Category: Economy

MIL-OSI Economics: RBI imposes monetary penalty on The Karaikudi Co-operative Town Bank Ltd., Tamil Nadu

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated March 18, 2025, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on The Karaikudi Co-operative Town Bank Ltd., Tamil Nadu (the bank) for non-compliance with specific directions issued by RBI under ‘Supervisory Action Framework (SAF)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

The bank had sanctioned fresh loans and advances, in non-adherence to directions under SAF, which were (a) beyond the applicable single and group borrower exposure limits; and (b) not backed by collateral security of term deposits/NSCs/KVPs/insurance policies.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2425

MIL OSI Economics –

March 21, 2025

MIL-OSI Economics: RBI imposes monetary penalty on The Karimnagar Co-operative Urban Bank Ltd., Telangana

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated March 18, 2025, imposed a monetary penalty of ₹3.10 lakh (Rupees Three Lakh Ten Thousand only) on The Karimnagar Co-operative Urban Bank Ltd., Telangana (the bank) for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending (PSL) – Targets and Classification’ and specific directions issued by RBI on making contribution to Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The bank was directed by RBI through specific direction to deposit a certain amount in the MSE Refinance Fund administered by Small Industries Development Bank of India (SIDBI) against the shortfall in achievement of PSL target for the Financial Year (FY) 2022-23. On failure to deposit the specified amount, a cautionary letter was issued by RBI advising the bank to deposit the specified amount, but the bank failed to deposit the same. Based on the above-mentioned non-compliance and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the RBI directions. After considering the bank’s reply to the notice, oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

The bank had failed to deposit the prescribed amount in the MSE Refinance Fund maintained with SIDBI against the shortfall in achievement of PSL target for FY 2022-23 even after the issuance of cautionary letter.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2426

MIL OSI Economics –

March 21, 2025

MIL-OSI Economics: RBI imposes monetary penalty on Sind Co-operative Urban Bank Ltd., Telangana

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated March 18, 2025, imposed a monetary penalty of ₹1.30 lakh (Rupees One Lakh Thirty Thousand only) on Sind Co-operative Urban Bank Ltd., Telangana (the bank) for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending (PSL) – Targets and Classification’ and specific directions issued by RBI on making contribution to Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The bank was directed by RBI through specific direction to deposit a certain amount in the MSE Refinance Fund administered by Small Industries Development Bank of India (SIDBI) against the shortfall in achievement of PSL target for the Financial Year (FY) 2022-23. On failure to deposit the specified amount, a cautionary letter was issued by RBI advising the bank to deposit the specified amount, but the bank failed to deposit the same. Based on the above-mentioned non-compliance and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the RBI directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2428

MIL OSI Economics –

March 21, 2025

MIL-OSI Economics: RBI imposes monetary penalty on Sreenivasa Padmavathi Co-operative Urban Bank Ltd., Telangana

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated March 18, 2025, imposed a monetary penalty of ₹1.20 lakh (Rupees One Lakh Twenty Thousand only) on Sreenivasa Padmavathi Co-operative Urban Bank Ltd., Telangana (the bank) for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending (PSL) – Targets and Classification’ and specific directions issued by RBI on making contribution to Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The bank was directed by RBI through specific direction to deposit a certain amount in the MSE Refinance Fund administered by Small Industries Development Bank of India (SIDBI) against the shortfall in achievement of PSL target for the Financial Year (FY) 2022-23, but the bank failed to deposit the same. Based on the above-mentioned non-compliance and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the RBI directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

The bank had failed to deposit the prescribed amount in the MSE Refinance Fund maintained with SIDBI against the shortfall in achievement of PSL target for FY 2022-23.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2429

MIL OSI Economics –

March 21, 2025

MIL-OSI United Kingdom: Green Party announces new CEO in “pivotal year for Green politics”

Source: Green Party of England and Wales

The Green Party of England and Wales has today announced the appointment of Harriet Lamb as the party’s new CEO. Harriet joins from the global environmental action NGO ‘WRAP’ where she currently serves as their CEO.

The announcement comes just weeks before “pivotal” local elections where the party hopes to build on its record-breaking number of councillors and maintain momentum after last year’s record-breaking result in the General Election.

From June, as CEO, Harriet will head up the party’s staff team and its day-to-day operations.

Welcoming Harriet to the role, Green Party Co-Leader, Adrian Ramsay MP, said,

“I am delighted to welcome Harriet to the Green Party. She brings a wealth of experience leading and scaling up organisations centred on bringing about environmental and social justice. She evidently has the experience and passion to play a central role in growing our party and our impact towards our core mission.

He continued, “The Green Party is on a roll. In the last few years we have quadrupled our number of councillors, entering administration on over 40 councils, and last year we saw a record General Election vote. With two party politics having broken down and people looking for alternatives, the Green Party’s positive vision for a fair, liveable future is needed more than ever. I look forward to working closely with Harriet in driving the party’s growth and impact to the next level.”

Commenting, Harriet Lamb said,

“I am super excited to be joining the Green Party and I am really looking forward to helping deliver the Party’s ambitious plans. I have spent my life working for charities driving social and environmental change – to end low pay, support refugees, nurturing peace in conflict-ridden countries, create the circular economy and most notably building the Fairtrade movement in the UK and globally – all values and issues dear to the Green Party and its agenda for positive change.”

MIL OSI United Kingdom –

March 21, 2025
MIL-Evening Report: Australia’s PBS means consumers pay less for expensive medicines. Here’s how this system works
Source: The Conversation (Au and NZ) – By Bonny Parkinson, Associate Professor, Macquarie University Centre for the Health Economy, Macquarie University

The United States pharmaceutical lobby has complained to US President Donald Trump that Australia’s Pharmaceutical Benefits Scheme (PBS) is damaging their profits and has urged Trump to put tariffs on pharmaceutical imports from Australia.

Prime Minister Anthony Albanese defended the scheme, saying Australia’s pharmaceutical subsidy scheme was “not up for negotiation”. Opposition Leader Peter Dutton said he would also protect the PBS, which was the “envy of the world”.

But what exactly is the PBS, and why does it matter?

How did the PBS start?

In the early 1900s, Australians had to pay for medicines out-of-pocket. Some could get free or cheap medicines at public hospitals or through Friendly Society Dispensaries, but otherwise access was restricted to those who could afford to pay.

At the time, few effective medicines were available. But the development of insulin and penicillin in the 1920s made access to medicines much more important.

The Constitution gave the federal government limited powers in the provision of health and welfare, which were largely the responsibility of the states. After World War II, the federal government wanted to expand these powers but it encountered several constitutional roadblocks.

A rare successful referendum in 1946 changed that, enabling the National Health Act 1953 to pass. This established the PBS as we know it today.

How does the PBS work in practice?

The PBS covers the cost of medicines prescribed by doctors. Most are dispensed at community pharmacies (such as treatments for heart disease, the pill and antibiotics), but some more expensive ones are available at public hospitals or specialist treatment centres (such as chemotherapies and IVF medicines).

In 2023–24 there were 930 different medicines and 5,164 brands listed on the PBS, costing the government $17.7 billion.

The government negotiates the price of each medicine with the pharmaceutical company. Pharmacies then buy these medicines from wholesalers or companies.

When a patient fills a prescription at a pharmacy, they pay a co-payment. The government pays the difference between the agreed price and the co-payment to the pharmacy – costs that may amount to hundreds of thousands of dollars.

There are two co-payments: one for concession card holders ($7.70) and one for the general consumer ($31.60). When a patient hits the annual spending limit (safety net threshold), the co-payment falls to $0 for concession patients and $7.70 for the general consumer.

Overall, patients contribute 8.4% to the total cost of the PBS, while the government pays the rest.

How are medicine prices set?

The PBS is split into two categories:

– F1: new, patent-protected medicines with no competition

– F2: medicines with multiple brands, including generics.

F1 medicines

To be listed on the PBS, a new medicine goes through the following process:
1. It’s evaluated for safety, efficacy and quality.
2. A panel of experts (including doctors, pharmacists, epidemiologists, health economists, health consumer advocates and a pharmaceutical industry representative) recommends which medicines should be listed on the PBS, based on effectiveness, safety, cost-effectiveness and the total cost on the budget of the medicine versus alternative treatments.
3. If the panel recommends a medicine, the price and details of the listing may be further negotiated with the government. (If the panel rejects a medicine, companies may revise their application and re-submit.)
4. Finally, the health minister, and subsequently the Cabinet, formally approves or rejects the panel’s recommendation. If approved, the medicine is listed on the PBS.
F2 medicines

Generic medicine companies may apply to list another brand on the PBS after a medicine loses patent protection. When this happens, the medicine moves from F1 to F2. Immediately, it incurs a mandatory price discount.

Generic medicine companies may offer pharmacists discounts on the PBS list price (for example, ten for the price of nine). Pharmacists then encourage patients to switch to the cheaper medicine.

Companies must disclose these discounts to the government, resulting in further price reductions.

Is the PBS system unique?

Australia is not special. Many countries use similar assessments to determine whether governments should subsidise new medicines, including the National Institute for Health and Care Excellence (NICE) in the United Kingdom, Canada’s Drug Agency, and Pharmac in New Zealand.

Small differences exist, including whether the list of medicines is a positive (and they’re subsidised) or negative (meaning they’re not subsidised), whether the lists are established at the central level (such as the PBS in Australia) or local level (such as by province in Canada) or a mixture, and how co-payments are set.

Generic medicine companies in Australia may offer pharmacists discounts on their products.
National Cancer Institute/Unsplash

The biggest outlier is the US. Similar to its health system, the medicines system is a complex and decentralised mix of public and private organisations, including government agencies, independent organisations, health-care providers and payers such as health insurers.

What are the benefits of the PBS?

