Category: Economy

MIL-OSI China: Xi holds talks with Brazilian president

Source: China State Council Information Office

Chinese President Xi Jinping holds talks with Brazilian President Luiz Inacio Lula da Silva, who is on a state visit to China, at the Great Hall of the People in Beijing, capital of China, May 13, 2025. (Xinhua/Huang Jingwen)

Chinese President Xi Jinping held talks with Brazilian President Luiz Inacio Lula da Silva, who is on a state visit to China, in Beijing on Tuesday.

Xi said that on the occasion of the 50th anniversary of the establishment of diplomatic relations between China and Brazil last year, the two sides jointly announced the elevation of bilateral relations to a China-Brazil community with a shared future for a more just world and a more sustainable planet.

He called on the two sides to vigorously advance the construction of a China-Brazil community with a shared future, continuously deepen the alignment of development strategies, and jointly promote strengthened solidarity and cooperation among Global South countries.

Xi stressed that China and Brazil should maintain strategic mutual trust, provide mutual support on issues concerning each other’s core interests and major concerns, and strengthen exchange at all levels and in all respects.

He called on the two countries to expand cooperation, deepen the effective alignment of the Belt and Road Initiative with Brazil’s development strategy, give full play to the role of the various cooperation mechanisms between the two countries, strengthen cooperation in traditional fields such as infrastructure, agriculture and energy, and expand new areas of cooperation in energy transition, aerospace, the digital economy and artificial intelligence.

He said that China and Brazil should enhance cultural and people-to-people exchanges, provide more convenience for personnel exchanges between the two sides, and strengthen cooperation on culture, education, tourism, and media, and at the sub-national level.

He emphasized that the two sides should adhere to multilateral coordination. As the biggest developing country in the Eastern and Western hemispheres respectively, they should enhance coordination and cooperation within multilateral mechanisms, uphold multilateralism, improve global governance, maintain the international economic and trade order, and resolutely oppose unilateralism, protectionism and bullying, Xi added.

Brazil is willing to deepen strategic cooperation with China and promote the construction of a Brazil-China community with a shared future, Lula said.

Brazil stands ready to align its development strategy with the Belt and Road Initiative to enhance cooperation between the two countries in areas such as trade, infrastructure, aerospace and finance, Lula added. He also called on the two countries to expand exchange in areas of the youth and culture, and to enhance exchange and friendship between the two peoples.

Protectionism and tariff abuse cannot promote development and prosperity. Instead, they will lead to chaos. China’s resolute stance in addressing global challenges gives strength and confidence to all countries, Lula noted, adding that Brazil is willing to strengthen strategic coordination with China in international affairs, work with China to safeguard the common interests of the Global South, and safeguard international fairness and justice.

At the Great Hall of the People, the two heads of state witnessed the signature of 20 cooperation documents covering the fields of development-strategy alignment, science and technology, agriculture, the digital economy, finance, inspection and quarantine, and media.

The two heads of state also met with the press together.

China and Brazil issued a joint statement on strengthening the construction of a China-Brazil community with a shared future for a more just world and a more sustainable planet, and on jointly upholding multilateralism, as well as a joint statement on the Ukraine crisis.

Prior to the talks, Xi and his wife, Peng Liyuan, held a welcome ceremony for Lula and his wife, Rosângela Lula da Silva, at the square outside the east gate of the Great Hall of the People.

Xi and Peng also hosted a welcome banquet for Lula and his wife on Tuesday evening.

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MIL OSI China News –

May 14, 2025
MIL-OSI China: China’s listed firms log solid Q1 earnings on thriving consumption, tech innovation

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

Despite global economic uncertainties, China’s listed companies posted solid first-quarter performance in 2025, driven by robust consumer spending and steady advances in technological innovation.

Among the 5,400 listed companies that have released financial reports for the first quarter (Q1), more than 70 percent were in the black, according to financial information provider Wind.

The combined net profit attributable to shareholders of all listed firms came in at 1.49 trillion yuan (about 207 billion U.S. dollars), up 3.64 percent from a year ago, the data showed.

According to analysts, the Q1 reports reflect a surge in emerging consumption trends and booming technological innovation among China’s listed companies, underscoring the country’s ongoing shift toward high-quality development.

The consumer sector emerged as a bright spot in first-quarter earnings, with listed consumer companies reporting a 4.7 percent year-on-year rise in revenue and a 14.7 percent increase in net profit attributable to shareholders, both outpacing the average growth rate of non-financial firms.

Appliance makers were among the top gainers, supported by the government-backed trade-in scheme. During the period, the household appliance and consumer electronics segments posted year-on-year growth of 22.8 percent and 107.5 percent, respectively, in net profit attributable to shareholders.

Last year, China’s consumer goods trade-in program boosted product sales by more than 1.3 trillion yuan, according the Ministry of Commerce. Building on the achievements, the country’s central authorities have recently issued approximately 81 billion yuan in ultra-long special treasury bonds, aiming to increase support for the program this year.

New consumption models have been reshaping the market. According to Founder Securities, Chinese consumers have been spending more on holidays, ice and snow sports, and buying “guzi”– a homonym for “goods” that refers to various merchandise featuring elements of animation, comics and games (ACG) culture.

In the first quarter, profits of firms in ice and snow tourism rose 25.8 percent year on year, while companies in the pet industry and those related to “guzi” economy saw earnings jump 58.2 percent and 93.6 percent, respectively.

Spending on culture, entertainment and tourism also gained momentum among Chinese consumers, fueling business growth across sectors such as aviation, hospitality and film.

Take the movie industry, for example. As of April 30, 16 film and television production companies had released their first-quarter financial reports, with six of them reporting a year-on-year doubling of net profit attributable to shareholders.

Yan Xiang, chief economist at Founder Securities, said that the simultaneous rise in profits and revenue among consumer-related firms highlights the immense potential of China’s vast consumer market. As consumption continues to expand steadily, consumer spending is expected to play an increasingly significant role in boosting growth in the country, he added.

Another key theme emerging from the quarterly reports was tech-driven innovation, with listed Chinese companies emphasizing advancements in smart manufacturing, digital operations and supply chain optimization as part of a broader push to spur growth through technology.

In line with the trend, China’s listed firms have funneled more funds for research and development (R&D), with data from Wind showing that nearly half of all listed firms increased R&D investments in Q1.

Breakthroughs in core technologies have also facilitated industrial upgrades. Companies in emerging industries accounted for 40 percent of all firms listed on the Shanghai main board, overtaking traditional sectors like finance to become the market’s leading sectors by market capitalization.

Zheng Hongda, an analyst with Western Securities, stressed the importance of strong internal momentum among China’s technology firms in the face of a complex external environment.

For technology companies, their investment plans for the next period should center on key areas such as semiconductors and artificial intelligence, which will galvanize the internal driving forces along the industrial chain, Zheng said.

MIL OSI China News –

May 14, 2025
MIL-OSI China: Airfreight boom drives new opening-up momentum in inland China

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

Xi’an, an ancient capital of China and the starting point of the historic Silk Road, is writing a new chapter in global trade as it strives to develop an airfreight-driven economy, with its international air cargo and mail volume doubling in the first four months of 2024.

From January to April, the inland metropolis handled 17,200 tonnes of cross-border shipments — primarily e-commerce goods — marking a 102.4 percent year-on-year increase.

The growth was driven by Xi’an’s expanded Eurasian cargo network this year, with more cargo flights to Budapest and the launch of four new freight routes linking Tbilisi, Milan, Debrecen, and Madrid, thereby strengthening the city’s connections with Central Asia, the Middle East, and Europe, according to Xi’an Xianyang International Airport.

In February, the airport’s Terminal 5, a 705,500-square-meter “super terminal” larger than the combined area of the previous three terminals, officially opened, adding 115 aircraft parking stands while boosting the city’s air logistics capacity.

Amid global economic uncertainties, China has continued to advance high-level openness. The country’s total goods imports and exports in yuan-denominated terms expanded 1.3 percent year on year in the first quarter of 2025, demonstrating stable growth and strong resilience, according to the General Administration of Customs.

Xi’an’s booming airfreight economy is part of China’s broader opening-up drive, contributing to the country’s overall trade expansion.

In the Airport New City (ANC) of Xixian New Area, where the airport is located, bonded warehouses are stocked with imported daily necessities and cosmetics as workers at a cross-border logistics company busily load orders for delivery.

“Compared with coastal cities like Hangzhou, Xi’an offers a cost advantage for air cargo to Europe, Central Asia and the Middle East, with flight times shortened by around two hours,” said Lan Yibo, the general manager of the company, adding that they have begun exporting Chinese-made light industrial products to Europe starting this year.

The airport’s high customs clearance efficiency and convenience have attracted a growing number of businesses.

“By making prior reservations, companies can cut customs clearance times from three or four days to just seven hours,” said Dang Liming, an official of the ANC.

Benefiting from the airport-oriented economy, the ANC now hosts 13 logistics parks and over 200 leading logistics firms.

The thriving air logistics has boosted the express delivery and cross-border e-commerce businesses.

Last year, the Xi’an airport handled over 7.3 million international express shipments, ranking second in China.

Located within the ANC, the northwest China regional hub of delivery giant YTO Express handled 1 billion parcels last year, up 33.3 percent year on year.

Shao Xing, a manager at the company, said the Xi’an regional hub has ranked among the top five nationwide in terms of scale.

“The company will launch a new Silk Road international port project by the end of next year, aiming to expand multimodal transport capabilities and enhance connectivity in Central Asia through integrated logistics networks,” Shao said.

MIL OSI China News –

May 14, 2025
MIL-OSI USA: Rep. Mann Applauds House Agriculture Reconciliation Bill to Cut Waste, Strengthen SNAP

Source: United States House of Representatives – Representative Tracey Mann (Kansas, 1)

CLICK HERE to download Rep. Mann’s opening remarks.

CLICK HERE to watch Rep. Mann’s opening remarks on YouTube.

WASHINGTON, D.C. – Today, U.S. Representative Tracey Mann (KS-01) applauded the House Agriculture Committee’s portion of the reconciliation bill during opening remarks of the committee’s markup. The bill institutes long-overdue accountability measures for the Supplemental Nutrition Assistance Program (SNAP), expands work requirements for able-bodied adults without dependents, and closes loopholes in work requirement waivers. Rep. Mann also praised the investments the bill makes in strengthening the farm economy, expanding the farm safety net, updating reference prices, and investing taxpayer dollars in places they can see a return.

Rep. Mann’s Opening Remarks as Prepared:

Thank you, Chairman Thompson, for holding today’s mark up and for your leadership in crafting this legislation that I truly believe will revitalize the farm economy for those who feed, clothe, and fuel the world not just in the Big First District of Kansas but across our country, all while faithfully stewarding taxpayer dollars and creating opportunities for more people to benefit from the dignity of work and achieve the American dream.

This bill makes crucial investments to support the farmers, ranchers, and agricultural producers of the Big First and across rural America. Farmers are struggling, with production costs up over 30 percent and commodity prices down substantially, and they are in desperate need for some degree of relief. We aren’t going to solve all of their problems here today, but we can help provide them some certainty by updating reference prices, expanding access to crop insurance, and increasing investment in export promotion programs. This bill does exactly that, and it will help ensure a safe, reliable, and stable food supply for years to come.

This legislation also allows us to be forward thinking about the needs of the agricultural community by directing funds to areas with a high return on investment, including by addressing the deferred maintenance backlog at land-grants like Kansas State University for vital ag research and protecting consumers and producers through livestock biosecurity that can fend off growing threats like New World Screwworm.

And just as important is the work this legislation does to protect and preserve the SNAP program for those who need it most and ensure that we have a strong safety net for generations to come. We aren’t here today making these reforms to SNAP just because we believe they are more efficient or because they will save us money, we are pursuing these changes because it is wrong to jeopardize the benefits of the single mom taking care of kids too young to be in school or the disabled and elderly in order to subsidize someone who is perfectly capable of making an honest income, but isn’t willing to join the workforce. By definition, these are “able bodied adults without dependents.” These changes will ensure that these individuals are served by the program as it was intended: not as a couch that you can sit on as long as you want, but as a true safety net that gets you back on the ladder of opportunity and back into a job where you can experience the dignity of work and have a shot at the American dream.

The world doesn’t wait for Congress to act, and global competitors continue to grow stronger every day. Failure is not an option. Agriculture is the backbone of our country, supporting the nation’s food security, trade, and overall economic strength, and today we have in front of us a once in a lifetime opportunity to provide our farmers, ranchers, and agricultural producers with certainty, fairness, and the tools they need to keep feeding, clothing, and fueling America. Now is the time for this Committee to step up and deliver for them. Passing this bill is a commitment to rural America and to the future of American agriculture, and I look forward to supporting it today.

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For more information about Representative Mann, visit: www.mann.house.gov.

MIL OSI USA News –

May 14, 2025
MIL-OSI China: Canadian PM Carney unveils new cabinet

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

Canadian Prime Minister Mark Carney unveiled on Tuesday a new cabinet.

The new cabinet, Carney’s second but his first since being elected, includes a core group of 28 ministers and 10 secretaries of state.

Anita Anand replaced Mélanie Joly as Minister of Foreign Affairs. Joly became Industry Minister.

Dominic LeBlanc’s new title is president of the King’s Privy Council for Canada and minister responsible for Canada-U.S. Trade, intergovernmental affairs and one Canadian economy.

François-Philippe Champagne remains Finance Minister and took on the additional role of Revenue Minister.

Carney’s Liberal Party won the parliamentary elections in Canada last month to form a minority government. The House of Commons’ sitting calendar currently has May 26 listed as the first sitting date for MPs.

MIL OSI China News –

May 14, 2025
MIL-OSI China: UN eyes reform to modernize itself ahead of 80th anniversary

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

The United Nations General Assembly convened an informal plenary meeting on Monday to hear a briefing from Secretary-General Antonio Guterres on the UN80 Initiative, a wide-ranging reform effort launched as the UN approaches its 80th anniversary of founding.

The UN80 Initiative, introduced in March, aims to modernize the operations of the 193-member body. The reform focuses on identifying efficiencies and improvements within existing frameworks, reviewing how member states’ requests are carried out, and exploring changes to the agency’s structure, said Guterres.

The changes are expected to yield “meaningful reductions” in the overall budget, said Guterres. The departments for political and peacekeeping affairs could see a 20 percent reduction in staff by eliminating duplication, according to UN.

The financial strain on the organization is already apparent. As of May, just 1.8 billion U.S. dollars of the 3.5 billion dollars in regular budget assessments for 2025 has been received, which represents a shortfall of roughly 50 percent, according to data from the Fifth Committee of the UNGA.

Fu Cong, China’s permanent representative to the UN, said his expectation of this reform initiative is to advance institutional renewal and efficiency enhancement. “This is a task of great importance, and the Secretary-General must exercise strict oversight. China hopes the reform will deliver concrete results.”

“As the world enters a new period of turbulent transformation marked by rising unilateralism and multiplying global challenges, the role of the United Nations must be reinforced, not diminished,” Fu said.

It is essential to uphold the authority and status of the United Nations, he said. He added that reform must strengthen rather than weaken the organization.

“The more complex and volatile the international situation becomes, the more important it is to support the UN in playing its central role and to safeguard the international system with the UN at its core. This must remain the fundamental direction and ultimate goal of the reform, and should be firmly upheld,” the Chinese envoy said.

“A more streamlined, efficient, responsive, financially accountable, and influential United Nations is in the interest of all parties,” he said.

As reform concerns the interests of all member states, “it is imperative to enhance transparency, strengthen consultation with member states, build the broadest possible consensus, conduct comprehensive and prudent evaluations, and make responsible decisions,” he added.

“Reform must not be used as an excuse for the UN to do less or even nothing, nor should it become a justification for certain countries to shirk their financial obligations,” Fu emphasized.

He stressed that the legitimate interests of developing countries must be fully safeguarded. Their representation and voice must be effectively enhanced. “This is key to the success of the reform,” he said.

“It is unacceptable for the interests of a few countries to override those of other member states, or for the legitimate rights and interests of the vast number of developing countries to be sacrificed to meet the demands of a minority,” he said.

Guterres and his predecessors have faced challenges in trying to reform the organization over the past decades. The UN has been criticized for heavy bureaucracy, slow decision-making, and fragmented coordination among agencies. The UN is also heavily dependent on voluntary contributions from member states, which leads to unpredictable funding.

Abbas Kadhom Obaid, permanent representative of Iraq to the UN, speaking at Monday’s meeting on behalf of the Group of 77 and China, expressed “deep concern” over the dire liquidity situation of the UN.

He noted that “one single member state, which is also the only beneficiary of the maximum ceiling on the scale of assessments, continues to be responsible for more than 90 percent of arrears to the regular budget.”

Obaid pointed out that any proposal aimed at achieving efficiencies by reducing duplications and redundancies across the UN system “should not aim at dismantling UN agencies and funds, to the detriment of due support to member states.”

“We emphasize that any reforms foreseen under this initiative must preserve, first and foremost, the multilateral and inclusive nature of the United Nations, while also avoiding strategy-driven models that may ultimately compromise the effectiveness of our organization, particularly with regard to the implementation of its multiple mandates approved by member states,” he said.

He added that for small states, a strong and effective multilateral system, underpinned by respect for the UN Charter and international law, is not an option but an existential necessity.

Burhan Gafoor, permanent representative of Singapore to the UN, speaking on behalf of the Small States Group (SSG), said the world is witnessing a period of geopolitical tension, economic fragmentation and rising nationalism. “We are deeply concerned by the erosion of respect for international law and by efforts to reverse economic integration and globalization,” he said.

The UN is facing a significant budget shortfall as the United States and other donors scale back humanitarian aid and multilateral funding. U.S. President Donald Trump’s administration’s proposed budget for fiscal year 2026 includes deep cuts to foreign aid, with signals that U.S. contributions to the UN system could be nearly eliminated.

Richard Gowan, UN Director at the International Crisis Group, warned in April that the UN may face a 20 percent budget reduction in 2026 due to donor cuts and unpaid member contributions, The New York Times reported.

In February, Trump signed an executive order calling for a review of U.S. engagement with the UN and withdrew from agencies focused on human rights, reproductive health, climate change, and global health. Other UN donors, including the United Kingdom, are also reducing humanitarian spending.

MIL OSI China News –

May 14, 2025
MIL-OSI China: China to adjust tariffs on imported US products on Wednesday

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

China will adjust tariffs on imported U.S. products from 12:01 p.m. Wednesday, the Customs Tariff Commission of the State Council announced on Tuesday.

China will modify accordingly the application of the additional ad valorem rate of duty on articles of the United States set forth in the Announcement of the Customs Tariff Commission of the State Council No. 4 of 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining additional ad valorem rate of 10 percent on those articles.

The country will also remove the modified additional ad valorem rates of duty on those articles imposed by the No. 5 and No. 6 announcements issued by the Customs Tariff Commission of the State Council on April 9 and 11, respectively.

In last month’s aforementioned announcements, China raised the additional tariffs on products imported from the United States to 84 percent and 125 percent, respectively, as countermeasures against the United States’ “reciprocal tariffs.”

The commission said that the reduction of bilateral tariffs is in line with the expectations of producers and consumers in both countries, and is conducive to the economic and trade exchange between China and the United States, as well as the global economy.

MIL OSI China News –

May 14, 2025
MIL-OSI USA: REP. HILL’S BILL TO PRESERVE MORE OF ARKANSAS’S NATURAL BEAUTY PASSES THE HOUSE OF REPRESENTATIVES

Source: United States House of Representatives – Congressman French Hill (AR-02)

WASHINGTON, D.C. – Today, Rep. French Hill’s (AR-02) bill, H.R. 1612, the Flatside Wilderness Additions Act, to expand the Flatside Wilderness Area in central Arkansas by approximately 2,200 acres, passed the House of Representatives by a voice vote.

Rep. Hill’s bill designates an additional 2,200 acres as part of the Flatside Wilderness Area, fulfilling the vision Arkansas leaders first set forth in the 1984 Arkansas Wilderness Act. It marks the culmination of Rep. Hill’s determined effort to complete the Flatside Wilderness footprint and reflects a decades-long, bipartisan commitment to conserving one of The Natural State’s most treasured landscapes for future generations.

Rep. Hill said, “For over 40 years, Arkansas leaders have worked to secure the future of the Flatside Wilderness. My legislation completes that vision. It maintains what is best about The Natural State and conserves a place of cultural, ecological, and personal significance for Arkansans and visitors alike.”

“My bill reflects a thoughtful approach that balances conservation with access and ensures this extraordinary landscape remains available for generations to come. I am proud to complete what former Sen. Dale Bumpers and my predecessor, Rep. Ed Bethune, started four decades ago, and I am grateful for the strong support from Governor Sanders and local leaders, as well as for Chairman Westerman’s help in getting this bill to the House Floor.”

Rep. Hill’s leadership in preserving the Flatside Wilderness Area reflects a decade-long effort to expand and protect one of Arkansas’s most scenic and ecologically significant landscapes. In 2019, he successfully passed legislation to add 640 acres to the Flatside Wilderness, which was signed into law by President Trump. That same year, Congress directed the U.S. Forest Service to study surrounding lands for potential inclusion. The recommendations from that study form the basis for today’s legislation.

The Flatside Wilderness Area is part of the larger Ouachita National Forest, the oldest and largest national forest in the South, stretching across central Arkansas into eastern Oklahoma. Known for its rugged terrain and iconic views, the area is a popular destination for hikers, hunters, wildlife enthusiasts, and families across the region.

The bill has received broad support from Arkansas leaders, including Governor Sarah Sanders, the Arkansas Department of Parks, Heritage and Tourism, the Arkansas Game and Fish Commission, and local officials and outdoor recreation advocates throughout the region.

Governor Sanders said, “I am proud to support Rep. French Hill and his bill to expand and complete the Flatside Wilderness Area in our state. This legislation complements the Natural State Initiative my administration established to make Arkansas a leading destination for year-round outdoor adventure, growing our tourism industry, getting families off screens and outdoors, and preserving our world-class natural beauty.”

Chris Racey, interim director for the Arkansas Game and Fish Commission, said, “There are twelve wilderness areas in Arkansas that Arkansas Game and Fish Commission partners to bring these unique natural areas to Arkansans for recreation. Thank you to Congressman Hill for his work to further expand the wild lands of Flatside Wilderness.”

Anders Reynolds, federal legislative director for the Southern Environmental Law Center, said, “The Flatside Wilderness Additions Act would bolster an already strong outdoor recreation economy in The Natural State and preserve for future generations some of the Ouachita National Forest’s most rugged places. SELC applauds Representative Hill’s leadership on this bill, and joins countless hikers, hunters, campers, and paddlers in celebrating its passage through the House of Representatives today.”

Barry Hyde, Pulaski County judge, said, “I fully support H.R. 1612, the Flatside Wilderness Additions Act. This legislation safeguards one of our region’s most treasured natural areas while providing meaningful benefits to the people of Pulaski County. Expanding the Flatside Wilderness will enhance access to outdoor recreation, attract tourism, and contribute to the well-being of our residents — all while preserving the scenic beauty and ecological integrity of the Ouachita Mountains. I commend Rep. French Hill and our congressional delegation for their leadership in protecting these irreplaceable public lands for future generations.”

Larry Blackmon, Perry County judge, said, “The Flatside Wilderness Area is truly a treasure to the state of Arkansas and Perry County. Its natural beauty draws visitors from all over the United States. The citizens of Perry County are very appreciative of Congressman Hill’s efforts to expand the Flatside Wilderness Area and hope you will show your support for H.R. 1612 and allow the Flatside Wilderness Area to become an even greater beauty than it already is.”

Brian Thompson, president of the Ozark Society, said, “These Flatside additions will make a good wilderness even better, by including Cedar Creek Watershed lands, and by securing long-term protection for spectacular views from Flatside Pinnacle.”

Jill Gottesman, southeastern states director for The Wilderness Society, said, “TWS applauds the introduction of Congressman Hill’s Flatside Wilderness Additions Act to expand the existing Flatside Wilderness Area in the Ouachita National Forest. This expansion will improve the protection, restoration and manageability of the wilderness area. The bill supports Arkansas’ rich biodiversity, strengthens the growing outdoor recreation economy, and enhances rugged outdoor experiences for hikers, hunters, campers and other public land users.”

MIL OSI USA News –

May 14, 2025
MIL-OSI USA: Senate and House Republicans Make Strides to Repeal Over a Dozen Biden-Era Regulations to Advance Trump’s America First Agenda

US Senate News:

Source: United States Senator for Kansas Roger Marshall

Washington – In a seismic victory for President Trump’s America First Agenda, U.S. Senator Roger Marshall, M.D. (R-Kansas) today released the following statement on Senate and House Republicans’ efforts to reverse over a dozen of Joe Biden’s nonsensical regulations using the Congressional Review Act (CRA) – a legislative tool allowing Congress to strike down federal rules and regulations with a simple majority vote.
“While the Biden-Harris administration tried to suffocate our nation’s businesses and families with nonsensical regulation after regulation, Senate and House Republicans are tearing down these barriers to unleash American prosperity,” said Senator Marshall. “I am committed to continue working with my colleagues to ensure these CRAs allow us to boldly deliver on President Trump’s promises.”
Among the 13 burdensome Biden-Harris-era regulations that were targeted, Senate Republicans have slashed red tape to unleash American energy, end costly green new scam mandates, strengthen digital finance, and expand personal freedoms. These actions deliver on President Donald Trump’s America First agenda by reducing consumer costs, protecting privacy, and empowering businesses.
Promise Made: Unleash American Energy
Promise Kept:

S.J.Res. 11 – Offshore Oil and Gas Drilling

What It Does: This resolution overturns a Biden-era rule that prevented offshore oil and gas drilling because of the presence of “shipwrecks and cultural resources.”
Why It Matters: By overturning this regulation, we can unleash American energy through expanded production capacity off American shores.
Status: Passed and became law on March 14, 2025.

S.J.Res. 31 – Tailpipe Emissions and Area Pollution

What It Does: This resolution overturns a Biden-era rule that requires sources of persistent and bioaccumulative hazardous air pollutants to comply with certain major source emission standards under the Clean Air Act.
Why It Matters: By eliminating it, we’re lessening regulations and letting American industry flourish without the heavy and misguided hand of activist government bureaucrats holding it back.
Status: Passed the Senate but has not yet passed the House.

Promise Made: End the Green New Scam
Promise Kept:

H.J.Res. 24 – Walk-in Coolers and Freezers

What It Does: This resolution overturns a Biden-era regulation that defines “walk-in coolers” and “walk-in freezers” as refrigerated spaces smaller than 3,000 square feet, which would have increased costs and regulations on manufacturers and restaurants.
Status: Passed, but not yet signed by the President.

H.J.Res. 42 –Appliance Energy Efficiency

What It Does: This resolution overturns a Biden-era Department of Energy (DOE) rule that would have increased the cost of basic appliances.
Status: Passed, but not yet signed by the President.

H.J.Res. 75 –Energy Standards for Freezers and Refrigerators

What It Does: This resolution overturns a Biden-era DOE rule that attempts to amend energy conservation standards for refrigerators, refrigerator-freezers, and freezers, that would have increased the cost of basic appliances. It would also have put financial constraints on any business that uses these appliances, such as restaurants, grocers, and more.
Status: Passed, but not yet signed by the President.

H.J.Res. 20 – Gas Powered Water Heaters

What It Does: This resolution overturns a Biden-era rule that would have placed restrictions and regulations on gas-powered water heaters, which would have resulted in increased costs of tankless water heaters and reduced choice in the market.
Status: Passed, but not yet signed by the President.

H.J.Res. 35 – Waste Emissions Tax for Energy Producers

What It Does: This resolution overturns a Biden-era Environmental Protection Agency (EPA) rule that implemented a Methane Tax on American energy producers, which would have resulted in higher costs passed onto consumers.
Status: Passed and became law on March 14, 2025.

