remarks by SLW on Productivity Enhancement Programme

Source: Hong Kong Government special administrative region

Remarks by SLW on Productivity Enhancement Programme
****************************************************

Following are the remarks by the Secretary for Labour and Welfare, Mr Chris Sun, on the Productivity Enhancement Programme at a media session after attending a radio programme this morning (March 5): Reporter: Good morning, Mr Sun. Will the 7 per cent funding cut to social welfare organisations affect their services? And also, you had a meeting with the representatives on Monday, did they propose any suggestions to share their financial burden with the Government? Secretary for Labour and Welfare: Thank you. Under the Productivity Enhancement Programme just announced by the Financial Secretary in his Budget, all envelope holders, including me, have to deliver by the year 2027-28 a cumulative reduction of 7 per cent. That means I have to work together and discuss with the 170-odd NGOs (non-governmental organisations) to make sure that we can deliver that target. In coming up with our proposal, I have tried my very best to absorb the farthest possible reduction through the Social Welfare Department. But given the magnitude of the reduction, it is just not possible for the department itself to absorb all the reduction, so we have to come up with a proposal. In coming up with the proposal, again we are guided by the principle that we should provide hope as far as possible to the small and medium NGOs, so that the cut is much moderate. Instead of a 7 per cent cumulative cut, we have absorbed 4 per cent. Altogether, for the small and medium NGOs, they will face a cut of 3 per cent by the year 2027-28. However, for large NGOs, there is not much we can help. They have to reduce their budget by 2027-28 by 7 per cent. But at the same time, we are trying our very best to, first of all, provide a much longer period for them to manage and hold their reserve, so firstly, they can make better use of that reserve to get through the more difficult years. And secondly, over cost apportionment, we are providing more flexibility. The first round of relaxation has just been announced. And also, we are going to review each and every Funding and Service Agreement (FSA). The purpose is to provide more flexibility to reduce reporting and supervision, but of course, this is subject to the principle that it is not going to affect the benefits of their users. So I am pretty confident after the meeting on Monday that we are more or less on the same page. We are working together. We are facing a budget cut, but at the same time, because of the more flexible use of reserve and also the efforts we are making to provide more room for them to make better use of their resources, we should be able to deal with that together. Thank you. (Please also refer to the Chinese portion of the remarks.)

Ends/Wednesday, March 5, 2025Issued at HKT 12:00

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MIL OSI Asia Pacific News –

March 6, 2025

MIL-OSI: YieldMax™ ETFs Announces Distributions on FIAT (101.61%), ULTY (82.09%), CONY (79.47%), YMAX (85.55%), YMAG (48.55%) and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO, MILWAUKEE and NEW YORK, March 05, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group C ETFs listed in the table below.

ETF Ticker¹	ETF Name	Distribution Frequency	Distribution per Share	Distribution Rate^2,4	30-Day SEC Yield³	ROC⁵	Ex-Date & Record Date	Payment Date
QDTY	YieldMax™ Nasdaq 100 0DTE Covered Call ETF	*Weekly*	$0.1580	–	–	33.90%	3/6/25	3/7/25
SDTY	YieldMax™ S&P 500 0DTE Covered Call ETF	*Weekly*	$0.1709	–	–	100.00%	3/6/25	3/7/25
GPTY	YieldMax™ AI & Tech Portfolio Option Income ETF	*Weekly*	$0.3094	37.80%	0.00%	0.00%	3/6/25	3/7/25
LFGY	YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF	*Weekly*	$0.4637	61.48%	0.00%	0.00%	3/6/25	3/7/25
YMAX	YieldMax™ Universe Fund of Option Income ETFs	*Weekly*	$0.2405	85.55%	85.03%	48.89%	3/6/25	3/7/25
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	*Weekly*	$0.1514	48.55%	61.87%	55.46%	3/6/25	3/7/25
CONY	YieldMax™ COIN Option Income Strategy ETF	Every 4 Weeks	$0.5989	79.47%	4.56%	94.78%	3/6/25	3/7/25
FIAT	YieldMax™ Short COIN Option Income Strategy ETF	Every 4 Weeks	$0.6834	101.61%	3.52%	96.91%	3/6/25	3/7/25
MSFO	YieldMax™ MSFT Option Income Strategy ETF	Every 4 Weeks	$0.2845	22.70%	3.53%	83.81%	3/6/25	3/7/25
AMDY	YieldMax™ AMD Option Income Strategy ETF	Every 4 Weeks	$0.2533	40.54%	4.02%	92.00%	3/6/25	3/7/25
NFLY	YieldMax™ NFLX Option Income Strategy ETF	Every 4 Weeks	$0.4008	29.38%	3.23%	0.00%	3/6/25	3/7/25
ABNY	YieldMax™ ABNB Option Income Strategy ETF	Every 4 Weeks	$0.4805	42.34%	2.98%	92.39%	3/6/25	3/7/25
PYPY	YieldMax™ PYPL Option Income Strategy ETF	Every 4 Weeks	$0.3773	35.98%	4.20%	90.73%	3/6/25	3/7/25
ULTY*	YieldMax™ Ultra Option Income Strategy ETF	Every 4 Weeks	$0.4653	82.09%	0.00%	78.20%	3/6/25	3/7/25
CVNY	YieldMax™ CVNA Option Income Strategy ETF	Every 4 Weeks	$3.9149	–	–	96.80%	3/6/25	3/7/25
Weekly Payers & Group D ETFs scheduled for next week: ULTY QDTY SDTY GPTY LFGY YMAX YMAG MSTY YQQQ AMZY APLY AIYY DISO SQY SMCY

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

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

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

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

*Starting March 12, 2025, ULTY intends to distribute weekly income to shareholders. The dates for ULTY ’s future distributions will be those set forth in the YieldMax Distribution Schedule.

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

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

Standardized Performance

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

Important Information

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

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

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

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

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

Investing involves risk. Principal loss is possible.

Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

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

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

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

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

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

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

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

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

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

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

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

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

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

Risk Disclosures (applicable only to GPTY)

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

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

Risk Disclosure (applicable only to MARO)

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

Risk Disclosures (applicable only to BABO and TSMY)

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

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

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

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

Risk Disclosures (applicable only to GDXY)

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

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

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

Risk Disclosures (applicable only to YBIT)

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

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

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

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

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

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

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

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

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

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

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

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

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

Risk Disclosures (applicable only to YQQQ)

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

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

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

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

The MIL Network –

March 6, 2025

MIL-OSI: Victor Ciardelli Appoints Shant Banosian as President of Rate Mortgage while Continuing as CEO and President of All Rate Companies

Source: GlobeNewswire (MIL-OSI)

CHICAGO, March 05, 2025 (GLOBE NEWSWIRE) — Victor Ciardelli proudly announces the appointment of Shant Banosian as President of Rate Mortgage. With Rate Mortgage being the last Rate company without a dedicated president—Banosian will partner with Ciardelli to help take Rate Mortgage to the next level of innovation and excellence in the industry. Ciardelli will continue to work closely with the Presidents of all 15 Rate Companies, reinforcing Rate’s status as one of the nation’s top mortgage lenders and a pioneer in fintech and holistic financial wellness.

Welcomed Partnership & Help

As CEO and President of Rate Companies, Ciardelli is known for industry innovation and transformation, starting with the release of the first Digital Mortgage, most recently the Same Day Mortgage, and many other industry transformations. Ciardelli is a student of using technology and streamlining business operations to provide better products, service, and pricing to the consumer.

The 15 Presidents, who oversee 10 mortgage companies, two AI technology companies, a title company, an insurance company, and the personal lending group, will continue to report to and work directly with Ciardelli as he partners with Banosian to elevate Rate Mortgage into the premier mortgage company in the industry.

Ciardelli described Banosian’s appointment as a pivotal moment for the company, “There is no one in the industry that I would rather partner with than Shant. He is a transformative leader whose relentless drive, strategic mindset, and commitment to excellence have set a new standard in the mortgage industry. He embodies the best of Rate’s culture and values, and we are partnering to take Rate Mortgage to the next level. His expertise and vision will inspire the Rate team and the entire industry.”

Ciardelli added, “At Rate, we never stand still and are never satisfied. Our mission is to push boundaries, relentlessly innovate, and empower our customers, loan officers, and referral partners with the best technology and platform in the industry. With Shant joining me in top leadership, we’re doubling down on our vision to make homeownership more cost-effective, faster, smarter, and more accessible than ever.”

A Proven Leader in the Mortgage Industry

Over the past two decades, Banosian has funded over $10 billion in total loan volume and secured his place as the top loan officer in the U.S. over the past six consecutive years. In 2024, Banosian funded over $1B in volume as the #1 loan officer in the country. Ciardelli describes Banosian as “the Best of the Best in the industry.” He continues, “There is not a better loan professional on the planet to lead Rate Mortgage to its next level of dominance. He is a leader and a teacher all in one and will build the best team of Loan Officers in the industry. Elevating Shant Banosian as President of Rate Mortgage is a natural progression of our shared ambition and complementary strengths, positioning Rate for accelerated growth and reinforcing its industry leadership.”

Banosian, who has closed over 40,000 loans, firmly believes in education-based lending, customer-first service, and intelligent business scaling. As President of Rate Mortgage, his focus will be on driving innovation, enhancing operational efficiency, and fostering an environment he describes as a “Loan Officer’s Paradise”—a place where professionals have everything they need to thrive and best serve their customers in a rapidly evolving market; a place where a loan officer can easily double and triple their business while better serving their customers; a place that optimally serves our aspiring and existing homeowners, Realtors, and business partners.

Banosian has built a record-breaking career focusing on strategic growth, operational efficiency, and exceptional customer service. His ability to adapt to market shifts, leverage technology, and lead high-performing teams has made him one of the most respected figures in the mortgage industry. “The mortgage industry is evolving fast, and I am excited to build on Victor Ciardelli’s amazing vision and lead Rate Mortgage into the future,” said Banosian. “We are committed to empowering customers, real estate professionals, and loan officers with the ultimate tools, education, and service available, ensuring that every interaction exceeds expectations.”