The PBS ensures all Australian patients have access to highly effective medicines. This contributes to a high life expectancy, while keeping health-care costs low relative to other developed countries.

This has been achieved by keeping prices down for both F1 and F2 medicines. By doing so, it creates room in the government budget to fund other new medicines.

Without the PBS, either taxes or co-payments would have to increase, or fewer medicines funded.

Other benefits include having a level playing field for all medicines, while maintaining flexibility to fund highly effective medicines for patients with unmet needs.

What are the drawbacks of the PBS system?

No system is without its drawbacks and risks. The PBS’s drawbacks include:
- limited patient involvement in the process
- the high frequency of re-submissions and delays to PBS listing
- companies being unwilling to submit off-patent medicines for PBS listing due to high costs and low rewards
- the ongoing lack of high-quality clinical evidence about medicines to treat rare diseases and certain patient populations, such as children.
Another issue is medicine shortages. When PBS-listed brands aren’t available due to supply chain issues, other non-PBS listed brands may be available at full cost to the patient. Increased medicine costs can discourage patients from filling necessary prescriptions, which can have longer-term impacts on health and health expenditure.

Finally, companies have argued Australia’s small market size plus low PBS prices can make it financially unviable to bring new medicines to Australia.

The PBS is a crucial part of Australia’s health system, making essential medicines affordable, while keeping costs down. Like any system, it has its challenges and there is ongoing debate about whether and how the system should change.

Read more:
Will the US trade war push up the price of medicines in Australia? Will there be drug shortages?

Bonny Parkinson receives funding from the Australian government to conduct evaluations of medicines to be listed on the Pharmaceutical Benefits Scheme. She also supervises students funded by PhD scholarships (received by the student, not Bonny Parkinson), including the Macquarie University Research Excellence Scholarship and Macquarie University Australian Pharmaceutical Scholarship, with support from six pharmaceutical companies: Amgen Australia, Janssen Australia, MSD Australia, Pfizer Australia, Roche Australia, and Abbvie Australia.

– ref. Australia’s PBS means consumers pay less for expensive medicines. Here’s how this system works – https://theconversation.com/australias-pbs-means-consumers-pay-less-for-expensive-medicines-heres-how-this-system-works-252736
MIL OSI Analysis – EveningReport.nz –
March 21, 2025
MIL-OSI Asia-Pac: Feb inflation up 1.4%

Source: Hong Kong Information Services

Overall consumer prices rose 1.4% year-on-year in February, a smaller rate of increase than the 2% seen in January, the Census & Statistics Department announced today.

Netting out the effects of the Government’s one-off relief measures, underlying inflation was 1.1%, also smaller than that seen in January.

Compared with a year before, price increases were recorded in February in the following categories: alcoholic drinks and tobacco; electricity, gas and water; transport; housing; miscellaneous goods; meals out and takeaway food; and miscellaneous services.

Meanwhile, year-on-year decreases were logged in basic food, clothing and footwear, and durable goods.

The Government commented that the underlying consumer price inflation stayed modest in early 2025.

Taking January and February together to remove the effect caused by the different timing of the Lunar New Year, the underlying composite consumer price index increased by 1.3% over a year earlier, same as the increase in December 2024. Price pressures on various major components stayed largely contained.

The Government also said overall inflation should remain moderate in the near term.

While domestic costs pressures might increase as the economy continues to grow, external price pressures should remain broadly in check, it added, noting that uncertainties stemming from geopolitical tensions and trade conflicts warrant attention.

MIL OSI Asia Pacific News –

March 21, 2025

MIL-OSI: Alarum Technologies Announces Fourth Quarter and Annual 2024 Results

Source: GlobeNewswire (MIL-OSI)

A Pivotal Year, Marking Accomplishment of Strategic Shift to Data Collection,
Hits Milestones Toward Becoming a Driving Force in the AI Revolution

2024 revenue increased to $31.8 million, of which $7.4 million was in the fourth quarter;
2024 net profit rose to $5.8 million and adjusted EBITDA reached $9.4 million;
Cash and liquid investments balance at year-end amounted to $25 million

TEL AVIV, Israel, March 20, 2025 (GLOBE NEWSWIRE) — Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) (“Alarum” or the “Company”), a global provider of web data collection solutions, today announced financial results for the fourth quarter and full year ended December 31, 2024.

Shachar Daniel, Chief Executive Officer of Alarum, said: “2024 was a landmark year for Alarum, as we successfully executed our strategic vision, to focus on data collection. This transformation comes at a time when AI is reshaping the world at an unprecedented pace. As data fuels intelligence, the companies that will lead this revolution are those that anticipate change, build a strong foundation, and position themselves for long-term success. This is exactly what we are striving for – taking it step by step.”

Market Trends Shaping Business Short-and Long-Term

Alarum Engaged in AI Model Training Trial Projects: as AI trends accelerated toward the end of 2024, collecting accurate data at massive scales has become increasingly critical. In the fourth quarter of 2024 and the first quarter of 2025, leading global companies, including one of the world’s largest online marketplace corporates, have selected Alarum’s Data Collection solutions for initial AI model training of mega-scale trial projects.
Industry Trends and Market Dynamics: With the growing demand for data, AI companies and data providers are forced to adapt to a rapidly evolving landscape, with websites implementing new technological barriers to data collection. This dynamic environment has led to revenue fluctuation across the industry. Alarum’s financial strength and operational efficiency allow it to capitalize on long-term market growth, leveraging its robust technological foundation, established customer base, and strategic engagements with industry leaders.
Financial Resilience: Alarum’s solid balance sheet and efficient operations enable it to stay ahead of the competition, seize opportunities promptly and adapt its long-term plans as required.
Long-term Product Strategy and Vision: Evolving market needs validate Alarum’s focus on in-depth research and aligned roadmaps. Recognizing the current era as a paramount opportunity, the Company continues to prioritize and allocate resources to seize and focus mainly on long-term growth opportunities, aiming to elevate its position to the next level.

Recent Developments and Business Highlights

Network Expansion: Alarum significantly scaled its IP network (IPPN) infrastructure in 2024, reinforcing its position as a key player in large-scale data collection. Its leadership was also acknowledged in the comprehensive public report on the IPPN industry, the 2024 PROXYWAY Market Research¹, which named Alarum’s NetNut Ltd. (“NetNut”) as a top performer.
Introducing Innovative Data Collection & Labeling Solutions: Alarum has introduced cutting-edge solutions, designed to provide seamless and scalable access to high-quality data. In the second half of 2024, the Company recorded initial sales from the Website Unblocker and SERP API (Search Engine Results Page Application Programming Interface) products, and it also made progress with the development of an AI Data Collector.
NetNut’s Net Retention Rate (“NRR”)² reached 1.27 as of December 31, 2024, compared to 1.53 as of December 31, 2023, yet another consecutive quarter of achieving an NRR well-above 1.

Chen Katz, Chairman of The Board of Alarum, commented: “Our 2024 results showcase the success of our strategic shift, which is well supported by our financial resilience. With a sharp focus on data collection, we have built a solid foundation for long term sustainability in the AI data-driven era. I am excited to see how our continued innovation and execution will shape the future of our company.”


Summary of Financial Results³
(in millions of U.S. dollars, rounded, except per share amounts and margins)

	For the Year Ended December 31,						For the Three Months Ended December 31,
	2024			2023			2024			2023
	(Audited)			(Audited)			(Unaudited)			(Unaudited)

Total Revenue		31.8			26.5			7.4			7.1
of which, Web Data Collection Revenue was		30.9			21.3			7.2			6.7
Gross profit		23.9			18.8			5.3			5.3
Gross margin (in percentage)		75.1	%		70.9	%		72.4	%		75.0	%
Non-IFRS gross margin (in percentage)		77.0	%		74.3	%		74.3	%		77.2	%
Total operating expenses		17.2			24.3			5.0			3.6
Financial income (expense), net		0.3			(0.6	)		0.2			(0.1	)
Tax benefit (expense)		(1.2	)		0.5			(0.1	)		(*	)
Net profit (loss) from continuing operations		5.8			(5.6	)		0.4			1.7
Adjusted EBITDA from continuing operations		9.4			5.2			1.5			2.2
Basic earnings (loss) per ADS from continuing operations (in U.S. dollars)	$	0.87		$	(1.35	)	$	0.06		$	0.28
Non-IFRS basic earnings (loss) per American Depository Share (“ADS”) from continuing operations (in U.S. dollars)	$	1.26		$	(1.14	)	$	0.20		$	0.38

Cash, cash equivalents and debt investments (including accrued interest)⁴		25.0			10.9			25.0			10.9
Shareholders’ equity³		26.4			13.2			26.4			13.2

* Less than $0.1 million

Fourth Quarter and Full Year 2024 Financial Analysis

Revenue in Q4 2024 grew 4% year-over-year to $7.4 million (Q4 2023: $7.1 million). The increase is attributed to our NetNut web data collection business, which grew 7% to $7.2 million in Q4 2024, up from $6.7 million in Q4 2023. Revenue for the whole year 2024 grew 20%, rising to a record of $31.8 million (2023: $26.5 million). The Web Data Collection revenue reached a Company record $30.9 million in 2024, achieving 45% year-over-year growth (2023: $21.3 million).
Cost of revenue in Q4 2024 was $2.0 million (Q4 2023: $1.8 million). Full year 2024, cost of revenue was $7.9 million, (2023: $7.7 million). During these periods, costs have shifted towards investment in the Company’s IP network, as per its strategic decision announced in July 2023 to focus solely on its web data collection business.
Operating expenses in Q4 2024 totalled $5.0 million (Q4 2023: $3.6 million). The quarterly change was driven mainly by the increase in the NetNut Data Collection operations, primarily research and development salary costs. For the full year 2024, operating expenses were down to $17.2 million (2023: $24.3 million), mainly due to 2023-related impairment costs of goodwill and intangible assets and the strategic decision to scale down the Company’s consumer internet access business operations, partially offset by the increase in Data Collection operating expenses.
Financial income, net, in Q4 2024 was $0.2 million (Q4 2023: financial expense, net, of $0.1 million). Financial income, net, for 2024, increased to $0.3 million (2023: financial expense, net, of $0.6 million). This shift to financial income, net, from an expense, net, was mainly due to the increase in interest income from cash deposits as well as lower financial expenses related to short- and long-term loans.
2024 cash flow from operating activities rose 93%, to $8.9 million, compared to last year (2023: $4.6 million).
Bottom line, 2024 net profit from continuing operations rose to a record $5.8 million (2023: loss of $5.6 million), and the corresponding 2024 Adjusted EBITDA was up at a Company record $9.4 million (2023: $5.2 million).
As of December 31, 2024, shareholders’ equity doubled, totalling $26.4 million, up from $13.2 million as of December 31, 2023. The increase was driven by the switch to net profit from net loss as well as warrants and options exercises.
Outstanding ordinary share count as of December 31, 2024, was approximately 69.1 million shares, or 6.9 million in ADSs.