H.J.Res. 61 – Rubber Tire Manufacturer Emissions

What It Does: This resolution overturns a Biden-era EPA rule that attempted to add emissions standards to rubber tire manufacturing, including them in the hazardous air pollutant (HAP) regulation requirements, which would have resulted in higher costs passed onto consumers.
Status: Passed, but not yet signed by the President.

Why They Matter: By passing resolutions to overturn these six specific rules, we’re preventing increased costs from being invariably be passed onto consumers, removing burdensome regulations that could harm businesses large and small, and allowing American families to have more choice in the market and keep more of their hard-earned money.

Promise Made: Strengthen U.S. Leadership in Digital Finance
Promise Kept:

S.J.Res. 3 / H.J.Res. 25 –Crypto IRS Reporting Requirements

What It Does: This resolution overturns a Biden-era rule that mandates that brokers submit information returns and provide payee statements detailing the gross proceeds from digital asset transactions they carry out for their clients.
Why It Matters: With the elimination of this rule, the private financial information of American citizens is further protected.
Status: Passed and became law on April 10, 2025.

S.J.Res. 18 – Overdraft Fee Regulations

What It Does: This resolution overturns an overreaching Biden-era Consumer Financial Protection Bureau (CFPB) rule that limited overdraft fees.
Why It Matters: Overturning this ensures that banks and financial institutions can negotiate their own relationships with customers with limited government interference.
Status: Passed and became law on April 10, 2025.

S.J.Res. 28 – Digital Payment Providers

What It Does: This resolution overturns a burdensome and overreaching Biden-era CFPB rule that would have threatened Americans’ privacy interests.
Why It Matters: The rule, if left intact, could stifle innovation and impose undue burdens on digital payment providers like Venmo or PayPal.
Status: Passed, but not yet signed by the President.

S.J.Res. 13 –Bank Merger Application Review

What It Does: This resolution overturns a Biden-era rule from the Office of the Comptroller of the Currency (OCC) that would have made more stringent the government’s review of bank mergers.
Why It Matters: Overturning this rule will allow American financial institutions to make decisions that work best for their customers.
Status: Passed the Senate but has not yet passed the House.

Promise Made: Eliminate Burdensome Regulations
Promise Kept:

H.J.Res. 60 – Regulations for ATV Usage

What It Does: This resolution will make minor changes to a Biden-era regulation that will result in improved management of motorized uses in the Orange Cliffs Special Management Unit, including:

Prohibiting the use of ORVs and street-legal ATVs on an 8-mile segment of the Poison Spring Loop located on Route 633 proceeding north to Route 730.
Eliminating the superintendent’s authority to potentially allow ORVs and street-legal ATVs on the upper portion of the Flint Trail.

Why It Matters: By improving this regulation, we will give Americans greater freedom to traverse the great outdoors, without the government needlessly telling them how to do it.
Status: Passed, but not yet signed by the President.

MIL OSI USA News –

May 14, 2025
MIL-OSI USA: Senator Marshall and Rep. Nehls Reintroduce Bill to Support Families of Victims Killed by Illegal Aliens

US Senate News:

Source: United States Senator for Kansas Roger Marshall

Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) today reintroduced the Justice for Angel Families Act, legislation that would amend the Crime Victims Fund (CVF) to expand financial coverage for Angel Families – the immediate relatives of victims killed by illegal aliens, including in drunk driving accidents. This legislation would allow federal funds to cover medical expenses, lost wages, and funeral costs, easing the financial burden on grieving families.
Additionally, the bill would codify the Victims of Immigration Crime Engagement (VOICE) Office at the Department of Homeland Security (DHS), originally established by President Trump in 2017 and recently reopened last month by the Trump Administration after the Biden Administration shuttered it. The VOICE Office provides critical services like grief counseling and case follow-ups for victims’ families. This bill would ensure the VOICE Office can never be shut down again.
“President Trump is righting the catastrophic wrongs of the Biden-Harris Administration by restoring law and order, securing our borders, and putting an end to the lawlessness that plagued our nation for too long,” said Senator Marshall. “But for countless Angel Families, the damage is permanent – their loved ones were taken from them because of disastrous open-border policies. I urge my colleagues to join Congressman Nehls and me in delivering justice and ensuring these families receive the resources and support they deserve by passing the Justice for Angel Families Act.”
U.S. Representative Troy Nehls (R-Texas-22) introduced the House companion version of this bill. Cosponsors in the House include Representatives Paul Gosar (R-Arizona-09), Don Bacon (R-Nebraska-02), Randy Weber (R-Texas-14), Lance Gooden (R-Texas-05), Barry Moore (R-Alabama-01), Tom Tiffany (R-Wisconsin-07), and Brian Babin (R-Texas-36).
“President Trump and his administration are restoring law and order and standing up for American citizens,” said Congressman Nehls. “Millions of illegal aliens flooded our country during the Biden Administration, and many of them took the lives of Americans, such as Jocelyn Nungaray, Laken Riley, and Rachel Morin. By codifying the VOICE Office, which was reopened last month by Secretary Noem, no future president can close the office again, ensuring that families that fall victim to illegal alien crimes are supported, not left behind.”
The legislation is co-sponsored by U.S. Senators Ted Budd (R-North Carolina), Kevin Cramer (R-North Dakota), and Bill Cassidy (R-Louisiana).
“Under the Biden administration’s watch our country faced record levels of illegal immigration that resulted in innocent American lives lost,” said Senator Budd. “Our nation’s Angel Families have faced unimaginable tragedies because of Joe Biden’s senseless open-border policies. Now, we must stand with them – giving them the support and justice they deserve.”
“Families of victims murdered by illegal immigrants are forced to face unimaginable grief,” said Senator Cramer. “This bicameral bill supports Angel Families by ensuring they have the help and resources they need.”
The legislation is also supported by Advocates for Victims of Illegal Alien Crime, NumbersUSA, and National Immigration Center for Enforcement (NICE).
“As a nation, we spend hundreds of billions of dollars supporting illegal aliens who have no right to be in our country. Yet the victims of crimes committed by illegal aliens are left to fend for themselves at the worst times in their lives,” said Don Rosenberg, President and Treasurer of Advocates for Victims of Illegal Alien Crime. “Financial compensation will never replace the loss of a loved one, but the “Justice for Angel Families Act” will at least reduce the financial burden faced by those families who have been betrayed by the failure of some in our government to uphold the rule of law.”
“It’s a shame that our past open border policies have made it necessary and needed to pass legislation to aid Angel families who suffered loss at the hands of illegal immigrants,” said Michael Hough, Director of Federal Government Relations at NumbersUSA. “This legislation will rightfully help those families who have lost their loved ones.”
“To support angel families – American citizens permanently separated from loved ones due to illegal alien crime – President Trump relaunched the Victims of Immigrant Crime Engagement (VOICE) office,” said RJ Hauman, President of the National Immigration Center for Enforcement (NICE). “Now fully operational again, VOICE is assisting thousands of angel families, connecting them to vital services like grief counseling, tracking their cases, and ensuring criminal aliens responsible for their suffering are arrested, detained, and removed. This stands in stark contrast to the previous administration, which dismantled VOICE, opened our borders, and neglected angel families while policies led to more tragic losses. With Republicans now leading Congress, angel families are no longer ignored. Congressman Nehls and Senator Marshall are championing the Justice for Angel Families Act, reaffirming that their highest duty is to American citizens. This bill honors angel families, ensures their loved ones’ deaths were not in vain, and strengthens our nation’s safety and security. NICE urges everyone to support the Justice for Angel Families Act and calls on Congress to pass it after ICE receives critical resources via reconciliation.”
The full text of the legislation can be found here.

MIL OSI USA News –

May 14, 2025
MIL-OSI China: Chinese, Brazilian central banks sign MOU to enhance financial strategic cooperation

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

Chinese, Brazilian central banks sign MOU to enhance financial strategic cooperation

BEIJING, May 13 — The central banks of China and Brazil on Tuesday inked a memorandum of understanding (MOU) on financial strategic cooperation, according to the People’s Bank of China (PBOC).

The PBOC said that the signature of the MOU will facilitate cooperation between China and Brazil in areas such as investment environments, financial technical exchange, financial infrastructure, local currencies and payments.

The PBOC also renewed a bilateral currency swap agreement with the central bank of Brazil on the same day, with a total value of 190 billion yuan (about 26.39 billion dollars), or 157 billion reais. The agreement is valid for a period of five years and can be renewed upon mutual consent, it said.

Another MOU was signed by the PBOC and Brazil’s ministry of finance to promote cooperation between the two sides in areas such as financial markets, financing, and international financial and monetary policy coordination.

MIL OSI China News –

May 14, 2025
MIL-OSI USA: Attorney General Bonta Continues to Challenge Tariffs on All Fronts: President Trump Lacks the Authority to Impose Tariffs
Source: US State of California Department of Justice

Files brief in support of states rocked by tariffs across the country

OAKLAND — California Attorney General Rob Bonta and Governor Gavin Newsom today filed an amicus brief in Oregon v. Trump, a case challenging President Trump’s illegal imposition of so called “emergency” tariffs under the International Emergency Economic Powers Act (IEEPA). Last month, Attorney General Bonta and Governor Newsom filed a lawsuit challenging President Trump’s unlawful use of power to levy tariffs via over a dozen executive orders under the IEEPA. In the brief filed today in the Court of International Trade, Attorney General Bonta argued that the Trump Administration’s interpretation of its authority under IEEPA is incorrect — the Act’s language does not provide the authority impose tariffs.

“President Trump’s illegal tariffs impact businesses, consumers, and states across the nation and it is our responsibility as state leaders to advocate and defend our people against harmful — and illegal — actions,” said Attorney General Bonta. “It’s simple, the statute that the President is using to impose his chaotic tariffs clearly does not include the authority to do so, any reading of it as such is wild, nonsensical, and irresponsible.”

BACKGROUND

In the past few months, President Trump has issued over a dozen executive orders imposing, pausing, reimposing, and escalating tariffs on every U.S. trading partner, and claimed authority to do so under IEEPA. New tariffs are chaotically contemplated, announced, or delayed nearly every day. The uncertainty surrounding the tariffs is itself causing immediate harm to California by incapacitating its ability to budget and plan for the future and chilling the economy — as businesses and people pause decision-making and lose out on opportunities.

While difficult to calculate due to their frenzied nature, most estimates put the new average tariff rate at or above 25%. The current IEEPA tariff regime imposes a universal tariff of 10% on all U.S. trading partners, with tariff increases as high 50% on more than 50 specific trading partners set to go into effect on July 9, 2025.

Separately, Canada and Mexico are subject to IEEPA tariffs of up to 25%, which are currently in effect after being paused and then re-started. China is subject to an ever-changing combination of IEEPA tariffs that reached a staggering rate of 145%, and as of the publication of this press release, plummeted down to 30% under the 90-day pause. The claimed rationales for each of these tariffs is wide-ranging and difficult to follow from trade deficits and foreign trade practices to immigration, crime, and illicit drugs. In response to President Trump’s tariffs, major U.S. trading partners including China, Canada, and the European Union have imposed or announced retaliatory tariffs — China’s retaliatory tariffs alone reached 125%.

The impact of President Trump’s unprecedented IEEPA tariffs is devastating and unprecedented. The near-daily threats to impose new tariffs have already inflicted and continue to inflict serious financial harms on California and states across the nation — with the largest burden expected to fall on the poorest Americans, who cannot absorb the loss of wages or the greater cost of goods.

President Trump’s tariff regime will:
- Reduce Americans’ incomes and productivity: Tariffs are expected to reduce the labor supply by 546,000 full-time jobs.
- Cause higher prices and less availability of goods, leading to goods shortages and supply chain disruptions: The Port of Los Angeles saw a third of import volume disappear as of the first week of May, which will hit the availability of goods in stores in only a few weeks.
- Wreak havoc on our financial systems: The U.S. stock market suffered the largest two-day loss in its history in the two days following the announcement of President Trump’s most sweeping tariffs.
- Generate enormous economic damage to both the U.S. economy and the California economy: Tariffs, on net, reduce production, income, and efficiency.
- Raise the probability of a recession: Recessions are damaging to public finance and state budgets — budget pressures can also mean cessation of spending in areas of pressing need, such as public safety, education, and disaster preparedness.
A copy of the brief is available here.

MIL OSI USA News –
May 14, 2025
MIL-OSI United Nations: Peacekeeping Ministerial: Member States rally behind UN peacekeeping in a time of crisis

Source: United Nations – Peacekeeping

“Complex demands and diminishing resources are testing the limits of the current peacekeeping approaches,” warned Johan Wadephul, Germany’s Minister for Foreign Affairs at the 2025 Peacekeeping Ministerial in Berlin today. UN and Member State representatives met to discuss the future of peacekeeping, calling for reforms to strengthen its effectiveness and efficiency.

The meeting comes as peacekeeping faces mounting challenges: Conflicts worldwide have reached their highest levels since World War II, becoming increasingly complex and dangerous. Member States responsible for setting peacekeeping mandates have become more divided.

An investment in peace

Despite the challenges, “every UN peacekeeping [mission] is a good investment,” said Minister Wadephul. “We want UN blue helmets to remain this instrument of peace protecting millions of civilians and monitoring ceasefires.

Missions have proven effective in preventing violence before it starts, reducing it during conflicts, and preventing its recurrence once conflicts end. Their presence also directly reduces civilian casualties. Peacekeepers have helped many countries achieve durable peace, including Cambodia, Côte d’Ivoire, El Salvador, Liberia, Namibia, Mozambique, Sierra Leone and Timor-Leste.

Bigger challenges, fewer resources

Despite its track record, investment in peacekeeping is declining. Currently, just over 70,000 civilian, military and police peacekeepers are working to advance peace in 11 operations globally, serving countries including the Democratic Republic of Congo, Lebanon, and Cyprus. In comparison, the city of Berlin alone has a police force of 26,000.

Peacekeeping’s current US$5.6 billion budget is roughly half what it was a decade ago. It represents just 0.5% of global military spending.

This funding comes from all UN Member States, with wealthier countries contributing larger shares. Even for the United States – peacekeeping’s largest donor – their assessed contribution of $1.5 billion makes up just 0.2% of their 2024 defence budget.

Yet many Member States are behind on their payments, owing a total of $2.7 billion and worsening the funding crisis.

“It is absolutely essential that all Member States meet their financial obligations by paying their contributions in full and on time,” António Guterres, Secretary-General of the United Nations.

Adapting to a new reality

UN officials and Member States called for comprehensive reforms to adapt to these realities.

Tailoring missions to local contexts, creating more focused mandates, increasing local ownership were suggested as ways peacekeeping missions could strengthen operations. Allowing for a more flexible use of resources was raised as critical to helping missions find efficiencies. There were also impassioned calls for stronger political backing for peacekeeping missions, including from the Security Council.

“We have political divisions impacting everything we are trying to achieve as a team,” said General Birame Diop, Senegal’s Minister of Armed Forces.

Making peacekeeping fit for the future

Today, the message from UN Member States was clear: for the people peacekeepers serve, it is essential to use limited resources as effectively and efficiently as possible, ensuring missions continue their vital work.

“The value of peacekeeping is undeniable… but there is always more to do,” said Catherine Pollard, UN Under-Secretary-General for management Strategy, Policy and Compliance.

Discussions will continue tomorrow, with specialized sessions that will look at how these calls for reform can be concretely met.

MIL OSI United Nations News –

May 14, 2025
MIL-OSI New Zealand: Speech to Apōpō Congress: Addressing New Zealand’s infrastructure asset management challenge

Source: NZ Music Month takes to the streets

Good morning. It’s great to be here – in spirit – at the 2025 Apōpō Congress.
I am a fierce proponent of asset management, and I also enjoy the Te Pae Convention Centre, so it’s a shame I can’t be there with you all in person.
I’d like to thank Apōpō for hosting this congress and for keeping the conversation on asset management learnings and best-practice going for over 75 years.
Better asset management is key to the success of the Government’s plan to go for economic growth and enhance New Zealanders’ quality of life.
Asset management may not be the sexiest aspect of the infrastructure system – as it has to compete with new, big, and exciting projects – but everyone knows, if you don’t paint the weatherboards on your house, the wood will rot.
And billion-dollar infrastructure is fundamentally no different.
Looking after what we have means our infrastructure will last longer, be more reliable, and be more resilient to shocks and stresses. For me, good asset management is a minimum requirement, not an optional extra.
So, today I am announcing a comprehensive work programme that Cabinet has agreed to that will improve asset management practice across central government.
The aim of this work is to provide safer, longer lasting and more reliable infrastructure services; and to achieve better value for money by making the most of what we have.
But before I get into that, let me briefly touch on my six infrastructure priorities and where the Government is at on each of them.
My six priorities as Minister for Infrastructure
Last year, I mapped out what I want from the infrastructure system.
I want the private sector to invest and build here, because they are confident in the pipeline and are enabled to get on with it by an efficient and fair consenting system.
And I want the public to enjoy infrastructure that is safe, reliable, accessible, and good value for money.
To achieve this, I’m focused on six priorities as Infrastructure Minister:

Establishing National Infrastructure Funding and Financing Ltd,
Developing a 30-year National Infrastructure Plan,
Improving infrastructure funding and financing,
Improving the consenting framework,
Improving education and health infrastructure, and last but not least –
Strengthening asset management.

These priorities are in response to what the coalition Government has heard from industry and infrastructure experts, both in New Zealand and overseas.
National Infrastructure Funding and Financing Ltd
Let’s start with National Infrastructure Funding and Financing, which we call NIFFCo.
On the 1st of December last year, we established NIFFCo to:

Act as the Crown’s ‘shopfront’ to facilitate private sector investment in infrastructure – including receiving and evaluating Market Led Proposals.
Partner with agencies, and in some cases, local government, on projects involving complex procurement, alternative funding mechanisms, and private finance – including Public Private Partnerships (PPPs).
Administer central government infrastructure funds.

NIFFCo has already started lifting the government’s commercial capability and has deployed expertise into agencies that are working on complex Public Private Partnership (PPP) projects including the Northland Road of National Significance and Christchurch Men’s Prison.
Off the back of the New Zealand Infrastructure Investment Summit, NIFFCo has also started engaging with domestic and international debt and equity markets to help connect New Zealand projects to suitable capital.
Developing a 30-year National Infrastructure Plan
Now, let’s move to my second priority, the 30-year National Infrastructure Plan.
The industry has asked for a long-term plan and pipeline so that they can invest in people and equipment. We have heard them, it’s the right thing to do, and we are doing it.
The New Zealand Infrastructure Commission is developing the Plan, which will outline an independent and expert view on New Zealand’s infrastructure needs over the next 30 years, planned investments over the next 10 years, and recommendations on priority projects and reforms that can fill the gap between what we have and what need.
The draft plan is on track to go out for public consultation next month, with the final plan due to me by the end of this year.
I encourage you to provide feedback on the Plan, particularly in the areas of asset management.
Improving infrastructure funding and financing
Now, let’s talk about my third priority, Improving infrastructure funding and financing.
Public infrastructure in New Zealand has historically been primarily funded by taxpayers or ratepayers.
But our heavy reliance on this blunt approach is not serving New Zealand well and has led to perverse outcomes including congestion, run-down assets, and the unresponsive provision of enabling infrastructure – contributing to unaffordable housing.
Last year, we released a suite of new and improved frameworks and guidance including:

Treasury’s new Funding and Financing framework,
The Government’s refreshed PPP policy,
Strategic Leasing Guidance, and
Guideline for Market Led Proposals.

The collective purpose of these documents is to help the Government use its balance sheet more strategically, apply good commercial disciplines to investment, and be a more sophisticated client of infrastructure.
This year I have focused on establishing new funding and financing tools. In February, I announced five specific changes to New Zealand’s funding and financing toolkit to make it easier for councils and central government to provide infrastructure to support urban growth.
I won’t cover all of these, but the most relevant to people here, is that we are shifting away from Development Contributions to a new Development Levy System that will enable council to fully recover the costs of housing growth from growth.
This change means ratepayers will no longer need to cross subsidise growth to the same extent (if at all) – freeing up rates to go towards maintenance backlogs.
The Government is progressing amendments to the Local Government Act 2002 this year, so that Councils will be able to move to the new Development Levy System through their 2027 Long-Term Plan cycle.
Improving the consenting framework
Now, let’s move onto my fourth priority, improving the consenting framework.
As many of you will know, the resource management system is broken.
It achieves the worst of both worlds: it stifles development and fails to protect the environment. In many ways, our currently planning system is one of the root causes of our infrastructure deficit.
So, we are taking action.
In 2023, we repealed the Natural and Built Environment Act and Spatial Planning Act.
In 2024, we introduced the Fast Track Approvals Act, which provides a one-stop shop for projects with significant regional and national benefits to apply for and access approvals, resource consents, and permits across nine different Acts, all in the one process.
The Government listed 149 projects in the Act itself, fast-tracking them in the fast-track process. More projects can be referred into the process too.
These 149 projects represent up to 55,000 new homes; 180 kilometres of new road, rail, and public transport routes; three gigawatts in additional generation capacity; and multiple mining and aquaculture projects.
And this year, the Government is replacing the entire resource management system –
We will put a new system in place that is effects based and embraces standardisation, meaning fewer and faster consents. We plan to have the two Acts introduced to Parliament mid-this year.
Improving education and health infrastructure
I won’t go into too much detail of my, fifth priority, improving education and health infrastructure. I will just quickly say that this government is moving towards:

More standardised, repeatable designs,
More modular and staged builds, and
More strategic procurement – including by using a panel of contractors and partners for large programmes or packages of work.

Poor asset management practices
Now, let’s talk in detail about my sixth priority – strengthening asset management.
I think we need to be honest about the fact that we’ve done asset management poorly in central government for decades.
Too often we see the result of a lack of care in managing the infrastructure assets entrusted to agencies.
I can rattle off too many examples of things gone wrong:

Schools in Auckland with leaking roofs and rotting buildings;
Half of justice buildings reported to be in “poor” or “very poor” condition;
Military homes in Waiouru infested with black mould;
A police custody suite in Hawke’s Bay with so many leaks that the roof had to be covered with plastic tarpaulin; and
A hospital in Whangārei where the roof leaked when it rained, the surgical wing was on a lean, raw sewage was found seeping into the walls, and – to top it all off – those walls were riddled with asbestos.

This is simply not good enough for New Zealanders.
It would be comforting to pretend that these are isolated anecdotes of poor outcomes. And it would be easy to say that “all we need is a bit more funding for emergency repairs to plug some leaks and patch up some roofs”.
But this pattern of ‘build and forget’ repeats too often for this to be anything other than a systematic issue.
And you don’t need to take my word for it.
There is a growing analytical evidence base of unacceptable asset management practice:

New Zealand ranks fourth to last for asset management in the OECD’s infrastructure survey, and
Several central government agencies do not comply with mandatory requirements set out by Cabinet as outlined in Cabinet Office circular (23) 9 – including requirements related to depreciation funding, asset management plans, and asset registers.

The contrast between the performance of central government and that of the private sector, regulated utilities, and even local government is also stark. Let’s use the ratio of annual spending on renewals and maintenance, relative to asset depreciation, as a proxy for asset management performance.
The private sector and local government have ratios of approximately [1] and [0.75] respectively.
For central government agencies, this metric is often impossible to measure, because it isn’t being recorded and reported. And where the data does exist, such as for state highways, the results are significantly worse, with a ratio of [0.35].
These poor asset management practices are undermining this Government’s infrastructure objectives and contributing to our significant infrastructure deficit – which is expected to grow to around $210 billion by 2050.
Our maintenance and renewal challenge
In fact, one of the biggest challenges facing New Zealand’s infrastructure sector is the cost and resources needed to repair and replace assets that are wearing out.
The Infrastructure Commission tells me that for every $40 spent on new infrastructure, we should be investing $60 in maintenance and renewals.
If we don’t prioritise and deliver this spending and sort our asset management practices now, our problems are only going to get bigger.
This is driven by three macro trends.
For one, the amount New Zealand needs to spend on asset management will continue to increase as the assets built during the post-war investment boom of the 1950s to 1990s wear out.
Second, asset management needs will increase in some sectors as demographics change – for example, more focus will be needed on health facilities as our population ages.
Third, the risks we face from natural hazards will continue to become more acute. New Zealand already ranks second in the OECD in expected annual losses from natural hazards. And asset owners won’t be able to make informed trade-offs between insurance, relocation, and resilience if they don’t have a strong base of asset management practice to build from – including knowing what they own, where it is, what conditions it’s in, and what risks it faces.
I feel like I am preaching to the choir – but, as you know – it is important to get asset management right.
And some sectors do get asset management more right than others.
For example, regulated utilities like energy perform well due to economic incentives, and regulatory regimes with strong transparency, oversight and audit requirements.
Taking a step back – regulated utilities, local government, and central government all have different rules and enforcement mechanisms that impact asset performance, with central government holding the regulated and local government sectors to a higher standard than it does itself.
The private sector is characterised by oversight through market discipline, economic regulation, and minimum service quality standards.
Local government has strong legislative requirements for planning and asset management, supported by audit and transparency requirements. For example, the Local Government Act requires reporting on infrastructure spending by category including maintenance and renewal, which is then audited by the Office of the Auditor General.
In central government we primarily rely on the requirements set through the Cabinet Office circular on Investment Management and Asset Performance in Departments and Other Entities, or, more commonly known as CO (23) 9.
External transparency on central government infrastructure (like age, condition, location, and utilisation) is limited at best, making it difficult for the public to be confident that it is being managed appropriately.
This is a very complex system to fix. There is no single factor or actor that accounts for why central government is struggling so much to manage its assets effectively.
To be clear, it’s not that we don’t have hard-working asset management professionals. Because I know we have some brilliant asset managers doing fantastic work.
But too many of you are frustrated by a system that simply isn’t set up to empower you to do what is needed.
In my view, our asset management performance is the result of four complex inter-related issues.
First, central government does not treat asset management as a fundamental component of service delivery. Top-down fiscal constraints, changing service expectations and stakeholder pressures mean that asset management is often de-prioritised in favour of new investment or new operating spending.
Second, agencies do not have good enough information on their assets. So, decision-makers like agency officials, and Ministers like me lack the information needed to make good decisions and to be held accountable for them.
Third, governance is weak. Compared to regulated utilities and local government, our systems, processes, and rules for ensuring that asset management is being carried out properly are not strong enough.
Fourth, visibility and support for asset management is lacking at senior levels within agencies. Nobody in the audience will be shocked to hear me say that awareness, visibility, and support for asset management is often lacking at senior levels. We simply don’t invest enough in our people. This is true in some parts of the private sector and local government, but it is particularly true in central government.
Improving central government asset management
So, that’s the doom and gloom part over. Let’s get onto how we plan to fix the system.
Today, I am excited to announce that Cabinet has agreed to an all-of-Government work programme that will improve central government asset management and performance, with a focus on infrastructure.
My goal is to provide safer and more reliable infrastructure services to New Zealanders; and to achieve better value for money by making the most of what we have.
This work programme will take place across two phases.
Phase 1 will roll out this year, delivering quick wins that drive real improvements. But that is just the start. Next year, we start on Phase 2, which will deliver more fundamental changes to how we look after our assets.
Phase 1
Let’s start with Phase 1. Phase 1 is about providing clarity on what ‘good’ looks like and ensuring that there are better tools to help central government agencies succeed.
The Infrastructure Commission has three actions under Phase 1.
First, the Commission is assessing New Zealand’s investment and asset management settings for central government using the ‘Public Investment Management Assessment’ (PIMA). This international best-practice framework was developed by the IMF in 2015.
The Commission will release the PIMA ‘self-assessment’ report alongside the National Infrastructure Plan later this year. It will be an invaluable source of evidence on how we can improve our investment systems – more on that soon.
Second, the Commission will publish detailed guidance that agencies will need to follow on asset management; long-term planning; and related performance, assurance, and accountability indicators.
At the moment, Treasury sets out high-level investment management and asset performance requirements for departments, Crown entities, and companies listed in Schedule 4A of the Public Finance Act through Cabinet Office circular CO (23) 9.
Over and above Cabinet setting clear rules for asset management it is crucial that we help agencies understand how they meet their obligations. Currently, there is limited detailed guidance showing agencies what good looks like.
More detailed guidance can help fill this gap and will help agencies to provide useful and consistent information to decision makers and the public – including indicators that will show whether agencies are delivering value for money from their planning and investment activities.
Third, the Commission is partnering with Āpōpō to build a new ‘community of practice’ that will lift the capability of public service asset management professionals through events.
Phase 1 of this work programme, also includes:

the Treasury continuing work to update their Better Business Case and Gateway Frameworks, and
Potentially developing a National Underground Asset Register – Officials will provide me advice on opportunities to scale the Wellington City Council’s underground asset register for use across New Zealand.