A Passion for Giving Back
Beyond his professional success, Banosian is deeply committed to philanthropy and community impact. He actively supports a range of charitable organizations, including:

• The Rate Foundation: Providing financial assistance to individuals and families facing unexpected hardships—a cause Banosian has personally supported since the foundation’s inception.
• St. Jude Children’s Research Hospital: Supporting the fight against childhood cancer and other life-threatening diseases, with over $500,000 raised through team efforts.
• The Greater Boston Food Bank: Working to end hunger and provide healthy meals for families in need.
• Soles4Souls: Turning unwanted shoes and clothing into opportunities for people in need worldwide.

“Giving back is not just a responsibility, but an important core value of Victor and the company culture,” Banosian said. “It is a privilege to give back, and it is a core part of who we are at Rate.”

About Rate

Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Honors and awards include Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire’s Tech100 award for the company’s industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine’s Lender of the Year for seven consecutive years; and Chicago Tribune’s Top Workplaces list for seven straight years. Visit rate.com for more information.

Media Contact

press@rate.com

The MIL Network –

March 6, 2025
MIL-OSI: Lantronix to Participate in 37th Annual ROTH Conference

Source: GlobeNewswire (MIL-OSI)

IRVINE, Calif., March 05, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for IoT solutions enabling AI Edge Intelligence, today announced that Lantronix CEO Saleel Awsare will be a presenter at the 37^th Annual ROTH Conference being held March 16–18, 2025, at the Laguna Cliff Marriott Resort & Spa in Dana Point, Calif. He will participate in the “Edge Compute & AI” panel on Tuesday, March 18, 2025, at 11:00 a.m.

Awsare and Brent Stringham, CFO at Lantronix, will also participate in one-on-one meetings. To request a one-on-one meeting with Lantronix, please email oneonone@roth.com or contact your ROTH sales representative. To learn more and submit a registration request, visit www.roth.com/oc2025.

About Lantronix

Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

For more information, visit the Lantronix website.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to Lantronix products or leadership team. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report, as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. In addition, actual results may differ as a result of additional risks and uncertainties about which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

©2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

Lantronix Media Contact:
Gail Kathryn Miller
Corporate Marketing &
Communications Manager
media@lantronix.com

Lantronix Analyst and Investor Contact:
investors@lantronix.com

The MIL Network –

March 6, 2025

MIL-OSI: NuVista Energy Ltd. Announces Record Year End 2024 Reserves, Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — NuVista Energy Ltd. (“NuVista” or the “Company“) (TSX: NVA) is pleased to announce record-setting reserves and strong financial and operating results for the three months and year ended December 31, 2024. The repeatable, predictable and profitable nature of our assets have once again underpinned significant growth in our reserves. Continued success in the Lower Montney and sanctioning of our Gold Creek area expansion have set the stage for continued growth toward 125,000 Boe/d. We are entering 2025 in a strong financial position with operational momentum and a commitment to shareholder returns. We are pleased to reaffirm our annual capital and production guidance for the year.

Operational and Financial Highlights

During the fourth quarter and year ended December 31, 2024, NuVista:

Produced an average of 85,635 Boe/d in the fourth quarter, exceeding our guidance range of 83,000 – 84,000 Boe/d. We achieved our highest-ever annual average production of 83,084 Boe/d, an 8% increase from 2023. Annual production composition aligned with guidance, with a volume weighting of 30% condensate, 9% NGLs and 61% natural gas;

Successfully executed a capital expenditure⁽²⁾ program, investing $498.9 million in well and facility activities, including the drilling of 43 wells and the completion of 38 wells throughout the year. Fourth quarter, capital expenditures totaled $71.1 million, with 9 wells drilled;

Delivered annual adjusted funds flow⁽¹⁾ of $552.2 million ($2.68/share, basic⁽³⁾), with adjusted funds flow from the fourth quarter contributing $137.1 million ($0.67/share, basic);

Generated free adjusted funds flow⁽²⁾ of $39.6 million for the year ($0.19/share, basic⁽³⁾);

Repurchased and cancelled 5.9 million common shares in 2024 at an average price of $12.52 per common share, for a total cost of $74.4 million. Since the inception of the Company’s normal course issuer bid (“NCIB”) in 2022, we have repurchased and cancelled 36.5 million common shares for an aggregate cost of $438.3 million or $12.01 per share;

Exited the year with $5.4 million drawn on our $450 million credit facility and net debt⁽¹⁾ of $232.5 million, maintaining a favorable net debt to annualized fourth quarter adjusted funds flow⁽¹⁾ ratio of 0.4x;

Achieved annual net earnings of $305.7 million ($1.48/share, basic), including $99.2 million ($0.48/share, basic) in the fourth quarter;

Added LNG sales to our natural gas diversification portfolio by gaining exposure to the Japan/Korea marker (“JKM”) through a netback agreement with Trafigura based on 21,000 MMbtu/d of LNG for a period of up to thirteen years commencing January 1, 2027; and

Recognized as part of the TSX30 for the third consecutive year. The TSX30 recognizes the thirty top-performing companies on the Toronto Stock Exchange (“TSX”) over the prior three-year period (see www.tsx.com/tsx30). We ranked a notable sixth place overall.

Notes:

(1)	Each of “adjusted funds flow”, “net debt” and “net debt to annualized fourth quarter adjusted funds flow” are capital management measures. Reference should be made to the section entitled “Non-GAAP and Other Financial Measures” in this press release.
(2)	Each of “free adjusted funds flow” and “capital expenditures” are non-GAAP financial measures that do not have any standardized meanings under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled “Non-GAAP and Other Financial Measures” in this press release.
(3)	Each of “adjusted funds flow per share” and “free adjusted funds flow per share” are supplementary financial measures. Reference should be made to the section entitled “Non-GAAP and Other Financial Measures” in this press release.

Significant Profitable and Repeatable Reserves Growth

NuVista is pleased to announce the results of our year end 2024 independent reserves evaluation conducted by GLJ Ltd. (“GLJ”) effective as at December 31, 2024 (the “GLJ Report”). NuVista’s proven track record of continuous improvement, along with the substantial depth and quality of our undeveloped resources, reinforces our ability to deliver sustained shareholder returns in our journey to 125,000 Boe/d.

Our GLJ Report includes the following key accomplishments:

Reported Proved Developed Producing (“PDP”) reserves of 177.3 MMBoe, a year-over-year increase of 9%, or a 12% increase on a per share basis, driven by a successful 2024 development program and 2% positive technical revisions due to new well outperformance;

Recorded Total Proved plus Probable (“TP+PA”) reserves of 779.7 MMBoe, a year-over-year increase of 21%, or a 24% increase on a per share basis, attributed to the continued success in NuVista’s multi-layer Montney development in Pipestone and successful Lower and Upper Montney delineation in Wapiti;

Replaced 150% and 550% of 2024 production on a PDP and TP+PA basis⁽¹⁾, respectively, reflecting the success of our 2024 capital program and continued expansion of our undeveloped location inventory;

Delivered PDP Finding, Development and Acquisition Cost (“FD&A”)⁽¹⁾ of $11.13/Boe that exceeded our expectations due to well outperformance and cost reductions;

Achieved a PDP recycle ratio⁽¹⁾ of 1.8x based on our 2024 operating netback⁽¹⁾;

TP+PA FD&A was $6.97/Boe, driven by the planned expansion of our infrastructure to 125,000 Boe/d and a 26% increase in undeveloped TP+PA drilling locations;

Total developed wells increased by 42 to 395, while the total undeveloped drilling locations increased by 9 to 1,189, which reflects over 25 years of development at the current pace⁽³⁾; and

PDP, TP, and TP+PA before-tax net present value, discounted at 10% (NPV10)⁽²⁾, are $10.01, $20.56, and $30.11 per share, respectively, at December 31, 2024, reflecting the underlying value of our assets.

Notes:

(1)	Each of “reserve replacement”, “FD&A costs”, “recycle ratio” and “operating netback” are non-GAAP financial ratios. See “Oil and Gas Advisories” and “Non-GAAP and Other Financial Measures” in this press release for information relating to these specified financial measures.
(2)	Reference to “net present value per share” is a supplementary financial measure. Reference should be made to the section entitled “Non-GAAP and Other Financial Measures” in this press release.
(3)	Total undeveloped locations include 422 undeveloped proved plus probable drilling locations and 767 undeveloped contingent resource drilling locations. See “Oil and Gas Advisories”.

The detailed summary of our year end 2024 reserves disclosure and other oil and gas information is included below, and further information will be included in our Annual Information Form which will be filed on or before March 28, 2025 on SEDAR+ at www.sedarplus.ca.

Return of Capital to Shareholders and Balance Sheet Strength

NuVista’s approach to capital allocation is focused on the compounding effect of absolute growth and a reduction in our outstanding common shares to produce industry leading total returns. We intend to allocate a minimum of $100 million in 2025, to the repurchase of the Company’s common shares pursuant to our NCIB and will allocate at least 75% of any incremental free adjusted funds flow towards additional share repurchases.

We ended the year in a position of low debt and significant financial flexibility. As at December 31, 2024, our net debt was $232.5 million, well below our soft ceiling of approximately $350 million. We were minimally drawn on our $450 million covenant-based credit facility, at $5.4 million, with a net debt to annualized fourth quarter adjusted funds flow ratio of 0.4x. The net debt soft ceiling ensures that based on current production levels, our net debt to adjusted funds flow ratio remains at or below 1.0x in a stress test price environment of US$45/Bbl WTI and US$2.00/MMBtu NYMEX.

We remain focused on our disciplined and value-adding growth strategy, and providing significant shareholder returns. We continue to view share repurchases as the most effective initial method of returning capital to shareholders and will reassess this approach as our growth plan progresses.

Operations and 2025 Guidance

Operations through the end of the year and into the first quarter of 2025 have progressed well. Consistent utilization of our two drilling rigs continues to pay dividends with new spud to rig release records being set. Completion operations kicked off again in January and despite extremely frigid temperatures, pumping efficiency has come in better than planned. With strong execution thus far in 2025 capital costs are trending below budget and we are forecasting a well cost reduction of 3% year-over-year.