Financial Outlook

“In line with our guidance, total fourth quarter 2024 revenues increased to $7.4 million, of which $7.2 million were attributed to Web Data Collection, and fourth quarter 2024 Adjusted EBITDA reached $1.5 million. Our cash and liquid investment balance on December 31, 2024, increased to $25 million, demonstrating once again success in cashflow generation,” said Mr. Shai Avnit, Chief Financial Officer of Alarum.

“As we look ahead, our revenue guidance reflects the ongoing shifts in the global data collection. First quarter 2025 revenues are estimated at $7.3 million ±3% and Adjusted EBITDA for the first quarter 2025 is expected to range from $0.8 million to $1.2 million. We are navigating a period of adjustment as the industry evolves, and while short-term revenue growth may be lower than in previous quarters, we remain focused on the bigger picture, and on generating long-term and sustainable value for the Company’s stakeholders,” Mr. Avnit concluded.

We are unable to present a reconciliation of our estimated Adjusted EBITDA to net profit from continuing operations as we are unable to predict with reasonable certainty, and without unreasonable effort, the impact and timing of certain expenses on our net profit from continuing operations. The financial impact of these expenses is uncertain and is dependent on various factors, including timing, and could be material to our consolidated statements of profit or loss and other comprehensive income (loss).

Fourth Quarter 2024 Financial Results Conference Call

Mr. Shachar Daniel, Chief Executive Officer of Alarum, and Mr. Shai Avnit, Chief Financial Officer of Alarum, will host a conference call today, March 20, 2025, at 8:30 a.m. ET, 5:30 a.m. Pacific time, 2:30 p.m. Israel, to discuss the fourth quarter and full year 2024 results and the first quarter 2025 outlook, followed by a Q&A session. To attend, please dial one of the following numbers, at least five minutes before the call starts: 1-877-407-0789 or 1-201-689-8562. If you are unable to connect using the toll-free number, please try the international dial-in number. An Israeli toll-free number is: 1 809 406 247. Participants will be required to state their name and company upon dialling in.

Replay: The conference call will be broadcast live and available for replay here, after 11:30 a.m. ET on March 20, 2025, through April 20, 2025. Toll-free replay numbers: 1-844-512-2921 or 1-412-317-6671, ID: 13751807.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Alarum is using forward-looking statements in this press release when it discusses strategic vision, benefits, advantages and capabilities of Alarum’s solutions, the growing demand for data, that Alarum’s financial strength and operational efficiency allow it to capitalize on long-term market growth, that Alarum’s solid balance sheet and efficient operations enable it to stay ahead of the competition, seize opportunities promptly and adapt its long-term plans as required, that the Company continues to prioritize and allocate resources to seize and focus mainly on long-term growth opportunities and its aim to elevate its position to the next level, the estimates of the revenues for the first quarter 2025 revenues and Adjusted EBITDA, that short-term revenue growth may be lower than in previous quarters, and the Company’s focus on the bigger picture, and on generating long-term and sustainable value for the Company’s stakeholders. Because such statements deal with future events and are based on Alarum’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Alarum could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Alarum’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 20, 2025, and in any subsequent filings with the SEC. Except as otherwise required by law, Alarum undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Alarum is not responsible for the contents of third-party websites.


Condensed Consolidated Statements of Financial Position
(in thousands of U.S. dollars)

	December 31,
	2024		2023
	(Audited)
Assets
Current assets:
Cash and cash equivalents	15,081		10,872
Trade receivables, net	3,231		1,994
Other receivables	503		399
	18,815		13,265

Non-current assets:
Long-term deposits	121		104
Other non-current assets	85		145
Property and equipment, net	130		88
Right-of-use assets	498		779
Deferred tax assets	422		181
Debt investments at fair value through other comprehensive income	9,256		–
Debt investments at fair value through profit or loss	555		–
Intangible assets, net	811		1,386
Goodwill	4,118		4,118
Total non-current assets	15,996		6,801
Total assets	34,811		20,066

Liabilities and equity
Current liabilities:
Trade payables	251		369
Other payables	4,484		2,439
Current maturities of long-term loan	938		290
Contract liabilities	1,987		1,983
Derivative financial instruments	148		109
Short-term lease liabilities	359		370
Total current liabilities	8,167		5,560

Non-current liabilities:
Long-term lease liabilities	261		523
Long-term loans, net of current maturities	32		802
Total non-current liabilities	293		1,325
Total liabilities	8,460		6,885

Equity:
Ordinary shares	–		–
Share premium	111,892		100,576
Other equity reserves	11,012		14,938
Accumulated deficit	(96,553	)	(102,333	)
Total equity	26,351		13,181
Total liabilities and equity	34,811		20,066


Condensed Consolidated Statements of Profit or Loss
(in thousands of U.S. dollars, except per share amounts)

	For the Year Ended December 31,					For the Three Months Ended December 31,
	2024			2023		2024		2023
	(Audited)			(Audited)		(Unaudited)		(Unaudited)
Continuing operations
Revenue		31,824		26,521		7,370		7,107
Cost of revenue		7,915		7,711		2,032		1,778
Gross profit		23,909		18,810		5,338		5,329

Operating expenses:
Research and development		4,495		3,557		1,210		795
Sales and marketing		7,033		10,035		1,988		1,579
General and administrative		5,661		4,406		1,749		1,207
Impairment of goodwill		–		6,311		–		–
Total operating expenses		17,189		24,309		4,947		3,581

Operating profit (loss)		6,720		(5,499	)	391		1,748

Financial income (expense), net		281		(590	)	163		(54	)
Profit (loss) from continuing operations before income tax		7,001		(6,089	)	554		1,694
Tax benefit (expense)		(1,221	)	482		(112	)	(22	)
Profit (loss) from continuing operations, net of income tax		5,780		(5,607	)	442		1,672
Profit from discontinued operations, net of income tax		–		82		–		–
Net profit (loss) for the period		5,780		(5,525	)	442		1,672
Other comprehensive income (loss) for the period Change in fair value of debt investments		(80	)	–		(80	)	–
Total comprehensive income (loss) for the period		5,700		(5,525	)	362		1,672

Basic profit (loss) per share:
Continuing operations	$	0.09		(0.14	)	0.01		0.03

Discontinued operations		–		*		–		–
	$	0.09		(0.14	)	0.01		0.03

Diluted profit (loss) per share:
Continuing operations	$	0.08		(0.14	)	0.01		0.03

Discontinued operations		–		*		–		–
	$	0.08		(0.14	)	0.01		0.03

Basic profit (loss) per ADS:

Continuing operations	$	0.87		(1.35	)	0.06		0.28

Discontinued operations		–		*		–		–
	$	0.87		(1.35	)	0.06		0.28
* Less than $0.01

Use of Non-IFRS Financial Results

In addition to disclosing financial results calculated in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, this press release contains non-IFRS financial measures of EBITDA (EBITDA loss), Adjusted EBITDA (Adjusted EBITDA loss), non-IFRS net profit (loss), non-IFRS gross profit, non-IFRS gross margin and non-IFRS basic earnings (loss) per share or ADS for the periods presented. The Company defines EBITDA (EBITDA loss) as net profit (loss) from continuing operations before depreciation, amortization and impairment of intangible assets, financial income (expense) and income tax; defines Adjusted EBITDA (Adjusted EBITDA loss) as EBITDA (EBITDA loss) as further adjusted to remove the impact of (i) impairment of goodwill (if any); and (ii) share-based compensation; defines non-IFRS net profit (loss) as net profit (loss) from continuing operations before depreciation, amortization and impairment of intangible assets, impairment of goodwill, financial income (expense) effects primarily related to derivative financial instruments as well as long-term loans, deferred tax effects and share-based compensation; defines non-IFRS gross profit as gross profit from continuing operations adjusted to remove the impact of depreciation, amortization and impairment of intangible assets and share-based compensation recorded under cost of revenues; defines non-IFRS gross margin as the percentage of the non-IFRS gross profit out of revenues; and defines non-IFRS basic earnings (loss) per share or ADS as non-IFRS net profit (loss) divided by the weighted average number of ordinary shares or ADSs. The Company’s management believes the non-IFRS financial information provided in this press release is useful to investors’ understanding and assessment of the Company’s ongoing operations. Management also uses both IFRS and non-IFRS information in evaluating and operating its business internally, and as such deemed it important to provide this information to investors. The non-IFRS financial measures disclosed by the Company should not be considered in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with IFRS, and the financial results calculated in accordance with IFRS and reconciliations to those financial statements should be carefully evaluated. Investors are encouraged to review the reconciliations of these non-IFRS measures to their most directly comparable IFRS financial measures provided in the financial statement tables herein.