Phase 2
Phase 2 is about driving more fundamental changes to system settings to ensure that we see sustained improvements in asset management.
Phase 2 will be informed by the National Infrastructure Plan but will ultimately be implemented through the Government response to the Plan, which I expect will include changes to the Investment Management System.
The Commission is currently developing the National Infrastructure Plan to ensure greater stability of infrastructure priorities and to help New Zealand plan, fund, and deliver important infrastructure.
The Commission has informed me that the Plan will include recommendations on how to strengthen central government’s Investment Management System.
The Commission are thinking of issues such as:

Strengthening the Public Finance Act to require agencies to periodically develop long-term investment plans (including asset management) and strengthening reporting requirements to increase transparency on spending on maintenance and renewals.
Strengthening non-legislative reporting requirements to improve transparency over asset management outcomes.
Establishing oversight and review requirements for asset management planning.
Explicitly incorporating assessments of bottom-up infrastructure needs, including spending on asset management and renewals, into fiscal strategies
And strengthening incentives for better asset management practice by, for example, linking investment decision making to agency asset management capability or ringfencing depreciation funding.

It is important to note that the National Infrastructure Plan is a ‘strategy report’ and is rightly produced independently from Government.
As such, I will consider the final recommendations made by the Commission and will implement Phase 2 of the Asset Management Work Programme through the Government’s response to the Plan in 2026.
Over the next year, the Treasury is also working to update Cabinet Office circular CO (23) 9. The update of CO (23) 9 is a great opportunity to take on evidence and findings from the National Infrastructure Plan to strengthen Cabinet’s expectations on investment planning, assurance, and asset management practices.
I have asked Treasury officials to consider the findings of the National Infrastructure Plan when updating the Circular.
But to be clear, all options remain on the table to improve asset management – including changes to the law.
Conclusion
To conclude, I would like to say thank you again for inviting me to speak.
Getting asset management right is one of my top priorities as Minister for Infrastructure, and I will need your help to do it.
The size of the prize is significant –
Improving how we look after our assets will improve the lives of New Zealanders through safer and more resilient infrastructure services. It will drive better value for money from our investments – putting downward pressure on the cost-of-living and freeing up funds for other Government priorities.
Better asset management is also good for economic growth, as higher-quality infrastructure will reduce disruptions, encourage investment, and improve productivity.
It won’t be a quick fix.
The challenges we face are deep-rooted and systemic. But they are not insurmountable, if we ambitious enough to take them on, and disciplined enough to overcome them.
Thank you.

MIL OSI New Zealand News –

May 14, 2025
MIL-OSI USA: Murphy On Trump’s Middle East Trip: This Isn’t America First. This Is Trump First. It’s A National Security Disaster And A Moral Abomination.

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy
[embedded content]
WASHINGTON—U.S. Senator Chris Murphy (D-Conn.) on Tuesday spoke on the U.S. Senate floor to deliver a blistering condemnation of President Trump’s foreign policy corruption, highlighting his use of the office to enrich himself while putting U.S. national security at risk. Murphy called out Trump’s brazen willingness to accept luxury gifts and bribes from foreign governments like Saudi Arabia, Qatar, and the UAE, blasting the president for openly prioritizing his own profits over the well-being of American families and calling for bipartisan action to confront these abuses of power.
“Usually, public corruption happens in secret,” said Murphy. “The politicians that do it, they know it’s wrong to accept money in exchange for favorable government treatment, and so they hide it – until they’re found out.”
He continued: “The key difference is that Donald Trump isn’t hiding it like other corrupt officials are. He’s not ashamed, he’s not doing it in secret. His corruption is wildly public, and his hope is that by doing it publicly, he can con the American people into thinking that it’s not corruption because he’s not hiding it. But what he’s doing, in reality, is no different than any other corrupt public official who does it in private, other than the fact that Trump’s corruption, his foreign policy corruption, is just so much bigger in scope and the impact that it has on the American people than anything a corrupt mayor or a corrupt governor may have done. Trump’s first major foreign trip–and he just landed–is to Saudi Arabia, Qatar, and the UAE; not because these are our most important allies in the world; not because these are the most important countries in the world; not because he’s going there to talk about making the Middle East more safe and more secure. No, his first trip is to these three countries because these are the three countries that have agreed to pay Donald Trump money. Donald Trump is going to collect tribute, and it’s all just out in the open.”
Murphy laid out the price of doing business with the Trump administration: “So let’s ask, what is the going rate right now for a Gulf country to buy access to Donald Trump? To get favorable treatment from the federal government? For Qatar, we recently found out, it’s a $400 million luxury plane. This plane has been opulently configured for royal use. It’s not a gift to the U.S. government – it’s a personal gift to the president. The terms of the arrangement apparently include a stipulation that after Trump leaves office, it will be transferred to Trump, to his presidential library – which means Trump gets the so-called ‘floating palace’ for himself…For Saudi Arabia, the price is also in the billions. Soon after leaving the White House, in Trump’s first term, his son-in-law Jared Kushner created a private equity firm and got a $2 billion investment from Saudi Arabia. The board of the Saudi sovereign wealth fund questioned such a large investment in an unproven fund, but the Saudi Crown Prince overruled the board, undoubtedly seeing the political advantage of investing directly with the Trump family…For the UAE, the price is somewhere north of $2 billion.”
“Well, the most simple way to think about this is that if the guy that you elected to protect us and make our lives better is spending most of his time alternating between playing golf and cutting deals for himself, he’s not protecting you. He’s not spending any time trying to lower costs or defeat our enemies. Corruption, it can be a full-time job for Donald Trump, and that’s a pretty lousy deal for the American people,” Murphy added. “But more importantly, when our foreign policy is for sale, we are less safe. Let me give you an example relative to the trip that Donald Trump is on right now. These countries aren’t padding Donald Trump’s pockets because they like him. They are paying him in order to get things from the federal government, from the U.S. government, without having to make any actual policy concessions that would benefit the U.S. people.
Murphy called on Republicans and Democrats to unite, vowing to block arms sales linked to corrupt deals and push legislation to stop politicians from profiting off crypto: “We can look the other way, or we can join together, Republicans and Democrats, to stand up for this country and do something about it. I’ve joined with Senators Schatz and Coons and Booker to introduce a resolution condemning the acceptance of the plane. It’s a blatant violation of the Emoluments Clause. We could stand together as a Senate to vote for that resolution. I’ve introduced legislation to make it illegal for presidents or members of Congress and their family members to profit off of crypto coins while they hold federal office. We could join together in that effort. I will personally seek to block any arms sale that is announced as part of this trip with a country that is personally investing in Donald Trump and his family. I will force a full Senate debate and a vote on these sales. Foreign leaders need to know there will be a price for participating in the corruption of the American presidency.”
Murphy tore into Trump’s corruption, calling it a national security sellout and a slap in the face to working families: “This level of corruption is so gross that even Trump’s most hardened MAGA sycophants are turning against him. I didn’t think I’d see the day, but people like Ben Shapiro and Laura Loomer, who fawn over Trump, can’t believe he is so crass as to think that it’s ok to accept planes as a gift in exchange for U.S. national security concessions. This isn’t America First. This is not what he promised the American people. This is Trump First. He is willing to put our nation’s security at risk, take unconstitutional bribes, just so he can fly himself and his Mar-a-Lago golf buddies around the world in gold plated luxury planes gifted to him by foreign governments. All while at the same time, he tells Americans that they should be okay buying fewer school supplies for their kids, or fewer birthday presents for their grandchildren, because he is driving prices up for non-billionaires in this country. All while at the same time he is kicking 13 million people off of their health care. Trump lines his pockets, he corrupts our foreign policy to enrich himself, while driving up prices and stealing health care from average Americans. It’s a national security disaster and it’s a moral abomination.”
A full transcript of his remarks can be found below:
MURPHY: “Usually, public corruption happens in secret. The politicians that do it, they know it’s wrong to accept money in exchange for favorable government treatment, and so they hide it – until they’re found out.
“A textbook example would be Louisiana Governor Edwin Edwards, who in the 1990’s was quietly taking bribes from businessmen who wanted to get licenses for riverboat casinos. In the late 1990’s, Edwards was convicted for the crimes of extortion, racketeering, and money laundering. The way in which he was doing it was like out of a movie– in one instance, a businessman handed the Governor a suitcase full of $100 bills – totaling $400,000 – all in order to get a 6-0 commission ruling in favor of this casino. Eventually, as with most all corrupt officials who are taking money privately, Edwards was discovered. He was disgraced, and he went to jail.
“As we speak, our president, Donald Trump, is going to the Middle East on a public corruption tour. He’s no less corrupt than Edwin Edwards of Louisiana. In fact, he’s way more corrupt. Edwin Edwards took $400,000, while in the Middle East, Donald Trump will cement deals totaling in the billions in exchange for favorable treatment by the U.S. federal government for these Gulf countries.
“The key difference is that Donald Trump isn’t hiding it like other corrupt officials are. He’s not ashamed, he’s not doing it in secret. His corruption is wildly public, and his hope is that by doing it publicly, he can con the American people into thinking that it’s not corruption because he’s not hiding it. But what he’s doing, in reality, is no different than any other corrupt public official who does it in private, other than the fact that Trump’s corruption, his foreign policy corruption, is just so much bigger in scope and the impact that it has on the American people than anything a corrupt mayor or a corrupt governor may have done.
“Trump’s first major foreign trip–and he just landed–is to Saudi Arabia, Qatar, and the UAE; not because these are our most important allies in the world; not because these are the most important countries in the world; not because he’s going there to talk about making the Middle East more safe and more secure. No, his first trip is to these three countries because these are the three countries that have agreed to pay Donald Trump money. Donald Trump is going to collect tribute, and it’s all just out in the open.
“Frankly, it’s pretty easy to see this coming. Recent former presidents – Republicans and Democrats – have always very seriously and studiously avoided even the appearance of a conflict of interest. President Bush placed his assets into a qualified blind trust, where investment decisions were made without his knowledge or input. Both Biden and Obama divested all of their assets except for cash and mutual funds. They did not enter into any new business ventures while in the White House.
“In contrast, Trump has refused to abide by these standard ethics rules. His family runs his business, but nobody honestly believes that the kids are really in charge. President Trump is still calling the shots. His interests are not in a blind trust. He’s made no pledge he won’t do new deals, even with foreign entities, while he’s in office. In fact, he is doing deals seemingly every single week. He is open for business, and every foreign government knows it.
“In fact, it appears that right now the Gulf states are trying to outdo each other to up the price of buying an American President. And because Trump is greedy and he’s insecure – he wants to fit in with the billionaire class – he is traveling to the region with his hat out for further solicitations.
“So let’s ask, what is the going rate right now for a Gulf country to buy access to Donald Trump? To get favorable treatment from the federal government?
“For Qatar, we recently found out, it’s a $400 million luxury plane. This plane has been opulently configured for royal use. It’s not a gift to the U.S. government – it’s a personal gift to the president. The terms of the arrangement apparently include a stipulation that after Trump leaves office, it will be transferred to Trump, to his presidential library – which means Trump gets the so-called ‘floating palace’ for himself.
“This is outrageous. We’ve never seen anything like this before in American history– a foreign government gifting a $400 million luxury plane to the President of the United States. This is spelled out as blatantly unconstitutional by our Founding Fathers. They wrote into the Constitution a specific clause, the emoluments clause, which prohibits federal officeholders from accepting gifts from any King, Prince, or foreign state without the consent of Congress. How much clearer could it be? It’s unconstitutional. It’s illegal. The Founding Father knew it was evil to have members of Congress or the President of the United States accepting expensive gifts from a foreign nation who in exchange want favors from the US government. Donald Trump’s acceptance of the luxury plane from a foreign monarch is basically THE corruption our Founding fathers were seeking to prevent.
“That’s not all he’s getting from Qatar. The Trump Organization recently signed a $5.5 billion golf course and real estate deal with DarGlobal and Qatari Diar, a firm established by Qatar’s sovereign wealth fund. $5.5 billion. While Trump’s in office.
“It would have been unthinkable for any previous president to enter into a $5.5 billion dollar business deal with anybody, nevermind a foreign government, while they were in office. And it still should be unthinkable.
“Now, Qatar is a U.S. ally It’s a very important ally. But they are a complicated country. They have their own interests, some of which do not overlap with ours. A foreign government like Qatar’s should not have a $5 billion chit hanging over the head of a sitting U.S. president, and they should not be gifting him a $400 million plane. That should kind of go without saying.
“For Saudi Arabia, the price is also in the billions. Soon after leaving the White House, in Trump’s first term, his son-in-law Jared Kushner created a private equity firm and got a $2 billion investment from Saudi Arabia. The board of the Saudi sovereign wealth fund questioned such a large investment in an unproven fund, but the Saudi Crown Prince overruled the board, undoubtedly seeing the political advantage of investing directly with the Trump family.
“But this was only the beginning. The Trump family has put things into overdrive during his second term. Within his first three weeks in office, Trump convened a meeting at the White House with the head of the Saudi sovereign wealth fund – not to discuss matters of state, but to negotiate a deal between the PGA and the Saudi-backed LIV golf tour. You want to know why? To try to bring PGA tournaments back to Trump golf courses. Convened a meeting in the White House with the Saudis in order to enrich himself.
“In addition to the $5 billion Qatari real estate deal, the Trump Organization is also partnering with Saudi firm [Dar Global] on a $1 billion Trump-branded hotel and tower in Dubai. The property’s website–this is a Trump-financed property along with a Saudi investment fund offers free 10-year “golden visas,” to the United States, hinting at the opportunity for investors in Trump’s property to buy residency in the United States and a pathway to citizenship.
“For the UAE, the price is somewhere north of $2 billion. Last week, Eric Trump and World Liberty Financial co-founder Zach Witkoff spoke at a conference in Dubai on crypto called Token 2049.
“As an aside here, it’s just so fantastic – and bone chilling – how transparent these guys are in their use of public positions to enrich themselves. I’m going to tell the story of Trump stablecoin and the corruption with the Emiratis, but let’s just pause for a second and consider the fact that the Trump family could have partnered with anybody in the world on their new crypto venture, World Liberty Financial. But of all the people in the world to partner with on this new crypto venture, they chose the son of Trump’s Middle East envoy. Trump’s Middle East envoy, the guy who’s making all the decisions on U.S. policy in the Middle East – just to make it crystal crystal clear to the Gulf countries that when they deal with World Liberty Financial, Trump’s crypto venture, they are dealing directly with the people responsible for making U.S. policy in the Middle East. It’s just stunning. Literally the sons of the president and the sons of the Middle East envoy running a crypto venture and then going directly into the Middle East in order to find their first investment. And guess what? Miracle– they found it.
“MGX, an investment firm backed by the Emirati government at this conference, announced that they had looked at all the crypto companies in the world that they could partner with to invest $2 billion in the crypto exchange Binance and they selected, wait for it, drumroll… the company run by the sons of the President of the United States and the U.S. Middle East envoy. $2 billion. Now World Liberty’s role in this transaction is not that complicated–it’s similar to a bank: MGX, this Emitari firm, deposits $2 billion with the firm and, in return, receives the stablecoin to be used on these crypto exchanges. The firm holds on to these dollars, invests them, and keeps the profits for themselves. So the Trump-Witkoff company just gets basically a gift of capital. And if they just used that $2 billion to invest in Treasury bonds, it would profit around $85 million a year from these investments alone.
“And the money goes directly to Trump. Just directly to Trump. It’s literally not complicated. Emirates. World Liberty Financial. Donald Trump. This isn’t 1990’s Louisiana. Nobody’s hiding it. On World Liberty’s website they say, “an entity affiliated with Donald J. Trump” owns 60% of the equity in the company. And because of this deal, Trump and Witkoff can further capitalize. Because Trump’s stablecoin just became the 5th most valuable stablecoin in the world because of the Emirati investment.
“And if the plane and the real estate deals and the private equity fund investment and the stablecoin weren’t enough for you, Trump has found one last way for Gulf money to flow seamlessly into his pocket: it’s called the Trump meme coin.
“What’s the business model here? Trump gets a huge payment whenever he releases a batch of these meme coins, which by the way have no underlying value other than just the demand that people have for Trump’s coin. And then each time a Trump coin is bought or sold, a small fee is routed directly to the company owned by Trump. According to one analysis, nearly $325 million in fees have been accrued since the coin was launched in January. Just four and half months, $325 million worth of fees.
“Trump hides the buyers of the coin. In this way, the meme coin is kind of a little bit like Louisiana corruption. But we know that the majority of the buyers aren’t Americans who want to help Trump make this nation great again. The majority of the buyers of Trump coin are super-rich foreigners – princes, oligarchs, authoritarians – who are buying the coin in order to get in good with Trump or to get something in exchange.
“Now one great thing about buying the coin is that you get access to Trump and the White House. And again, they’re not hiding this. Two weeks ago, Trump announced that he would host a private dinner at the White House, with seats reserved exclusively for the top 220 Trump coin holders. In two days since the announcement, Trump’s company made $900,000 in fees, because everybody, mostly foreigners–many of them probably in the Gulf–were buying up the coin as quickly as they could in order to get one of these seats.
“If a mayor of a small town was selling meetings at city hall for a thousand bucks, he would be run out of town on a rail. But that’s exactly what Donald Trump is doing, in the Middle East and all over the world, as foreign buyers line up to buy the meme coin guaranteed [to provide] private access to Donald Trump at the White House. You cannot make this up.
“Now, the obvious question for the average American is, okay, what does this mean for me? Somebody living in New Britain, Connecticut, might think it’s kind of gross that Trump is lining his pockets as President, but they want to know, how does this actually affect me?
“Well, the most simple way to think about this is that if the guy that you elected to protect us and make our lives better is spending most of his time alternating between playing golf and cutting deals for himself, he’s not protecting you. He’s not spending any time trying to lower costs or defeat our enemies. Corruption, it can be a full-time job for Donald Trump, and that’s a pretty lousy deal for the American people.
“But more importantly, when our foreign policy is for sale, we are less safe. Let me give you an example relative to the trip that Donald Trump is on right now. These countries aren’t padding Donald Trump’s pockets because they like him. They are paying him in order to get things from the federal government, from the U.S. government, without having to make any actual policy concessions that would benefit the U.S. people.
“Before anybody could begin to process the brazen corruption of the UAE/Trump/Witkoff crypto deal, reports very quickly emerged that the Trump administration was considering changing regulations to make it easier for the country of UAE to purchase highly advanced semiconductors from U.S. manufacturers. This was a huge priority of the Emiratis, but the restrictions are on the UAE for a reason. The UAE has a very troubling and very close security relationship with China, and so the reason why we didn’t allow U.S. companies to sell semiconductors directly to the UAE is because we believed that it would very easily become a conduit to China getting their hands on these advanced semiconductors and being able to leapfrog the United States in the business of advanced AI.
“But all of a sudden, once the cash payment to Trump through the crypto venture was announced, Trump signaled that he was willing to throw our security concerns out the window and transfer this sensitive technology to the UAE, even though it’s likely that China will get their hands on this technology, allowing China to put themselves in a position to leapfrog us in the race for advanced AI. That would be a disaster for the American people. But that’s what’s happening. We might hand AI leadership to China because that’s the price of Trump getting paid, and as long as he gets paid, he doesn’t seem to care about the impact on regular Americans.
“The White House is open for business and the Trump family is proudly advertising to the world where to send the check. They aren’t trying to hide it. A $400 million luxury plane gifted to the president of the United States right as he is going over to negotiate potentially sensitive security arrangements with the Gulf countries. Every American, every Republican, every supposed ‘national security advocate’ in the Senate should be outraged by this.
“We can look the other way, or we can join together, Republicans and Democrats, to stand up for this country and do something about it. I’ve joined with Senators Schatz and Coons and Booker to introduce a resolution condemning the acceptance of the plane. It’s a blatant violation of the Emoluments Clause. We could stand together as a Senate to vote for that resolution. I’ve introduced legislation to make it illegal for presidents or members of Congress and their family members to profit off of crypto coins while they hold federal office. We could join together in that effort. I will personally seek to block any arms sale that is announced as part of this trip with a country that is personally investing in Donald Trump and his family. I will force a full Senate debate and a vote on these sales. Foreign leaders need to know there will be a price for participating in the corruption of the American presidency.
“This level of corruption is so gross that even Trump’s most hardened MAGA sycophants are turning against him. I didn’t think I’d see the day, but people like Ben Shapiro and Laura Loomer, who fawn over Trump, can’t believe he is so crass as to think that it’s ok to accept planes as a gift in exchange for U.S. national security concessions.
“This isn’t America First. This is not what he promised the American people. This is Trump First. He is willing to put our nation’s security at risk, take unconstitutional bribes, just so he can fly himself and his Mar-a-Lago golf buddies around the world in gold plated luxury planes gifted to him by foreign governments. All while at the same time, he tells Americans that they should be okay buying fewer school supplies for their kids, or fewer birthday presents for their grandchildren, because he is driving prices up for non-billionaires in this country. All while at the same time he is kicking 13 million people off of their health care. Trump lines his pockets, he corrupts our foreign policy to enrich himself, while driving up prices and stealing health care from average Americans. It’s a national security disaster and it’s a moral abomination.”

MIL OSI USA News –

May 14, 2025
MIL-OSI: Mountain America Credit Union Continues Expansion in Arizona With New Queen Creek Location

Source: GlobeNewswire (MIL-OSI)

PHOENIX, May 13, 2025 (GLOBE NEWSWIRE) — Mountain America Credit Union is celebrating the grand opening of its newest branch in Queen Creek, Arizona. The new location at 150 W. Combs Road, Queen Creek, Arizona, will host festivities on Saturday, May 17, from 11 a.m. to 1 p.m.

A Media Snippet accompanying this announcement is available in this link.

The public is invited to join in the fun, which will include free World’s Best Corndogs, Frios Gourmet Pops for dessert, face painting, balloon twisters (while supplies last), and activities for the whole family. Attendees who open a new account, credit card, or loan* will also have the chance to step into a money machine for a shot at grabbing some extra cash. Guests may also enter to win a Bakcou scooter (terms and conditions apply).

“The opening of our new Queen Creek Branch is another important step in our continued growth and expansion in the Arizona market and serving our growing membership here,” said Sterling Nielsen, president and CEO of Mountain America. “We look forward to welcoming new and existing members, providing them with the financial tools and exceptional member experiences that we are known for.”

Branch Manager Daniela Tolman described her team’s anticipation for the new location. “We’re thrilled to officially open our new branch and begin serving our members and the community. This location offers exceptional convenience—centrally located near shopping and situated in one of the fastest growing areas of the Southeast Valley. It’s a place where members can connect with our team for personalized financial guidance and support in achieving their financial goals,” she said.

The new Queen Creek Branch features a modern, open design that creates a welcoming and innovative environment in which members can manage their finances. Mountain America offers a wide range of services, including traditional savings and checking accounts; insurance; investments; automobile loans; and RV loans. The branch also offers a full suite of financing options, such as real estate, commercial, and business lending. The regular branch hours are Monday through Friday from 9 a.m. to 6 p.m. and on Saturday drive-up only from 9 a.m. to 2 p.m.

For more information about Mountain America visit macu.com.

*Membership is required based on eligibility. Loans are on approved credit.

About Mountain America Credit Union
With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across a multi-state region, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

The MIL Network –

May 14, 2025
MIL-OSI Global: As US ramps up fossil fuels, communities will have to adapt to the consequences − yet climate adaptation funding is on the chopping block

Source: The Conversation – USA – By Bethany Bradley, Professor of Biogeography and Spatial Ecology, UMass Amherst

Salt marshes protect shorelines, but they’re already struggling to survive sea-level rise. John Greim/LightRocket via Getty Images

It’s no secret that warming temperatures, wildfires and flash floods are increasingly affecting lives across the United States. With the U.S. government now planning to ramp up fossil fuel use, the risks of these events are likely to become even more pronounced.

That leaves a big question: Is the nation prepared to adapt to the consequences?

For many years, federally funded scientists have been developing solutions to help reduce the harm climate change is causing in people’s lives and livelihoods. Yet, as with many other science programs, the White House is proposing to eliminate funding for climate adaptation science in the next federal budget, and reports suggest that the firing of federal climate adaptation scientists may be imminent.

As researchers and directors of regional Climate Adaptation Science Centers, funded by the U.S. Geological Survey since 2011, we have seen firsthand the work these programs do to protect the nation’s natural resources and their successes in helping states and tribes build resilience to climate risks.

Here are a few examples of the ways federally funded climate adaptation science conducted by university and federal researchers helps the nation weather the effects of climate change.

Protecting communities against wildfire risk

Wildfires have increasingly threatened communities and ecosystems across the U.S., exacerbated by worsening heat waves and drought.

In the Southwest, researchers with the Climate Adaptation Science Centers are developing forecasting models to identify locations at greatest risk of wildfire at different times of year.

Knowing where and when fire risks are highest allows communities to take steps to protect themselves, whether by carrying out controlled burns to remove dry vegetation, creating fire breaks to protect homes, managing invasive species that can leave forests more prone to devastating fires, or other measures.

The solutions are created with forest and wildland managers to ensure projects are viable, effective and tailored to each area. The research is then integrated into best practices for managing wildfires. The researchers also help city planners find the most effective methods to reduce fire risks in wildlands near homes.

Wildland firefighters and communities have limited resources. They need to know where the greatest risks exist to take preventive measures.
Ethan Swope/Getty Images

In Hawaii and the other Pacific islands, adaptation researchers have similarly worked to identify how drought, invasive species and land-use changes contribute to fire risk there. They use these results to create maps of high-risk fire zones to help communities take steps to reduce dry and dead undergrowth that could fuel fires and also plan for recovery after fires.

Protecting shorelines and fisheries

In the Northeast, salt marshes line large parts of the coast, providing natural buffers against storms by damping powerful ocean waves that would otherwise erode the shoreline. Their shallow, grassy waters also serve as important breeding grounds for valuable fish.

However, these marshes are at risk of drowning as sea level rises faster than the sediment can build up.

As greenhouse gases from burning fossil fuels and from other human activities accumulate in the atmosphere, they trap extra heat near Earth’s surface and in the oceans, raising temperatures. The rising temperatures melt glaciers and also cause thermal expansion of the oceans. Together, those processes are raising global sea level by about 1.3 inches per decade.

Adaptation researchers with the Climate Adaptation Science Centers have been developing local flood projections for the regions’ unique oceanographic and geophysical conditions to help protect them. Those projections are essential to help natural resource managers and municipalities plan effectively for the future.

Researchers are also collaborating with local and regional organizations on salt marsh restoration, including assessing how sediment builds up each marsh and creating procedures for restoring and monitoring the marshes.

Saving salmon in Alaska and the Northwest

In the Northwest and Alaska, salmon are struggling as temperatures rise in the streams they return to for spawning each year. Warm water can make them sluggish, putting them at greater risk from predators. When temperatures get too high, they can’t survive. Even in large rivers such as the Columbia, salmon are becoming heat stressed more often.

Adaptation researchers in both regions have been evaluating the effectiveness of fish rescues – temporarily moving salmon into captivity as seasonal streams overheat or dry up due to drought.

In Alaska, adaptation scientists have built broad partnerships with tribes, nonprofit organizations and government agencies to improve temperature measurements of remote streams, creating an early warning system for fisheries so managers can take steps to help salmon survive.

Managing invasive species

Rising temperatures can also expand the range of invasive species, which cost the U.S. economy billions of dollars each year in crop and forest losses and threaten native plants and animals.