In Wapiti, we brought on a 5-well pad in Bilbo in January, which targeted three benches, including a Lower Montney, initial results from the pad are encouraging and in-line with expectations. We have finished drilling a 5-well pad in Elmworth, which is slated to come on-stream during the second quarter. In Gold Creek we are drilling a 4-well pad, including two Lower Montney wells, which is expected to come on-stream later in the second quarter. Notably, the 6-well pad between Gold Creek and Elmworth, which was co-developed across the entire stack of 4 zones, has reached its IP90 milestone producing on average 1,500 Boe/d per well, including 33% condensate. Importantly, the Lower Montney has performed in-line with the other benches. In Pipestone, we are completing a 14-well pad that is expected to come on-stream in the second quarter. Additionally, we are drilling an 8-well pad that is expected to come on-stream in the third quarter.

Production in January and February has been trending favorably, we forecast first quarter production to average 87,000 – 88,000 Boe/d. As exhibited above we have material production additions slated to come on-line in the coming months. As previously communicated, the majority of our 2025 growth will come from the Pipestone area with the start-up of a third-party gas plant (“Pipestone Plant”), which is expected to be online during the second quarter. The Pipestone Plant will unlock approximately 8,000 – 10,000 Boe/d of additional productive capacity for NuVista. Given the performance of our base assets and current outlook, we anticipate our annual production to average approximately 92,000 Boe/d, assuming a second quarter start-up of the Pipestone Plant. If this start-up is delayed into the fourth quarter of the year, our expected annual average production will be approximately 88,000 Boe/d. Consequently, this range allows us to reiterate our annual production guidance of approximately 90,000 Boe/d.

Further we reaffirm our annual capital expenditure guidance target of approximately $450 million, which will allow us to continue to prioritize at least a triple-digit return of capital to shareholders through the repurchase of our outstanding common shares.

We are fortunate that our business has the flexibility, superior asset quality and underlying balance sheet strength to afford this. We intend to continue our track record of carefully directing free adjusted funds flow towards a prudent balance of capital return to shareholders and debt reduction, while investing in high return growth projects. NuVista’s top quality asset base, deep inventory, and management’s relentless focus on value maximization supports our medium-term plans for value-adding growth to the plateau level of 125,000 Boe/d. We will continue to closely monitor and adjust to the environment to maximize the value of our asset base and ensure the long-term sustainability of our business. We would like to thank our staff, contractors, and suppliers for their continued dedication and delivery, and we thank our Board of Directors and our shareholders for their continued guidance and support.

The 2025 guidance does not include any potential impact of tariffs or trade-related regulations that have been announced by the U.S. and Canada, including the tariffs imposed by the U.S. on Canada effective March 4, 2025. See “Advisory regarding forward-looking information and statements”. Please note that our corporate presentation will be available at www.nuvistaenergy.com on March 5, 2025. NuVista’s audited financial statements, notes to the financial statements and management’s discussion and analysis for the year ended December 31, 2024, will be filed on SEDAR+ (www.sedarplus.ca) on March 5, 2025 and can also be obtained at www.nuvistaenergy.com.


FINANCIAL AND OPERATING HIGHLIGHTS
	Three months ended December 31						Year ended December 31
($ thousands, except otherwise stated)	2024		2023		% Change		2024		2023		% Change
FINANCIAL
Petroleum and natural gas revenues	281,454		365,497		(23	)	1,215,234		1,398,097		(13	)
Cash provided by operating activities	135,831		211,761		(36	)	600,253		721,342		(17	)
Adjusted funds flow ⁽³⁾⁽⁷⁾	137,059		201,987		(32	)	552,196		756,943		(27	)
Per share, basic ⁽⁶⁾	0.67		0.95		(29	)	2.68		3.50		(23	)
Per share, diluted ⁽⁶⁾	0.66		0.93		(29	)	2.64		3.40		(22	)
Net earnings	99,152		89,513		11		305,718		367,678		(17	)
Per share, basic	0.48		0.42		14		1.48		1.70		(13	)
Per share, diluted	0.48		0.41		17		1.46		1.65		(12	)
Total assets							3,450,419		3,058,053		13
Net capital expenditures ⁽¹⁾	71,090		113,258		(37	)	498,876		518,294		(4	)
Net debt ⁽³⁾							232,503		183,551		27
OPERATING
Daily Production
Natural gas (MMcf/d)	327.1		310.5		5		304.3		276.0		10
Condensate (Bbls/d)	22,657		26,889		(16	)	24,709		24,633		—
NGLs (Bbls/d)	8,455		7,287		16		7,661		6,545		17
Total (Boe/d)	85,635		85,924		—		83,084		77,185		8
Condensate & NGLs weighting	36	%	40	%			39	%	40	%
Condensate weighting ⁽⁸⁾	26	%	31	%			30	%	32	%
Average realized selling prices ⁽⁵⁾
Natural gas ($/Mcf)	2.78		3.45		(19	)	2.51		4.19		(40	)
Condensate ($/Bbl)	83.58		99.20		(16	)	94.83		100.02		(5	)
NGLs ($/Bbl) ⁽⁴⁾	30.38		32.46		(6	)	27.86		31.80		(12	)
Netbacks ($/Boe)
Petroleum and natural gas revenues ⁽⁷⁾	35.72		46.24		(23	)	39.96		49.62		(19	)
Realized gain on financial derivatives	1.75		0.46		280		0.86		0.41		110
Other income	0.01		—		—		0.11		—		—
Royalties ⁽⁷⁾	(3.13	)	(4.50	)	(30	)	(4.30	)	(4.80	)	(10	)
Transportation expense	(4.57	)	(4.54	)	1		(4.78	)	(4.77	)	—
Net operating expense ⁽²⁾	(11.07	)	(10.65	)	4		(11.37	)	(11.40	)	—
Operating netback ⁽²⁾	18.71		27.01		(31	)	20.48		29.06		(30	)
Corporate netback ⁽²⁾	17.40		25.55		(32	)	18.15		26.86		(32	)
SHARE TRADING STATISTICS
High ($/share)	14.18		13.72		3		14.86		13.72		8
Low ($/share)	10.34		10.40		(1	)	9.59		9.93		(3	)
Close ($/share)	13.82		11.04		25		13.82		11.04		25
Common shares outstanding (thousands of shares)							203,701		207,584		(2	)

NOTES:

⁽¹⁾	Non-GAAP financial measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled “Specified Financial Measures”.
⁽²⁾	Non-GAAP ratio that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled “Specified Financial Measures”.
⁽³⁾	Capital management measure. Reference should be made to the section entitled “Specified Financial Measures”.
⁽⁴⁾	Natural gas liquids (“NGLs”) includes butane, propane and ethane revenue and sales volumes, and sulphur revenue.
⁽⁵⁾	Product prices exclude realized gains/losses on financial derivatives.
⁽⁶⁾	Supplementary financial measure. Reference should be made to the section entitled “Specified Financial Measures”.
⁽⁷⁾	Includes the impact of a facility allocation adjustment, which impacted condensate revenues, royalties and transportation expense, reducing adjusted funds flow by $23.1 million for the three months and year ended December 31, 2024.
⁽⁸⁾	Includes the impact of a facility allocation adjustment. Excluding this adjustment, NuVista’s condensate weighting for the three months ended December 31, 2024 was 28%.

DETAILED SUMMARY OF CORPORATE RESERVES DATA

The following table provides summary reserve information based upon the GLJ Report using the published 3 Consultants’ Average January 1, 2025 price forecast:

	Natural Gas⁽²⁾	Natural Gas Liquids⁽⁴⁾	Oil⁽³⁾	Total
Reserves category⁽¹⁾⁽⁵⁾	Company Gross	Company Gross	Company Gross	Company Gross
	(MMcf)	(MBbls)	(MBbls)	(MBoe)
Proved
Developed producing	680,168	63,913	–	177,275
Developed non‑producing	93,825	10,140	–	25,777
Undeveloped	938,058	86,693	–	243,036
Total proved	1,712,051	160,747	–	446,088
Total probable	1,313,477	114,729	–	333,642
Total proved plus probable	3,025,528	275,475	–	779,730

NOTES:

⁽¹⁾	Numbers may not add due to rounding.
⁽²⁾	Includes conventional natural gas and shale gas.
⁽³⁾	Includes light and medium crude oil.
⁽⁴⁾	NGLs includes ethane, propane, butane, condensate and pentane plus.
⁽⁵⁾	Reserves have been presented on gross basis which are the Company’s total working interest share before the deduction of any royalties and without including any royalty interests of the Company.

The following table is a summary reconciliation of the year end working interest reserves for 2024, with the year end working interest reserves for 2023:

Company Gross	Natural Gas⁽¹⁾⁽³⁾ (MMcf)		Natural Gas Liquids⁽¹⁾⁽⁵⁾ (MBbls)		Oil⁽¹⁾⁽⁴⁾ (MBbls)		Total Oil Equivalent⁽¹⁾ (MBoe)
Total proved
Balance, December 31, 2023	1,546,471		144,132		–		401,877
Exploration and development⁽²⁾	234,672		24,335		–		63,447
Technical revisions	30,118		2,912		11		7,942
Acquisitions	18,123		1,720		–		4,741
Dispositions	(156	)	(18	)	–		(44	)
Economic Factors	(5,809	)	(498	)	–		(1,466	)
Production	(111,368	)	(11,837	)	(11	)	(30,409	)
Balance, December 31, 2024	1,712,051		160,747		–		446,088
Total proved plus probable
Balance, December 31, 2023	2,505,894		225,374		–		643,023
Exploration and development⁽²⁾	597,808		57,452		–		157,087
Technical revisions	12,434		2,496		11		4,579
Acquisitions	22,817		2,161		–		5,964
Dispositions	(201	)	(22	)	–		(56	)
Economic Factors	(1,857	)	(148	)	–		(458	)
Production	(111,368	)	(11,837	)	(11	)	(30,409	)
Balance, December 31, 2024	3,025,528		275,475		–		779,730

NOTES:

⁽¹⁾	Numbers may not add due to rounding.
⁽²⁾	Reserve additions for drilling extensions, infill drilling and improved recovery.
⁽³⁾	Includes conventional natural gas and shale gas.
⁽⁴⁾	Includes light and medium crude oil.
⁽⁵⁾	NGLs includes ethane, propane, butane, condensate and pentane plus.