Other Metrics

Net retention rate (NRR) is a key indicator of customer base health and revenue expansion. It is based on NRR point in time, which measures the revenue growth of customers over the past four quarters, compared to the revenue generated from these customers during the same period a year earlier.
NRR is calculated as an average of the NRR points in time for the end of the current period and the three preceding quarters.
NRR > 1 (or 100%): Indicates revenue growth driven by existing customers, where upsells and cross-sells outweigh churn.
NRR < 1 (or 100%): Shows revenue loss due to churn exceeding gains from upsells or cross-sells.

Non-IFRS Financial Measures
(in millions of U.S. dollars, rounded)

The following tables present the reconciled effect of the above on the Company’s Adjusted EBITDA (EBITDA loss); non-IFRS net profit (loss); and non-IFRS gross profit for the year and three months ended December 31, 2024 and 2023:

	For the Year Ended December 31,				For the Three Months Ended December 31,
	2024		2023		2024		2023

Net profit (loss) from continuing operations	5.8		(5.6	)	0.4		1.7
Adjustments:
Depreciation, amortization and impairment of intangible assets	0.6		3.5		0.2		0.1
Financial expense (income), net	(0.4	)	0.6		(0.1	)	0.1
Tax expense (benefit)	1.4		(0.5	)	0.1		*
EBITDA (EBITDA loss)	7.4		(2.0	)	0.6		1.9
Adjustments:
Impairment of goodwill	–		6.3		–		–
Share-based compensation	2.0		0.9		0.9		0.3
Adjusted EBITDA for the period	9.4		5.2		1.5		2.2
* Less than $0.1 million


	For the Year Ended December 31,				For the Three Months Ended December 31,
	2024		2023		2024		2023
Net profit (loss) from continuing operations	5.8		(5.6	)	0.4		1.7
Adjustments:
Depreciation, amortization and impairment of intangible assets	0.6		3.5		0.2		0.1
Financial expense (income), net effects	0.1		0.1		(*	)	0.2
Deferred tax effects	(0.1	)	(0.5	)	(0.1	)	*
Impairment of goodwill	–		6.3		–		–
Share-based compensation	2.0		0.9		0.9		0.3
Non-IFRS net profit for the period	8.4		4.7		1.4		2.3
* Less than $0.1 million


	For the Year Ended December 31,		For the Three Months Ended December 31,
	2024	2023	2024	2023
Gross profit from continuing operations	23.9	18.8	5.3	5.3
Adjustments:
Depreciation, amortization and impairment of intangible assets	0.6	0.9	0.2	0.2
Share-based compensation	*	*	*	*
Non-IFRS gross profit for the period	24.5	19.7	5.5	5.5
* Less than $0.1 million

About Alarum Technologies Ltd.

Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) is a global provider of web data collection solutions, empowering organizations to gain a competitive edge by streamlining the collection, extraction, and analysis of large-scale structured data from public online sources. Our data collection solutions by NetNut, are based on our world’s fastest and most advanced and secured hybrid proxy network, which comprises both exit points based on our proprietary reflection technology and hundreds of servers located at our ISP partners around the world. Pushing the boundaries of innovation in data collection, we are building a robust platform, complemented by the Website Unblocker, Data Collector, Data Sets and AI data collector. As the impact of the AI revolution unfolds, Alarum, with its robust market-leading data collection offerings is preparing itself to play a meaningful role as the world reshapes in a new form.

For more information about Alarum and its web data collection solutions, please visit www.alarum.io.

Subscribe to our YouTube channel

Investor Relations Contact:
investors@alarum.io

________________________
¹https://proxyway.com/research/proxy-market-research-2024
² See definition under “Other Metrics”
³ The table below contains certain non-IFRS financial measures. See “Use of Non-IFRS Financial Results” for additional information regarding these measures and reconciliations to the most comparable IFRS measures.
⁴ As of the last day of the period.

The MIL Network –

March 21, 2025

MIL-OSI: Alm. Brand A/S – Chairman Jørgen Hesselbjerg Mikkelsen will not be standing for re-election at upcoming annual general meeting
Source: GlobeNewswire (MIL-OSI)

Chairman of the Board of Directors of Alm. Brand A/S Jørgen Hesselbjerg Mikkelsen will not be standing for re-election at the upcoming general meeting. The Board of Directors nominates Jais Valeur as new chairman.

Jais Valeur has been a member of the Board of Directors since 2023, and he has many years of experience with complex corporate structures, business development, transformation and M&A. Jais Valeur also has extensive board experience, including as deputy chairman of Royal Unibrew A/S. With Jais Valeur as chairman of the Board of Directors, Alm. Brand A/S will be ensured both continuity and sustained growth.

“I am extremely honoured to be nominated as chairman of Alm. Brand A/S. I would like to take this opportunity to thank Jørgen Hesselbjerg Mikkelsen for his many years of dedication to Alm. Brand Group and for his efforts in spearheading the extensive transformation of the group, including the acquisition of Codan. Together with the other members of the Board of Directors and in close dialogue with management, I will ensure that Alm. Brand Group continues on a strong trajectory in the upcoming strategy period,” says Jais Valeur.

Jørgen Hesselbjerg Mikkelsen has made comprehensive changes in Alm. Brand Group over the past couple of years. Alm. Brand Group has transitioned from being a financial supermarket spanning banking, insurance and pension services to being a fully-focused, major Danish non-life insurance company.

“I want to thank Alm. Brand’s shareholders and the Board of Directors for their confidence during the transformation of the group and not least management and the many dedicated employees for delivering on the long-term goals we have set for Alm. Brand Group. Together, we have changed and strengthened the group, and in particular with the acquisition of Codan and the divestment of the Energy & Marine business, we have created a strong launch pad for the future. I am therefore pleased to pass the baton to Jais Valeur, who is every bit as dedicated to continuing the strong trajectory,” says Jørgen Hesselbjerg Mikkelsen.

A list of candidates for the Board of Directors is included as part of the agenda for the 2025 annual general meeting, which is available on the company’s website under “Investors”.

The elected members of the Board of Directors will appoint the new chairman immediately after the annual general meeting.

The CV for Jais Valeur is included as an attachment to this announcement.

Contact

Please direct any questions regarding this announcement to:

Investors and equity analysts:

Head of IR, Rating & ESG Reporting
Mads Thinggaard
Mobile no. +45 2025 5469

Press:

Head of Communications and Media Relations
Mikkel Luplau Schmidt
Mobile no. +45 2052 3883

Attachments
- CV_Jais Valeur_UK
- AS 24 2025 – Chairman Jørgen Hesselbjerg Mikkelsen will not be standing for re-election at upcoming annual general meeting
The MIL Network –
March 21, 2025
MIL-OSI United Kingdom: Manchester tech companies shut down for suspected monthly direct debit scam
Source: United Kingdom – Executive Government & Departments

Press release

Manchester tech companies shut down for suspected monthly direct debit scam

Consumers appeared to be signed up for monthly payments without their consent
Concerns were raised that tech companies Affinity Technology Solutions Limited and RCSR Tech Limited were operating a direct debit scam

Monthly payments of around £30 were made without customers’ knowledge or permission, complainants said

Both companies have now been shut down in court following investigations by the Insolvency Service

Two connected tech companies which claimed to protect people online and enhance their social media image have been shut down following concerns they were running a direct debit scam.

Manchester-based companies Affinity Technology Solutions Limited and RCSR Tech Limited were both wound-up at the High Court in Manchester on Tuesday 18 March.

Affinity claimed to offer a service called IDSafeGuard which protected their customers’ online identity.

RCSR claimed to provide a service called ReportCurve which it said boosted a person’s online and social media footprint, making them more attractive to would-be employers and improving their eligibility for financial products.

However, individuals reported that they had monthly subscription fees of around £29.99 removed from their bank accounts for services they had never subscribed to.

The unwanted subscription services appeared to have been set up as part of an online loan application through an affiliated marketing company’s website.

Complaints were also made that the two companies would not cancel the unwanted subscriptions or offer refunds to customers.

David Usher, Chief Investigator at the Insolvency Service, said:

Numerous complaints were made that Affinity and RCSR were tricking consumers into monthly subscriptions for products they did not want or were entirely unaware of.

Indeed, from our investigations, it is not clear that either company provided any of the services to their unwitting customers.

Both Affinity and RSCR completely failed to co-operate with our investigations, leaving us with no option but to take this robust action to stop the companies from trading in the future and protect the public from further financial harm.

Affinity and RCSR were incorporated within two days of each other in February 2020. Both were described on Companies House as providing business and domestic software development.

Insolvency Service investigations concluded that the companies were linked through the same controlling force who was not listed as the official director. The registered office for both companies was also the same address on Wilmslow Road in south Manchester.

Investigators contacted the official directors of both Affinity and RSCR as well as the individual believed to be in actual control of the companies. All of them failed to comply with the investigation.

Both companies also failed to file accounts at Companies House as they were required to do.

The Official Receiver has been appointed as liquidator of Affinity Technology Solutions Limited and RCSR Tech Limited.

All enquiries concerning the affairs of both companies should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email: piu.or@insolvency.gov.uk.

Affinity is not linked to a number of companies with similar names.

Further information

Affinity Technology Solutions Limited (company number 12458065)

RCSR Tech Limited (company number 12463785)

The Insolvency Service can investigate complaints about corporate abuse by live companies. This may include serious misconduct, fraud, scams or dishonest practice in the way the company operates. Further information on our live investigations can be found here

Further information about the work of the Insolvency Service, and how to complain about financial misconduct.