Researchers in the Northeast and Southeast Climate Adaptation Science Centers have been working to identify and prioritize the risks from invasive species that are expanding their ranges. That helps state managers eradicate these emerging threats before they become a problem. These regional invasive species networks have become the go-to source of climate-related scientific information for thousands of invasive species managers.

The rise in the number of invasive species projected by 2050 is substantial in the Northeast and upper Midwest. Federally funded scientists develop these risk maps and work with local communities to head off invasive species damage.
Regional Invasive Species and Climate Change Network

The Northeast is a hot spot for invasive species, particularly for plants that can outcompete native wetland and grassland species and host pathogens that can harm native species.

Without proactive assessments, invasive species management becomes more difficult. Once the damage has begun, managing invasive species becomes more expensive and less effective.

Losing the nation’s ability to adapt wisely

A key part of these projects is the strong working relationships built between scientists and the natural resource managers in state, community, tribal and government agencies who can put this knowledge into practice.

With climate extremes likely to increase in the coming years, losing adaptation science will leave the United States even more vulnerable to future climate hazards.

Bethany Bradley receives funding from the US Geological Survey as the University Director of the Northeast Climate Adaptation Science Center.

Jia Hu has receives funding from the US Geological Survey as the University Director of the Southwest Climate Adaptation Science Center.

Meade Krosby receives funding from the US Geological Survey as the University Director of the Northwest Climate Adaptation Science Center.

– ref. As US ramps up fossil fuels, communities will have to adapt to the consequences − yet climate adaptation funding is on the chopping block – https://theconversation.com/as-us-ramps-up-fossil-fuels-communities-will-have-to-adapt-to-the-consequences-yet-climate-adaptation-funding-is-on-the-chopping-block-256307

MIL OSI – Global Reports –

May 14, 2025
MIL-OSI China: Full Text: President Xi’s keynote speech at the opening ceremony of the fourth ministerial meeting of the China-CELAC Forum

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

Full Text: President Xi’s keynote speech at the opening ceremony of the fourth ministerial meeting of the China-CELAC Forum

BEIJING, May 13 — Chinese President Xi Jinping on Tuesday delivered a keynote speech at the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum.

The following is the full text of the speech:

Writing a New Chapter in Building

A China-LAC Community with a Shared Future

Keynote Address by H.E. Xi Jinping

President of the People’s Republic of China

At the Opening Ceremony

Of the Fourth Ministerial Meeting of the China-CELAC Forum

Beijing, May 13, 2025

Your Excellency President Gustavo Petro,

Your Excellency President Luiz Inácio Lula da Silva,

Your Excellency President Gabriel Boric,

Your Excellency President Dilma Rousseff,

Delegates of CELAC Member States,

Ladies and Gentlemen,

Friends,

It gives me great pleasure to meet so many old and new friends from Latin American and Caribbean (LAC) countries in Beijing. On behalf of the Chinese government and people, I extend a warm welcome to you all.

In 2015, LAC delegates and I attended the opening ceremony of the First Ministerial Meeting of the China-CELAC Forum in Beijing, which marked the launch of the China-CELAC Forum. Ten years on, with dedicated nurturing of both sides, the Forum has grown from a tender sapling into a towering tree. This fills me with deep pride and satisfaction.

Although China and the LAC region are geographically distant, the bonds of our friendship stretch back through centuries. As early as in the 16th century, Nao de China, or “Ships of China,” laden with friendship, shuttled across the Pacific, marking the dawn of interactions and exchanges between China and the LAC region. From the 1960s onward, as New China established diplomatic ties with some LAC countries, exchanges and cooperation between the two sides became closer and closer. Since the turn of the century and in particular in recent years, China and LAC countries have ushered in a historic era of building a shared future.

We stand shoulder to shoulder and support each other. China appreciates the long-standing commitment of LAC countries that have diplomatic ties with China to the one-China principle. China firmly supports LAC countries in pursuing development paths suited to their national conditions, safeguarding sovereignty and independence, and opposing external interference. In the 1960s, mass rallies and demonstrations took place across China in support of the Panamanian people’s rightful claim to sovereignty over the Panama Canal. In the 1970s, during the Latin American campaign for 200-nautical-mile maritime rights, China voiced its resolute and unequivocal support for the legitimate demands of developing countries. For 32 consecutive times since 1992, China has consistently voted for the United Nations (U.N.) General Assembly resolutions calling for an end to the U.S. embargo against Cuba.

We ride the tide of progress together to pursue win-win cooperation. Embracing the trend of economic globalization, China and LAC countries have deepened cooperation in trade, investment, finance, science and technology, infrastructure, and many other fields. Under the framework of high-quality Belt and Road cooperation, the two sides have implemented more than 200 infrastructure projects, creating over a million jobs. The China-LAC satellite cooperation program has set a model for high-tech South-South cooperation. The inauguration of Chancay Port in Peru has established a new land-and-sea connectivity link between Asia and Latin America. China has signed free trade agreements with Chile, Peru, Costa Rica, Ecuador, and Nicaragua. Last year, trade between China and LAC countries exceeded US$500 billion for the first time, an increase of over 40 times from the beginning of this century.

We unite in tough times to conquer challenges through mutual support. China and LAC countries have collaborated on disaster prevention, mitigation and relief and on joint response to hurricanes, earthquakes and other natural disasters. Since 1993, China has dispatched 38 medical teams to the Caribbean. When the pandemic of the century struck, China was among the first to offer assistance to LAC countries, providing over 300 million doses of vaccines and nearly 40 million units of medical supplies and equipment, and sending multiple teams of medical experts. All this helped protect the lives of hundreds of millions across the region.

We uphold solidarity and coordination and rise to global challenges with resolve. Together, China and LAC countries champion true multilateralism, uphold international fairness and justice, advance global governance reform, and promote multipolarization of the world and greater democracy in international relations. We have worked together to address global challenges like climate change, and advance progress in global biodiversity governance. China and Brazil jointly issued a six-point common understanding on the political settlement of the Ukraine crisis, which has been endorsed by more than 110 countries, contributing our wisdom and strength to resolving international hotspot issues.

Facts have shown that China and LAC countries are advancing hand in hand as a community with a shared future. This community of ours is founded upon equality, powered by mutual benefit and win-win, invigorated by openness and inclusiveness, and dedicated to the people’s well-being. It exhibits enduring vitality and holds immense promise.

Distinguished Delegates,

Friends,

The century-defining transformation is accelerating across the globe, with multiple risks compounding one another. Such developments make unity and cooperation among nations indispensable for safeguarding global peace and stability and for promoting global development and prosperity. There are no winners in tariff wars or trade wars. Bullying or hegemonism only leads to self-isolation. China and LAC countries are important members of the Global South. Independence and autonomy are our glorious tradition. Development and revitalization are our inherent right. And fairness and justice are our common pursuit. In the face of seething undercurrents of geopolitical and bloc confrontation and the surging tide of unilateralism and protectionism, China stands ready to join hands with our LAC partners to launch five programs that advance our shared development and revitalization, and contribute to a China-LAC community with a shared future.

The first is Solidarity Program. China will work with LAC countries to support each other on issues bearing on our respective core interests and major concerns. We must enhance exchanges in all fields, and strengthen communication and coordination on major international and regional issues. In the next three years, to facilitate our exchanges on national governance best practices, China will invite 300 members from political parties of CELAC member states every year to visit China. China supports the efforts by LAC countries in increasing their influence on the multilateral stage. We will work with LAC countries to firmly safeguard the international system with the U.N. at its core and the international order underpinned by international law, and to speak with one voice in international and regional affairs.

The second is Development Program. China will work with LAC countries to implement the Global Development Initiative. We will resolutely uphold the multilateral trading system, ensure stable, unimpeded global industrial and supply chains, and promote an international environment of openness and cooperation. We should foster greater synergy between our development strategies, expand high-quality Belt and Road cooperation, and bolster cooperation in traditional areas such as infrastructure, agriculture and food, and energy and minerals. We should expand cooperation in emerging areas such as clean energy, 5G telecommunications, the digital economy and artificial intelligence, and carry out the China-LAC Science and Technology Partnership. China will increase imports of quality products from LAC countries, and encourage its enterprises to expand investment in the LAC region. We will provide a RMB66 billion yuan credit line to support LAC countries’ development.

The third is Civilization Program. China will work with LAC countries to implement the Global Civilization Initiative. We should uphold the vision of equality, mutual learning, dialogue, and inclusiveness between civilizations, and champion humanity’s common values of peace, development, fairness, justice, democracy, and freedom. We should enhance China-LAC civilizational exchanges and mutual learning, including through a conference on China-LAC inter-civilizational dialogue. We should deepen cultural and artistic exchanges and cooperation, and hold the Latin American and Caribbean Arts Season. We should strengthen exchanges and cooperation in cultural heritage fields such as joint archaeological projects, conservation and restoration of ancient and historic sites, and museum exhibitions. We should also carry out collaborative studies of ancient civilizations and enhance cooperation to combat illicit trafficking of cultural property.

The fourth is Peace Program. China will work with LAC countries to implement the Global Security Initiative. China supports the Proclamation of Latin America and the Caribbean as a Zone of Peace and the Declaration of Member States of the Agency for the Prohibition of Nuclear Weapons in Latin America and the Caribbean. The two sides should cooperate more closely in disaster governance, cybersecurity, counterterrorism, anti-corruption, narcotics control and combating transnational organized crime so as to safeguard security and stability in the region. China will organize law enforcement training programs tailored to the needs of CELAC member states, and do our best to provide equipment assistance.

The fifth is People-to-People Connectivity Program. In the next three years, China will provide CELAC member states with 3,500 government scholarships, 10,000 training opportunities in China, 500 International Chinese Language Teachers Scholarships, 300 training opportunities for poverty reduction professionals, and 1,000 funded placements through the Chinese Bridge program. We will initiate 300 “small and beautiful” livelihood projects, actively promote vocational education cooperation programs such as Luban Workshop, and support CELAC member states in developing Chinese language education. We will also launch an exhibition of Chinese films and TV programs under The Bond, and work with LAC countries to translate and introduce 10 premium TV dramas and audiovisual programs annually to each other. China will host the China-LAC tourism dialogue with LAC countries. To facilitate friendly exchanges, China has decided to implement a visa exemption for five LAC countries as the first step, and will expand this policy coverage at proper times.

Distinguished Delegates,

Friends,

As an 11th-century Chinese poet wrote, “Life’s greatest joy comes from finding kindred spirits.” Latin America has a similar proverb which goes, “The one who has a friend has a treasure.” No matter how the world changes, China will always stand by LAC countries as a good friend and a good partner. Let us march forward together on our paths toward modernization, working together to write a new chapter in building a China-LAC community with a shared future.

MIL OSI China News –

May 14, 2025
MIL-OSI China: Chinese premier meets Brazilian president

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

Chinese Premier Li Qiang meets with Brazilian President Luiz Inacio Lula da Silva, who is on a state visit to China, at the Great Hall of the People in Beijing, capital of China, May 13, 2025. [Photo/Xinhua]

BEIJING, May 13 — Chinese Premier Li Qiang met with Brazilian President Luiz Inacio Lula da Silva in Beijing on Tuesday.

Li said that under the strategic guidance of the two heads of state, China-Brazil relations have entered a golden period of growth. China is willing to work with Brazil to maintain high-level exchanges, deepen political mutual trust, constantly enrich the strategic connotation of bilateral relations, comprehensively expand mutually beneficial cooperation between the two sides, and walk side by side and achieve mutual success on the road of modernization, he added.

Noting the current international situation is complex and volatile, Li said that as major developing countries and important emerging economies in the world, China and Brazil should unite, cooperate more closely and join hands in the face of risks and challenges.

China is willing to enhance the alignment of development strategies with Brazil, give full play to the complementary advantages of industrial structures, explore more points of convergence of interests, deepen cooperation in areas such as finance, trade and investment, infrastructure, industrial chains, and the green transformation, and create more flagship projects, Li said.

He called on both sides to enhance cooperation in areas such as artificial intelligence, the digital economy, advanced manufacturing and biomedicine, to continuously expand the innovative impetus for practical cooperation between the two countries.

China is willing to maintain close multilateral communication and coordination with Brazil, continue to firmly safeguard the central role of the United Nations, practice true multilateralism, promote an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization, advance the building of a community with a shared future for mankind, and contribute important strength to maintaining world peace and stability, Li said.

Lula said Brazil attaches great importance to developing relations with China and is willing to further enhance high-level exchanges with China, strengthen the alignment of Brazil’s development strategy with the Belt and Road Initiative, and deepen mutually beneficial cooperation.

Brazil is willing to maintain close multilateral communication and cooperation with China, support multilateralism, jointly resist unilateralism and protectionism, safeguard national sovereignty, and promote the common development of the Global South, Lula said.

Chinese Premier Li Qiang meets with Brazilian President Luiz Inacio Lula da Silva, who is on a state visit to China, at the Great Hall of the People in Beijing, capital of China, May 13, 2025. [Photo/Xinhua]

MIL OSI China News –

May 14, 2025
MIL-OSI United Kingdom: Boost for British green aviation fuel production to support jobs and lift off emerging industry
Source: United Kingdom – Government Statements

Press release

Boost for British green aviation fuel production to support jobs and lift off emerging industry

New sustainable aviation fuel (SAF) measures will support aviation expansion and meet decarbonisation goals.
new laws introduced today will increase homegrown sustainable aviation fuel, positioning the UK as a world leading destination for the new emerging market

UK revenue certainty for green fuel producers will boost jobs across the country and enable the UK to go further and faster with expansion plans

passengers will be a step closer to more eco-friendly flights, as £400,000 announced to get new fuels to market quicker, delivering on the UK’s clean energy ambitions and powering up economic growth as part of the Plan for Change

New measures to help the UK take off as a world leader in sustainable aviation fuel (SAF), supporting the growth in the industry and jobs across the country, were introduced today in Parliament (14 May 2025).

With decarbonisation key to accelerating expansion plans, the government has also announced an additional £400,000 of funding for producers so that new clean fuels can get to market quicker, speeding up the UK’s path to green flying.

SAF is an alternative to fossil jet fuel, which reduces greenhouse gas emissions on average by 70% on a lifecycle basis. While the fuel is more costly to produce than jet fuel, the government’s SAF measures protect industry and consumers from excessive costs.

In addition, the revenue certainty mechanism (RCM) will keep ticket price changes minimal – keeping fluctuations to £1.50 a year on average – and will be industry funded through a levy on aviation fuel suppliers. The Department for Transport (DfT) will continue to engage with industry on the details of the RCM, including pricing.

A new round of government funding is also being announced, to offer fuel producers a share of £400,000 to support the testing and qualification of green fuels, helping to get them to market quicker. This support for producers follows £63 million of funding made available through the Advanced Fuels Fund this year.

Taken together, the government’s commitments on green fuels will help deliver on its missions to kickstart economic growth via job creation, become a clean energy superpower and will allow the UK to go further and faster with expansion plans, giving a boon to the tourism industry.

Aviation Minister, Mike Kane, said:

I want to see a golden age for green aviation and today sees take off for sustainable flights.

Aviation continues to be one of the fastest growing and most integral parts of the UK’s economy, offering more jobs across engineering, tourism and hospitality – and as we support aviation expansion, we need to move at full throttle towards decarbonisation.

We are making the UK one of the best places in the world to produce sustainable aviation fuel, putting the pedal down on growth and boosting job opportunities across the country as part of the Plan for Change.

The new legislation will help industry meet its requirements under the SAF Mandate, introduced in January this year, which specifies that at least 10% of all jet fuel used in flights taking off from the UK from 2030, be made with sustainable fuel, rising to 22% by 2040.

The new financial mechanism is another display that the UK is rock solid in its commitment to building a prosperous hub for homegrown sustainable fuel production. Furthermore, this vital update provides SAF producers and the industry at large the confidence and stability to plough investment into clean energy.

The government’s approach on low carbon fuels could add up to £5 billion to the economy by 2050 and position the UK as a global hub for SAF production.

Tim Alderslade, Chief Executive of Airlines UK, said:

This is a welcome announcement given the importance of the RCM to commercialising and scaling-up SAF production in the UK, a technology key to decarbonising aviation by 2050. A UK SAF industry, kick-started by the RCM and SAF Mandate, can create tens of thousands of jobs across the country whilst supporting our world-class aviation sector to deliver economic growth.

We look forward to working with government on scheme design and how contracts are allocated, so that we balance the need to deliver the SAF required to support mandate compliance, whilst keeping costs as low as possible through a competitive and transparent bidding process that places the consumer at its heart.

Duncan McCourt, Chief Executive of Sustainable Aviation, said:

We hugely welcome the publication of this important legislation. SAF is a crucial element in the plan to decarbonise aviation as it can be used in existing aircraft with existing infrastructure.

The challenge now is to scale the industry, ensuring we have enough SAF to meet the mandate whilst keeping costs low and create thousands of jobs in the process. This legislation will help to do that.

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Published 14 May 2025
MIL OSI United Kingdom –
May 14, 2025
MIL-OSI Economics: Benin: African Development Bank and Bank of Africa Benin sign €15 million guarantee facility to improve trade finance and support businesses

Source: African Development Bank Group
On Monday 12 May in Cotonou, the African Development Bank and the Bank of Africa Benin (BOA-Benin) signed a €15 million guarantee agreement to strengthen the Bank of Africa’s trade finance activities in Benin and support Beninese businesses.

MIL OSI Economics –

May 14, 2025
MIL-OSI New Zealand: Bold science reforms to fuel economic growth

Source: NZ Music Month takes to the streets

The Government is moving swiftly to implement the most significant science reforms in three decades, with three new public research organisations to be formed by 1 July, Science, Innovation and Technology Minister Dr Shane Reti announced today.
“These reforms are about unlocking the full potential of science to deliver stronger economic growth and greater resilience for New Zealand. We’re not wasting a moment,” says Dr Reti.
“Earlier this year, the Prime Minister unveiled a major overhaul of the science system, including the move from seven Crown Research Institutes to three new, future-focused entities. These new organisations will concentrate on key areas of national importance.”
The new institutes will be:

New Zealand Institute for Bioeconomy Science – advancing innovation in agriculture, aquaculture, forestry, biotechnology and manufacturing; protecting ecosystems from biosecurity threats and climate risks; and developing new bio-based technologies and products.
New Zealand Institute for Earth Science – supporting energy security and sustainability; developing land, marine and mineral resources; and improving resilience to natural hazards and climate-related risks.
New Zealand Institute for Public Health and Forensic Science – strengthening public health through disease detection and response; and supporting public safety through forensic science services.

“These institutes will ensure our world-class researchers are focused on delivering science that drives innovation, supports our industries, and improves the lives of everyday New Zealanders,” says Dr Reti.
“Critically, the new research organisations will have a strong commercial focus, with a mandate to translate science into real-world outcomes and commercial success.

“It’s not enough to have great science — we need that science to power start-ups, lift productivity, and create jobs. This is about turning research into results for New Zealand’s economy.”
To lead this transformation, Dr Reti today announced the appointment of Barry Harris as Chair of the Bioeconomy Science Institute, and David Smol as Chair of the Earth Science Institute.
“Both Mr Harris and Mr Smol bring outstanding leadership and deep sector experience. They are well placed to guide these new organisations as they take shape and begin delivering on our vision for a stronger, more productive science system,” says Dr Reti.
The Institute of Environmental Science and Research (ESR) will retain its current governance as it transitions to become the New Zealand Institute for Public Health and Forensic Sciences.
“These changes are about focus, outcomes, and value. We are investing in science that delivers for New Zealand — science that strengthens our economy, supports our environment, and builds resilience for the future,” Dr Reti says.
“I’m confident these new leaders will help us deliver a science system that is more connected, more commercially focused, and better aligned with the needs of our nation.”

MIL OSI New Zealand News –

May 14, 2025

MIL-OSI: Peyto Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Peyto Exploration & Development Corp. (TSX: PEY) (“Peyto” or the “Company”) is pleased to report operating and financial results for the first quarter of 2025.

Q1 2025 Highlights:

Peyto reported $225.2 million in funds from operations¹^,² (“FFO”), or $1.12/diluted share, and generated $120.2 million of free funds flow³ in the quarter. Strong FFO was driven by a realized natural gas price after hedging of $4.17/Mcf, 89% higher than the AECO 7A monthly benchmark, and the Company’s industry-leading low cash costs⁴.
Earnings for the quarter totaled $114.1 million, or $0.57/diluted share, and Peyto returned $65.7 million as dividends to shareholders.
Net debt⁵ was reduced by $65.7 million from December 31, 2024 to $1.28 billion at the end of the quarter.
First quarter production volumes averaged 133,883 boe/d (710.5 MMcf/d of natural gas, 15,473 bbls/d of NGLs), a 7% increase year over year (5% on a per share basis), driven by strong well results from the Company’s capital program.
Recorded $50.8 million in realized hedging gains and exited the quarter with a hedge position protecting approximately 489 MMcf/d and 406 MMcf/d of natural gas production for Q2–Q4 2025 and 2026, respectively, at approximately $4/Mcf. Peyto’s natural gas and liquid hedging has secured approximately $875 million of revenue for 2025 and $605 million for 2026.
Cash costs totaled $1.42/Mcfe for the quarter, including royalties of $0.25/Mcfe, operating expense of $0.53/Mcfe, transportation of $0.29/Mcfe, G&A of $0.06/Mcfe and interest expense of $0.29/Mcfe. Peyto continues to have the lowest cash costs of Canadian producers in the oil and natural gas industry.
Total capital expenditures⁶ of $102.1 million in the quarter. Peyto drilled 19 wells (18.2 net), completed 13 wells (13.0 net), and brought 14 wells (14.0 net) on production.
Peyto delivered a solid operating margin⁷ of 71% and profit margin⁸ of 32%, resulting in a 10% return on capital employed⁹ (“ROCE”) and an 11% return on equity⁹ (“ROE”), on a trailing 12-month basis.

First Quarter 2025 in Review

Peyto was active in the quarter with four drilling rigs in the Greater Sundance and Brazeau areas, as well as with pipeline and compression projects that expanded the existing gathering systems to accommodate incremental production volumes. Natural gas prices recovered in the quarter due to large draws on storage inventories from a relatively cold North American winter, coupled with increased U.S. LNG feed gas demand. The AECO 7A monthly gas price rose 39% from Q4 2024 and averaged $1.92/GJ. Peyto’s realized gas price, before hedging, averaged $3.34/Mcf ($2.90/GJ), 51% higher than AECO 7A, driven by the Company’s diversification to premium demand markets in the US and Canada. Additionally, the Company recorded $0.83/Mcf of realized hedging gains on its gas volumes in the quarter from its mechanistic risk management strategy. All in, Peyto’s realized gas price after hedging totaled $4.17/Mcf or 89% higher than AECO 7A monthly price. The increased realized gas price, combined with Peyto’s low cost structure, boosted FFO by 13% from Q4 2024 to $225.2 million, which funded $102.1 million of capital expenditures, $65.7 million of shareholder dividends and allowed for a $65.7 million reduction in net debt in the quarter.

_________________________________________________

¹This press release contains certain non-GAAP and other financial measures to analyze financial performance, financial position, and cash flow including, but not limited to “operating margin”, “profit margin”, “return on capital”, “return on equity”, “netback”, “funds from operations”, “free funds flow”, “total cash costs”, and “net debt”. These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS, such as earnings, cash flow from operating activities, and cash flow used in investing activities, as indicators of Peyto’s performance. See “Non-GAAP and Other Financial Measures” included at the end of this press release and in Peyto’s most recently filed MD&A for an explanation of these financial measures and reconciliation to the most directly comparable financial measure under IFRS.
²Funds from operations is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
³Free funds flow is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
⁴Cash costs is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release.
⁵Net debt a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
⁶Total capital expenditures is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
⁷Operating Margin is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
⁸Profit Margin is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
⁹Return on capital employed and return on equity are non-GAAP financial ratios. See “non-GAAP and Other Financial Measures” in this news release.

	Three Months Ended Mar 31		%
	2025	2024	Change
Operations
Production
Natural gas (Mcf/d)	710,459	647,234	10%
NGLs (bbl/d)	15,473	17,145	-10%
Thousand cubic feet equivalent (Mcfe/d @ 1:6)	803,299	750,105	7%
Barrels of oil equivalent (boe/d @ 6:1)	133,883	125,018	7%
Production per million common shares (boe/d)	673	643	5%
Product prices
Realized natural gas price – after hedging and diversification ($/Mcf)	4.17	4.05	3%
Realized NGL price – after hedging ($/bbl)	62.97	60.36	4%
Net sales price⁽²⁾($/Mcfe)	4.90	4.87	1%
Royalties ($/Mcfe)	0.25	0.24	4%
Operating ($/Mcfe)	0.53	0.55	-4%
Transportation ($/Mcfe)	0.29	0.30	-3%
Field netback⁽¹⁾($/Mcfe)	3.88	3.82	2%
General & administrative expenses ($/Mcfe)	0.06	0.06	0%
Interest expense ($/Mcfe)	0.29	0.36	-19%
Financial ($000, except per share)
Natural gas and NGL sales including realized hedging gains⁽²⁾	354,268	332,541	7%
Funds from operations⁽¹⁾	225,218	204,622	10%
Funds from operations per share – basic⁽¹⁾	1.13	1.05	8%
Funds from operations per share – diluted⁽¹⁾	1.12	1.05	7%
Total dividends	65,676	64,158	2%
Total dividends per share	0.33	0.33	0%
Earnings	114,117	99,875	14%
Earnings per share – basic	0.57	0.51	12%
Earnings per share – diluted	0.57	0.51	12%
Total capital expenditures⁽¹⁾	102,129	113,762	-10%
Decommissioning expenditures	2,872	4,206	-32%
Total payout ratio⁽¹⁾	76%	89%	-15%
Weighted average common shares outstanding – basic	199,017,749	194,416,710	2%
Weighted average common shares outstanding – diluted	200,359,842	195,159,389	3%

Net debt⁽¹⁾	1,282,891	1,339,558	-4%
Shareholders’ equity	2,593,128	2,683,990	-3%
Total assets	5,356,226	5,373,202	0%

(1) This is a Non-GAAP financial measure or ratio. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A
(2) Excludes marketing revenue and other income

Capital Expenditures

Peyto drilled 19 gross (18.2 net) horizontal wells in the first quarter including 10 Wilrich, 1 Falher, 4 Notikewin, 3 Dunvegan, and 1 Cardium well in the core Brazeau and Sundance areas. The Company also completed 13 gross (13.0 net) wells and brought 14 gross (14.0 net) wells on production in the quarter resulting in total well-related capital expenditures of $85.6 million. Additionally, Peyto invested $15.5 million in gathering and processing facilities that included optimization projects and a pipeline to connect third-party volumes to Peyto’s Brazeau plant for long-term fee income. First quarter average drilling costs were slightly higher than the prior quarter, which was attributed to both cold weather operations and the execution of a uniquely over-pressured three-well pad in the Edson area. This was offset by lower completion costs, which fell 6% on a per-well basis from Q4 2024.

	2017	2018	2019	2020	2021	2022	2023	2024	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1⁽¹⁾
Gross Hz Spuds	135	70	61	64	95	95	72	75	18	20	21	16	19
Measured Depth (m)	4,229	4,020	3,848	4,247	4,453	4,611	4891	5,092	5,220	5,364	4,804	4,987	4,976

Drilling ($MM/well)	$1.90	$1.71	$1.62	$1.68	$1.89	$2.56	$2.85	$2.90	$3.05	$2.89	$2.81	$2.85	$3.01
$ per meter	$450	$425	$420	$396	$424	$555	$582	$569	$585	$539	$585	$572	$605

Completion ($MM/well)	$1.00	$1.13	$1.01⁽²⁾	$0.94	$1.00	$1.35	$1.54	$1.70	$1.80	$1.75	$1.56	$1.66	$1.56
Hz Length (m)	1,241	1,348	1,484	1,682	1,612	1,661	1,969	2,184	2,223	2,350	2,224	1,989	1,961
$ per Hz Length (m)	$803	$751	$679	$560	$620	$813	$781	$776	$809	$744	$703	$834	$793
$ ‘000 per Stage	$81	$51	$38	$36	$37	$47	$52	$52	$55	$49	$48	$56	$56

(1) Based on field estimates and may be subject to minor adjustments going forward.
(2) Peyto’s Montney well is excluded from drilling and completion cost comparison.