The following table summarizes the future development capital required to bring undeveloped reserves and proved plus probable undeveloped reserves on production:

($ thousands, undiscounted)	Proved Producing⁽¹⁾	Proved⁽¹⁾	Proved plus Probable⁽¹⁾
2025	10,000	270,190	283,615
2026	–	441,337	441,337
2027	–	378,915	378,915
2028	–	582,820	623,529
2029	–	210,425	385,690
Remaining	–	–	1,205,057
Total (undiscounted)	10,000	1,883,686	3,318,141

NOTE:

⁽¹⁾	Numbers may not add due to rounding.

The following table outlines NuVista’s corporate finding, development and acquisition (“FD&A”) costs in more detail:

	3 Year-Average ⁽¹⁾				2024 ⁽¹⁾				2023 ⁽¹⁾
			Proved plus				Proved plus				Proved plus
	Proved		probable		Proved		probable		Proved		probable
Finding and development costs ($/Boe)	$	10.06	$	8.69	$	9.28	$	7.18	$	10.92	$	12.59
Finding, development and acquisition costs ($/Boe)	$	9.95	$	8.60	$	8.79	$	6.97	$	11.12	$	12.86

NOTE:

⁽¹⁾

F&D costs and FD&A are used as a measure of capital efficiency. The calculation for F&D costs includes all exploration and development capital for that period as outlined in the Company’s year-end financial statements plus the change in future development capital for that period. This total capital including the change in the future development capital is then divided by the change in reserves for that period including revisions for that same period. The aggregate of the exploration and development costs incurred in the most recent financial year and the change during the year in estimated future development costs generally will not reflect total finding and development costs related to reserve additions for the year. FD&A costs are calculated in the same manner except in addition to exploration and development capital and the change in future development capital, acquisition capital (net of any disposition proceeds) is also included in the calculation.

Summary of Corporate Net Present Value Data of Future Net Revenue

The estimated net present values of future net revenue before income taxes associated with NuVista’s reserves effective December 31, 2024 and based on the published 3 Consultants’ Average price forecast as at January 1, 2025 as set forth below, are summarized in the following table:

	Before Income Taxes
	Discount Factor (%/year)
Reserves category ⁽¹⁾⁽²⁾ ($ thousands)	0%	5%	10%	15%	20%
Proved
Developed producing	3,311,450	2,531,022	2,038,337	1,715,462	1,491,640
Developed non‑producing	589,610	437,020	350,631	295,990	258,256
Undeveloped	4,450,580	2,705,801	1,798,236	1,270,234	934,810
Total proved	8,351,651	5,673,843	4,187,204	3,281,686	2,684,706
Probable	7,457,152	3,482,560	1,946,864	1,232,453	849,096
Total proved plus probable	15,808,803	9,156,404	6,134,068	4,514,138	3,533,801

NOTES:

⁽¹⁾	Numbers may not add due to rounding.
⁽²⁾	All future net revenues are stated prior to the provision for interest income and other general and administrative expenses and after deduction of royalties, operating costs, estimated well and facility abandonment and reclamation costs and estimated future capital expenditures.
⁽³⁾	The estimated future net revenue contained in this press release does not necessarily represent the fair market value of the reserves.

The following table is a summary of pricing and inflation rate assumptions based on published 3 Consultants’ Average forecast prices and costs as at January 1, 2025:

Year	AECO Gas ($Cdn/ MMBtu)	NYMEX Gas ($US/ MMBtu)	Midwest Gas at Chicago ($US/ MMBtu)	Edmonton C5+ ($Cdn/Bbl)	Edmonton Propane ($Cdn/Bbl)	Edmonton Butane ($Cdn/Bbl)	WTI Cushing Oklahoma ($US/Bbl)	Edmonton Par Price 40 API ($Cdn/Bbl)	Exchange Rate⁽²⁾ ($US/$Cdn)
Forecast
2025	2.36	3.31	3.05	100.14	33.56	51.15	71.58	94.79	0.712
2026	3.33	3.73	3.53	100.72	32.78	49.98	74.48	97.04	0.728
2027	3.48	3.85	3.66	100.24	32.81	50.16	75.81	97.37	0.743
2028	3.69	3.93	3.73	102.73	33.63	51.41	77.66	99.80	0.743
2029	3.76	4.01	3.82	104.79	34.30	52.44	79.22	101.79	0.743
2030	3.83	4.09	3.89	106.86	34.99	53.49	80.80	103.83	0.743
2031	3.91	4.17	3.97	109.00	35.69	54.56	82.42	105.91	0.743
2032	3.99	4.26	4.05	111.19	36.40	55.65	84.06	108.02	0.743
2033	4.07	4.34	4.13	113.41	37.13	56.76	85.75	110.19	0.743
2034	4.15	4.43	4.21	115.69	37.87	57.90	87.46	112.39	0.743
2035	4.24	4.52	4.30	118.01	38.63	59.05	89.21	114.64	0.743
2036	4.32	4.61	4.39	120.37	39.40	60.24	90.99	116.93	0.743
2037	4.41	4.70	4.48	122.77	40.19	61.44	92.82	119.27	0.743
2038	4.49	4.79	4.56	125.23	41.00	62.67	94.67	121.65	0.743
2039	4.58	4.89	4.65	127.73	41.82	63.92	96.57	124.09	0.743
2040+	+2.0%/yr	+2.0%/yr	+2.0%/yr	+2.0%/yr	+2.0%/yr	+2.0%/yr	+2.0%/yr	+2.0%/yr	0.743

NOTES:

⁽¹⁾	Costs were not inflated in 2025 and inflated at 2% per annum thereafter.
⁽²⁾	Exchange rate used to generate the benchmark reference prices in this table.
⁽³⁾	NuVista’s future realized gas prices are forecasted based on a combination of various benchmark prices in addition to the AECO benchmark in order to reflect the favorable price diversification to other markets which NuVista has undertaken. Pricing at these markets has been accounted for in the GLJ Report. Additional information on NuVista’s gas marketing diversification will be available in our corporate presentation.

Advisories Regarding Oil and Gas Information

The reserve data provided in this press release presents only a portion of the disclosure required under National Instrument 51-101. All required information will be contained in the Company’s Annual Information Form for the year ended December 31, 2024, on SEDAR+ (www.sedarplus.ca).

There are numerous uncertainties inherent in estimating quantities of crude oil, natural gas and NGL reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable crude oil, natural gas and NGL reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For these reasons, estimates of the economically recoverable crude oil, NGL and natural gas reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material.

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

This press release contains a number of oil and gas metrics prepared by management, including F&D costs, FD&A costs, PDP per share, TP+PA per share, recycle ratio, operating netback, corporate netback and reserves replacement costs, 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. Such metrics have been included herein to provide readers with additional measures to evaluate NuVista’s performance on a comparable basis with prior periods; however, such measures are not reliable indicators of the future performance of NuVista, and future performance may not compare to the performance in previous periods. Details of how F&D costs, FD&A costs, operating netback, corporate netback and recycle ratios are calculated are set forth under the heading “Non-GAAP and Other Financial Measures – Non-GAAP Ratios”. Reserves replacement is calculated as the reserves category divided by estimated production.

Any references in this press release to initial production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for NuVista.

Any reference to capital efficiency has been prepared by management and is used to measure performance. NuVista calculates capital efficiency as the sum of the capital expenditures divided by average first year production rate for the applicable well(s). This term does not have a standardized meaning or standard calculation and is not comparable to similar measures used by other entities.

This press release discloses NuVista’s potential drilling locations in two categories: (i) undeveloped proved plus probable (TP+PA) drilling locations; and (ii) undeveloped contingent resources (2C) drilling locations. Undeveloped TP+PA drilling locations are derived the GLJ Report, and account for undeveloped drilling locations that have associated proved and/or probable reserves, as applicable. Undeveloped 2C drilling locations are derived from a report prepared by GLJ evaluating NuVista’s contingent resources as of December 31, 2024 (“GLJ Contingent Resource Report”), and account for undeveloped drilling locations that have associated contingent resources based on a best estimate of such contingent resources. There is no certainty that we will drill all drilling locations and if drilled, there is no certainty that such locations will result in additional oil and gas production. The drilling locations on which we actually drill wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Economic contingent resources are those contingent resources that are currently economically recoverable. The sub-classes included under economic contingent resources are Development Pending CR, Development on Hold CR, and Development Unclarified CR. Development Pending are resources where resolution of the final conditions for development is being actively pursued (high chance of development). Development on Hold are resources where there is a reasonable chance of development but there are major non-technical contingencies to be resolved that are usually beyond the control of the operator. Development Unclarified are resources where the evaluation is incomplete and there is ongoing activity to resolve any risks or uncertainties. Development Not Viable are resources that are not viable in the conditions prevailing at the effective date of the evaluation, and where no further data acquisition or evaluation is currently planned and hence there is a low chance of development. In the case of the contingent resources estimated in the GLJ Contingent Resource Report, contingencies include: (i) further delineation of interest lands; (ii) corporate commitment, and; (iii) final development plan. To further delineate interest lands additional wells must be drilled and tested to demonstrate commercial rates on the resource lands. Reserves are only assigned in close proximity to demonstrated productivity. As continued delineation drilling occurs, a portion of the contingent resources are expected to be reclassified as reserves. Confirmation of corporate intent to proceed with remaining capital expenditures within a reasonable timeframe is a requirement for the assessment of reserves. Finalization of a development plan includes timing, infrastructure spending and the commitment of capital.