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Updates to this page

Published 20 March 2025
MIL OSI United Kingdom –
March 21, 2025
MIL-OSI Africa: Islamic State in Somalia: the terrorist group’s origins, rise and recent battlefield defeats

Source: The Conversation – Africa – By Stig Jarle Hansen, Professor of International Relations, Norwegian University of Life Sciences

The Islamic State in Somalia is an affiliate of the transnational jihadist group Islamic State, known in short as ISIS. Based in the semi-autonomous northern Somalia territory of Puntland, the terrorist group was the target of the first foreign combat operation of the Trump administration in February 2025. Previously, the group has been linked to planned terror attacks on the Vatican and on the Israeli embassy in Stockholm. Stig Jarle Hansen, a researcher and author of several books on jihadism in Africa, examines its origins, rise and recent battlefield defeats in the mountains of Puntland.

1. The rise of the Islamic State

Before the establishment of the Islamic State in Somalia in 2015, the Somali jihadist group al-Shabaab had established itself in the north. The small group had extensive connections to smuggling networks. It later split into two and the future leader of the Islamic State in Somalia, Sheikh Abdulqader Muumin, emerged from one of the splinter groups.

In Somalia, clans define the relationship between people and all actors in the society. The connections of the new group to the Ali Suleiban sub-clan enabled it to profit from the clan’s links to smuggling and maritime piracy groups.

Puntland is the hub of communication and maritime trade between Somalia and Yemen, as well as the wider Middle East. Smuggling has gone on in the region for centuries. The rugged terrain is ideal for piracy, illegal smuggling and insurgents.

Puntland has been more or less autonomous from the rest of Somalia for more than three decades, and the Somali government has little influence there today.

2. The jihadist behind the Islamic State in Somalia

Muumin lived in Sweden through the 1990s and early 2000s and later moved to the UK. Back in Somalia, he joined al-Shabaab and became a prominent figure in the group’s jihadist videos. Such videos aim to maintain morals, attract new recruits and create sympathy for the group.

In 2015, Muumin defected to lead the Islamic State in Somalia. His second-in-command was another Ali Suleiban clansman, Mahad Moalim. In 2016, the first video of the group was circulated through Islamic State media outlets.

A milestone for the group followed its 2017 suicide bombing of the Juba Hotel in Bosaso, Puntland’s commercial capital and sea port. This enabled the Islamic State in Somalia to pressure Bossaso-based businesses to pay it protection money, the single most important source of income. In 2017-2018, the group is believed to have been behind as many as 50 assassinations in central Somalia. The killings were a forceful tool to generate protection money.

On 27 July 2018, the Somali group was officially designated as a full province by the Islamic State, also known as ISIS. The Maktab al-Karrar regional office was based in the small Puntland chapter, giving it global responsibilities.

The Somali group was made responsible for the central African and the Mozambique provinces of the Islamic State. Money flowed to the group from the Islamic State, as did extortion money from Bossaso, other northern Puntland cities and more infrequently from Mogadishu.

In the first half of 2022, the US Treasury claimed that the organisation generated US$2.3 million from extortion payments, related imports, livestock and agriculture. The regional office and Muumin emerged as key financial players in east Africa, and even outside it, from their base in Buur Dexhtaal in Bari Puntland. Indeed, unnamed US officials claimed in 2023 that Muumim had been made the transnational leader of the Islamic State.

3. An overblown reputation

The Islamic State’s reputation in Somalia is often overstated. The group has never captured or held large territories. Its numbers in 2024 were estimated to be between 600 and 1,600. That pales in comparison to al-Shabaab in the south of Somalia.

Its links to a planned attack on the Israeli embassy in Stockholm 2024 were probably weak and failed to hold up in court. And the jihadist linked to a planned attack in the Vatican 2018 seems to have left Islamic State prior to the planning.

It is also doubtful that Muumin is the global leader of the Islamic State as claimed by some. That’s for two main reasons. First, an Islamic State leader has to be drawn from a tribe related to the prophet (Qureshi). Muumin is not. Second, the Islamic State in Somalia is the smallest of the Islamic State provinces in Africa. It is likely that a leader of a stronger province would have ranked higher.

Although the income-gathering capacities of the Puntland-based group give it prominence in the Islamic State media, the Islamic State in Somalia does not rank higher than the Islamic State in the Sahara and Mozambique.

4. Down but not out

The Puntland authorities launched a relatively successful counter-offensive against the Islamic State in January 2025. This was combined with air support by the US and the United Arab Emirates.

Puntland won important battles in January and February, including an attack in which it killed 70 Islamic State fighters.

By late February, the morale of the Islamic State fighters seemed to break. With the fall of Buur Dexhtaal, the main base, in March, all the larger known bases had fallen. Many of the fleeing foreign fighters were captured.

But the Islamic State is not defeated. The terrain enabled some of the fighters to hide. Neither Muumin, who is in his 70s, nor his second-in-command Abdirahman Fahiye have been reported killed. There are at least several hundred fighters left.

If the Islamic State is still able to extort money from the northern business community, it could recruit from the large numbers of Oromo Ethiopian refugees in and around Bosaso, as well as locals who need jobs.

– Islamic State in Somalia: the terrorist group’s origins, rise and recent battlefield defeats
– https://theconversation.com/islamic-state-in-somalia-the-terrorist-groups-origins-rise-and-recent-battlefield-defeats-252303

MIL OSI Africa –

March 21, 2025
MIL-OSI: Chris Miller, Former Acting U.S. Secretary of Defense Appointed by President Trump, Joins the Draganfly Board of Directors

Source: GlobeNewswire (MIL-OSI)

Tampa, Florida, March 20, 2025 (GLOBE NEWSWIRE) — Draganfly Inc, (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is proud to announce that Christopher C. Miller, former Acting U.S. Secretary of Defense under President Donald Trump, has joined the Company’s Board of Directors.

Miller, a seasoned national security expert with decades of experience in defense and intelligence, will help guide Draganfly’s strategic initiatives in the government, defense, and aerospace sectors. His extensive leadership in military operations and national security policy aligns with Draganfly’s commitment to providing cutting-edge, American-made drone technology for critical applications.

“Chris Miller’s experience at the highest levels of defense and national security will be invaluable to Draganfly as we continue to expand our role in government and security operations. His insights and expertise will help continue to position Draganfly as a leader in North American-made drone solutions for defense, law enforcement, and public safety,” said Cameron Chell, CEO of Draganfly.

Miller served as the Acting U.S. Secretary of Defense, overseeing the Department of Defense during a critical transition period. Prior to that, he held senior positions at the National Security Council and Special Operations Command, where he played a key role in shaping U.S. counterterrorism strategies.

“Draganfly is at the forefront of innovation in drone technology, and I’m honored to join the Board at such a pivotal time,” said Chris Miller. “As the demand for secure, American-made drone solutions grows, Draganfly’s commitment to innovation, safety, and strategic partnerships will be essential in supporting national security and defense initiatives. I look forward to contributing to the Company’s success.”

Miller’s appointment strengthens Draganfly’s leadership team as the Company continues to expand its work with government and defense partners. His deep understanding of security, policy, and military operations will help Draganfly further solidify its position as a key player in the rapidly evolving drone and aerospace industries.

For more information about Draganfly and its leadership team, visit draganfly.com.

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is a global leader in drone technology, AI, and autonomous systems, providing innovative solutions for public safety, defense, agriculture, and industrial applications. With over 25 years of experience, Draganfly is recognized for its groundbreaking contributions to the UAV industry and commitment to delivering cutting-edge, North American-made technology.

CSE Listing
NASDAQ Listing
Frankfurt Listing

Forward-Looking Statements

This release contains certain “forward looking statements” and certain “forward-looking ‎‎‎‎information” as ‎‎‎‎defined under applicable securities laws. Forward-looking statements ‎‎‎‎and information can ‎‎‎‎generally be identified by the use of forward-looking terminology such as ‎‎‎‎‎“may”, “will”, “expect”, “intend”, ‎‎‎‎‎“estimate”, “anticipate”, “believe”, “continue”, “plans” or similar ‎‎‎‎terminology. Forward-looking statements ‎‎‎‎and information are based on forecasts of future ‎‎‎‎results, estimates of amounts not yet determinable and ‎‎‎‎assumptions that, while believed by ‎‎‎‎management to be reasonable, are inherently subject to significant ‎‎‎‎business, economic and ‎‎‎‎competitive uncertainties and contingencies. Forward-looking statements ‎‎‎‎include, but are not ‎‎‎‎limited to, statements with respect to Chris Miller’s future contributions to Draganfly; that Draganfly will continue to position as a leader in North American-made drone solutions for defense, law enforcement, and public safety; that’s Draganfly’s commitment to innovation, safety, and strategic partnerships will be essential in supporting national security and defense initiatives. Forward-‎‎‎‎looking statements and information are subject to various ‎known ‎‎and unknown risks and ‎‎‎‎‎uncertainties, many of which are beyond the ability of the Company to ‎control or ‎‎predict, that ‎‎‎‎may cause ‎the Company’s actual results, performance or achievements to be ‎materially ‎‎different ‎‎‎‎from those ‎expressed or implied thereby, and are developed based on assumptions ‎about ‎‎such ‎‎‎‎risks, uncertainties ‎and other factors set out here in, including but not limited to: the potential ‎‎‎‎‎‎‎impact of epidemics, ‎pandemics or other public health crises, including the ‎COVID-19 pandemic, on the Company’s business, operations and financial ‎‎‎‎condition; the ‎‎‎successful integration of ‎technology; the inherent risks involved in the general ‎‎‎‎securities markets; ‎‎‎uncertainties relating to the ‎availability and costs of financing needed in the ‎‎‎‎future; the inherent ‎‎‎uncertainty of cost estimates; the ‎potential for unexpected costs and ‎‎‎‎expenses, currency ‎‎‎fluctuations; regulatory restrictions; and liability, ‎competition, loss of key ‎‎‎‎employees and other related risks ‎‎‎and uncertainties disclosed under the ‎heading “Risk Factors“ ‎‎‎‎in the Company’s most recent filings filed ‎‎‎with securities regulators in Canada on ‎the SEDAR ‎‎‎‎website at www.sedar.com and with the United States Securities and Exchange Commission (the “SEC”) on EDGAR through the SEC’s website at www.sec.gov. The Company undertakes ‎‎‎no obligation to update forward-‎looking ‎‎‎‎information except as required by applicable law. Such forward-‎‎‎looking information represents ‎‎‎‎‎managements’ best judgment based on information currently available. ‎‎‎No forward-looking ‎‎‎‎statement ‎can be and actual future results may vary materially. ‎‎‎Accordingly, readers ‎‎‎‎are advised not to ‎place undue reliance on forward-looking statements or ‎‎‎information.‎