Peyto also spent $0.8 million during the quarter on acquiring mineral rights, seismic, and minor acquisitions.

Commodity Prices and Realizations

In the first quarter, Peyto realized a natural gas price after hedging and diversification of $4.17/Mcf, or $3.63/GJ, 89% higher than the average AECO 7A monthly benchmark of $1.92/GJ due to realized hedging gains and the Company’s market diversification to non-AECO hubs. Peyto’s natural gas hedging activity resulted in a realized gain of $0.83/Mcf ($53.0 million) in the quarter.

Condensate and pentanes averaged $90.88/bbl for the quarter, down 1% year over year, while Canadian dollar WTI (“WTI CAD”) decreased 1% to $102.49/bbl over the same period. Other NGL volumes were sold at an average price of $32.41/bbl, or 32% of WTI CAD, up 3% from $31.37/bbl in Q1 2024. Peyto’s combined realized NGL price in the quarter was $64.56/bbl before hedging, and $62.97/bbl including a hedging loss of $1.59/bbl.

Netbacks

The Company’s realized natural gas and NGL sales yielded a combined revenue stream of $4.20/Mcfe before hedging gains of $0.70/Mcfe, resulting in a quarterly net sales price of $4.90/Mcfe, consistent with $4.87/Mcfe realized in Q1 2024. Cash costs totaled $1.42/Mcfe in the quarter, 6% lower than $1.51/Mcfe in Q1 2024 due to lower operating, transportation and interest costs. Operating costs are typically highest in the colder, first quarter and Peyto expects per-unit operating costs to trend downward throughout 2025. Peyto’s cash netback (net sales price including other income, net marketing revenue, realized gain on foreign exchange, less total cash costs) was $3.53/Mcfe, the highest since Q1 2023, driving a solid 71% operating margin. Historical cash costs and operating margins are shown in the following table:

	2022				2023				2024				2025
($/Mcfe)	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4⁽²⁾	Q1	Q2	Q3	Q4	Q1
Revenue⁽¹⁾	5.25	5.48	5.01	5.74	5.10	4.07	4.32	4.83	4.92	3.97	3.99	4.34	4.95
Royalties	0.60	0.95	0.70	0.72	0.53	0.18	0.29	0.30	0.24	0.26	0.18	0.21	0.25

Op Costs	0.41	0.39	0.38	0.41	0.50	0.47	0.44	0.55	0.55	0.52	0.54	0.50	0.53
Transportation	0.28	0.27	0.26	0.22	0.24	0.29	0.29	0.26	0.30	0.30	0.31	0.27	0.29
G&A	0.03	0.02	0.02	0.02	0.03	0.05	0.04	0.06	0.06	0.06	0.03	0.05	0.06
Interest	0.21	0.20	0.21	0.21	0.22	0.22	0.28	0.40	0.36	0.36	0.38	0.33	0.29
Cash cost pre-royalty	0.93	0.88	0.87	0.86	0.99	1.03	1.05	1.27	1.27	1.24	1.26	1.15	1.17

Total Cash Costs¹⁰	1.53	1.83	1.57	1.58	1.52	1.21	1.34	1.57	1.51	1.50	1.44	1.36	1.42
Cash Netback¹¹	3.72	3.65	3.44	4.16	3.58	2.86	2.98	3.26	3.41	2.47	2.55	2.98	3.53
Operating Margin	71%	67%	69%	72%	71%	70%	69%	67%	69%	62%	64%	69%	71%

(1) Revenue includes other income, net marketing revenue and realized gains on foreign exchange.
(2) First quarter of Repsol assets included in Peyto’s results

Depletion, depreciation, and amortization charges of $1.34/Mcfe, along with provisions for current tax, deferred tax, performance-based compensation and stock-based compensation resulted in earnings of $1.58 /Mcfe, or a 32% profit margin. Dividends to shareholders totaled $0.91/Mcfe.

Hedging and Marketing

The Company has been active in hedging future production with financial and physical fixed price contracts to protect a portion of its future revenue from commodity price and foreign exchange volatility. The following table summarizes Peyto’s hedge position for Q2–Q4 2025, calendar 2026, and calendar 2027.

	Q2 2025	Q3 2025	Q4 2025	2026	2027
Natural Gas
Volume (MMcf/d)	510	510	447	406	61
Average Fixed Price⁽¹⁾($/Mcf)	3.90	3.90	4.32	3.99	4.05
WTI Swaps
Volume (bbls/d)	5,000	3,800	2,400	745	–
Average Fixed Price ($/bbl)	98.94	95.51	93.14	86.19	–
WTI Collars
Volume (bbls/d)	500	500	500	248	–
Put–Call ($/bbl)	90.00–100.25	90.00–110.00	90.00–100.50	87.50–100.25	–
Propane
Volume (bbls/d)	500	500	500	123	–
Average Fixed Price (US$/bbl)	33.60	33.60	33.60	33.60	–
USD FX Contracts
Amount sold (USD 000s)	69,000	63,000	47,000	112,500	–
Rate (CAD/USD)	1.352	1.352	1.355	1.355	–

(1) At 1.39 CAD/USD FX rate for USD contracts

The Company’s fixed price contracts combined with its diversification to multiple hubs in North America allow for revenue security and support Peyto’s capital expenditure program, continued shareholder returns through dividends, and debt reduction. Details of Peyto’s ongoing marketing and diversification efforts are available on Peyto’s website at https://www.peyto.com/Marketing.aspx.

_________________________________________________

¹⁰Total Cash costs is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
¹¹Cash netback is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.

Activity Update

Since the start of the second quarter, Peyto has continued with an active drilling program across all core areas with 8 wells (6.7 net) drilled, 11 wells (9.4 net) completed, and 12 wells (12.0 net) brought on production. The Company intends to continue with a steady capital program through spring break-up and the rest of 2025.

Last month, Peyto completed a third Falher well in Sundance, as a follow-up to the two wells that discovered a new channel last year. The results to date from these wells have demonstrated top decile internal rate of returns and the team has identified at least 20 additional locations on Peyto lands. The Company plans to drill three more wells in the channel before the end of the year, which will help further delineate the trend and prove up productivity.

Recently, the Company applied an alternate drilling technique and liner design on two low working-interest Cardium wells. This technique, which targets drilling just below the Cardium sand, allowed Peyto to achieve significantly longer laterals while reducing per unit drill costs below historical levels in the area. A cemented ball drop system allowed for the deployment of 60 stages in each well—a new record for Peyto. Early results from these wells are encouraging and the Company plans to follow up with additional wells this year to further test the design. With continued success, Peyto sees the opportunity to apply the new design to other Cardium inventory which comprises approximately 25% of the Company’s undrilled, booked reserves volumes.

Beginning in April, Peyto commissioned a new pipeline to accept approximately 8 MMcf/d of natural gas from a third party at its Brazeau gas plant, relating to a multi-year gas processing agreement which utilizes spare capacity at the facility. This new pipeline also provides a future opportunity to serve other third-party volumes.

Outlook

While the recent weakness in oil prices has a minimal effect on Peyto’s cash flow, it could be constructive to natural gas prices if the fall in oil prices lowers oil activity and associated gas production in the US. The Company remains bullish on forward natural gas prices with the recent start-up of US LNG export facilities and the ramp up of LNG Canada throughout 2025, combined with continued natural gas demand for AI driven data centres in North America. Further, Peyto is well-positioned with its hedge book and market diversification to provide shareholders with both revenue security and exposure to commodity price upside. Over the next several years, the Company has significant volumes exposed to premium demand markets in the US and Canada, which offer a superior price above the current AECO market.

Despite the political volatility and global economic uncertainty, Peyto remains committed to its 2025 capital guidance of $450 to $500 million. The program is designed with flexibility in the back half of the year to adjust to changing commodity prices and the business environment. Peyto will manage production to minimize exposure to weaker priced markets, when necessary, while the Company’s systematic hedging and market diversification programs secure revenues to support future dividends and further strengthen the balance sheet.

Conference Call and Webcast

A conference call will be held with senior management of Peyto to answer questions with respect to the Company’s Q1 2025 results on Wednesday, May 14, 2025, at 9:00 a.m. Mountain Time (MT), or 11:00 a.m. Eastern Time (ET).

Access to the webcast can be found at: https://edge.media-server.com/mmc/p/svumnnnm. To participate in the call, please register for the event at: Participant Call Link. Participants will be issued a dial in number and PIN to join the conference call and ask questions. Alternatively, questions can be submitted prior to the call at info@peyto.com. The conference call will be available on the Peyto Exploration & Development website at www.peyto.com.

Annual and Special Meeting

Peyto’s Annual and Special Meeting of Shareholders is scheduled for 3:00 p.m. on Thursday, May 22, 2025, at the Eau Claire Tower, +15 level, 600 – 3rd Avenue SW, Calgary, Alberta. Shareholders are encouraged to read the Information Circular and vote in advance of the proxy voting deadline of Tuesday, May 20 at 3:00 p.m. (Calgary time) and attend this in-person meeting. Leading independent proxy advisory firms have recommended Peyto shareholders (“Shareholders”) vote “FOR” all the proposed resolutions. Shareholders who have questions or need assistance with voting their shares should contact Peyto’s strategic advisor and proxy solicitation agent, Laurel Hill Advisory Group, by telephone at 1-877-452-7184 or by email at assistance@laurelhill.com. Shareholders who do not wish to attend are encouraged to visit the Peyto website at www.peyto.com where there is a wealth of information designed to inform and educate investors and where a copy of the AGM presentation will be posted. A monthly report from the President can also be found on the website which follows the progress of the capital program and the ensuing production growth.

Management’s Discussion and Analysis

A copy of the first quarter report to shareholders, including the MD&A, unaudited consolidated financial statements and related notes, is available at http://www.peyto.com/Files/Financials/2025/Q12025FS.pdf and at http://www.peyto.com/Files/Financials/2025/Q12025MDA.pdf and will be filed at SEDAR+, www.sedarplus.com at a later date.

Jean-Paul Lachance
President & Chief Executive Officer
May 13, 2025

Phone: (403) 261-6081
Fax: (403) 451-4100
info@peyto.com

Cautionary Statements

Forward-Looking Statements

This news release contains certain forward-looking statements or information (“forward-looking statements”) as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond Peyto’s control. These statements relate to future events or the Company’s future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, or other similar words or statements that certain events “may” or “will” occur are intended to identify forward-looking statements. The projections, estimates and beliefs contained in such forward-looking statements are based on management’s estimates, opinions, and assumptions at the time the statements were made, including assumptions relating to: macro-economic conditions, including public health concerns and other geopolitical risks, the condition of the global economy and, specifically, the condition of the crude oil and natural gas industry, and the ongoing significant volatility in world markets; other industry conditions; changes in laws and regulations including, without limitation, the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; the availability of qualified operating or management personnel; fluctuations in other commodity prices, foreign exchange or interest rates; stock market volatility and fluctuations in market valuations of companies with respect to announced transactions and the final valuations thereof; results of exploration and testing activities; and the ability to obtain required approvals and extensions from regulatory authorities. Management of the Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Peyto will derive from them. As such, undue reliance should not be placed on forward-looking statements. Forward-looking statements contained herein include, but are not limited to, statements regarding: management’s assessment of Peyto’s future plans and operations, including the 2025 capital expenditure program, drilling plans relating to the Falher discovery at Sundance and the additional wells planned using the alternate drilling technique in the Cardium; the expectation that per-unit operating costs will trend lower in 2025; the expectation that recent weakness in oil prices will have minimal effect on Peyto and could be constructive if lower oil activity decreases associated gas; LNG and AI data centres increasing natural gas demand and setting up a bullish price environment; the sustainability of the Company’s dividend; the effectiveness of the Company’s hedging program at securing revenue; the timing of Peyto’s annual general meeting; and the Company’s overall strategy and focus.

The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause Peyto’s actual financial results, performance or achievement in future periods to differ materially from those expressed in, or implied by, these forward-looking statements, including but not limited to, risks associated with: continued changes and volatility in general global economic conditions including, without limitations, the economic conditions in North America and public health concerns; continued fluctuations and volatility in commodity prices, foreign exchange or interest rates; continued stock market volatility; imprecision of reserves estimates; competition from other industry participants; failure to secure required equipment; increased competition; the lack of availability of qualified operating or management personnel; environmental risks; changes in laws and regulations including, without limitation, the adoption of new environmental and tax laws, tariffs, and regulations and changes in how they are interpreted and enforced; the results of exploration and development drilling and related activities; and the ability to access sufficient capital from internal and external sources. In addition, to the extent that any forward-looking statements presented herein constitutes future-oriented financial information or financial outlook, as defined by applicable securities legislation, such information has been approved by management of Peyto and has been presented to provide management’s expectations used for budgeting and planning purposes and for providing clarity with respect to Peyto’s strategic direction based on the assumptions presented herein and readers are cautioned that this information may not be appropriate for any other purpose. Readers are encouraged to review the material risks discussed in Peyto’s latest annual information form under the heading “Risk Factors” and in Peyto’s annual management’s discussion and analysis under the heading “Risk Factors”.

The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. 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. Peyto’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 so, what benefits Peyto will derive there from. The forward-looking statements, including any future-oriented financial information or financial outlook, contained in this news release speak only as of the date hereof and Peyto does not assume any obligation to publicly update or revise them to reflect new information, future events or circumstances or otherwise, except as may be required pursuant to applicable securities laws.

Barrels of Oil Equivalent

To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (BOE). Peyto uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 BOE ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on current prices. While the BOE ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

Thousand Cubic Feet Equivalent (Mcfe)

Natural gas volumes recorded in thousand cubic feet (mcf) are converted to barrels of oil equivalent (boe) using the ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Natural gas liquids and oil volumes in barrel of oil (bbl) are converted to thousand cubic feet equivalent (Mcfe) using a ratio of one (1) barrel of oil to six (6) thousand cubic feet. This could be misleading, particularly if used in isolation as it is based on an energy equivalency conversion method primarily applied at the burner tip and does not represent a value equivalency at the wellhead.

Non-GAAP and Other Financial Measures

Throughout this press release, Peyto employs certain measures to analyze financial performance, financial position, and cash flow. These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS, such as net income (loss), cash flow from operating activities, and cash flow used in investing activities, as indicators of Peyto’s performance.

Non-GAAP Financial Measures

Funds from Operations
“Funds from operations” is a non-GAAP measure which represents cash flows from operating activities before changes in non-cash operating working capital, decommissioning expenditure, provision for performance-based compensation and transaction costs. Management considers funds from operations and per share calculations of funds from operations to be key measures as they demonstrate the Company’s ability to generate the cash necessary to pay dividends, repay debt and make capital investments. Management believes that by excluding the temporary impact of changes in non-cash operating working capital, funds from operations provides a useful measure of Peyto’s ability to generate cash that is not subject to short-term movements in operating working capital. The most directly comparable GAAP measure is cash flows from operating activities.

	*Three Months Ended March 31*
($000)	*2025*	2024
Cash flows from operating activities	*219,116*	196,829
Change in non-cash working capital	*730*	3,587
Decommissioning expenditures	*2,872*	4,206
Performance-based compensation	*2,500*	–
Funds from operations	*225,218*	204,622

Free Funds Flow
Peyto uses “free funds flow” as an indicator of the efficiency and liquidity of Peyto’s business, measuring its funds after capital investment available to manage debt levels, pay dividends, and return capital to shareholders through activities such as share repurchases. Peyto calculates free funds flow as cash flows from operating activities before changes in non-cash operating working capital, provision for performance-based compensation, and transaction costs, less total capital expenditures, allowing Management to monitor its free funds flow to inform its capital allocation decisions. The most directly comparable GAAP measure to free funds flow is cash from operating activities. The following table details the calculation of free funds flow and the reconciliation from cash flow from operating activities to free funds flow.

	*Three Months Ended March 31*
($000)	*2025*	2024
Cash flows from operating activities	*219,116*	196,829
Change in non-cash working capital	*730*	3,587
Performance-based compensation	*2,500*	–
Total capital expenditures	*(102,129*)	(113,762)
Free funds flow	*120,217*	86,654

Total Capital Expenditures
Peyto uses the term “total capital expenditures” as a measure of capital investment in exploration and production activity, as well as property acquisitions and divestitures, and such spending is compared to the Company’s annual budgeted capital expenditures. The most directly comparable GAAP measure for total capital expenditures is cash flow used in investing activities. The following table details the calculation of cash flow used in investing activities to total capital expenditures.

	*Three Months Ended March 31*
		*2025*	2024
Cash flows used in investing activities		*103,321*	97,634
Change in prepaid capital		*(431*)	(4,653)
Change in non-cash working capital relating to investing activities		*(761*)	20,781
Total capital expenditures		*102,129*	113,762

Net Debt
“Net debt” is a non-GAAP financial measure that is the sum of long-term debt and working capital excluding the current financial derivative instruments, current portion of lease obligations and current portion of decommissioning provision. It is used by management to analyze the financial position and leverage of the Company. Net debt is reconciled to long-term debt which is the most directly comparable GAAP measure.

($000)	*March 31, 2025*	December 31, 2024	March 31, 2024
Long-term debt	*1,171,497*	1,295,238	1,296,844
Current assets	*(269,336*)	(394,517)	(403,467)
Current liabilities	*361,267*	269,609	260,380
Financial derivative instruments – current	*29,913*	188,136	194,917
Current portion of lease obligation	*(950*)	(936)	(1,322)
Decommissioning provision – current	*(9,500*)	(8,956)	(7,794)
Net debt	*1,282,891*	1,348,574	1,339,558

Net marketing revenue
Peyto uses the term “net marketing revenue” to evaluate the profitability of products purchased from third parties that are resold. Net marketing revenue is calculated as marketing revenue less marketing purchases.

	*Three Months Ended March 31*
($000)	*2025*	2024
Marketing revenue	*8,342*	25,851
Marketing purchases	*(7,283*)	(26,238)
Net marketing revenue	*1,059*	(387)

Non-GAAP Financial Ratios

Funds from Operations per Share
Peyto presents funds from operations per share by dividing funds from operations by the Company’s diluted or basic weighted average common shares outstanding. “Funds from operations” is a non-GAAP financial measure. Management believes that funds from operations per share provides investors an indicator of funds generated from the business that could be allocated to each shareholder’s equity position.

Netback per MCFE and BOE
“Netback” is a non-GAAP measure that represents the profit margin associated with the production and sale of petroleum and natural gas. Peyto computes “field netback per Mcfe” as commodity sales from production, plus net marketing revenue, if any, plus other income, less royalties, operating, and transportation expenses, divided by production. “Cash netback” is calculated as “field netback” less interest, less general and administration expense and plus or minus realized gain on foreign exchange, divided by production. “After-tax cash netback” is calculated as “cash netback” less current tax, divided by production. Netbacks are per-unit-of-production measures used to assess Peyto’s performance and efficiency.

	*Three Months Ended March 31*
($/Mcfe)	*2025*	2024
Gross sale price	*4.20*	3.50
Realized hedging gain	*0.70*	1.37
Net sale price	*4.90*	4.87
Net marketing revenue	*0.02*	(0.01)
Other income	*0.03*	0.05
Royalties	*(0.25*)	(0.24)
Operating costs	*(0.53*)	(0.55)
Transportation	*(0.29*)	(0.30)
Field netback	*3.88*	3.82
Net general and administrative	*(0.06*)	(0.06)
Interest and financing	*(0.29*)	(0.36)
Realized gain on foreign exchange	–	0.01
Cash netback ($/Mcfe)	*3.53*	3.41
Current tax ($/Mcfe)	*(0.41*)	(0.42)
After-tax cash netback ($/Mcfe)	*3.12*	2.99
After-tax cash netback ($/boe)	*18.69*	17.99

Net marketing revenue per Mcfe
“Net marketing revenue per Mcfe” is comprised of marketing revenue less marketing purchases, as determined in accordance with IFRS, divided by the Company’s total production.

Total Payout Ratio
“Total payout ratio” is a non-GAAP measure which is calculated as the sum of dividends declared plus total capital expenditures plus decommissioning expenditures, divided by funds from operations. This ratio represents the percentage of the capital expenditures and dividends that is funded by cashflow. Management uses this measure, among others, to assess the sustainability of Peyto’s dividend and capital program.

	*Three Months Ended March 31*
($000, except total payout ratio)	*2025*	2024
Total dividends declared	*65,676*	64,158
Total capital expenditures	*102,129*	113,762
Decommissioning expenditures	*2,872*	4,206
Total payout	*170,677*	182,126
Funds from operations	*225,218*	204,622
Total payout ratio (%)	76%	89%

Operating Margin
Operating Margin is a non-GAAP financial ratio defined as funds from operations, before current tax, divided by revenue before royalties but including realized hedging gains/losses other income and third-party sales net of purchases.

Profit Margin
Profit Margin is a non-GAAP financial ratio defined as net earnings divided by revenue before royalties but including realized hedging gains/losses, other income and third-party sales net of purchases.

Cash Costs
Cash costs is a non-GAAP financial ratio defined as the sum of royalties, operating expenses, transportation expenses, G&A and interest, on a per Mcfe basis. Peyto uses total cash costs to assess operating margin and profit margin.

The MIL Network –

May 14, 2025

MIL-OSI: Freehold Royalties Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces first quarter results for the period ended March 31, 2025.

First Quarter 2025 Highlights

$91 million in revenue;
$68 million in funds from operations ($0.42/share) ⁽¹⁾⁽³⁾;
$44 million in dividends paid ($0.27/share)⁽²⁾;
10,635 bbls/d of total liquids production, an 8% increase from previous quarter driven by continued execution of our U.S. expansion strategy and heavy oil growth in Canada;
16,248 boe/d of total production, a 6% increase from previous quarter with a 65% weighting to oil and natural gas liquids (NGLs), an increase from 63% in Q1-2024;
Gross drilling of 322 wells, up 12% from Q4-2024;
Robust leasing with 25 new leases signed (14 in Canada; 11 in the U.S.) contributing $3.9 million in revenue with the U.S. contributing a record $3.3 million in lease bonus; and
$59.29/boe average realized price ($72.64/boe in the U.S. and $49.26/boe in Canada);
- 47% pricing premium on Freehold’s U.S. production reflecting higher liquids weighting, higher quality crude oil and reduced transportation costs to get product to market.

President’s Message

Freehold’s Q1-2025 production of 16,248 boe/d is at the highest levels in our corporate history, in step with the high quality acquisition work completed in late 2024. The deliberate and strategic build out of our North American royalty portfolio has resulted in a balanced revenue base with Canada contributing 46% of revenue in Q1-2025 and the U.S. contributing 54%. On a volume basis the U.S. represented 43% of our production with premium pricing and higher liquids weighting driving an outsized revenue contribution. Our focus on acquiring mineral title interests in prospect rich basins has contributed to the record level of leasing this quarter in our core U.S. operating areas.

Freehold’s oil weighted portfolio, underpinned by premium operators in select basins across North America, delivered significant value to the Company and our shareholders with $68 million of funds from operations⁽³⁾ in the quarter, or $0.42/share. Included in our funds from operations was record leasing results with $3.9 million in revenue, including $3.3 million in U.S. leasing revenue. Notably, the majority of the U.S. leases signed in Q1-2025 are targeting the deeper Barnett formation of the Permian basin that is in the early stages of development.

Liquids production increased 8% over Q4-2024 and 15% compared to Q1-2024. The increase is largely attributed to the December 2024 Midland basin acquisition and continued growth in our heavy oil portfolio which grew 7% over Q4-2024 and is up 19% compared to Q1-2024. Our U.S. portfolio continues to be led by consistent drilling activity by some of the highest quality payors in North America who are executing on their multi-year growth plans.

We are maintaining our production guidance range of 15,800 boe/d to 17,000 boe/d for 2025E. The global macro environment has shifted since the end of the first quarter and how that may impact operator plans for the remainder of 2025 is unknown at this point. The industry is in excellent shape to manage commodity price volatility due to the capital discipline and prudent balance sheet management approach over the past number of years. Contributing to this is our positioning in the lowest break-even plays across North America under investment grade operators who take a long term, measured view to capital planning.

David M. Spyker, President and Chief Executive Officer

Dividend Announcement

The board of directors of Freehold has declared a monthly dividend of $0.09 per share to be paid on June 16, 2025, to shareholders of record on May 30, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

Operating and Financial Highlights

	Three Months Ended
FINANCIAL ($ millions, except as noted)	Q1-2025		Q4-2024		Q1-2024
West Texas Intermediate (US$/bbl)	71.42		70.27		76.96
AECO 7A Monthly Index (Cdn$/Mcf)	2.02		1.46		2.07
Royalty and other revenue	91.1		76.9		74.3
Funds from operations ⁽³⁾	68.1		61.3		54.4
Funds from operations per share, basic ($) ⁽¹⁾⁽³⁾	0.42		0.40		0.36
Dividends paid per share ($) ⁽²⁾	0.27		0.27		0.27
Dividend payout ratio (%) ⁽³⁾	65	%	66	%	75	%
Long-term debt	294.3		300.9		223.6
Net debt ⁽⁵⁾⁽⁶⁾	272.2		282.3		210.5
Net debt to trailing funds from operations (times) ⁽⁵⁾	1.1x		1.2x		0.9x
OPERATING
Total production (boe/d) ⁽⁴⁾	16,248		15,306		14,714
Canadian production (boe/d)⁽⁴⁾	9,278		9,437		9,593
U.S. production (boe/d)⁽⁴⁾	6,970		5,869		5,121
Oil and NGL (%)	65	%	65	%	63	%
Petroleum and natural gas realized price ($/boe) ⁽⁴⁾	59.29		53.80		54.81
Cash costs ($/boe) ⁽³⁾⁽⁴⁾	7.00		5.93		7.19
Netback ($/boe) ^{(3) (4)}	53.01		47.25		46.62
ROYALTY INTEREST DRILLING (gross / net)
Canada	92 / 3.9		110 / 3.6		132 / 5.9
U.S.	230 / 0.8		178 / 0.6		168 / 0.5

(1) Calculated based on the basic weighted average number of shares outstanding during the period
(2) Based on the number of shares issued and outstanding at each record date
(3) See Non-GAAP and Other Financial Measures
(4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)
(5) Net debt and net debt to trailing funds from operations are capital management measures

First Quarter Summary

Average production of 16,248 boe/d, an increase of 10% over the first quarter of 2024 with year-over-year liquids growth of 15% to 10,635 bbls/d:
- Light and medium oil was up 13% over Q1-2024 to 6,880 bbls/d, largely due to the high quality, oil weighted U.S. acquisitions completed in 2024; and
- Heavy oil was up 19% over Q1-2024 to 1,552 bbls/d as Mannville Stack and Clearwater production on Freehold’s lands hit record highs in the first quarter.

Royalty and other revenue totalled $91.1 million, up 18% over the prior quarter and 23% year-over-year. Other revenue included $3.9 million in lease bonus consideration and lease rental revenue, a quarterly record for Freehold.
Freehold’s corporate realized price was $59.29/boe, an increase of 9% compared to Q4-2024 and 8% from Q1-2024 due to higher commodity prices and higher weighting to liquids production.
Funds from operations totalled $68.1 million ($0.42 per share)⁽¹⁾.
Freehold closed $13.8 million of land purchases in the first quarter, including $11 million of high quality undeveloped mineral title lands in our core Midland and Delaware basin properties.
Dividends declared for Q1-2025 of $44.3 million ($0.27 per share). Freehold’s dividend payout ratio⁽¹⁾ was 65% for Q1-2025. Freehold’s dividend remains sustainable at oil and natural gas prices well below current commodity price levels.
Net debt⁽¹⁾⁽²⁾ of $272.2 million at the end of Q1-2025 was reduced by $10.1 million compared to year end 2024, representing 1.1 times trailing funds from operations⁽²⁾ during the period. Freehold remains conservatively levered.