Definitions of Oil and Gas Reserves

Reserves are estimated remaining quantities of crude oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates as follows:

Proved Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

PDP or Proved Developed Producing Reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

Basis of presentation

Unless otherwise noted, the financial data presented in this press release has been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”) also known as International Financial Reporting Standards (“IFRS”).

Natural gas liquids are defined by National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities” to include ethane, butane, propane, pentanes plus and condensate. Unless explicitly stated in this press release, references to “NGL” refers only to ethane, butane and propane and references to “condensate” refers to only to condensate and pentanes plus. NuVista has disclosed condensate and pentanes plus values separately from ethane, butane and propane values as NuVista believes it provides a more accurate description of NuVista’s operations and results therefrom.

Production split for Boe/d amounts referenced in the press release are as follows:

*Reference*	*Total Boe/d*	Natural Gas %		Condensate %		NGLs %

Q4 2024 production – actual	*85,635*	64	%	26	%	10	%
Q4 2024 production – guidance	*83,000 – 84,000*	61	%	30	%	9	%
2024 annual production – actual	*83,084*	61	%	30	%	9	%
2024 annual production – guidance	*83,500 – 86,000*	61	%	30	%	9	%
Q1 2025 production – guidance	*87,000 – 88,000*	63	%	28	%	9	%
2025 annual production – guidance	*~90,000*	61	%	30	%	9	%

Reserves advisories

The GLJ Report was prepared in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and is dated effective as of December 31, 2024. The GLJ Report was based on 3 Consultants’ Average January 1, 2025 forecast pricing and foreign exchange rates at January 1, 2025. All reserves information has been presented on a gross basis, which is the Company’s working interest share before deduction of royalties and without including any royalty interests of the Company. The reserves have been categorized accordance with the reserves definitions as set out in the COGE Handbook. The recovery and reserve estimates contained herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Also, estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates and future net revenue for all properties due to the effect of aggregation. All required reserve information for the Company will be contained in its Annual Information Form for the year ended December 31, 2024, which will be accessible at www.sedarplus.ca.

With respect to disclosure contained herein regarding resources other than reserves, there is uncertainty that it will be commercially viable to produce any portion of the resources and there is significant uncertainty regarding the ultimate recoverability of such resources.

Advisory regarding forward-looking information and statements

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. The use of any of the words “will”, “expects”, “believe”, “plans”, “potential” and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements, including but not limited to:

our intention to allocate $100 million to repurchase our common shares in 2025, with at least 75% of any incremental free adjusted funds flow also allocated to the repurchase of our common share pursuant to our NCIB;

that our soft ceiling net debt will allow our current production levels to be sustainable and maintain an adjusted funds flow ratio below 1.0x in a stress test price environment of US$45/Bbl WTI and US$2.00/MMBtu NYMEX;

NuVista’s ability to continue directing free adjusted funds flow towards a prudent balance of return of capital to shareholders and debt reduction, while investing in high return growth projects;

the anticipated allocation of free adjusted funds flow;

our expectation that our capital efficiency will continue to be strong in 2025, allowing us to realize a well cost reduction of 3% year-over-year;

our expectation that a 5-well pad in Elmworth, a 4-well pad in Gold Creek, and a 14-well pad in Pipestone will be brought on-stream during the second quarter;

our expectation that an 8-welll pad in Pipestone will be brought on-stream in the third quarter;

our expectations regarding the consistency in deliverability of inventory in the Elmworth and Gold Creek areas;

guidance with respect to first quarter 2025 production and production mix;

our expectation that growth in 2025 will be largely supported by the Pipestone area;

the expected timing of start-up of a third-party gas plant in the Pipestone area and the anticipated benefits thereof;

our 2025 full year production, full year production mix and capital expenditures guidance ranges;

our plan to continue to maintain an efficient drilling program by employing 2-drill-rig execution;

our expectation that our value-adding growth plateau level will be approximately 125,000 Boe/d;

our future focus, strategy, plans, opportunities and operations; and

other such similar statements.

Statements relating to “reserves” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future.

The future acquisition of our common shares pursuant to a share buyback (including through our normal course issuer bid), if any, and the level thereof is uncertain. Any decision to acquire common shares pursuant to a share buyback will be subject to the discretion of the Board of Directors and may depend on a variety of factors, including, without limitation, the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. There can be no assurance of the number of common shares that the Company will acquire pursuant to a share buyback, if any, in the future.

By their nature, forward-looking statements are based upon certain assumptions and are subject to numerous risks and uncertainties, some of which are beyond NuVista’s control, including the impact of general economic conditions, industry conditions, current and future commodity prices and inflation rates; that other than the tariffs that have been announced and implemented by the U.S. and Canadian governments on March 4, 2025, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, or imposes new tariffs, on the import of goods from one country to the other, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, the impact of ongoing global events, including Middle East and European tensions, with respect to commodity prices, currency and interest rates, anticipated production rates, borrowing, operating and other costs and adjusted funds flow; the timing, allocation and amount of capital expenditures and the results therefrom; anticipated reserves and the imprecision of reserve estimates; the performance of existing wells; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; access to infrastructure and markets; competition from other industry participants; availability of qualified personnel or services and drilling and related equipment; stock market volatility; effects of regulation by governmental agencies including changes in environmental regulations, tax laws and royalties; the ability to access sufficient capital from internal sources and bank and equity markets; that we will be able to execute our 2025 drilling plans as expected; our ability to carry out our 2025 production and capital guidance as expected; the risk that (i) the U.S. or Canadian governments increases the rate or scope of the currently implemented tariffs, or imposes new tariffs on the import of goods from on the import or export of products from one country to the other, and (ii) the tariffs imposed by the U.S. on other countries and responses thereto could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the oil and gas industry; and including, without limitation, those risks considered under “Risk Factors” in our Annual Information Form.

Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. NuVista’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits NuVista will derive therefrom. NuVista has included the forward-looking statements in this press release in order to provide readers with a more complete perspective on NuVista’s future operations and such information may not be appropriate for other purposes. NuVista disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

This press release also contains financial outlook and future oriented financial information (together, “FOFI”) relating to NuVista including, without limitation, capital expenditures in 2025 and production which are based on, among other things, the various assumptions disclosed in this press release including under “Advisory regarding forward-looking information and statements” and including assumptions regarding benchmark pricing as it relates to the 2025 capital allocation framework. Notwithstanding the foregoing, the FOFI contained in this press release does not include the potential impact of tariff or trade-related regulation that have been announced by the U.S. and Canada, including the tariffs imposed by the U.S. on Canada effective March 4, 2025. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and the impact of the tariffs on NuVista’s business operations and financial condition, while currently unknown, may be material and adverse and, as such, undue reliance should not be placed on FOFI. NuVista’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits NuVista will derive therefrom. NuVista has included the FOFI in order to provide readers with a more complete perspective on NuVista’s future operations and such information may not be appropriate for other purposes.

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

Non-GAAP and other financial measures

This press release uses various specified financial measures (as such terms are defined in National Instrument 52-112 – Non-GAAP Disclosure and Other Financial Measures Disclosure (“NI 51-112”)) including “non-GAAP financial measures”, “non-GAAP ratios”, “capital management measures” and “supplementary financial measures” (as such terms are defined in NI 51-112), which are described in further detail below. Management believes that the presentation of these non-GAAP measures provides useful information to investors and shareholders as the measures provide increased transparency and the ability to better analyze performance against prior periods on a comparable basis.

⁽¹⁾ Non-GAAP financial measures

NI 52-112 defines a non-GAAP financial measure as a financial measure that: (i) depicts the historical or expected future financial performance, financial position or cash flow of an entity; (ii) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity; (iii) is not disclosed in the financial statements of the entity; and (iv) is not a ratio, fraction, percentage or similar representation.

These non-GAAP financial measures are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar measures presented by other companies where similar terminology is used. Investors are cautioned that these measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measures as indicators of NuVista’s performance. Set forth below are descriptions of the non-GAAP financial measures used in this press release.

Free adjusted funds flow

Free adjusted funds flow is adjusted funds flow less net capital expenditures, power generation expenditures, and asset retirement expenditures. Each of the components of free adjusted funds flow are non-GAAP financial measures. Please refer to disclosures under the headings “Capital management measures” and “Capital expenditures” for a description of each component of free adjusted funds flow. Management uses free adjusted funds flow as a measure of the efficiency and liquidity of its business, measuring its funds available for additional capital allocation to manage debt levels and return capital to shareholders through its NCIB program and/or dividend payments. By removing the impact of current period net capital and asset retirement expenditures, management believes this measure provides an indication of the funds NuVista has available for future capital allocation decisions.

The following table sets out our free adjusted funds flow compared to the most directly comparable GAAP measure of cash provided by operating activities less cash used in investing activities for the applicable periods:

	Three months ended December 31				Year ended December 31
($ thousands)	2024		2023		2024		2023
Cash provided by operating activities	135,831		211,761		600,253		721,342
Cash used in investing activities	(71,090	)	(132,646	)	(499,579	)	(531,586	)
Excess (deficit) cash provided by operating activities over cash used in investing activities	64,741		79,115		100,674		189,756

Adjusted funds flow	137,059		201,987		552,196		756,943
Net capital expenditures	(71,090	)	(113,258	)	(498,876	)	(518,294	)
Power generation expenditures	—		(16,904	)	(1,680	)	(16,904	)
Asset retirement expenditures	(3,551	)	(1,208	)	(12,029	)	(11,195	)
Free adjusted funds flow	62,418		70,617		39,611		210,550

Capital expenditures

Capital expenditures are equal to cash used in investing activities, excluding changes in non-cash working capital, other asset expenditures, power generation expenditures, proceeds on property dispositions and costs of acquisitions. NuVista considers capital expenditures to represent its organic capital program and a useful measure of cash flow used for capital reinvestment.