Media Contact
Erika Racicot
Email: media@draganfly.com

Company Contact
Email: info@draganfly.com

The MIL Network –

March 21, 2025
MIL-OSI Global: Islamic State in Somalia: the terrorist group’s origins, rise and recent battlefield defeats

Source: The Conversation – Africa – By Stig Jarle Hansen, Professor of International Relations, Norwegian University of Life Sciences

The Islamic State in Somalia is an affiliate of the transnational jihadist group Islamic State, known in short as ISIS. Based in the semi-autonomous northern Somalia territory of Puntland, the terrorist group was the target of the first foreign combat operation of the Trump administration in February 2025. Previously, the group has been linked to planned terror attacks on the Vatican and on the Israeli embassy in Stockholm. Stig Jarle Hansen, a researcher and author of several books on jihadism in Africa, examines its origins, rise and recent battlefield defeats in the mountains of Puntland.

1. The rise of the Islamic State

Before the establishment of the Islamic State in Somalia in 2015, the Somali jihadist group al-Shabaab had established itself in the north. The small group had extensive connections to smuggling networks. It later split into two and the future leader of the Islamic State in Somalia, Sheikh Abdulqader Muumin, emerged from one of the splinter groups.

In Somalia, clans define the relationship between people and all actors in the society. The connections of the new group to the Ali Suleiban sub-clan enabled it to profit from the clan’s links to smuggling and maritime piracy groups.

Puntland is the hub of communication and maritime trade between Somalia and Yemen, as well as the wider Middle East. Smuggling has gone on in the region for centuries. The rugged terrain is ideal for piracy, illegal smuggling and insurgents.

Puntland has been more or less autonomous from the rest of Somalia for more than three decades, and the Somali government has little influence there today.

2. The jihadist behind the Islamic State in Somalia

Muumin lived in Sweden through the 1990s and early 2000s and later moved to the UK. Back in Somalia, he joined al-Shabaab and became a prominent figure in the group’s jihadist videos. Such videos aim to maintain morals, attract new recruits and create sympathy for the group.

In 2015, Muumin defected to lead the Islamic State in Somalia. His second-in-command was another Ali Suleiban clansman, Mahad Moalim. In 2016, the first video of the group was circulated through Islamic State media outlets.

A milestone for the group followed its 2017 suicide bombing of the Juba Hotel in Bosaso, Puntland’s commercial capital and sea port. This enabled the Islamic State in Somalia to pressure Bossaso-based businesses to pay it protection money, the single most important source of income. In 2017-2018, the group is believed to have been behind as many as 50 assassinations in central Somalia. The killings were a forceful tool to generate protection money.

On 27 July 2018, the Somali group was officially designated as a full province by the Islamic State, also known as ISIS. The Maktab al-Karrar regional office was based in the small Puntland chapter, giving it global responsibilities.

The Somali group was made responsible for the central African and the Mozambique provinces of the Islamic State. Money flowed to the group from the Islamic State, as did extortion money from Bossaso, other northern Puntland cities and more infrequently from Mogadishu.

In the first half of 2022, the US Treasury claimed that the organisation generated US$2.3 million from extortion payments, related imports, livestock and agriculture. The regional office and Muumin emerged as key financial players in east Africa, and even outside it, from their base in Buur Dexhtaal in Bari Puntland. Indeed, unnamed US officials claimed in 2023 that Muumim had been made the transnational leader of the Islamic State.

3. An overblown reputation

The Islamic State’s reputation in Somalia is often overstated. The group has never captured or held large territories. Its numbers in 2024 were estimated to be between 600 and 1,600. That pales in comparison to al-Shabaab in the south of Somalia.

Its links to a planned attack on the Israeli embassy in Stockholm 2024 were probably weak and failed to hold up in court. And the jihadist linked to a planned attack in the Vatican 2018 seems to have left Islamic State prior to the planning.

It is also doubtful that Muumin is the global leader of the Islamic State as claimed by some. That’s for two main reasons. First, an Islamic State leader has to be drawn from a tribe related to the prophet (Qureshi). Muumin is not. Second, the Islamic State in Somalia is the smallest of the Islamic State provinces in Africa. It is likely that a leader of a stronger province would have ranked higher.

Although the income-gathering capacities of the Puntland-based group give it prominence in the Islamic State media, the Islamic State in Somalia does not rank higher than the Islamic State in the Sahara and Mozambique.

4. Down but not out

The Puntland authorities launched a relatively successful counter-offensive against the Islamic State in January 2025. This was combined with air support by the US and the United Arab Emirates.

Puntland won important battles in January and February, including an attack in which it killed 70 Islamic State fighters.

By late February, the morale of the Islamic State fighters seemed to break. With the fall of Buur Dexhtaal, the main base, in March, all the larger known bases had fallen. Many of the fleeing foreign fighters were captured.

But the Islamic State is not defeated. The terrain enabled some of the fighters to hide. Neither Muumin, who is in his 70s, nor his second-in-command Abdirahman Fahiye have been reported killed. There are at least several hundred fighters left.

If the Islamic State is still able to extort money from the northern business community, it could recruit from the large numbers of Oromo Ethiopian refugees in and around Bosaso, as well as locals who need jobs.

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

– ref. Islamic State in Somalia: the terrorist group’s origins, rise and recent battlefield defeats – https://theconversation.com/islamic-state-in-somalia-the-terrorist-groups-origins-rise-and-recent-battlefield-defeats-252303

MIL OSI – Global Reports –

March 21, 2025
MIL-OSI Asia-Pac: Low-altitude pilot projects launch

Source: Hong Kong Information Services

The Government today launched a first batch of 38 low-altitude economy (LAE) Regulatory Sandbox pilot projects.

The Working Group on Developing LAE approved the 38 projects after reviewing 72 project proposals. They cover a wide range of fields and application scenarios, including emergency and rescue, logistics and distribution, inspections and safety maintenance, surveillance, and low-altitude infrastructure.

The projects are being implemented by enterprises, research institutes, public utilities and government departments.

Officiating at today’s launch event, Chief Executive John Lee said: “The LAE is one of our nation’s strategic emerging industries, as well as the example in exploring new quality productive forces.”

He outlined that the LAE not only gives rise to various emerging industries, but also opens up a wide range of application scenarios with great potential.

“It is set to strengthen city management and business efficiency, and create a whole new experience of smart living for the public, making it an important growth engine for the economy.

“The Government will unleash the potential of the LAE by bringing together research and development outcomes and corporate efforts, taking forward the LAE in a safe and healthy manner to make Hong Kong a pioneer in the emerging new quality productive forces industry of the LAE, creating a new era of a ‘smart sky’.”

Also speaking at the launch, Secretary for Transport & Logistics Mable Chan said the sandbox projects will help to accumulate experience and data, thereby allowing the Government to devise comprehensive infrastructure support for the execution of LAE activities.

“With the launch of the various sandbox projects from April, and in the coming months ahead, we really hope that the society, and members of the public, will visualise the projects and they can even touch these projects.

“And we would like to hope that with all these projects launching, we would incorporate the innovation and technology into our daily lives”

She added that the Government plans to amend existing regulations with regard to low-altitude drones. Weight limits will be increased, allowing heavier and more sophisticated drones to be used.

The Government also plans to introduce a special provision enabling the Director-General of Civil Aviation to allow trials of more sophisticated and heavier low-altitude equipment, including models which can carry passengers.

A number of organisations conducting pilot projects had booths at the event to showcase their application scenarios and other features. A logo specifically designed for the LAE Regulatory Sandbox was also unveiled.

MIL OSI Asia Pacific News –

March 21, 2025
MIL-OSI Asia-Pac: HK ranks 3rd as global finance hub

Source: Hong Kong Information Services

Hong Kong has maintained third place globally and continued to rank first in the Asia-Pacific in the Global Financial Centres Index 37 Report published today by the UK’s Z/Yen and the China Development Institute.

Hong Kong’s overall rating in the report increased 11 points to 760, slightly closing the gap with the first place rating.

The city’s rankings in human capital, infrastructure, and financial sector development rose to second in the world, while rankings in business environment, and reputational and general rose to third globally.

Hong Kong also ranked among the top in various financial industry sectors, ranking first globally in investment management, insurance, and finance, and third in banking.

In the report’s assessment of financial centres’ fintech offering, Hong Kong’s ranking leapt further by five places to fourth in the world.

The Government said the report fully recognises Hong Kong’s leading status and strengths as an international financial centre, noting that with the country’s staunch support, it will leverage the advantages under “one country, two systems”, actively integrate into the national development and deepen international co-operation to fulfil its roles as a “super connector” and “super value-adder”.

With finance as an important tool to support the real economy, the Government added that the policy initiatives announced in the 2025-26 Budget press ahead with the high-quality development of Hong Kong’s international financial market to create more new growth areas.