(1) See Non-GAAP and Other Financial Measures
(2) Net debt and net debt to trailing funds from operations are capital management measures

Q1-2025 Drilling and Leasing Activity

In total, 322 gross wells (4.7 net wells) were drilled on Freehold’s royalty lands in Q1-2025, a 12% increase (12% on a net basis) compared to the previous quarter. The increase in drilling reflects the expansion of the Company’s U.S. asset base and the positioning of our assets in areas across North America that continue to attract drilling capital.

On a gross basis, essentially all drilling was oil focused. Approximately 29% of gross wells drilled in Q1-2025 were in Canada and 71% targeted Freehold’s U.S. royalty acreage.

	Three Months Ended
	Q1-2025		Q4-2024		Q1-2024
	Gross	Net ⁽¹⁾	Gross	Net ⁽¹⁾	Gross	Net ⁽¹⁾
Canada	92	3.9	110	3.6	132	5.9
United States	230	0.8	178	0.6	168	0.5
Total	322	4.7	288	4.2	300	6.4

^{(1) Equivalent net wells are aggregate of the numbers obtained by multiplying each gross well by our royalty interest percentage; U.S. wells on Freehold’s lands generally come on production at approximately 10 times the volume that of an average Canadian well in our portfolio.}

Canada

Canadian net drilling was up over the previous quarter despite the decline on a gross basis as higher interest wells in the Viking and mineral title drilling in southeast Saskatchewan and the Mannville Stack made up a higher percentage. Q1-2025 drilling in Canada was led again by oil weighted plays including Viking (33 gross wells), southeast Saskatchewan (12 gross wells) and Mannville Stack (9 gross wells).

During Q1-2025, Freehold entered into 14 new leases with seven counterparties totalling approximately $0.6 million in bonus and lease rental revenue. The majority of the new leasing was focused in southeast Saskatchewan and the Mannville Stack.

U.S.

During Q1-2025, 230 gross (0.8 net) wells were drilled on our U.S. lands, up 29% on a gross basis and 33% on a net basis from previous quarter due to a larger footprint in the Midland basin following the December 2024 acquisition and increased activity in the Eagle Ford basin. Approximately 90% of Q1-2025 drilling was focused in the Permian basin and 10% in the Eagle Ford basin.

U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making equivalent net well additions much more valuable in the U.S. compared to Canada. However, a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada.

In Q1-2025, Freehold entered into 11 new U.S. leases with four counterparties, totalling $3.3 million of bonus and lease rental revenue. Leasing activity was predominantly focused on Freehold’s mineral title interests in the Midland and Delaware basins with one lease in the Haynesville basin.

Normal Course Issuer Bid (NCIB) Application

The Company plans to implement an NCIB, pursuant to which Freehold would be permitted to acquire up to 10% of its issued and outstanding common shares that comprise the public float (less common shares held by directors, executive officers and principal securityholders (holders holding greater than 10% of the issued and outstanding Shares) of the Company), through the facilities, rules and regulations of the TSX.

The NCIB will be subject to receipt of certain approvals, including acceptance of the notice of intention to commence an NCIB by the TSX. The NCIB will commence following receipt of all such approvals and will continue until the earlier of: (i) a period of up to one-year; or (ii) the date on which the Company has acquired all common shares sought pursuant to the NCIB. Further particulars of the NCIB will be described in a subsequent press release when approved by the TSX.

Freehold believes establishing a NCIB as part of its capital management strategy is in the best interests of the Company and provides an opportunity to deliver value to shareholders. Decisions regarding utilizing the NCIB will be based on market conditions, share price, best use of funds from operations and other factors including debt repayment and options to expand our portfolio of royalty assets.

Annual Meeting of Shareholders

Freehold’s annual meeting of shareholders (the AGM) will be conducted in person and via live audio webcast at 3:00 PM (MDT) on Wednesday May 14, 2025 at the Calgary Petroleum Club. Further details are available on our website at https://freeholdroyalties.com/investors/events-and-presentations.

Conference Call Details

A webcast to discuss financial and operational results for the period ended March 31, 2025, will be held for the investment community on Wednesday May 14, 2025, beginning at 7:00 AM MT (9:00 AM ET).

A live audio webcast will be accessible through the link below and on Freehold’s website under “Events & Presentations” on Freehold’s website at www.freeholdroyalties.com. To participate in the conference call, you can register using the following link: Live Audio Webcast URL: https://edge.media-server.com/mmc/p/6y39yhx4.

A dial-in option is also available and can be accessed by dialing 1-800-952-5114 (toll-free in North America) participant passcode is 5153824#.

For further information contact

Freehold Royalties Ltd.
Todd McBride, CPA, CMA
Investor Relations
t. 403.221.0833
e. tmcbride@freeholdroyalties.com

Nick Thomson, CFA
Investor Relations & Capital Markets
t. 403.221.0874
e. nthomson@freeholdroyalties.com

Select Quarterly Information
	2025		2024									2023
Financial ($millions, except as noted)	Q1		Q4		Q3		Q2		Q1		Q4			Q3		Q2
Royalty and other revenue	91.1		76.9		73.9		84.5		74.3		80.1			84.2		73.7
Net Income (loss)	37.3		51.1		25.0		39.3		34.0		34.3			42.3		24.3
Per share, basic ($) ⁽¹⁾	0.23		0.33		0.17		0.26		0.23		0.23			0.28		0.16
Cash flows from operations	62.9		59.1		64.1		47.6		52.5		70.7			53.7		49.9
Funds from operations	68.1		61.3		55.7		59.6		54.4		62.8			65.3		53.0
Per share, basic ($) ⁽¹⁾⁽³⁾	0.42		0.40		0.37		0.40		0.36		0.42			0.43		0.35
Acquisitions & related expenditures	13.9		277.0		1.8		11.5		121.5		2.1			1.2		3.2
Dividends paid	44.3		40.7		40.7		40.7		40.7		40.7			40.7		40.7
Per share ($) ⁽²⁾	0.27		0.27		0.27		0.27		0.27		0.27			0.27		0.27
Dividends declared	44.3		41.9		40.7		40.7		40.7		40.7			40.7		40.7
Per share ($) ⁽²⁾	0.27		0.27		0.27		0.27		0.27		0.27			0.27		0.27
Dividend payout ratio (%) ⁽³⁾	65	%	66	%	73	%	68	%	75	%	65		%	62	%	77	%
Long-term debt	294.3		300.9		205.8		228.0		223.6		123.0			141.2		152.0
Net debt ⁽⁵⁾	272.2		282.3		187.1		199.1		210.5		100.9			113.4		136.9
Shares outstanding, period end (000s)	164.0		164.0		150.7		150.7		150.7		150.7			150.7		150.7
Average shares outstanding, basic (000s) ⁽⁶⁾	164.0		153.4		150.7		150.7		150.7		150.7			150.7		150.7
Operating
Light and medium oil (bbl/d)	6,880		6,296		6,080		6,551		6,094		6,308			6,325		6,093
Heavy oil (bbl/d)	1,552		1,516		1,315		1,348		1,300		1,182			1,127		1,167
NGL (bbl/d)	2,203		2,066		1,972		1,902		1,884		1,878			1,678		1,845
Total liquids (bbl/d)	10,635		9,878		9,367		9,801		9,278		9,368			9,130		9,105
Natural gas (Mcf/d)	33,678		32,564		31,447		32,524		32,617		32,968			32,851		33,372
Total production (boe/d) ⁽⁴⁾	16,248		15,306		14,608		15,221		14,714		14,863			14,605		14,667
Oil and NGL (%)	65	%	65	%	64	%	64	%	63	%	63		%	63	%	62	%
Petroleum & natural gas realized price ($/boe) ⁽⁴⁾	59.29		53.80		54.36		59.74		54.81		57.94			61.55		54.05
Cash costs ($/boe) ⁽³⁾⁽⁴⁾	7.00		5.93		5.42		9.80		7.19		4.73			5.10		7.19
Netback ($/boe) ⁽³⁾⁽⁴⁾	53.01		47.25		47.78		49.44		46.62		52.59			55.63		46.07
Benchmark Prices
West Texas Intermediate crude oil (US$/bbl)	71.42		70.27		75.09		80.57		76.96		78.32			82.26		73.78
Exchange rate (Cdn$/US$)	1.43		1.40		1.37		1.37		1.35		1.36			1.34		1.34
Edmonton Light Sweet crude oil (Cdn$/bbl)	95.32		94.90		97.85		105.29		92.14		99.69			107.89		94.97
Western Canadian Select crude oil (Cdn$/bbl)	84.30		80.75		83.95		91.63		77.77		76.96			93.05		78.76
Nymex natural gas (US$/Mcf)	3.79		2.86		2.24		1.96		2.33		2.98			2.64		2.17
AECO 7A Monthly Index (Cdn$/Mcf)	2.02		1.46		0.81		1.44		2.07		2.70			2.42		2.40

^{(1) Calculated based on the basic weighted average number of shares outstanding during the period}
^{(2) Based on the number of shares issued and outstanding at each record date}
^{(3) See Non-GAAP and Other Financial Measures}
^{(4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)}
^{(5) The 2023 reported balances have been restated due to the retrospective adoption of IAS 1 (see note 3d of December 31, 2024 audited consolidated financial statements)}
^{(6) Weighted average number of shares outstanding during the period, basic}

Forward-Looking Statements

This news release offers our assessment of Freehold’s future plans and operations as of March 12, 2025, and contains forward-looking statements that we believe allow readers to better understand our business and prospects. These forward-looking statements include our expectations for the following:

2025 production guidance;
our expectation regarding continued growth of our total liquid production through continued execution of our U.S. expansion strategy and heavy oil growth in Canada;
our expectation that our U.S. portfolio will continue to be led by consistent drilling activity by the highest quality payors in North America who are executing on their multi-year growth plans;
our expectation that the industry is in excellent shape to manage commodity price volatility due to the capital discipline and prudent balance sheet management approach over the past number of years;
our expectation that while some growth directed capital may be pared down, there will not be a slow down in core activity on our lands;
our expectation Freehold’s dividend remains sustainable at oil and natural gas prices materially below current commodity price levels;
our expectation that the positioning of our assets in areas across North America will continue to attract drilling capital despite volatility in commodity prices;
our expectation that U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making net well additions much more valuable in the U.S. compared to Canada;
our expectations that a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada;
our expectations that we will apply for an commence a NCIB once approval is granted; and
other similar statements.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, including general economic conditions, volatility in market prices for crude oil, NGL and natural gas, risks and impacts of tariffs (or other retaliatory trade measures) imposed by Canada or the U.S. (or other countries) on exports and/or imports into and out of such countries, inflation and supply chain issues, the impacts of the ongoing Israeli-Hamas-Hezbollah and potentially the broader Middle-East region, and Russia-Ukraine wars and any associated sanctions as well as OPEC+ curtailments on the global economy and commodity prices, geopolitical instability, political instability, industry conditions, volatility of commodity prices, future production levels, future capital expenditure levels, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, inaccurate assumptions on supply and demand factors affecting the consumption of crude oil, NGLs and natural gas, inaccurate expectations for industry drilling levels on our royalty lands, the failure to complete acquisitions on the timing and terms expected, the failure to satisfy conditions of closing for any acquisitions, the lack of availability of qualified personnel or management, stock market volatility, our inability to come to agreement with third parties on prospective opportunities and the results of any such agreement and our ability to access sufficient capital from internal and external sources. Risks are described in more detail in our Annual Information Form for the year-ended December 31, 2024, available at www.sedarplus.ca.

With respect to forward-looking statements contained in this news release, we have made assumptions regarding, among other things, future commodity prices, future capital expenditure levels, future production levels, future exchange rates, future tax rates, future legislation, the cost of developing and producing our assets, the quality of our counterparties and the plans thereof, our ability and the ability of our lessees to obtain equipment in a timely manner to carry out development activities, our ability to market our oil and gas successfully to current and new customers, the performance of current wells and future wells drilled by our royalty payors, our expectation for the consumption of crude oil and natural gas, our expectation for industry drilling levels, our expectation for completion of wells drilled, our ability to obtain financing on acceptable terms, shut-in production, production additions from our audit function, our ability to execute on prospective opportunities and our ability to add production and reserves through development and acquisition activities. Additional operating assumptions with respect to the forward-looking statements referred to above are detailed in the body of this news release.

You 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. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. To the extent any guidance or forward-looking statements herein constitute a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements.

You are further cautioned that the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS), which are the Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises, requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

To the extent any guidance or forward-looking statements herein constitutes a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. You are further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

Conversion of Natural Gas to Barrels of Oil Equivalent (BOE)
To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

Non-GAAP and Other Financial Measures
Within this news release, references are made to terms commonly used as key performance indicators in the oil and gas industry, which do not have any standardized means prescribed by Canadian generally accepted accounting principles (GAAP). We believe that net revenue, netback, dividend payout ratio, funds from operations per share and cash costs are useful non-GAAP financial measures and ratios for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of our results of operations. However, these as terms do not have any standardized meanings prescribed by GAAP, such terms may not be comparable with the calculations of similar measures for other entities. This news release also contains the capital management measures net debt and net debt to trailing funds from operations, as defined in note 14 to the unaudited consolidated financial statements as at and for the three months ended March 31, 2025.

Net revenue, which is calculated as revenues less ad valorem and production taxes (as incurred in the U.S. at the state level, largely Texas, which do not charge corporate income taxes but do assess flat tax rates on commodity revenues in addition to property tax assessments) details the net amount Freehold receives from its royalty payors, largely after state withholdings.

The netback, which is also calculated on a boe basis, as average realized price less production and ad valorem taxes, operating expenses, general and administrative expense, cash-based management fees, cash-based interest charges and share-based payouts, represents the per boe netback amount which allows us to benchmark how changes in commodity pricing, net of production and ad valorem taxes, and our cash-based cost structure compare against prior periods.

Cash costs, which is calculated on a boe basis, is comprised by the recurring cash-based costs, excluding taxes, reported on the statements of operations. For Freehold, cash costs are identified as operating expense, general and administrative expense, cash-based interest charges, cash-based management fees and share-based compensation payouts. Cash costs allow Freehold to benchmark how changes in its manageable cash-based cost structure compare against prior periods.

The following table presents the computation of Net Revenue, Cash costs and the Netback:

$/boe	Q1-2025		Q4-2024		Q1-2024
Royalty and other revenue		62.29		54.59		55.47
Production and ad valorem taxes		(2.28)		(1.41)		(1.66)
Net revenue	$60.01		$53.18		$53.81
Less:
General and administrative expense		(3.41)		(3.02)		(3.58)
Operating expense		(0.13)		(0.19)		(0.15)
Interest and financing cash expense		(3.31)		(2.67)		(2.79)
Management fee-cash settled		(0.05)		(0.05)		(0.06)
Cash payout on share-based compensation		(0.10)		–		(0.61)
Cash costs		(7.00)		(5.93)		(7.19)
Netback	$53.01		$47.25		$46.62

Dividend payout ratios are often used for dividend paying companies in the oil and gas industry to identify dividend levels in relation to funds from operations that are also used to finance debt repayments and/or acquisition opportunities. Dividend payout ratio is a supplementary measure and is calculated as dividends paid as a percentage of funds from operations.


($000s, except as noted)	Q1-2025		Q4-2024		Q1-2024
Dividends paid	$44,269		$40,687		$40,686
Funds from operations	$68,050		$61,332		$54,362
Dividend payout ratio (%)		65%		66%		75%

Funds from operations per share, which is calculated as funds from operations divided by the weighted average shares outstanding during the period, provides direction if changes in commodity prices, cash costs, and/or acquisitions were accretive on a per share basis. Funds from operations per share is a supplementary measure.

The MIL Network –

May 14, 2025

MIL-OSI Russia: Shortsighted ‘America First’ Policy Will Accelerate US Decline: Chinese Ambassador to Russia Zhang Hanhui

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

Moscow, May 13 /Xinhua/ — The U.S. administration’s short-sighted “America First” policy will not only fail to achieve its stated goal of “making America great again,” but will also lead the country into stagflation and accelerate its decline, Chinese Ambassador to Russia Zhang Hanhui said in an opinion piece published in the Russian newspaper Argumenty i Fakty on Tuesday.

“The US economy has been exposed to stagflation risks for a long time, which has caused serious concern both domestically and in the international community,” the publication says.

As Zhang Hanhui noted, stagflation in the United States is accompanied by high inflation, a deteriorating labor market, a decline in consumer activity, and a reduction in investment. The article emphasizes that the tariff war will further worsen the country’s economic downturn.

A Chinese diplomat likens trade protectionism to a boomerang: the more aggressively it is used, the more negative consequences are felt. “Ultimately, the U.S. tariff policy will cause the greatest damage to the American economy itself,” he points out, adding that abrupt and ill-considered changes in government policy have seriously undermined economic expectations in the country.

All this, according to the author of the article, causes concern and disorientation regarding the prospects of the American economy.

Zhang Hanhui is confident that the “America First” policy will lead the United States to isolation. “Basically, tariffs are used as a tool to test the loyalty of other countries, acting through a system of threats and punishments. However, as practice shows, in the modern world, pressure and coercion do not bring the desired results. Instead, such actions only push other countries to unite in opposition to American hegemony,” the ambassador explains.

At the same time, he assured that China is determined to withstand the tariff war with the United States to the bitter end. According to him, despite the eight-year-long Sino-American trade war, the scale of China’s foreign trade continues to grow, having increased from 30 trillion to 43 trillion yuan. In addition, the number of China’s foreign trade partners is also increasing. Zhang Hanhui cites data according to which in 2024, China’s trade volume with countries participating in the Belt and Road initiative increased by 6.4 percent, and the share of new markets, including ASEAN countries, in China’s foreign trade amounted to almost 60 percent. Meanwhile, the share of China’s exports to the United States decreased from about 19.2 percent in 2018 to 14.7 percent in 2024.

As Zhang Hanhui emphasizes, no matter how unpredictable and reckless the US acts, China will continue to confidently follow its own path, consistently promoting the policy of opening up and supporting the construction of an open world economy.

“History has repeatedly proven that trade protectionism does not contribute to the improvement of one’s own economy, but on the contrary, seriously undermines the world trading system, provokes global economic crises and ultimately harms both others and oneself. Ignoring the lessons of history inevitably leads to negative consequences,” the article says.

The Ambassador confirmed China’s readiness to strengthen solidarity and mutually beneficial cooperation with Russia and with all countries that adhere to the principles of honesty and fairness.

“We will jointly implement multilateralism, promote the improvement of the global governance system, and build a community with a shared future for mankind, so as to make greater contributions to improving the well-being of the peoples of China and Russia, as well as safeguarding world peace and development,” Zhang Hanhui concluded. –0–

MIL OSI Russia News –

May 14, 2025
MIL-OSI USA: Senate Passes Markey, Collins Resolution Designating April “Community College Month”

US Senate News:

Source: United States Senator for Massachusetts Ed Markey
Resolution Text (PDF)
Washington (May 13, 2025) – Last week, the Senate unanimously passed a resolution led by Senator Edward J. Markey (D-Mass.) and Senator Susan Collins (R-Maine), members of the Health, Education, Labor, and Pensions (HELP) Committee, designating April as “Community College Month.” The resolution recognizes the importance of community colleges as sources of education, opportunity, and economic mobility. More than 1,000 public, tribal, and independent community colleges serve almost half of all undergraduate students in the United States. Representatives Joe Courtney (CT-02) and Gus Bilirakis (FL-12) introduced a companion resolution in the House of Representatives.
“Massachusetts community colleges are of and for the community – delivering affordable, high-quality education to students where they live and work. When we invest in them, we are investing in people, families, neighborhoods, and their futures,” said Senator Markey. “I am proud to reintroduce my resolution designating April as Community College Month in recognition of their essential contributions to our students, to building our workforce, and to driving economic opportunity and mobility.”
“Maine’s community colleges play an important role in shaping our future workforce and providing students with the skills they need to prepare for rewarding careers in industries such as manufacturing, agriculture, cybersecurity, and health care,” said Senator Collins. “This bipartisan resolution celebrates the hard work of faculty at the more than 1,000 community colleges throughout our country and reaffirms our commitment to increasing access to higher education and workforce training.”
“For decades, community colleges have opened the door to quality, higher education for students, regardless of their family’s income,” said Congressman Courtney. “Community colleges are particularly critical to students and employers in eastern Connecticut where our economy is growing faster than any other region in the state. With so many new, good-paying jobs available, community colleges are well-situated to prepare workers with the skills they need to succeed. I look forward to working with my colleagues to protect resources for community colleges and ensure they can continue delivering on their mission.”
“Community Colleges empower students of all ages with the tools, industry certifications and hands-on skills they need to be successful in high wage jobs that are in demand throughout the country. The skilled workforce they help create serves as a catalyst for fueling our nation’s economic engine,” said Congressman Gus Bilirakis who serves as Co-Chairman of the Community College Congressional Caucus. “This Community College Month, we celebrate the success of these fine educational institutions and the positive impact they have on the lives of millions of Americans.”
“The Commonwealth’s 15 community colleges are grateful to Congress for recognizing April as Community College Month,” said Nate Mackinnon, Executive Director of the Massachusetts Association of Community Colleges. “Our community colleges offer an open access education to all, regardless of their goals. We are proud to be part of our local communities and partners in educating employees in high-demand industries across Massachusetts.”
Community colleges play a crucial role in workforce development across the United States, providing an affordable pathway to further education for all students, including nontraditional, low-income, working, parenting, veteran, and first-generation students. For more than a century, community colleges have contributed to prosperity and economic mobility, and they are vitally important to the economic future of the United States.
The Senate resolution is cosponsored by Senators Richard Blumenthal (D-Conn.), Maggie Hassan (D-N.H.), Dick Durbin (D-Ill.), Mazie Hirono (D-Hawai’i), Jim Risch (R-Idaho), Martin Heinrich (D-N.M.), Peter Welch (D-Vt.), Amy Klobuchar (D-Minn.), Chris Van Hollen (D-Md.), Alex Padilla (D-Calif.), Bernie Sanders (I-Vt.), Ron Wyden (D-Ore.), Angus King (I-Maine), Mike Crapo (R-Idaho), and Lisa Blunt Rochester (D-Del.).

MIL OSI USA News –

May 14, 2025

MIL-OSI: TWFG Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

THE WOODLANDS, Texas, May 13, 2025 (GLOBE NEWSWIRE) — – Total Revenues increased 16.6% for the quarter over the prior year period to $53.8 million –
– Total Written Premium increased 15.5% for the quarter over the prior year period to $371.0 million –
– Organic Revenue Growth Rate* of 14.3% for the quarter –
– Net income of $6.9 million for the quarter –
– Adjusted EBITDA* increased 35.3% for the quarter over the prior year period to $12.2 million –

THE WOODLANDS, Texas, May 13, 2025 (GLOBE NEWSWIRE) – TWFG, Inc. (“TWFG”, the “Company” or “we”) (NASDAQ: TWFG), a high-growth insurance distribution company, today announced results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights

Total revenues for the quarter increased 16.6% to $53.8 million, compared to $46.1 million in the prior year period
Commission income for the quarter increased 14.7% to $48.8 million, compared to $42.5 million in the prior year period
Net income for the quarter was $6.9 million, compared to $6.6 million in the prior year period, and net income margin for the quarter was 12.7%
Diluted Earnings Per Share for the quarter was $0.09 and Adjusted Diluted Earnings Per Share* for the quarter was $0.16
Total Written Premium for the quarter increased 15.5% to $371.0 million, compared to $321.3 million in the prior year period
Organic Revenue Growth Rate* for the quarter was 14.3%
Adjusted Net Income* for the quarter increased 14.3% from the prior year period to $9.2 million, and Adjusted Net Income Margin* for the quarter was 17.1%
Adjusted EBITDA* for the quarter increased 35.3% over the prior year period to $12.2 million, and Adjusted EBITDA Margin* for the quarter was 22.6% compared to 19.5% in the prior year period

^{*Organic Revenue Growth Rate, Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow and Adjusted Diluted Earnings Per Share are non-GAAP measures. Reconciliations of Organic Revenue Growth Rate to total revenue growth rate, Adjusted Net Income and Adjusted EBITDA to net income, Adjusted Diluted Earnings Per Share to diluted earnings per share, and Adjusted Free Cash Flow to cash flow from operating activities, the most directly comparable financial measures presented in accordance with GAAP, are outlined in the reconciliation table accompanying this release.}

Gordy Bunch, Founder, Chairman, and CEO said “Our strong first quarter performance reflects the continued execution of our strategy and strength of our business model. Total revenues grew 16.6% year-over-year, and Adjusted EBITDA increased by 35.3%, and Adjusted EBITDA Margin expansion grew to 22.6%. Organic Revenue Growth of 14.3% underscores the productivity of our agents and the enduring value we deliver to our carrier partners and clients.

Our recruiting momentum remains robust as we continue to expand our national footprint. During the quarter, we completed the acquisition of two new corporate locations, one in Ohio and one in Texas, expanded into New Hampshire, and added 17 branches across the U.S. The new locations are in line with our acquisition expectations for both revenue and EBITDA.

As a reminder to our shareholders, newly onboarded agents typically take two to three years to reach full productivity.”

First Quarter 2025 Results

Total Written Premium for the first quarter of 2025 was $371.0 million, representing an increase of 15.5% compared to the prior year period. Total revenues were $53.8 million, an increase of 16.6% year-over-year.

Organic Revenue, a non-GAAP measure that excludes contingent income, non-policy fee income, and other income, was $49.2 million for the first quarter of 2025, compared to $41.6 million in the prior year period. Organic Revenue Growth Rate was 14.3%, driven by robust new business production, moderating retention levels, rate increases, and continued growth in new business activity within one of our managing general agency (MGA) programs.

Commission expense for the quarter totaled $31.8 million, an increase of 20.3% compared to $26.4 million in the prior year period. This increase reflects the continued growth of our business, partially offset by the one-time favorable adjustment in prior year period due to the branch conversions.

Salaries and employee benefits were $8.2 million, an increase of 31.1% compared to $6.3 million in the first quarter of 2025. The increase includes $1.2 million of equity compensation expense and $0.7 million related to increased headcount and overall business growth.

Other administrative expenses were $4.7 million in the quarter, up 50.9% from the prior year period. The increase reflects investments to support business growth and the absorption of public company operating costs.

Net income for the first quarter of 2025 was $6.9 million, compared to $6.6 million in the prior year period. Net income margin was 12.7%, compared to 14.4% a year ago. Adjusted Net Income was $9.2 million for the quarter, compared to $8.1 million in the same period last year. Adjusted Net Income Margin was 17.1%, versus 17.5% in the prior year period.

Adjusted EBITDA was $12.2 million for the first quarter, an increase of 35.3% year-over-year. Adjusted EBITDA Margin expanded to 22.6%, compared to 19.5% in the first quarter of 2024.

Cash flow from operating activities was $15.6 million, up from $9.8 million in the prior year period. Adjusted Free Cash Flow for the quarter was $13.6 million, compared to $7.3 million in the same period a year ago.

Liquidity and Capital Resources

As of March 31, 2025, the Company had cash and cash equivalents of $196.4 million. We had full unused capacity on our revolving credit facility of $50.0 million as of March 31, 2025. The total outstanding term notes payable balance was $5.4 million as of March 31, 2025.

2025 Adjusted Outlook

Based on our strong first quarter results, the Company has updated its full-year 2025 guidance by raising the range of the outlook across all key metrics to reflect the improved visibility and confidence in the Company’s execution.

Organic Revenue Growth Rate*: Expected to be in the range of 12% to 16% (prior: 11% to 16%)
Adjusted EBITDA Margin*: Expected to be in the range of 20% to 22% (prior: 19% to 21%)
Total Revenues: Expected to be between $240 million and $255 million (prior: $235 million to $250 million)

The Company is unable to provide a reconciliation to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting the timing of items that have not yet occurred, as well as quantifying certain amounts that are necessary for such reconciliation.