The following table provides a reconciliation between the non-GAAP measure of capital expenditures to the most directly comparable GAAP measure of cash used in investing activities for the applicable periods:

	Three months ended December 31				Year ended December 31
($ thousands)	2024		2023		2024		2023
Cash used in investing activities	(71,090	)	(132,646	)	(499,579	)	(531,586	)
Changes in non-cash working capital	—		2,484		(977	)	(13,112	)
Other asset expenditures	—		—		—		9,500
Power generation expenditures	—		16,904		1,680		16,904
Property acquisition	—		44,000		—		44,000
Proceeds on property disposition	—		—		—		(26,000	)
Capital expenditures	(71,090	)	(69,258	)	(498,876	)	(500,294	)

Net capital expenditures

Net capital expenditures are equal to cash used in investing activities, excluding changes in non-cash working capital, other asset expenditures, and power generation expenditures. The Company includes funds used for property acquisitions or proceeds from property dispositions within net capital expenditures as these transactions are part of its development plans. NuVista considers net capital expenditures to represent its organic capital program inclusive of capital spending for acquisition and disposition proposes and a useful measure of cash flow used for capital reinvestment.

The following table provides a reconciliation between the non-GAAP measure of net capital expenditures to the most directly comparable GAAP measure of cash used in investing activities for the applicable periods:

	Three months ended December 31				Year ended December 31
($ thousands)	2024		2023		2024		2023
Cash used in investing activities	(71,090	)	(132,646	)	(499,579	)	(531,586	)
Changes in non-cash working capital	—		2,484		(977	)	(13,112	)
Other asset expenditures	—		—		—		9,500
Power generation expenditures	—		16,904		1,680		16,904
Net capital expenditures	(71,090	)	(113,258	)	(498,876	)	(518,294	)

The following table provides a breakdown of capital expenditures, net capital expenditures and power generation expenditures by category for the applicable periods:

	Three months ended December 31				Year ended December 31
($ thousands, except % amounts)	2024	% of total	2023	% of total	2024	% of total	2023		% of total
Land and retention costs	—	—	15	—	6,968	1	7,507		2
Geological and geophysical	38	—	249	—	1,164	—	691		—
Drilling and completion	43,915	62	51,413	74	353,583	72	392,663		78
Facilities and equipment	25,508	36	16,193	24	130,628	26	93,252		19
Corporate and other	1,629	2	1,388	2	6,533	1	6,181		1
Capital expenditures	71,090		69,258		498,876		500,294
Property acquisitions	—		44,000		—		44,000
Proceeds on property disposition	—		—		—		(26,000	)
Net capital expenditures	71,090		113,258		498,876		518,294
Power generation expenditures	—		16,904		1,680		16,904

Net operating expense

NuVista considers that any incremental gross costs incurred to process third party volumes at its facilities are offset by the applicable fees charged to such third parties. However, under IFRS Accounting Standards, NuVista is required to reflect operating costs and processing fee income separately on its statements of earnings. Management believes that net operating expense, calculated as gross operating expense less processing income and other recoveries, is a meaningful measure for investors to understand the net impact of NuVista’s operating activities.

The following table sets out net operating expense compared to the most directly comparable GAAP measure of operating expenses for the applicable periods:

	Three months ended December 31				Year ended December 31
($ thousands)	2024		2023		2024		2023
Operating expense	88,891		85,207		354,253		324,196
Other income ⁽¹⁾	(1,646	)	(1,038	)	(8,605	)	(3,058	)
Net operating expense	87,245		84,169		345,648		321,138

⁽¹⁾	Processing income and other recoveries, included within Other Income as presented in the table below:

	Three months ended December 31		Year ended December 31
($ thousands)	2024	2023	2024	2023
Other income	57	—	3,235	—
Processing income and other recoveries	1,646	1,038	8,605	3,058
Other Income	1,703	1,038	11,840	3,058

(2) Non-GAAP ratios

NI 52-112 defines a non-GAAP ratio as a financial measure that: (i) is in the form of a ratio, fraction, percentage or similar representation; (ii) has a non-GAAP financial measure as one or more of its components; and (iii) is not disclosed in the financial statements of the entity. Set forth below is a description of the non-GAAP ratios used in this MD&A.

These non-GAAP ratios are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar measures presented by other companies where similar terminology is used. Investors are cautioned that these ratios should not be construed as alternatives to or more meaningful than the most directly comparable IFRS Accounting Standards measures as indicators of NuVista’s performance.

Per Boe disclosures for petroleum and natural gas revenues, realized gains/losses on financial derivatives, royalties, transportation expense, G&A expense, financing costs, and DD&A expense are non-GAAP ratios that are calculated by dividing each of these respective GAAP measures by NuVista’s total production volumes for the period.

Non-GAAP ratios presented on a “per Boe” basis may also be considered to be supplementary financial measures (as such term is defined in NI 51-112).

Operating netback and corporate netback (“netbacks”), per BoeNuVista calculated netbacks per Boe by dividing the netbacks by total production volumes sold in the period. Each of operating netback and corporate netback are non-GAAP financial measures. Operating netback is calculated as petroleum and natural gas revenues, realized financial derivative gains/losses and other income, less royalties, transportation expense and net operating expense. Corporate netback is operating netback less general and administrative expense, cash share-based compensation expense (recovery), financing costs excluding accretion expense, and current income tax expense (recovery).
Management believes both operating and corporate netbacks are key industry benchmarks and measures of operating performance for NuVista that assists management and investors in assessing NuVista’s profitability, and are commonly used by other petroleum and natural gas producers. The measurement on a Boe basis assists management and investors with evaluating NuVista’s operating performance on a comparable basis.

Net operating expense, per BoeNuVista calculated net operating expense per Boe by dividing net operating expense by NuVista’s production volumes for the period.
Management believes that net operating expense, calculated as gross operating expense less processing income and other recoveries, which are included in NuVista’s statements of earnings, is a meaningful measure for investors to understand the net impact of the Company’s operating activities. The measurement on a Boe basis assists management and investors with evaluating NuVista’s operating performance on a comparable basis.

Reference has been also been made to certain terms that do not have standardized meanings or standard calculations and therefore such measures may not be comparable to similar measures used by other entities. These terms are used by NuVista’s management to measure the success of replacing reserves and to compare operating performance to previous periods on a comparable basis.

F&D costsNuVista calculated F&D costs as the sum of development costs plus the change in future development costs (“FDC”) for the period when appropriate, divided by the change in reserves within the applicable reserves category, excluding those reserves acquired or disposed.
NuVista calculated TP+PA 3-year average F&D costs as the sum of development costs plus the sum of the change in FDC over the last three completed financial years, divided by the sum of the change in the total proved and probable reserves over the last three completed financial years.

FD&A costsNuVista calculated FD&A costs are calculated as the sum of development costs plus acquisition costs net of disposition proceeds plus the change in FDC for the period when appropriate, divided by the change in reserves within the applicable reserves category, inclusive of changes due to acquisitions and dispositions.

Recycle RatioNuVista calculates recycle ratio as the operating netback divided by F&D costs for the applicable period.

(3) Capital management measures

NI 52-112 defines a capital management measure as a financial measure that: (i) is intended to enable an individual to evaluate an entity’s objectives, policies and processes for managing the entity’s capital; (ii) is not a component of a line item disclosed in the primary financial statements of the entity; (iii) is disclosed in the notes to the financial statements of the entity; and (iv) is not disclosed in the primary financial statements of the entity.

NuVista has defined net debt, adjusted funds flow, and net debt to annualized fourth quarter adjusted funds flow ratio as capital management measures used by the Company in this press release.

Adjusted funds flow

NuVista considers adjusted funds flow to be a key measure that provides a more complete understanding of the NuVista considers adjusted funds flow to be a key measure that provides a more comprehensive view of the company’s ability to generate cash flow necessary for financing capital expenditures, meeting asset retirement obligations, and fulfilling its financial commitments. Adjusted funds flow is calculated by adjusting cash flow from operating activities to exclude changes in non-cash working capital and asset retirement expenditures. Management believes these elements are subject to timing variations in collection, payment, and occurrence. By excluding them, management is able to provide a more meaningful performance measure of NuVista’s ongoing operations. Specifically, expenditures on asset retirement obligations may fluctuate depending on the company’s capital programs and the maturity of its operating areas, while environmental remediation recovery is tied to an infrequent incident that management does not expect to recur regularly. The settlement of asset retirement obligations is managed through NuVista’s capital budgeting process, which incorporates the available adjusted funds flow.

A reconciliation of adjusted funds flow is presented in the following table:

	2024			2023
Cash provided by operating activities	$	600,253		$	721,342
Asset retirement expenditures		12,029			11,195
Change in non-cash working capital		(60,086	)		24,406
Adjusted funds flow	$	552,196		$	756,943

Net debt is used by management to provide a more comprehensive understanding of NuVista’s capital structure and to assess the company’s liquidity. NuVista calculates net debt by considering accounts receivable, prepaid expenses, accounts payable and accrued liabilities, long-term debt (the Credit Facility), senior unsecured notes, and other liabilities. Management uses total market capitalization and the ratio of net debt to annualized adjusted funds flow for the current quarter to analyze balance sheet strength and liquidity.

The following is a summary of total market capitalization, net debt, annualized current quarter adjusted funds flow, and net debt to annualized current quarter adjusted funds flow:

	2024			2023
Basic common shares outstanding (thousands of shares)		203,701			207,584
Share price	$	13.82		$	11.04
Total market capitalization	$	2,815,148		$	2,291,727
Accounts receivable and other		(132,538	)		(139,451	)
Prepaid expenses		(45,584	)		(45,241	)
Accounts payable and accrued liabilities		206,862			157,711
Current portion of other liabilities		18,451			14,082
Long-term debt		5,353			16,897
Senior unsecured notes		163,258			162,195
Other liabilities		16,701			17,358
Net debt	$	232,503		$	183,551
Annualized current quarter adjusted funds flow	$	548,236		$	807,948
Net debt to annualized current quarter adjusted funds flow		0.4			0.2
Adjusted funds flow	$	552,196		$	756,943
Net debt to adjusted funds flow		0.4			0.2

(4) Supplementary financial measures

This press release may contain certain supplementary financial measures. NI 52-112 defines a supplementary financial measure as a financial measure that: (i) is intended to be disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of an entity; (ii) is not disclosed in the financial statements of the entity; (iii) is not a non-GAAP financial measure; and (iv) is not a non-GAAP ratio.