MIL OSI Asia Pacific News –

March 21, 2025
MIL-OSI: RYVYL Secures Major Payments-as-a-Service Contracts, Set to Onboard Nearly One Million New Accounts in the next 12 Months
Source: GlobeNewswire (MIL-OSI)

First contract has onboarded over 1,000 accounts with 50,000+ more accounts expected in 2025

Second contract to onboard over 900,000 accounts over a 12-month period beginning Q2 2025

These new contracts reinforce 2025 revenue outlook of $80 million to $90 million

SAN DIEGO, CA, March 20, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading provider of cutting-edge payment solutions, announced that its subsidiary RYVYL EU has secured two Payments-as-a-Service (PaaS) contracts, which are expected to onboard nearly one million new accounts over the next 12 months. These agreements significantly expand RYVYL’s footprint in Europe and strengthen its long-term growth trajectory.

Fredi Nisan, CEO of RYVYL, said: “Following the successful launch of our first digital Payments-as-a-Service (PaaS) contract, we have now secured a second, larger partnership with a fully digital bank serving tens of millions of customers across 180 countries. With over 80% of its transactions involving cross-border payments, this partner chose RYVYL PaaS for our extensive presence in Europe and North America, robust security infrastructure, and seamless multi-currency settlement capabilities.”

“These agreements further validate our ability to serve high-growth financial platforms and support their global expansion. Our advanced payment solutions provide seamless onboarding, compliance expertise, and the operational scale required to power modern digital banking ecosystems.”
- The first contract, with a leading international money service provider, offers both virtual and physical payment cards managed through RYVYL’s payments platform and mobile app. RYVYL has already successfully onboarded 1,000 client accounts, with over 50,000 more accounts expected in 2025.
- The second contract, with one of the world’s largest fully digital banking platforms, is projected to onboard 900,000 new customer accounts over a 12-month period, starting in Q2 2025. API integrations and testing have already started, and initial onboarding is set to begin in the coming months.
“These contracts reinforce our 2025 revenue guidance of $80 million to $90 million and are also expected to contribute operational efficiencies and increasing gross margin that will drive positive annual adjusted EBITDA and positive operating cash flow in the second half of 2025,” added Nisan.

The foregoing guidance is based on the Company’s continuation of the business, as currently conducted. On January 24, 2025, the Company entered into an agreement with a financing source that was structured as a pre-funded asset sale with a 90-day closing period, which ends on April 23, 2025 and may be extended an additional 30 days to May 23, 2025, if the Company pays $500,000 for such extension. Shares in the Company’s RYVYL EU subsidiary were placed in escrow during the closing period. Although there are no guarantees, the Company intends to terminate the asset sale within the closing period by paying $16.5 million in consideration of such termination. The Company’s financial guidance for 2025 is based on fully retaining its RYVYL EU subsidiary.

About RYVYL

RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

Cautionary Note Regarding Forward-Looking Statements

This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding timely payment of the second tranche, the benefit to stockholders from the repayment of the Note and repurchase of the Preferred Stock, and the timing and expectation of revenues from the license described herein and are charactered by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the licensee understands and complies with various banking laws and regulations that may impact the licensee’s ability to process transactions. For example, federal money laundering statutes and Bank Secrecy Act regulations discourage financial institutions from working with operators of certain industries – particularly industries with heightened cash reporting obligations and restrictions – as a result of which, banks may refuse to process certain payments and/or require onerous reporting obligations by payment processors to avoid compliance risk. These statements are also subject to any damages the Company could suffer as the result of previously announced litigation or actions of any governmental agencies. These and other risk factors affecting the Company are discussed in detail in the Company’s periodic filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether because of the latest information, future events or otherwise, except to the extent required by applicable laws.

Disclaimer Regarding Financial Information

The financial information presented in this press release, for the year ended December 31, 2024, is based on preliminary financial statements prepared by management, for the year ended December 31, 2024. Accordingly, such financial information may be subject to change. All such information contained in this press release will be qualified with reference to the audited financial results for the year ended December 31, 2024, which the Company intends to release on or before March 27, 2025, and in any event by March 31, 2025, and will be posted on www.sec.gov. While the Company does not expect there to be any material changes to the financial information provided in this press release, any variation between the Company’s actual results and the preliminary financial information set forth herein may be material.

IR Contact:
David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

The MIL Network –
March 21, 2025
MIL-OSI: Baker Hughes to Provide Fully Integrated Completions for Petrobras’ Offshore Fields
Source: GlobeNewswire (MIL-OSI)
- New solutions will support remote operations in deepwater fields
- Technology allows real-time response to evolving well conditions across multiple zones
HOUSTON and LONDON, March 20, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, announced Thursday a major, multi-year fully integrated completions systems contract with Petrobras. The award followed an open tender and will leverage Baker Hughes’ innovative completions technology portfolio and extensive experience in Brazil to optimize production across multiple deepwater fields.

A range of technologies from Baker Hughes has been specifically tailored to meet the needs of Petrobras’ offshore developments. The intelligent completions technologies, combined with conventional upper and lower completions solutions, will provide remote operations capabilities and multizone control, limiting water and gas breakthroughs and reducing the risk of any costly interventions.

“Deepwater, high pressure wells require an unmatched level of reliability, and our completion technologies have proven themselves in these harsh environments,” said Amerino Gatti, executive vice president, Oilfield Services & Equipment at Baker Hughes. “Through continual innovation, improvement and testing, and in close collaboration with Petrobras, the Baker Hughes team has pioneered new ways to help develop Brazil’s natural resources safely and efficiently for decades to come.”

Through this agreement, Petrobras will utilize Baker Hughes’ new SureCONTROL Premium interval control valve (ICV), which provides enhanced reliability in the high flowrates of Petrobras’ offshore fields. This technology was developed to meet Petrobras’ industry-leading standards and allows operators to respond remotely to evolving well conditions across multiple zones in real time.

Petrobras will deploy a number of additional Baker Hughes completions technologies, including SureSENS QPT ELITE downhole gauges, SureSENS B-Annulus monitoring system, SureTREAT chemical injection system, Sur-Set flow control system, Orbit Premium barrier valves, a gas lift system, REACH subsurface safety valves, DeepShield subsurface safety valves, Premier packers, screens and gravel pack system.

Baker Hughes has played a key role in the development of Brazil’s offshore oil and gas fields for decades, and the company’s localization strategy contributes to the nation’s economy while strengthening its energy supply chain.

Delivery will begin in late 2025.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Media Relations

Brian Reynolds
+1 346-315-6663
brian.reynolds@bakerhughes.com

Investor Relations

Chase Mulvehill
+1-346-297-2561
investor.relations@bakerhughes.com

The MIL Network –
March 21, 2025
MIL-OSI: OTC Markets Group Welcomes QNB Corp. to OTCQX

Source: GlobeNewswire (MIL-OSI)

NEW YORK, March 20, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced QNB Corp. (OTCQX: QNBC), the holding company for QNB Bank, has qualified to trade on the OTCQX® Best Market. QNB Corp. upgraded to OTCQX from the Pink® market.

QNB Corp. begins trading today on OTCQX under the symbol “QNBC.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Graduating to the OTCQX Market marks an important milestone for community banks in the U.S. public markets. The OTCQX Market enables banks to maximize the value of being a public company by providing transparent trading and easy access to company information for shareholders. To qualify for OTCQX, community banks must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

David W. Freeman, QNB Corp. Officer, and QNB Bank President and CEO, stated, “As we approach our 150-year anniversary of providing exceptional Community Banking services in Pennsylvania, QNB Corp. is pleased to bring our incredible story to the national OTCQX trading stage. We are confident this move will assist in generating broad investor interest and enhance value for all shareholders.”

Janney Montgomery acted as the company’s corporate broker.

About QNB Corp.
QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates twelve branches in Bucks, Montgomery and Lehigh Counties and offers commercial and retail banking services in the communities it serves.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX^® Best Market, OTCQB^® Venture Market and Pink^® Open Market.

Our OTC Link^® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Subscribe to the OTC Markets RSS Feed

Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

The MIL Network –

March 21, 2025
MIL-OSI: MEXC Introduces Bedrock (BR) Listing with Spot & Futures Trading, Offering 150,000 USDT to Power Next-Gen DeFi Restaking
Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, March 20, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announced the listing of Bedrock (BR) on both spot and futures markets, scheduled for March 20, 2025, 12:05 (UTC), subject to sufficient liquidity. To celebrate the launch, MEXC is introducing an Airdrop+ rewards pool totaling 150,000 USDT, strengthening its support for innovative multi-asset liquid restaking solutions in the DeFi ecosystem.

Revolutionizing DeFi: MEXC Lists Bedrock (BR) to Drive Multi-Asset Restaking Adoption

Bedrock (BR) is an innovative blockchain project offering a multi-asset liquid restaking protocol, enabling users to earn enhanced yields on Ethereum, Bitcoin, and DePIN rewards while retaining liquidity. By integrating with DeFi ecosystems such as EigenLayer, Babylon, and the Bedrock Diamonds rewards system, Bedrock helps users maximize asset efficiency and compound returns. With 278,627 token holders, $441.77M total restaked, and 4,628.28 BTC in reserves, it delivers a robust suite of solutions that seamlessly integrate staking and restaking functionalities. The BR token serves as a key utility and governance component, driving growth and adoption across multiple blockchain networks. Learn more about Bedrock (BR) here.

By listing Bedrock (BR), MEXC underscores its dedication to championing transformative DeFi protocols. Leveraging its robust trading environment, deep liquidity, and expansive global reach, MEXC provides Bedrock with a powerful launchpad to scale the adoption of its multi-asset liquid restaking technology. Through strategic marketing initiatives, trading events, and ecosystem collaborations, MEXC amplifies Bedrock’s visibility, showcasing its pioneering contributions to yield optimization, governance, and cross-chain synergy. This approach allows MEXC to bridge cutting-edge innovations with global markets, empowering participants across the DeFi spectrum.