*For a definition of Organic Revenue Growth Rate and Adjusted EBITDA Margin, see “Non-GAAP Financial Measures” below.

Conference Call Information

TWFG will host a conference call and webcast tomorrow at 9:00 AM ET to discuss these results.

To access the call by phone, participants should register at this link, where they will be provided with the dial in details. A live webcast of the conference call will also be available on TWFG’s investor relations website at investors.twfg.com. A webcast replay of the call will be available at investors.twfg.com for one year following the call.

About TWFG

TWFG (NASDAQ: TWFG) is a high-growth, independent distribution platform for personal and commercial insurance in the United States and represents hundreds of insurance carriers that underwrite personal lines and commercial lines risks. For more information, please visit twfg.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this release, are forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “outlook,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the captions entitled “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, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the U.S. Securities and Exchange Commission. You should specifically consider the numerous risks outlined under “Risk factors” in the Annual Report on Form 10-K for the year ended December 31, 2024.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Non-GAAP Financial Measures and Key Performance Indicators

Non-GAAP Financial Measures

Organic Revenue, Organic Revenue Growth, Adjusted Net Income, Adjusted Net Income Margin, Adjusted Diluted Earnings Per Share, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow included in this release are not measures of financial performance in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and should not be considered substitutes for GAAP measures, including revenues (for Organic Revenue and Organic Revenue Growth), net income (for Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA and Adjusted EBITDA Margin), diluted earnings per share (Adjusted Diluted Earnings Per Share), and cash flow from operating activities (for Adjusted Free Cash Flow), which we consider to be the most directly comparable GAAP measures. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these non-GAAP financial measures in isolation or as substitutes for revenues, net income, operating cash flow or other consolidated financial statement data prepared in accordance with GAAP. Other companies may calculate any or all of these non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures.

Organic Revenue. Since the first quarter of 2025, we have utilized the revised calculation methodology for Organic Revenue to include policy fee income as it is directly correlated to MGA commission income. Our legacy calculation methodology removed policy fee income from Organic Revenue. Organic Revenue is total revenue (the most directly comparable GAAP measure) for the relevant period, excluding contingent income, non-policy fee income, other income and those revenues generated from acquired businesses with over $0.5 million in annualized revenue that have not reached the twelve-month owned mark.

Organic Revenue Growth. Organic Revenue Growth is the change in Organic Revenue period-to-period, with prior period results adjusted to include revenues that were excluded in the prior period because the relevant acquired businesses had not reached the twelve-month-owned milestone but have reached the twelve-month owned milestone in the current period. We believe Organic Revenue Growth is an appropriate measure of operating performance because it eliminates the impact of acquisitions, which affects the comparability of results from period to period.

Adjusted Net Income. Adjusted Net Income is a supplemental measure of our performance and is defined as net income (the most directly comparable GAAP measure) before amortization, non-recurring or non-operating income and expenses, including equity-based compensation, adjusted to assume a single class of stock (Class A) and assuming noncontrolling interests do not exist. We believe Adjusted Net Income is a useful measure because it adjusts for the after-tax impact of significant one-time, non-recurring items and eliminates the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.

We are subject to U.S. federal income taxes, in addition to state, and local taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. Adjusted Net Income pre-IPO did not reflect adjustments for income taxes since TWFG Holding Company, LLC is a limited liability company and is classified as a partnership for U.S. federal income tax purposes. Post-IPO, the calculation incorporates the impact of federal and state statutory tax rates on 100% of our adjusted pre-tax income as if the Company owned 100% of TWFG Holding Company, LLC.

Adjusted Net Income Margin. Adjusted Net Income Margin is Adjusted Net Income divided by total revenues. We believe that Adjusted Net Income Margin is a useful measurement of operating profitability for the same reasons we find Adjusted Net Income useful and also because it provides a period-to-period comparison of our after-tax operating performance.

Adjusted Diluted Earnings Per Share. Adjusted Diluted Earnings Per Share is Adjusted Net Income divided by diluted shares outstanding after adjusting for the effect of (i) the exchange of 100% of the outstanding Class B common stock of the Company (the “Class B Common Stock”) and Class C common stock of the Company (the “Class C Common Stock”) (together with the related limited liability units in TWFG Holding Company, LLC (the “LLC Units”)) into shares of Class A common stock of the Company (“Class A Common Stock”) and (ii) the vesting of 100% of the unvested equity awards and exchange into shares of Class A Common Stock. This measure does not deduct earnings related to the noncontrolling interests in TWFG Holding Company, LLC for the period prior to July 19, 2024, when we did not own 100% of the business. The most directly comparable GAAP financial metric is diluted earnings per share. We believe Adjusted Diluted Earnings Per Share may be useful to an investor in evaluating our operating performance and efficiency because this measure is widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon acquisition activity and capital structure. This measure also eliminates the impact of expenses that do not relate to core business performance, among other factors.

Adjusted EBITDA. Adjusted EBITDA is a supplemental measure of our performance and is defined as EBITDA adjusted to reflect items such as equity-based compensation, interest income, other non-operating and certain nonrecurring items. EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation, and amortization. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it adjusts for significant one-time, non-recurring items and eliminates the ongoing accounting effects of certain capital spending and acquisitions, such as depreciation and amortization, that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. Our measure of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

Adjusted EBITDA Margin. Adjusted EBITDA Margin is Adjusted EBITDA divided by total revenue. We believe that Adjusted EBITDA Margin is a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful and also because it provides a period-to-period comparison of our operating performance.

Adjusted Free Cash Flow. Adjusted Free Cash Flow is a supplemental measure of our performance. We define Adjusted Free Cash Flow as cash flow from operating activities (the most directly comparable GAAP measure) less cash payments for tax distributions, purchases of property and equipment and acquisition-related costs. We believe Adjusted Free Cash Flow is a useful measure of operating performance because it represents the cash flow from the business that is within our discretion to direct to activities including investments, debt repayment, and returning capital to stockholders.

The reconciliation of the above non-GAAP measures to their most comparable GAAP financial measure is outlined in the reconciliation table accompanying this release.

Key Performance Indicators

Total Written Premium. Total Written Premium represents, for any reported period, the total amount of current premium (net of cancellation) placed with insurance carriers. We utilize Total Written Premium as a key performance indicator when planning, monitoring, and evaluating our performance. We believe Total Written Premium is a useful metric because it is the underlying driver of the majority of our revenue.

Contacts
Investor Contact:
Gene Padgett, CAO for TWFG
Email: gene.padgett@twfg.com

PR Contact:
Alex Bunch, CMO for TWFG
Email: alex@twfg.com

Condensed Consolidated Statements of Income (Unaudited)
(Amounts in thousands, except share and per share data)

	Three Months Ended March 31,
		2025		2024
Revenues
Commission income⁽¹⁾	$	48,785	$	42,545
Contingent income		1,663		1,076
Fee income⁽²⁾		3,011		2,232
Other income		364		290
Total revenues		53,823		46,143
Expenses
Commission expense		31,814		26,443
Salaries and employee benefits		8,196		6,254
Other administrative expenses⁽³⁾		4,724		3,130
Depreciation and amortization		3,359		3,013
Total operating expenses		48,093		38,840
Operating income		5,730		7,303
Interest expense		83		842
Interest income		1,863		170
Other non-operating expense		1		2
Income before tax		7,509		6,629
Income tax expense		656		—
Net income		6,853		6,629
Less: net income attributable to noncontrolling interests		5,515		6,629
Net income attributable to TWFG, Inc.		1,338		—

Weighted average shares of common stock outstanding:
Basic		14,889,739
Diluted		15,055,553
Earnings per share:
Basic	$	0.09
Diluted	$	0.09

^{(1) Commission income – related party of $3,135 and $1,109 for the three months ended March 31, 2025 and 2024, respectively}
^{(2) Fee income – related party of $834 and $354 for the three months ended March 31, 2025 and 2024, respectively}
^{(3) Other administrative expenses – related party of $770 and $401 for the three months ended March 31, 2025 and 2024, respectively}

The following table presents the disaggregation of our revenues by offerings (in thousands):

	Three Months Ended March 31,
		2025		2024
Insurance Services
Agency-in-a-Box	$	35,996	$	31,729
Corporate Branches		8,223		7,276
Total Insurance Services		44,219		39,005
TWFG MGA		9,195		6,794
Other		409		344
Total revenues	$	53,823	$	46,143

The following table presents the disaggregation of our commission income by offerings (in thousands):

	Three Months Ended March 31,
		2025		2024
Insurance Services
Agency-in-a-Box	$	33,358	$	29,900
Corporate Branches		8,214		7,250
Total Insurance Services		41,572		37,150
TWFG MGA		7,213		5,395
Total commission income	$	48,785	$	42,545

The following table presents the disaggregation of our fee income by major sources (in thousands):

	Three Months Ended March 31,
		2025		2024
Policy fees	$	1,051	$	513
Branch fees		1,256		1,131
License fees		608		515
TPA fees		96		73
Total fee income	$	3,011	$	2,232

The following table presents the disaggregation of our commission expense by offerings (in thousands):

	Three Months Ended March 31,
		2025		2024
Insurance Services
Agency-in-a-Box	$	25,954		22,028
Corporate Branches		1,105		862
Total Insurance Services		27,059		22,890
TWFG MGA		4,726		3,535
Other		29		18
Total commission expense	$	31,814	$	26,443

Condensed Consolidated Balance Sheets (Unaudited)
(Amounts in thousands, except share/unit data)

	March 31, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	196,424	$	195,772
Restricted cash		11,853		9,551
Commissions receivable, net		23,575		27,067
Accounts receivable		8,053		7,839
Other current assets, net		1,500		1,619
Total current assets		241,405		241,848
Non-current assets
Intangible assets, net		80,919		72,978
Property and equipment, net		3,364		3,499
Lease right-of-use assets, net		4,307		4,493
Other non-current assets		535		610
Total assets	$	330,530	$	323,428

Liabilities and Equity
Current liabilities
Commissions payable	$	16,303	$	13,848
Carrier liabilities		14,710		12,392
Operating lease liabilities, current		1,124		1,013
Short-term bank debt		1,927		1,912
Deferred acquisition payable, current		1,956		601
Other current liabilities		6,842		9,851
Total current liabilities		42,862		39,617
Non-current liabilities
Operating lease liabilities, net of current portion		3,119		3,372
Long-term bank debt		3,519		4,007
Deferred acquisition payable, non-current		973		1,122
Other non-current liabilities		—		24
Total liabilities		50,473		48,142
Commitment and contingencies (see Note 14)
Stockholders’/Members’ Equity
Class A common stock ($0.01 par value per share – 300,000,000 authorized, 14,904,083 and 14,811,874 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively )		149		148
Class B common stock ($0.00001 par value per share – 100,000,000 authorized, 7,277,651 shares issued and outstanding at March 31, 2025 and December 31, 2024)		—		—
Class C common stock ($0.00001 par value per share – 100,000,000 authorized, 33,893,810 shares issued and outstanding at March 31, 2025 and December 31, 2024)		—		—
Additional paid-in capital		58,374		58,365
Retained earnings		16,626		15,288
Accumulated other comprehensive income		65		83
Total stockholders’ equity attributable to TWFG, Inc.		75,214		73,884
Noncontrolling interests		204,843		201,402
Total stockholders’ equity		280,057		275,286
Total liabilities and equity	$	330,530	$	323,428

Non-GAAP Financial Measures

A reconciliation of Organic Revenue and Organic Revenue Growth Rate to Total Revenue and Total Revenue Growth Rate, the most directly comparable GAAP measures, is as follows (in thousands):

*Revised Calculation Methodology Applied to Current Period*
	Three Months Ended March 31,
		2025			2024
Total revenues	$	53,823		$	46,143
Acquisition adjustments⁽¹⁾		(610	)		(1,467	)
Contingent income		(1,663	)		(1,076	)
Fee income		(3,011	)		(2,232	)
Policy fee income		1,051			513
Other income		(364	)		(290	)
Organic Revenue	$	49,226		$	41,591
Organic Revenue Growth⁽²⁾	$	6,169		$	4,780
Total Revenue Growth Rate⁽³⁾		16.6	%		15.8	%
Organic Revenue Growth Rate⁽²⁾		14.3	%		13.0	%

^{(1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.}
^{(2) Revised Organic Revenue for the three months ended March 31, 2024 and 2023, used to calculate Organic Revenue Growth for the three months ended March 31, 2025 and 2024, was $43.1 million and $36.8 million, respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the three months ended March 31, 2025 and 2024, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.}
^{(3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period.}

*Legacy Calculation Methodology Applied to Current Period*
	Three Months Ended March 31,
		2025			2024
Total revenues	$	53,823		$	46,143
Acquisition adjustments⁽¹⁾		(610	)		(1,467	)
Contingent income		(1,663	)		(1,076	)
Fee income		(3,011	)		(2,232	)
Other income		(364	)		(290	)
Organic Revenue	$	48,175		$	41,078
Organic Revenue Growth⁽²⁾	$	5,630		$	4,822
Total Revenue Growth Rate⁽³⁾		16.6	%		15.8	%
Organic Revenue Growth Rate⁽²⁾		13.2	%		13.3	%

^{(1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.}
^{(2) Organic Revenue for the three months ended March 31, 2024 and 2023, used to calculate Organic Revenue Growth for the three months ended March 31, 2025 and 2024, was $42.5 million and $36.3 million, respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the three months ended March 31, 2025 and 2024, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.}
^{(3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period.}

A reconciliation of Adjusted Net Income and Adjusted Net Income Margin to Net income and Net income Margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands):

*Revised Calculation Methodology Applied to Current Period*
	Three Months Ended March 31,
		2025			2024
Total revenues	$	53,823		$	46,143
Net income	$	6,853		$	6,629
Income tax expense		656			—
Acquisition-related expenses		33			—
Equity-based compensation		1,204			—
Other non-recurring items⁽¹⁾		—			(1,477	)
Amortization expense		3,210			2,917
Adjusted income before income taxes		11,956			8,069
Adjusted income tax expense⁽²⁾		(2,736	)		—
Adjusted Net Income	$	9,220		$	8,069
Net Income Margin		12.7	%		14.4	%
Adjusted Net Income Margin		17.1	%		17.5	%

*Legacy Calculation Methodology Applied to Current Period*
	Three Months Ended March 31,
		2025			2024
Total revenues	$	53,823		$	46,143
Net income	$	6,853		$	6,629
Income tax expense		656			—
Acquisition-related expenses		33			—
Equity-based compensation		1,204			—
Other non-recurring items⁽¹⁾		—			(1,477	)
Adjusted income before income taxes	$	8,746		$	5,152
Adjusted income tax expense⁽²⁾		(2,001	)		—
Adjusted Net Income	$	6,745		$	5,152
Net Income Margin		12.7	%		14.4	%
Adjusted Net Income Margin		12.5	%		11.2	%

^{(1) Represents a one-time adjustment reducing commission expense, which resulted from the branch conversions. In January 2024, nine of our Branches converted to Corporate Branches. Upon conversion, agents of the newly converted Corporate Branches became employees and received salaries, employee benefits, and bonuses for services rendered instead of commissions. As a result, we released a portion of the unpaid commissions related to the converted branches that we no longer are required to settle.}
^{(2) Post-IPO, we are subject to United States federal income taxes, in addition to state, local, and foreign taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. For the three months ended March 31, 2025, the calculation of adjusted income tax expense is based on a federal statutory rate of 21% and a blended state income tax rate of 1.88% on 100% of our adjusted income before income taxes as if we owned 100% of the TWFG Holding Company, LLC.}

A reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to Net income and Net income margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands):

	Three Months Ended March 31,
		2025			2024
Total revenues	$	53,823		$	46,143
Net income	$	6,853		$	6,629
Interest expense		83			842
Interest income		(1,863	)		(170	)
Depreciation and amortization		3,359			3,013
Income tax expense		656			—
EBITDA		9,088			10,314
Acquisition-related expenses		33			—
Equity-based compensation		1,204			—
Interest income		1,863			170
Other non-recurring items⁽¹⁾		—			(1,477	)
Adjusted EBITDA	$	12,188		$	9,007
Net Income Margin		12.7	%		14.4	%
Adjusted EBITDA Margin		22.6	%		19.5	%

A reconciliation of Adjusted Free Cash Flow to Cash Flow from Operating Activities, the most directly comparable GAAP measure, for each of the periods indicated is as follows (in thousands):

	Three Months Ended March 31,
		2025			2024
Cash Flow from Operating Activities	$	15,645		$	9,754
Purchase of property and equipment		(15	)		(8	)
Tax distribution to members⁽¹⁾		(2,024	)		(2,420	)
Acquisition-related expenses		33			—
Adjusted Free Cash Flow	$	13,639		$	7,326

^{(1) Tax distributions to members represents the amount distributed to the members of TWFG Holding Company, LLC in respect of their income tax liability related to the net income of TWFG Holding Company, LLC allocated to its members.}

A reconciliation of Adjusted Diluted Earnings Per Share to diluted earnings per share, the most directly comparable GAAP measure, is as follows:

	Three Months Ended March 31,
		2025
Earnings per share of common stock – diluted	$	0.09
Plus: Impact of all LLC Units exchanged for Class A Common Stock⁽¹⁾		0.03
Plus: Adjustments to Adjusted net income⁽²⁾		0.04
Adjusted Diluted Earnings Per Share	$	0.16

Weighted average common stock outstanding – diluted		15,055,553
Plus: Impact of all LLC Units exchanged for Class A Common Stock⁽¹⁾		41,171,461
Adjusted Diluted Earnings Per Share diluted share count		56,227,014

^{(1) For comparability purposes, this calculation incorporates the net income that would be distributable if all shares of Class B Common Stock and Class C Common Stock, together with the related LLC Units, were exchanged for shares of Class A Common Stock. For the three months ended March 31, 2025, this includes $5.5 million of net income on 56,227,014 weighted-average shares of common stock outstanding – diluted. For the three months ended March 31, 2025, 41,260,844 weighted average outstanding Class B Common Stock and Class C Common Stock were considered dilutive and included in the 56,227,014 weighted-average shares of common stock outstanding – diluted within diluted earnings per share calculation.}
^{(2) Adjustments to Adjusted Net Income are described in the footnotes of the reconciliation of Adjusted Net Income to Net Income in “Adjusted Net Income and Adjusted Net Income Margin”, which represent the difference between Net Income of $6.9 million and Adjusted Net Income of $9.2 million for the three months ended March 31, 2025. For the three months ended March 31, 2025, Adjusted Diluted Earnings Per Share include adjustments of $2.4 million to Adjusted Net Income on 56,227,014 weighted-average shares of common stock outstanding – diluted for the period presented.}

Key Performance Indicators

The following presents the disaggregation of Total Written Premium by offerings, business mix and line of business (in thousands):

	Three Months Ended March 31,
		2025				2024
	Amount		% of Total		Amount		% of Total
Offerings:
Insurance Services
Agency-in-a-Box	$	249,475	68	%	$	218,936	68	%
Corporate Branches		68,098	18			57,884	18
Total Insurance Services		317,573	86			276,820	86
TWFG MGA		53,389	14			44,446	14
Total written premium	$	370,962	100	%	$	321,266	100	%

Business Mix:
Insurance Services
Renewal business	$	244,845	66	%		214,477	67	%
New business		72,728	20			62,343	19
Total Insurance Services		317,573	86			276,820	86

TWFG MGA
Renewal business		36,375	9			35,464	11
New business		17,014	5			8,982	3
Total TWFG MGA		53,389	14			44,446	14
Total written premium	$	370,962	100	%	$	321,266	100	%

Written Premium Retention:
Insurance Services			88	%			97	%
TWFG MGA			82				81
Consolidated			88				94

Line of Business:
Personal lines	$	298,289	80	%	$	254,864	79	%
Commercial lines		72,673	20			66,402	21
Total written premium	$	370,962	100	%	$	321,266	100	%

The MIL Network –

May 14, 2025

MIL-OSI: Magnetic North Acquisition Corp. Announces Non-Brokered Private Placement of Up to CDN$500,000

Source: GlobeNewswire (MIL-OSI)

**Not for distribution to United States Newswire Services or release publication, distribution or dissemination, directly or indirectly, in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws**

CALGARY, Alberta and TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”) announces that it intends to complete a non-brokered private placement (the “Offering”) consisting of unsecured, interest-bearing promissory notes for gross proceeds of up to ‎CAD$500,000 (the “Offering”). Interest at ten percent (10.0%) plus, under certain circumstances, bonus interest will be payable on the Offering. The Term of the Offering will be sixty (60) days from date of Closing of each tranche. Each promissory note will have a face value of CAD$10,000.

Closing of the Offering is currently anticipated to occur in more than one tranche. The first tranche of the Offering is anticipated to close by or on May 15, 2025. A cash commission of up to seven percent (7.0%) is payable to qualified agents on the total amount raised by such agent.The Company intends to use the net proceeds from the Offering for general corporate purposes‎.

The Company and the investor(s) may mutually agree to repayment of the Offering in kind, i.e., payable in Series A Preferred shares of MNAC, listed under the symbol MNC.PR.A on the TSXV (the “Preferred Shares”), in whole or in part based on a per Preferred share price equal to the average price in the five (5) trading days immediately preceding the end of the Term.

About Magnetic North Acquisition Corp.

Magnetic North invests and manages businesses on behalf of its shareholders and believes that capital alone does not always lead to success. With offices in Calgary and Toronto, our experienced management team applies its considerable management, operations and capital markets expertise to ensure its investee companies are as successful as possible for shareholders. Magnetic North common shares and preferred shares trade on the TSX Venture Exchange under the stock symbol MNC and MNC.PR.A, respectively. The TSX Venture recently announced that Magnetic North is a “2021 TSX Venture 50” recipient. For more information about Magnetic North, visit its website at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedarplus.ca.

For Further Information, Please Contact:

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

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking information in this news release includes the Company’s expected completion and timing of the Offering. There can be no assurance that the Offering will be completed as proposed or at all. The Company has made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; and the ability of the Company to execute and achieve its business objectives to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include but are not limited to: adverse market conditions; reliance on key and qualified personnel; and regulatory and other risks associated with the industries in which the Company’s portfolio companies operate, in general. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive. The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.

The MIL Network –

May 14, 2025

MIL-OSI: Carbon Streaming Announces Financial Results for the Three Months Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today reported its financial results for the three months ended March 31, 2025. All figures are expressed in United States dollars, unless otherwise indicated.

Carbon Streaming Chief Executive Officer Marin Katusa stated: “In the first quarter of 2025, Carbon Streaming made significant progress in reducing costs and improving financial sustainability, while continuing to evaluate strategic alternatives. Ongoing operating expenses have decreased substantially compared to prior years, and by May 2025, the number of individuals at the Company receiving a full-time salary was reduced to three. While we continue to pursue cost reductions, our priority in 2025 is to maximize value from our existing portfolio while exploring all strategic options to enhance shareholder value. More specifically, we will evaluate potential acquisitions, divestments, corporate transactions, and strategic partnerships. Although the voluntary carbon market continues to face challenging conditions and broader economic uncertainties persist, we remain committed to adapting to market realities and identifying the best path forward for our shareholders. In line with this commitment to shareholders, we have recently filed a statement of claim against certain former executives, board members, consultants, and associated entities in order to hold the defendants to account for actions that have caused financial harm to the Company, as outlined in the lawsuit. And with respect to the Rimba Raya, Magdalena Bay, and Sustainable Community Streams, the Company remains focused on protecting our investments and preserving our rights — as we will with all our investments.”

Quarterly Highlights

Ended the year with $36.4 million in cash and no corporate debt. During the quarter, the Company converted $18.0 million in cash from US$ to C$ at an exchange rate of 1.42 C$ for every 1.00 US$. The Company continues to earn interest income on its cash.
Reduced the number of individuals receiving full-time salaries at the Company – including employees, consultants, and directors – from 24 at the start of 2024 to 3 full-time employees by May 2025, resulting in significant savings in ongoing operating expenses. The Chief Executive Officer is not collecting a salary, the Chief Financial Officer is receiving a part-time salary, and the Company has eliminated cash-settled director’s fees to its board of directors (“Board”).
Recognized a net gain on revaluation of carbon credit streaming and royalty agreements of $49 thousand (net loss on revaluation of $33.1 million for Q1 2024). The net gain on revaluation for the current period was primarily related to changes to the risk-adjusted discount rate and accretion due to the passage of time.
Building on the success of the previously-announced ongoing corporate restructuring plan, the Company has significantly reduced ongoing operating expenses and is continuing to review its existing streams and royalties.
Generated $2 thousand in settlements from carbon credit streaming and royalty agreements (settlements of $406 thousand during Q1 2024).
Operating loss of $1.4 million (operating loss of $36.6 million in Q1 2024).
Recognized net loss of $0.8 million (net loss of $35.8 million in Q1 2024).
Adjusted net loss was $0.5 million (adjusted net loss of $1.6 million in Q1 2024) (see the “Non-IFRS Accounting Standards Measures” section of this news release).

Paid $164 thousand in upfront deposits for carbon credit streaming and royalty agreements (paid $400 thousand in upfront deposits in Q1 2024).
In April 2025, the Company announced that it had filed a lawsuit in the Ontario Superior Court of Justice against several former executives, directors, consultants, and associated entities. Please refer to the Company’s news release titled “Carbon Streaming Announces Filing of Claim Against Former Executives and Consultants” for further information.

Financial Highlights Summary

	Three months ended March 31, 2025			Three months ended March 31, 2024
Carbon credit streaming and royalty agreements
Revaluation of carbon credit streaming and royalty agreements	$	49		$	(33,136	)
Settlements from carbon credit streaming and royalty agreements¹		2			406
Other financial highlights
Other operating expenses		1,401			3,709
Operating loss		(1,351	)		(36,756	)
Net loss		(822	)		(35,771	)
Loss per share (Basis and Diluted) ($/share)		(0.02	)		(0.75	)
Adjusted net loss²		(508	)		(1,596	)
Adjusted net loss per share (Basic and Diluted) ($/share)²		(0.01	)		(0.03	)
Statement of financial position
Cash³		36,444			49,008
Carbon credit streaming and royalty agreements³		9,292			26,980
Total assets³		47,098			81,596
Non-current liabilities³		47			1,059

Relates to the net cash proceeds generated from the Company’s carbon credit streaming and royalty agreements. “Adjusted net loss”, including per share amounts, is a non-IFRS® Accounting Standards (the “IFRS Accounting Standards”) financial performance measure that is used in this news release. This measure does not have any standardized meaning under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. For more information about this measure, why it is used by the Company, and a reconciliation to the most directly comparable measure under the IFRS Accounting Standards, see the “Non-IFRS Accounting Standards Measures” section of this news release. Cash, carbon credit streaming and royalty agreements, total assets and non-current liabilities are presented as at the relevant tabular reporting date.

Portfolio Updates

Nalgonda Rice Farming Stream: The project was registered with Verra on February 10, 2025, using the UNFCCC Clean Development Mechanism Methodology AMS-III.AU: Methane emission reduction by adjusted water management practice in rice cultivation in the VCS program (“AMS-III.AU”). Registration and first validation of the project was delayed when Verra temporarily inactivated AMS-III.AU as part of a broader review of validation and verification quality and began developing a revised rice-specific methodology to replace AMS-III.AU. During this review, Verra determined that certain projects identified as having quality issues with validations and/or verifications would remain on hold, but Core CarbonX’s projects, including the Nalgonda Rice Farming project, were approved for registration under AMS-III.AU.

Verra released the new VCS Methodology VM0051 (Improved Management in Rice Production Systems v1.0) on February 27, 2025, which the project plans to transition to for the second monitoring period. However, the project has already applied the guidelines required under the VCS Methodology VM0051. At this time, it is not known how the transition to the new methodology will impact the project, if at all.