NuVista calculates: (i) “adjusted funds flow per share” by dividing adjusted funds flow for a period by the number of weighted average common shares of NuVista for the specified period; (ii) “operating netback per share” by dividing operating netback for a period by the number of weighted average common shares of NuVista for the specified period; (iii) “corporate netback per share” by dividing operating netback for a period by the number of weighted average common shares of NuVista for the specified period; (iv) “net debt to adjusted funds flow” by dividing the net debt at the end of a period by the adjusted funds flow for such period; and (v) “net present value per share” is the net present value (discounted at 10%) in the reserve category divided by the basic common shares outstanding at the end of the period.

FOR FURTHER INFORMATION CONTACT:

Mike J. Lawford	Ivan J. Condic
President and CEO	VP, Finance and CFO
(403) 538-1936	(403) 538-1945

The MIL Network –

March 6, 2025

MIL-OSI Africa: World Health Organization (WHO) and Partners equip Community Health Workers to support Marburg outbreak response in Kagera

Source: Africa Press Organisation – English (2) – Report:

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The Tanzanian Ministry of Health, with technical and financial support from the World Health Organization (WHO), Africa Centres for Disease Control and Prevention (Africa CDC), and UNICEF, equipped over 600 community health workers (CHW) with hands-on skills to enhance local capacities in addressing the ongoing Marburg response efforts.

The training focused on key areas like community engagement, contact tracing, alert management, infection prevention and control (IPC), water, sanitation, hygiene (WASH), self-care, and psychological first aid. These skills are essential for improving the early detection of Marburg cases and preventing further spread within communities.

Mariam Matabalo, a community health worker from Ruziba health facility, expressed her appreciation for the training, especially in areas related to effective communication with the public. ‘Since the Marburg outbreak was declared in my village, many people have had questions about how the virus spreads. But with the skills I’ve gained from this training, I feel more confident in addressing these concerns and providing accurate information to my community,’” she said.

Dr. Ona Machangu, the Assistant Director of Health Promotion, praised the collaborative efforts of WHO, UNICEF, and Africa CDC in creating a unified training package and ensuring that CHWs were actively involved in the response efforts. ‘Harmonizing the training and actively engaging community health workers is one of the best practices that strengthens the overall response. We are very grateful for the support from our partners to make this happen,’ he said.

WHO has played a pivotal role in coordinating these efforts, working alongside local health authorities and partners to ensure that the training is not only well-executed but also effective in bolstering local health systems.

Dr. Faraja Msemwa, the Emergency Preparedness and Response (EPR) lead, reaffirmed WHO’s commitment to supporting Tanzania’s health system, ensuring that the country is better equipped for potential health emergencies in the future. ‘WHO is refocusing its resources to enhance health systems for a more effective response to potential health emergencies.

This community-based approach highlights the importance of local involvement in managing public health crises. Through strengthened community resilience and the active participation of community health workers, Tanzania is improving its ability to prevent, detect, and manage the Marburg outbreak, while also preparing for future health threats.

Distributed by APO Group on behalf of World Health Organization – United Republic of Tanzania.

MIL OSI Africa –

March 6, 2025
MIL-OSI Economics: Euro area bank interest rate statistics: January 2025
Source: European Central Bank

5 March 2025

Bank interest rates for corporations

Chart 1

Bank interest rates on new loans to, and deposits from, euro area corporations

(percentages per annum)

Data for cost of borrowing and deposit interest rates for corporations (Chart 1)

The composite cost-of-borrowing indicator, which combines interest rates on all loans to corporations, decreased in January 2025. The interest rate on new loans of over €1 million with a floating rate and an initial rate fixation period of up to three months decreased by 13 basis points to 4.18%. The rate on new loans of the same size with an initial rate fixation period of over three months and up to one year fell by 18 basis points to 3.88%, driven by both the interest rate and the weight effects. The interest rate on new loans of over €1 million with an initial rate fixation period of over ten years increased by 9 basis points to 3.51%. In the case of new loans of up to €250,000 with a floating rate and an initial rate fixation period of up to three months, the average rate charged fell by 30 basis points to 4.33%.
As regards new deposit agreements, the interest rate on deposits from corporations with an agreed maturity of up to one year fell by 13 basis points to 2.67% in January 2025. The interest rate on overnight deposits from corporations stayed almost constant at 0.76%.
The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate and an initial rate fixation period of up to one year decreased by 7 basis points to 4.56%.

Table 1

Bank interest rates for corporations

i.r.f. = initial rate fixation
* For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

Data for bank interest rates for corporations (Table 1)

Bank interest rates for households

Chart 2

Bank interest rates on new loans to, and deposits from, euro area households

Data for cost of borrowing and deposit interest rate for households (Chart 2)

The composite cost-of-borrowing indicator, which combines interest rates on all loans to households for house purchase, decreased in January 2025. The interest rate on loans for house purchase with a floating rate and an initial rate fixation period of up to one year decreased by 10 basis points to 4.06%. The rate on housing loans with an initial rate fixation period of over one and up to five years fell by 8 basis points to 3.49%. The interest rate on loans for house purchase with an initial rate fixation period of over five and up to ten years decreased by 48 basis points to 2.88%. The rate on housing loans with an initial rate fixation period of over ten years fell by 12 basis points to 2.97%, driven by both the interest rate and the weight effects. In the same period the interest rate on new loans to households for consumption increased by 23 basis points to 7.64%.
As regards new deposits from households, the interest rate on deposits with an agreed maturity of up to one year decreased by 12 basis points to 2.33%. The rate on deposits redeemable at three months’ notice stayed almost constant at 1.72%. The interest rate on overnight deposits from households remained broadly unchanged at 0.34%.

Table 2

Bank interest rates for households

i.r.f. = initial rate fixation
* For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories; deposits placed by households and corporations are allocated to the household sector. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
** For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

Data for bank interest rates for households (Table 2)

Further information

The data in Tables 1 and 2 can be visualised for individual euro area countries on the bank interest rate statistics dashboard. Additionally, tables containing further breakdowns of bank interest rate statistics, including the composite cost-of-borrowing indicators for all euro area countries, are available from the ECB Data Portal. The full set of bank interest rate statistics for both the euro area and individual countries can be downloaded from ECB Data Portal. More information, including the release calendar, is available under “Bank interest rates” in the statistics section of the ECB’s website.

For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806

Notes:
- In this press release “corporations” refers to non-financial corporations (sector S.11 in the European System of Accounts 2010, or ESA 2010), “households” refers to households and non-profit institutions serving households (ESA 2010 sectors S.14 and S.15) and “banks” refers to monetary financial institutions except central banks and money market funds (ESA 2010 sector S.122).
- The composite cost-of-borrowing indicators are described in the article entitled “Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation” in the August 2013 issue of the ECB’s Monthly Bulletin (see Box 1). For these indicators, a weighting scheme based on the 24-month moving averages of new business volumes has been applied, in order to filter out excessive monthly volatility. For this reason the developments in the composite cost of borrowing indicators in both tables cannot be explained by the month-on-month changes in the displayed subcomponents. Furthermore, the table on bank interest rates for corporations presents a subset of the series used in the calculation of the cost of borrowing indicator.
- Interest rates on new business are weighted by the size of the individual agreements. This is done both by the reporting agents and when the national and euro area averages are computed. Thus changes in average euro area interest rates for new business reflect, in addition to changes in interest rates, changes in the weights of individual countries’ new business for the instrument categories concerned. The “interest rate effect” and the “weight effect” presented in this press release are derived from the Bennet index, which allows month-on-month developments in euro area aggregate rates resulting from changes in individual country rates (the “interest rate effect”) to be disentangled from those caused by changes in the weights of individual countries’ contributions (the “weight effect”). Owing to rounding, the combined “interest rate effect” and the “weight effect” may not add up to the month-on-month developments in euro area aggregate rates.
- In addition to monthly euro area bank interest rate statistics for January 2025, this press release incorporates revisions to data for previous periods. Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions. Unless otherwise indicated, these euro area statistics cover the EU Member States that had adopted the euro at the time to which the data relate.
- As of reference period December 2014, the sector classification applied to bank interest rates statistics is based on the European System of Accounts 2010 (ESA 2010). In accordance with the ESA 2010 classification and as opposed to ESA 95, the non-financial corporations sector (S.11) now excludes holding companies not engaged in management and similar captive financial institutions.
MIL OSI Economics –
March 6, 2025
MIL-OSI United Kingdom: More than 300 empty homes brought back into use

Source: City of Wolverhampton

The figures have been highlighted during what is national Empty Homes Week (3 to 9 March).

City of Wolverhampton Council’s Empty Property Strategy has seen 312 houses which had been left unoccupied – often in poor condition – brought back into use over the last five years.

The council aims to ensure that rather than the properties becoming a blight on their neighbourhood, they are either sold to new homeowners or rented out to tenants.

Specialist housing improvement officers from the council’s private sector housing team have worked with the owners of properties left empty for a long period of time to encourage and support them to carry out any required works and get them occupied once again.

If necessary and as a last resort, the authority can use enforcement action to ensure this work takes place.

The council also offers up to £500 towards legal and/or marketing fees to encourage more owners of empty properties to sell their property on the open market.

Councillor Steve Evans, City of Wolverhampton Council Deputy Leader and Cabinet Member for City Housing, said: “Our action on privately-owned empty homes is providing more affordable housing to people in the City of Wolverhampton.

“The properties we have become involved with have often stood empty for many years, sometimes because there are no relatives to inherit or they cannot be traced, and, as a result, the condition of the property has deteriorated dramatically.

“We are putting these houses back on the market – either to sell or rent – and this in turn is having a positive effect in the areas they are in.

“Bringing them back into use also helps supports local shops and services are benefiting from new residents occupying the houses – providing a significant boost to the local economy.

“This ongoing work is the equivalent of us building hundreds of new houses across the city – and we will continue to focus our efforts on empty houses in the City of Wolverhampton.”

The public can report empty properties via the website Report an empty property and owners can contact the council to discuss options by calling 01902 551155 or emailing empty.properties@wolverhampton.gov.uk

MIL OSI United Kingdom –

March 6, 2025
MIL-OSI Asia-Pac: CE attends opening meeting of NPC annual session in Beijing (with photos)

Source: Hong Kong Government special administrative region

CE attends opening meeting of NPC annual session in Beijing (with photos)
*************************************************************************

The Chief Executive, Mr John Lee, today (March 5) attended the opening meeting of the third session of the 14th National People’s Congress (NPC). The third session of the 14th NPC commenced in Beijing this morning, during which Premier Li Qiang delivered the government work report. Mr Lee attended the opening meeting in his capacity as the Chief Executive of the Hong Kong Special Administrative Region (HKSAR). In the government work report, Premier Li reviewed the work for 2024. He also outlined the overall requirements for economic and social development and major tasks of the government for 2025. He said that we should continue to fully, faithfully and resolutely implement the principles of “one country, two systems”, “Hong Kong people administering Hong Kong” and a high degree of autonomy in the HKSAR, while maintaining the constitutional order in the HKSAR as stipulated in the Constitution and the Basic Law and implementing the principle of “patriots administering Hong Kong”. Premier Li expressed support for Hong Kong in strengthening economy development and improving people’s livelihood, deepening international exchanges and co-operation, with a view to better integrating into the overall national development and maintaining the long-term prosperity and stability of Hong Kong. He also highlighted the need to enhance the innovation capabilities and influence of economically advantaged areas, including the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Mr Lee said he was most encouraged, adding that this year marks the conclusion of the 14th Five-Year Plan and the beginning of the formulation of the 15th Five-Year Plan. It is also a crucial year for further deepening comprehensive reforms, which are of significant importance for the implementation of “one country, two systems”. The HKSAR Government will continue to fully, faithfully and resolutely implement the principles of “one country, two systems”, “Hong Kong people administering Hong Kong” and a high degree of autonomy. It will unite all sectors of society to further deepen comprehensive reforms, actively understand, respond to and embrace changes, and better leverage the institutional strengths of “one country, two systems” and Hong Kong’s unique and internationalised advantages to open up new development opportunities. The HKSAR Government will also spare no effort in pursuing economic development, improving people’s livelihood and exploring new growth areas. The HKSAR Government will adopt an innovative mindset, coupled with market forces, to take forward the development of the Northern Metropolis and the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, accelerating the development of an international innovation and technology centre. Furthermore, it aims to consolidate and enhance Hong Kong’s status as an international financial, shipping and trade centre, building Hong Kong as an international hub for high-calibre talent. At the same time, it will further promote the high-quality development of the GBA, actively integrating into national development. It will also enhance Hong Kong’s international competitiveness, deepen international exchanges and co-operation, and strengthen Hong Kong’s role as a bridge linking the Mainland and global markets, with a view to achieving better development in Hong Kong and making further contributions to building the great country and advancing national rejuvenation. Mr Lee extended his best wishes for the success of the third session of the 14th NPC and the third session of the 14th Chinese People’s Political Consultative Conference National Committee.

Ends/Wednesday, March 5, 2025Issued at HKT 15:27

NNNN

MIL OSI Asia Pacific News –

March 6, 2025
MIL-OSI Asia-Pac: Rating (Exemption) Order 2025 to be gazetted

Source: Hong Kong Government special administrative region

Rating (Exemption) Order 2025 to be gazetted
********************************************

The Rating (Exemption) Order 2025 will be gazetted on March 7 to implement the one-off rates concessions proposed in the 2025-26 Budget to relieve the financial burden of the general public. The Budget proposes to waive the rates for the first quarter of 2025-26, subject to a concession cap of $500 for each domestic and non-domestic tenement. The proposal will benefit about 3.55 million properties, reducing government revenue by about $1.7 billion. The Order will be tabled at the Legislative Council for negative vetting on March 19.

Ends/Wednesday, March 5, 2025Issued at HKT 17:00

NNNN

MIL OSI Asia Pacific News –

March 6, 2025
MIL-OSI Asia-Pac: Fraudulent website and phishing instant messages related to The Hongkong and Shanghai Banking Corporation Limited

Source: Hong Kong Government special administrative region

Fraudulent website and phishing instant messages related to The Hongkong and Shanghai Banking Corporation Limited
******************************************************************************************

The following is issued on behalf of the Hong Kong Monetary Authority: The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by The Hongkong and Shanghai Banking Corporation Limited relating to a fraudulent website and phishing instant messages, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website. The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks). Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the website or instant messages concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

Ends/Wednesday, March 5, 2025Issued at HKT 17:25

NNNN

MIL OSI Asia Pacific News –

March 6, 2025
MIL-OSI Asia-Pac: Air Passenger Departure Tax (Amendment) Bill 2025 to be gazetted

Source: Hong Kong Government special administrative region

Air Passenger Departure Tax (Amendment) Bill 2025 to be gazetted
****************************************************************

The Air Passenger Departure Tax (Amendment) Bill 2025 will be gazetted on March 7 to implement the measure announced in the 2025-26 Budget to increase the air passenger departure tax (APDT) from $120 per passenger to $200 with effect from October 1, 2025. The new tax rate will be applicable to air tickets purchased on or after October 1, 2025. It is estimated that government revenue will increase by about $1.6 billion annually. Under the Air Passenger Departure Tax Ordinance (Cap. 140) (APDT Ordinance), certain classes of people are exempted from payment of the APDT, including passengers under 12 years of age, direct transit passengers, connecting flight passengers, passengers who arrive at and depart from Hong Kong by aircraft on the same day, and passengers who arrive at Hong Kong International Airport by vehicle via the Hong Kong-Zhuhai-Macao Bridge or by ship and subsequently depart from Hong Kong by aircraft while remaining within the restricted area at all times before departure. A Government spokesman said, “The APDT was last increased more than 20 years ago in 2003-04. The proposed increase constitutes only a very small portion of the overall travelling cost for the general public and travellers to Hong Kong. The impact on air passengers is expected to be minimal.” Meanwhile, under the APDT Ordinance, airlines and helicopter company collect the APDT from air passengers on behalf of the Government, and process applications for exemptions and refunds. The Government pays an administration fee to them in return. The Bill also proposes amending the APDT Ordinance to streamline the financial arrangement of the Government for handling the administration fee. The Bill will be introduced into the Legislative Council for first reading and the commencement of the second reading debate on March 19.

Ends/Wednesday, March 5, 2025Issued at HKT 17:15

NNNN

MIL OSI Asia Pacific News –

March 6, 2025
MIL-OSI Asia-Pac: Coal Production from Captive and Commercial Mines Grows 32.53% YoY to 167.36 MT

Source: Government of India

Posted On: 05 MAR 2025 11:17AM by PIB Delhi

The Ministry of Coal is pleased to report that total coal production from captive and commercial mines for the financial year 2024-25 has reached 167.36 million tonnes (MT) as of February 2025. This represents a 32.53% year-on-year (YoY) increase compared to the 126.28 MT produced by February 28, 2024.

Coal dispatch has also witnessed a significant surge, with total dispatch for the financial year reaching 170.66 MT, surpassing the 128.45 MT recorded in the previous year. This marks a 32.86% YoY growth, ensuring a stable and uninterrupted coal supply to key sectors such as power, steel, and cement.

Bhaskarpara Coal mine of M/s Prakash Industries Limited commenced coal production on February 15, 2025, with a Peak Rated Capacity (PRC) of 15 MT.

Figure 1: Glance at the coal production for last three consecutive years till February.

Looking ahead, the Ministry of Coal remains committed to fostering a sustainable and efficient coal sector that contributes to national growth and development. This vision aligns with Viksit Bharat 2047, which aims to establish a developed India by 2047. The coal sector will play a pivotal role in achieving this goal by ensuring energy security, promoting sustainable development, and driving economic progress.

****

Shuhaib T

(Release ID: 2108284) Visitor Counter : 114

MIL OSI Asia Pacific News –

March 6, 2025
MIL-OSI Asia-Pac: PM to Visit Uttarakhand on 6th March

Source: Government of India (2)

PM to Visit Uttarakhand on 6th March

PM to offer Prayers at the Winter Seat of Maa Ganga in Mukhwa

Posted On: 05 MAR 2025 11:18AM by PIB Delhi

Prime Minister Shri Narendra Modi will visit Uttarakhand on 6th March. At around 9:30 AM, he will perform pooja and darshan at the winter seat of Maa Ganga in Mukhwa. At around 10:40 AM, he will flag off a trek and bike rally and also address the gathering at a public function in Harsil.

The Uttarakhand government has initiated a Winter Tourism programme this year. Thousands of devotees have already visited the winter seats of Gangotri, Yamunotri, Kedarnath, and Badrinath. The programme is aimed to promote religious tourism and boost the local economy, homestays, tourism businesses, among others.

***

MJPS/SR

(Release ID: 2108283) Visitor Counter : 23

MIL OSI Asia Pacific News –

March 6, 2025


	January 2025 – YoY Comparison
		January 2024		January 2025	Growth
Revenue	$	2,110,843	$	4,992,090	136%
Gallons		546,292		1,438,824	163%


	January 2025 – MoM Comparison
	December 2024		January 2025		Growth
Revenue	$	2,272,058	$	4,992,090	120%
Gallons		620,578		1,438,824	132%

Contact	Dave Blumberg TransUnion
E-mail	david.blumberg@transunion.com
Telephone	312-972-6646

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Bank interest rates for corporations

Chart 1

Table 1

Bank interest rates for households

Chart 2

Table 2

Further information

Notes:

PM to Visit Uttarakhand on 6th MarchPM to offer Prayers at the Winter Seat of Maa Ganga in Mukhwa

PM to Visit Uttarakhand on 6th March

PM to offer Prayers at the Winter Seat of Maa Ganga in Mukhwa