Sheep Creek Reforestation Stream: In January 2025, the Company received a Notice of Adverse Impact from Mast Reforestation SPV I, LLC (“Mast”) and the parent company of Mast, Droneseed Co. d/b/a Mast Reforestation under the Sheep Creek Reforestation Stream pursuant to which, among other things, Mast advised the Company that the Sheep Creek project has experienced significantly higher than expected mortality rates and that the surviving seedlings had exhibited slower than expected growth rates. As a result, Mast indicated to the Company that it no longer expects to deliver the Company the agreed-upon 286,229 carbon removal credits, referred to as forecast mitigation units (“FMUs”) under the Climate Action Reserve’s Climate Forward program under the Sheep Creek Reforestation Stream, as Mast no longer considers the existing Sheep Creek project plan and budget to be viable. The Company has formally responded to the Notice of Adverse Impact and requested that Mast respond to the Company’s significant concerns regarding, among other things, the timing of the delivery of the Notice of Adverse Impact, and the characterization of the cause of the adverse impact. The Company is continuing to evaluate all legal avenues available under the Sheep Creek Reforestation Stream. As a result, the Company no longer anticipates generating cash flow from the Sheep Creek Reforestation Stream, and its fair value is $nil as of March 31, 2025.

Baccala Ranch Reforestation Stream: In March 2025, Mast delivered the Company a notice of termination of the Baccala Ranch Reforestation Stream and the Baccala Ranch project, thereby confirming it will forego any plantings. The Company had not advanced any funds for the Baccala project and the closing of the Baccala Ranch Reforestation Stream remained subject to customary closing conditions.

Enfield Biochar Stream: In April 2025, Standard Biocarbon Corporation (“Standard Biocarbon”) successfully completed an equity financing resulting in a change of control. In connection with the financing, a new CEO has been appointed to lead Standard Biocarbon through project commissioning.

Strategy

Carbon Streaming is currently focused on maximizing value from the existing portfolio of investments and pursuing all options to achieve that goal. During 2024, the Company underwent changes to the Board and management, including the termination of certain consulting contracts, which reduced ongoing cash expenditure and streamlined decision-making. The Company continues to focus on its previously announced evaluation of strategic alternatives with a focus on maximizing value for all shareholders. These alternatives could include acquisitions, divestments, corporate transactions, financings, other strategic partnership opportunities or continuing to operate as a public company.

The Company’s carbon credit streaming agreements are structured to retain a portion of the cash flows from carbon credit sales, with stream-specific retention varying. Project partners typically receive the balance through ongoing delivery payments under the terms of each agreement. Cash flows are subject to fluctuations based on realized carbon credit prices and agreement terms. As the Company continues to evaluate its strategic direction, it remains focused on optimizing portfolio economics and managing exposure to market volatility.

Outlook

Carbon Streaming continues to reposition itself for success and for maximizing shareholder value amid ongoing challenges. In May 2024, as part of its ongoing corporate restructuring first initiated in 2023, the Company announced changes to its senior management and Board after constructive discussions with certain shareholders. The Company continues to evaluate strategic alternatives for the business and remains focused on cash flow optimization through the reduction of operating expenses and a reassessment of its existing streams and royalties. Building on the previous measures implemented by the Company to reduce ongoing operating expenses, further steps have been taken in recent months, including significantly reducing employee headcount, renegotiating and amending vendor agreements to lower costs, eliminating cash-settled director’s fees to the Board and terminating certain consulting contracts. As the Company’s broader strategy continues to evolve, these recent steps are expected to result in significant reductions to annualized ongoing operating expenses when compared to 2024.

While the Company aims to increase cash flow generation through the sale of carbon credits from several streaming agreements over the next year, there remains ongoing uncertainty regarding the evolving nature of carbon markets, including potential registry delays, project-specific issues, and methodology-related risks, in addition to impacts the industry may face as a result of general economic, political and regulatory conditions. In 2024, the Company recognized a decrease in the fair values of the Rimba Raya Stream, the Magdalena Bay Blue Carbon Stream, the Sustainable Community Stream, and the Sheep Creek Reforestation Stream to $nil as a result of the failure of the respective projects to meet their obligations under the stream agreements and ongoing legal disputes. The Company is actively pursuing all available legal remedies to protect its investments and enforce its contractual rights. Given the multiple ongoing litigation matters, the outcomes remain uncertain and could materially impact the Company’s financial position and strategic direction. Please refer to the “Legal Proceedings” section of the Company’s most recently filed MD&A for further information.

Given the evolving nature of carbon markets and ongoing legal considerations, Carbon Streaming is focussed on maximizing value from the existing portfolio of investments and pursuing all options to achieve that goal.

For a comprehensive discussion of the risks, assumptions and uncertainties that could impact the Company’s strategy and outlook, including without limitation, changes in demand for carbon credits and Indonesian developments described herein, investors are urged to review the section of the Company’s most recently filed AIF entitled “Risk Factors” a copy of which is available on SEDAR+ at www.sedarplus.ca.

About Carbon Streaming

Carbon Streaming’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential.

ON BEHALF OF THE COMPANY:
Marin Katusa, Chief Executive Officer
Tel: 365.607.6095
info@carbonstreaming.com
www.carbonstreaming.com

Investor Relations
investors@carbonstreaming.com

Media
media@carbonstreaming.com

Non-IFRS Accounting Standards Measures

Adjusted Net Loss and Adjusted Loss Per Share

The term “adjusted net loss” in this news release is not a standardized financial measure under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. These non-IFRS Accounting Standards measures should not be considered in isolation or as a substitute for measures of performance, cash flows and financial position as prepared in accordance with the IFRS Accounting Standards. Management believes that these non-IFRS Accounting Standards measures, together with performance measures and measures prepared in accordance with the IFRS Accounting Standards, provide useful information to investors and shareholders in assessing the Company’s liquidity and overall performance.

Adjusted net loss is calculated as net and comprehensive loss and adjusted for the revaluation of carbon credit streaming and royalty agreements, the revaluation of warrant liabilities, the impairment loss on early deposit interest receivable, the revaluation of derivative liabilities, the revaluation of the convertible note, the impairment loss on investment in associate, the gain on dissolution of associate, and the corporate restructuring which the Company views as having a significant non-cash or non-continuing impact on the Company’s net and comprehensive loss calculation and per share amounts. Adjusted net loss is used by the Company to monitor its results from operations for the period.

The following table reconciles net and comprehensive loss to adjusted net loss:

	Three months ended March 31, 2025			Three months ended March 31, 2024
Net loss and comprehensive loss	$	(822	)	$	(35,771	)
Adjustment for non-continuing or non-cash settled items:
Revaluation of carbon credit streaming and royalty agreements		(49	)		33,136
Revaluation of warrant liabilities		(114	)		(334	)
Litigation and corporate restructuring		477			1,373
Adjusted net loss		(508	)		(1,596	)
Loss per share (Basic and Diluted) ($/share)		(0.02	)		(0.75	)
Adjusted net loss per share (Basic and Diluted) ($/share)		(0.01	)		(0.03	)

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation, statements regarding the anticipated impact of changes to the Company’s Board and management; the impact of the Company’s restructuring strategies, including evaluation of strategic alternatives; the ability of the Company to execute on expense reductions and savings from operating cost reduction measures; statements with respect to cash flow optimization and generation; its sales strategy; supporting the Company’s carbon streaming and royalty partners; timing and the amount of future carbon credit generation and emission reductions and removals from the Company’s existing streaming and royalty agreements; statements with respect to the projects in which the Company has streaming and royalty agreements in place; statements with respect to the Company’s growth objectives and potential and its position in the voluntary carbon markets; statements with respect to execution of the Company’s portfolio and partnership strategy; statements regarding the Company holding certain former executives, directors, consultants, and associated entities to account. statements with respect to the ongoing legal process to protect the Company’s investment in the Rimba Raya project and to enforce its legal and contractual rights; and statements regarding the Company’s intention to strictly enforce its legal and contractual rights under the Sustainable Community Stream and the Magdalena Bay Blue Carbon Stream and the Sheep Creek Reforestation Stream.

When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking information. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change, carbon credits and environmental, social and governance initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; the Company’s expectations and plans with respect to current litigation, arbitration and regulatory proceedings; limited operating history for the Company’s current strategy; concentration risk; inaccurate estimates of project value, which may impact the ability of the Company to execute on its growth and diversification strategy; dependence upon key management; impact of corporate restructurings; the inability of the Company to optimize cash flows or sufficiently reduce operating expenses; reputational risk; risks arising from competition and future acquisition activities failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued (and other risks associated with carbon credits standards and registries); foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of March 31, 2025 filed on SEDAR+ at www.sedarplus.ca.

Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

The MIL Network –

May 14, 2025

MIL-OSI: Condor Announces 2025 First Quarter Results and Purchase of Its First LNG Facility

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX:CDR), a Canadian based, internationally focused energy transition company focused on Central Asia is pleased to announce the release of its unaudited interim condensed consolidated financial statements for the three months ended March 31, 2025, together with the related management’s discussion and analysis. These documents will be made available under Condor’s profile on SEDAR+ at www.sedarplus.ca and on the Condor website at www.condorenergies.ca. Readers are invited to review the latest corporate presentation available on the Condor website. All financial amounts in this news release are presented in Canadian dollars, unless otherwise stated

HIGHLIGHTS

Production in Uzbekistan for the first quarter of 2025 averaged 11,179 boe/d comprised of 10,819 boe/d (64,917 Mcf/d) of natural gas and 360 bopd of condensate, which is a 6% increase from the average production rate of 10,511 boe/d for the fourth quarter of 2024.
Uzbekistan natural gas and condensate sales for the first quarter of 2025 was $22.26 million, which is a 6% increase from sales of $20.93 million for the fourth quarter of 2024.
On May 6, 2025, the Company purchased a modular LNG facility (the “First Facility”) capable of producing 48,000 gallons (80 MT) of LNG per day with LNG production planned to commence in the second quarter of 2026.
On April 15, 2025, the Company secured its third natural gas allocation in Kazakhstan for LNG feed gas, a portion of which will be allocated to the First Facility.
On February 24, 2025, Condor was awarded a second critical minerals mining license in Kazakhstan for a 100% working interest in the exploration rights for mining solid minerals for a six-year term.
The Company is finalizing a drilling rig and associated support services contracts to begin a multi-well drilling program in Uzbekistan during the third quarter of 2025 that will target multiple play types to further increase production rates.

MESSAGE FROM CONDOR’S CEO

Don Streu, President and CEO of Condor commented: ”We have continued to make significant progress in creating value from a diverse portfolio of first-mover energy initiatives which include our Uzbekistan producing gas fields, Kazakhstan modular LNG development and Kazakhstan critical minerals licenses.

In Uzbekistan, production and revenue growth of six percent quarter-on-quarter reflects the highly capital efficient and repeatable successes of applying Canadian technologies and learnings to increase natural gas production despite historical natural production declines that exceeded twenty percent annually. Production will be further increased by a vertical, horizontal and multi-lateral well drilling campaign that is scheduled to commence in the third quarter of 2025.

In Kazakhstan, the purchase of our first modular LNG facility will enable us to initiate Central Asia’s first LNG production by the second quarter of 2026. The three LNG feed gas allocations that Condor has secured thus far will allow us to fabricate and operate several additional LNG facilities to ensure sustainable cash flow growth. These facilities are critical to supporting the fuel needs of Kazakhstan’s rapidly expanding transportation networks.

Also in Kazakhstan, Condor has now been awarded two critical minerals licenses which grant us subsurface exploration rights for solid minerals, including lithium and copper, and these concessions are located in very close proximity to some of the world’s largest mining companies that are actively exploring in the region.

Condor has truly assembled a diverse portfolio with a strong foundation for cashflow growth that we are now actively developing to realize material value”.

Production in Uzbekistan

The Company operates under a production enhancement services contract with JSC Uzbekneftegaz in Uzbekistan to increase the production, ultimate recovery and overall system efficiency from an integrated cluster of eight conventional natural gas-condensate fields (the “PEC Project”). Production for the first quarter of 2025 averaged 11,179 boe/d comprised of 10,819 boe/d (64,917 Mcf/d) of natural gas and 360 bopd of condensate, which is a 6% increase from the average production rate of 10,511 boe/d for the fourth quarter of 2024. Since assuming operations in March 2024, the Company has flattened the natural production decline rates, which previously exceeded twenty percent annually.

The Company’s multi-well workover campaign continued during the first quarter of 2025 within the eight gas fields. The highly capital efficient workover activities include perforating newly identified pay intervals, installing proven artificial lift equipment, performing downhole stimulation treatments, and installing new production tubing. Three recent workovers generated a combined production increase of 1,950 boe/d, based upon initial seven-day production rates.

The Company is finalizing a drilling rig and associated support services contracts to begin a multi-well drilling program in the third quarter of 2025 that will target numerous play types within a diverse prospect inventory. A combination of vertical, horizontal and Uzbekistan’s first multi-lateral wells will penetrate under-developed reservoirs in the existing fields. Wells are planned to be completed with modern stimulation techniques to further increase production rates.

In the fourth quarter of 2024, the Company commissioned Uzbekistan’s first in-field flowline water separation system which separates water from the gas streams at the field gathering network rather than at the production facility. This reduces pipeline flow pressure that can lead to higher reservoir flow rates. Three additional separation units have since been installed and are being commissioned. The existing pipeline and facilities infrastructure are also being evaluated to optimize water-handling, determine long term field compression requirements, and to enhance in-field gathering networks.

LNG in Kazakhstan

Condor is constructing Kazakhstan’s first LNG facilities to produce, distribute, and sell LNG to offset industrial diesel usage in the country. LNG applications include rail locomotives, long-haul truck fleets, marine vessels, mining equipment, municipal bus fleets, and other heavy equipment and machinery with high-horsepower engines. These applications have all successfully used LNG fuel in other countries.

In May 2025, the Company purchased a modular LNG facility (the “First Facility”) for its Saryozek plant site, capable of producing 48,000 gallons (80 MT) of LNG per day. The purchase price of USD $6.5 million (CAD $9.3 million) is due as to USD $1.6 million (CAD $2.3 million) within ten business days and the remaining payments are due in a combination of time and milestone-based instalments until the First Facility is commissioned. Construction of the First Facility is ongoing, and fabrication works are expected to be completed in the fourth quarter of 2025. The First Facility and supporting equipment will then be shipped to Saryozek, Kazakhstan for assembly and commissioning with LNG production expected in the second quarter of 2026. The estimated additional cost to complete the First Facility construction and commissioning is USD $18.6 million (CAD $26.7 million). The Company is finalizing LNG off-taker agreements and advancing several financing solutions for the First Facility.

In April 2025, the Company secured its third natural gas allocation that will provide LNG feed gas for the First Facility. Two additional 48,000 gallon modular LNG facilities are planned to be constructed at the First Facility site to fully utilize the third natural gas allocation.

Concurrently, engineering design continues for additional modular LNG facilities that will utilize the two other existing natural gas allocations for the Alga and Kuryk sites. The final investment decision for the first Alga site LNG facility is planned for the fourth quarter of 2025 with Alga LNG production of 100,000 gallons (168 MT) of LNG per day planned to commence in the second quarter of 2027. Timing for the first Kuryk site LNG facility, which is targeting 125,000 gallons (210 MT) of LNG per day, is being evaluated. Based on the Company’s three feed gas allocations, the total LNG fuel produced will have an energy-equivalent volume of over 1.5 million litres of diesel daily, while also reducing CO₂ emissions by 390,000 MT per year, which is equivalent to removing more than 85,000 cars from the road annually.

Condor’s modular LNG facilities will be instrumental to supplying a stable, economic and more environmentally friendly fuel source for the Transcaspian International Transport Route (“TITR”) expansion, which is currently the shortest, fastest and most geopolitically secure transit corridor for moving freight between Asia and Europe. The Government of Kazakhstan and Kazakhstan’s national railroad are making significant investments in TITR infrastructure, including expanding the rail network, constructing a new dry port at the Kazakhstan – China border, and increasing the container-handling capacities at various Caspian Sea ports.

Critical Minerals Licenses in Kazakhstan

The Company holds a 100% working interest in two contiguous critical minerals mining licenses which provide subsurface exploration rights for solid minerals, including lithium and copper, for respective six-year terms. The 37,300- hectare Sayakbay license was awarded in July 2023 and the nearby 6,800-hectare Kolkuduk license was awarded in February 2025.

A prior well drilled in the Kolkuduk license territory for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of up to 130 milligrams per litre as reported by the Ministry of Geology of the Republic of Kazakhstan. A 1,000-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. At Sayakbay, a prior legacy well drilled for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of 67 milligrams per litre in Carboniferous-aged intervals as reported by the Ministry of Geology of the Republic of Kazakhstan. A 670-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. Other critical minerals identified at the Kolkuduk and Sayakbay licenses include rubidium, strontium and cesium.

The Company is not treating these historical estimates as current mineral resources or mineral reserves as additional drilling and testing is necessary, and a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. It is uncertain if further drilling will result in either area being delineated as a mineral resource or reserve. The historical lithium concentration estimates should not be relied upon as indicative of the actual lithium concentration or the likelihood that the Company will be able to achieve similar production results.

The initial development plan for Sayakbay includes drilling and testing two wells to verify deliverability rates, confirming the lateral extension and concentrations of lithium in the tested and untested intervals, conducting preliminary engineering for the production facilities, and preparing a mineral resource or mineral reserves report compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The initial development plan for the Kolkuduk license acquired in February 2025 has yet to be determined.

RESULTS OF OPERATIONS

Production – Uzbekistan
Total Production	Three months ended March 31, 2025		One month ended March 31, 2024*	Change Volume
Natural gas (Mcf)	5,842,516		2,027,905	3,814,611
Natural gas (boe)	973,753		337,984	635,769
Condensate (barrels)	32,443		8,190	24,253
Total (boe)	1,006,196		346,174	660,022


Per Unit Production	Three months ended March 31, 2025	One month ended March 31, 2024*		Change %
Natural gas (Mcf/d)	64,917	65,416		(0.8	%)
Natural gas (boe/d)	10,819	10,903		(0.8	%)
Condensate (bopd)	360	264		36.4	%
Total (boe/d)	11,179	11,167		0.1	%

^{* Production commenced on March 1, 2024. Production volumes and per unit calculations stated in Mcf/d, boe/d and bopd for 2024 are for 31 days.}

Operating Netback for Uzbekistan

Operating netback for Natural Gas ¹^,2	Natural Gas
Operating netback for Natural Gas ¹^,2	Q1 2025		Q1 2024
Sales ($000’s)	19,982		6,566
Royalties ($000’s)	(3,661	)	(1,203	)
Production costs ($000’s)	(8,692	)	(2,288	)
Transportation and selling ($000’s)	(690	)	(228	)
Operating netback ($000’s)¹^,2	6,939		2,847

Sales volume (Mcf)	5,462,313		1,888,789

Sales ($/Mcf)	3.66		3.48
Royalties ($/Mcf)	(0.67	)	(0.64	)
Production costs ($/Mcf)	(1.59	)	(1.21	)
Transportation and selling ($/Mcf)	(0.13	)	(0.12	)
Operating netback ($/Mcf)¹^,2	1.27		1.51

Operating netback for Condensate ¹^,2	Condensate
Operating netback for Condensate ¹^,2	Q1 2025		Q1 2024
Sales ($000’s)	2,280		646
Royalties ($000’s)	(451	)	(128	)
Production costs ($000’s)	(215	)	(37	)
Transportation and selling ($000’s)	(12	)	(3	)
Operating netback ($000’s)¹^,2	1,602		478

Sales volume (bbl)	32,317		8,187

Sales ($/bbl)	70.57		78.91
Royalties ($/bbl)	(13.96	)	(15.63	)
Production costs ($/bbl)	(6.65	)	(4.52	)
Transportation and selling ($/bbl)	(0.39	)	(0.37	)
Operating netback ($/bbl)¹^,2	49.57		58.39

¹^{Operating netback is a non-GAAP measure and is a term with no standardized meaning as prescribed by GAAP and may}^not^{be comparable with similar measures presented by other issuers. See “Non-GAAP Financial Measures” in this}^{news release}^{. The}^{calculation of operating netback is aligned with the definition found in the Canadian Oil and Gas Evaluation Handbook.}
²^{Amounts and per unit measures are only presented for the Uzbekistan segment.}

NON-GAAP FINANCIAL MEASURES

The Company refers to “operating netback” in this news release, a term with no standardized meaning as prescribed by GAAP and which may not be comparable with similar measures presented by other issuers. This additional information should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. Operating netback is calculated as sales less royalties, production costs and transportation and selling on a dollar basis and divided by the sales volume for the period on a per Mcf basis for natural gas and per boe basis for condensate. This non-GAAP measure is commonly used in the oil and gas industry to assist in measuring operating performance against prior periods on a comparable basis and has been presented to provide an additional measure to analyze the Company’s sales on a per unit basis and the Company’s ability to generate funds.

BARRELS OF OIL EQUIVALENT ADVISORY

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

FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “expect”, “plan”, “estimate”, “may”, “will”, “should”, “could”, “would”, “ongoing”, “project”, “expect”, “intend”, “seek”, “future”, “forecast”, “continue”, or other similar wording. Forward-looking information in this MD&A includes, but is not limited to, information concerning: the timing and ability to execute the Company’s growth and sustainability strategies including the financing for these growth and sustainability strategies; the timing and ability of the Company to finalize a drilling rig and associated support services contracts to begin a multi-well drilling program in Uzbekistan during the third quarter of 2025; the timing and ability of the Company to complete a multi-well drilling program in Uzbekistan with modern stimulation techniques and further increase production rates; the timing and ability to approve the final investment decision for the first Alga LNG facility during the fourth quarter of 2025; the Company’s expectation that Alga LNG production will commence in the second quarter of 2027; the Company’s expectation that the total LNG fuel produced will have an energy-equivalent volume of over 1.5 million litres of diesel daily, while also reducing CO2 emissions by 390,000 MT per year, which is equivalent to removing more than 85,000 cars from the road annually; the timing and ability of the Company to operate and increase production and overall recovery rates at eight gas fields in Uzbekistan; the timing and ability to deliver repeatable, capital efficient production gains from future workovers; the timing and ability of the Company to increase the number of in-field flowline water separation systems; the timing and ability to realize multiple revenue streams that remain robust across varying economic conditions and geo-political priorities; the timing and ability to increase production by implementing artificial lift, workover and drilling programs; the timing and ability to reprocess 3-D seismic data and conduct a 3-D seismic program; the timing and ability for the 3D seismic data to provide higher resolutions, more accurately characterize the reservoirs and identify new targets; the timing and ability of the Company to evaluate existing pipeline and facilities infrastructure for optimization of water handling, field compression and the in-field gathering network; the timing and ability to use the two natural gas allocations for the Alga and Kuryk sites as feed gas for the Company’s planned modular LNG production facilities; the timing and ability to liquefy natural gas to produce LNG; the timing and ability to conduct detailed engineering; the timing and ability to confirm LNG volume commitments with end-users; the Company’s expectations in respect of the future uses of LNG; the timing and ability to acquire, transport and construct modular LNG production facilities; the timing and ability to obtain funding and proceed with construction of modular LNG production facilities; the timing and ability of the Company to commission the First Facility during the second quarter of 2026; the timing and ability of the First Facility to produce 48,000 gallons (80 MT) of LNG per day; the timing and ability to finalize LNG off-taker agreements for the First Facility; the timing and ability of the Company to construct two additional modular LNG facilities capable of producing 48,000 gallons (80 MT) of LNG per day at the First Facility site; the potential for the Sayakbay and Kolkuduk licenses to contain commercial deposits; the timing and ability of the Company to fund, permit and complete planned activities at Sayakbay including drilling two additional wells and conducting preliminary engineering for the production facilities; the timing and ability to optimize the planned method for direct lithium extraction; the timing and ability of the Company to generate a report in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects; the timing and ability to commence exploration mining activities to evaluate the potential for commercial lithium brine deposits; projections and timing with respect to natural gas and condensate production; expected markets, prices and costs for future natural gas and condensate sales; the timing and ability to obtain various approvals and conduct the Company’s planned exploration and development activities; the timing and ability to access natural gas pipelines; the timing and ability to access domestic and export sales markets; anticipated capital expenditures; forecasted capital and operating budgets and cashflows; anticipated working capital; sources and availability of financing for potential budgeting shortfalls; the timing and ability to obtain future funding on favourable terms, if at all; the potential for additional contractual work commitments to be significant; the ability to satisfy and fund the contractual work commitments; projections relating to the adequacy of the Company’s provision for taxes; the expected reporting impacts of adopting amendments to IFRS accounting policies; and treatment under governmental regulatory regimes and tax laws.

This news release also includes forward-looking information regarding health risk management including, but not limited to: travel restrictions including shelter in place orders, curfews and lockdowns which may impact the timing and ability of Company personnel, suppliers and contractors to travel internationally, travel domestically and to access or deliver services, goods and equipment to the fields of operation; the risk of shutting in or reducing production due to travel restrictions, Government orders, crew illness, and the availability of goods, works and essential services for the fields of operations; decreases in the demand for oil and gas; decreases in the prices of natural gas, condensate and crude oil; potential for gas pipeline or sales market interruptions; the risk of changes to foreign currency controls, availability of foreign currencies, availability of hard currency, and currency controls or banking restrictions which restrict or prevent the repatriation of funds from or to foreign jurisdiction in which the Company operates; the Company’s financial condition, results of operations and cash flows; access to capital and borrowings to fund operations and new business projects on terms acceptable to the Company; the timing and ability to meet financial and other reporting deadlines; and the inherent increased risk of information technology failures and cyber-attacks.

By its very nature, such forward-looking information requires Condor to make assumptions that may not materialize or that may not be accurate including, but not limited to, the assumptions that: the Company will be able to secure necessary drilling rigs, support services, and off-taker agreements in a timely manner; the engineering design and final investment decisions for additional LNG facilities will proceed as planned; the Government of Kazakhstan will continue to invest in infrastructure supporting the TITR expansion; additional drilling and testing will be successful in verifying deliverability rates and confirming mineral concentrations; the Company will be able to fund its initiatives through a combination of cash on hand, increased cashflows, debt or equity financing, asset sales, or other arrangements; the Company will be able to manage liquidity and capital expenditures through budgeting and authorizations for expenditures; the Company will be able to manage health, safety, and operational risks through existing precautions and guidelines; the Company will be able to adapt to changing trade policies, tariffs, and restrictions; and the Company will be able to manage the impact of geopolitical instability and sanctions. Forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such risks and uncertainties include, but are not limited to: regulatory changes; the timing of regulatory approvals; the risk that actual minimum work programs will exceed the initially estimated amounts; the results of exploration and development drilling and related activities; the risk that prior lithium testing results may not be indicative of future testing results or actual results; imprecision of reserves estimates and ultimate recovery of reserves; the risk that historical production and testing rates may not be indicative of future production rates, capabilities or ultimate recovery; the risk that the historical composition and quality of oil and gas does not accurately predict its future composition and quality; general economic, market and business conditions; industry capacity; uncertainty related to marketing and transportation; competitive action by other companies; fluctuations in oil and natural gas prices; the effects of weather and climate conditions; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals and the possibility that government policies or laws may change or the possibility that government approvals may be delayed or withheld; changes in environmental and other regulations; risks associated with oil and gas operations, both domestic and international; international political events; and other factors, many of which are beyond the control of Condor.

These risk factors are discussed in greater detail in filings made by Condor with Canadian securities regulatory authorities including the Company’s most recent Annual Information Form, which may be accessed through the SEDAR+ website (www.sedarplus.ca).

Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. The forward-looking information contained in this news release are made as of the date of this news release and, except as required by applicable law, Condor does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

ABBREVIATIONS

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

3-D		Three dimensional
Mcf		Thousands of standard cubic feet
Mcf/d		Thousands of standard cubic feet per day
MMcf		Millions of standard cubic feet
bbl		Barrels of oil
bopd		Barrels of oil per day
boe		Barrels of oil equivalent
boe/d		Barrels of oil equivalent per day
MT		Metric tonnes
LNG		Liquefied Natural Gas
EV		Electric Vehicle
Kazakhstan		Republic of Kazakhstan
Uzbekistan		Republic of Uzbekistan

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

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

The MIL Network –

May 14, 2025

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