Celebrate the BR Listing with a 150,000 USDT Prize Pool

MEXC continues its mission to support innovative blockchain projects by listing Bedrock (BR) in the Innovation Zone on March 20, 2025(UTC). The BR/USDT spot market will be available first, followed by the BR USDT perpetual futures launch , offering up to 50x leverage in both cross and isolated margin modes.

To mark the occasion, a 150,000 USDT prize pool will be available through a series of exclusive events from March 18, 2025, at 11:00 (UTC) to April 1, 2025, at 11:00 (UTC).

Event 1: Airdrop+ Rewards
- Deposit and share 90,000 USDT (New user exclusive).
- Futures Challenge — Trade to share 50,000 USDT in futures bonuses (Open to all users).
- Invite friends and share 10,000 USDT (Open to all users).
Your Easiest Way to Trending Tokens

MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 34 million by offering a diverse selection of tokens, high-frequency airdrops, competitive fees, and comprehensive liquidity. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 34 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Contact:
Lucia Hu
PR Manager
lucia.hu@mexc.com

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

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/12e5bc85-cc42-49ed-8284-6cd27fb0f6c6

The MIL Network –
March 21, 2025
MIL-OSI Africa: R10 billion to eThekwini Municipality infrastructure

Source: South Africa News Agency

The eThekwini Municipality has allocated about R10 billion to rebuild its water, electricity, and solid waste management infrastructure.

This comes as Minister of Finance Enoch Godongwana announced a R3.33 billion grant allocation to eThekwini for trading services reforms over the next three years.

The municipality said the performance grant will be used to upgrade water and sanitation, electricity, and solid waste management so as to ensure that trading services are self-sufficient.

The city said the reforms for trading services will initially affect water and electricity for the first year, starting in the 2025/26 financial year.

“With respect to eThekwini Water and Sanitation (EWS) Unit, the city has adopted a Water and Sanitation Turnaround Strategy (TAS) and further developed the Business and Investment plan, and an Institutional and Governance Reform Road map.

“The latter has the six strategic pillars that underpin the reform of EWS into a ring-fenced commercial business unit, as echoed by Minister Godongwana in the recent budget speech,” the city located in KwaZulu-Natal said.

The strategic pillars included institutionalisation of single point of accountability; acquisition of management, technical and change leadership capabilities; improvement of the governance model and the financial ring-fencing of the Water and Sanitation Business Unit, among others.

Pursuant to the implementation of this strategy, the city said it intends to increase investment into priority capital and operational programmes that will help realise the envisaged financial turnaround, as well as stabilise the water and sanitation services to meet customer needs.

“The turnaround strategy, as adopted by Council, is in progress with 22% of the goals achieved to date. As the city aligns its budget priorities, the additional funds will be directed to the EWS TAS programmes that seek to reduce water losses, improve customer call centre systems, water metering, as well as intermittent water supply while reducing inefficiencies in all operations,” the municipality said.

The city through the Mayor’s Office will continue to engage all stakeholders on the EWS TAS, to ensure that the performance and outcome required are achieved.

“The R3.33bn incentive grant will therefore help the city gear up its existing resources to accelerate the reforms required and reposition the trading services to attract the required investments to improve the business, as per the business and investment plans that have been developed for the next five years,” the municipality said.

Additionally, the municipality has commended the indicative allocations, as provided in the budget, and commited to align them to its budget for approval in May 2025. – SAnews.gov.za

MIL OSI Africa –

March 21, 2025
MIL-OSI Africa: Draft Transformation Fund Concept document out for public comment
Source: South Africa News Agency

Trade, Industry and Competition Minister Parks Tau has published the Draft Transformation Fund concept document for a 30-day public commentary period.

Members of the public and interested parties are invited to make inputs and comments on the Draft Concept from 20 March until 7 May.

The aim of the fund is to aggregate Enterprise and Supplier Development (ESD) funds in support of the participation, transformation and sustainability of black-owned enterprises in the economy.

“This provides an opportunity for the seventh administration, working with the private sector, to increase the effective economic participation of black-owned and managed enterprises, including small, medium and micro enterprises and co-operatives, and enhance their access to financial and non-financial support in line with the requirement of the B-BBEE Act,” Tau said.

It is expected that an amount of R100 billion will be aggregated over the term of the current administration through a joint effort by government, in partnership with the private sector.

“We firmly are in pursuit to transform the economy, as guided by the Vision 2030 of the National Development Plan, which is to eliminate poverty and reduce inequality. Our Constitutional imperative places a collective burden on all of us to advocate for equality and redress,” Tau said.

The objectives of the fund are as follows:
- Promote economic transformation in order to enable meaningful participation of black people in the economy.
- Improve access to funding for black-owned and controlled enterprises.
- Empower and support black-owned and controlled enterprises participation in value chains across key sectors of the economy.
- Mobilise financial resources from the private and public sector using B-BBEE legislation.
- The Minister would like to affirm that the requirements of the Fund are no additional requirements for entities over and above what currently exists in the B-BBEE policy.
The B-BBEE policy, through the Codes of Good Practice, requires that entities must contribute through ESD in the 3% of Net Profit After Tax (NPAT) to the development of black suppliers, black industrialists and SMMEs to broaden the industrial and services base of the country.

“Through the Transformation Fund, we maintain this principle of establishing a partnership between established businesses and emerging businesses, as well as diversification of suppliers within the value chains, as contained in the B-BBEE Codes.

“However, we would like to see much more impact and spending on relevant ESD activities that must lead to growth and sustainability of black-owned enterprises and SMMEs by having a coordinated effort,” Tau said.

Particular attention will be given to businesses owned by women, youth and people living with disabilities, especially those based in rural and township areas.

These groups have historically faced significant barriers to economic participation, and the challenges of unequal access to resources and opportunities remain deeply entrenched in South African society.

“Their meaningful participation in key sectors of the economy, such as manufacturing, agriculture and tourism, is vital for stimulation of economic activities across all regions of our country with their unique potential.

“We will be putting in place governance structures that will ensure that there is accountability to both government and the private sector, transparency and efficiency in managing the fund.

“We will be establishing a Special Purpose Vehicle that will have accountability to an Oversight Committee and a board with the required skills and capacity.

“During the 30-day commentary period, we will be having sessions with stakeholder to create awareness, while soliciting more inputs,” Tau said. – SAnews.gov.za

MIL OSI Africa –
March 21, 2025
MIL-OSI Africa: Plantation initiatives provide job opportunities

Source: South Africa News Agency

The Minister of Forestry, Fisheries and the Environment, Dr Dion George, has announced initiatives that will significantly contribute to the sustainable management of South Africa’s plantations while creating employment opportunities.

Through such initiatives, 1461 workers have been employed through the Expanded Public Works Programme, providing the communities within these plantations much-needed work opportunities in Category B and C plantations located in Limpopo, Mpumalanga, Eastern Cape and KwaZulu-Natal.

“These initiatives reflect our unwavering commitment to sustainable forestry management practices and dedication to fostering economic opportunities in communities across these regions,” George said on Thursday.

The first initiative is the Department of Forestry, Fisheries and the Environment’s (DFFE) commitment to planting 1 800 hectares annually.

It’s part of the department’s strategy to reduce temporary unplanted areas, enhance productivity, and contribute to fibre security in South Africa.

“By addressing temporary unplanted areas, we envision that our efforts will not only strengthen the forestry sector but will also stimulate economic growth in surrounding communities through job creation and other socio-economic benefits.

“The department remains committed to promoting the long-term sustainability of South Africa’s plantations while ensuring tangible benefits for communities living near these forestry areas,” the Minister said.

The second initiative, also linked to the sustainable management of plantations, is the maintenance of land through strategic silvicultural 1 practices in plantations where the target has increased from 2 100 to 6 500 hectares from the 2025/26 financial year.
This represents an increase of over 200%.

These silvicultural activities, which include fire risk reduction, pest and disease management, timber quality improvement, and enhanced accessibility within compartments, are essential to ensuring the long-term sustainability and productivity of these plantations.’

By implementing these measures, the department aims to improve the value of standing timber, safeguard plantation ecosystems, and support the broader forestry industry.

These efforts will also stimulate rural economic growth in surrounding communities through job creation and the protection of vital natural resources. –SAnews.gov.za

MIL OSI Africa –

March 21, 2025
MIL-OSI Africa: Nelson Mandela Bay sails to cruise industry growth

Source: South Africa News Agency

The strong working relationship between the Nelson Mandela Bay Municipality (NMBM) and local tour guides and operators, has proven to be the key driving force for the booming cruise tourism industry within the city.

According to the Tourist Guide Association of Mandela Bay (TGAMB), which represents the tour guides and operators within Nelson Mandela Bay, the industry has seen drastic growth post-COVID-19, due to the ongoing good working relationship with the municipality.

Luxolo Kanti confirmed that huge strides have been made within the tourism industry, with the “cruise industry as the catalyst and gateway” to the region’s broader tourism growth.

Kanti noted that the association, working with the municipality to rebuild the cruise industry, has seen more diversity and inclusiveness.

“A lot of emerging tour guides and operators have managed to get into the industry and thrive. Through a number of training programmes and workshops we have received on areas like Digital Marketing, Tourism Best Practice and Packaging of Cruise Tourism in South Africa, we have managed to acquire skills to market both the city and our businesses to attract more people to venture into the cruise tourism experience across the world,” he said.

Kanti also commended the municipality’s openness to the industry’s advice and contributions in policy development.
“In as much as we have made strides, there are still areas we need to improve on, both as the industry and the municipality, so that we can be competitive against other major cities.”

Successes

Highlighting the success of the current cruise season, NMBM mayor, Babalwa Lobishe said Nelson Mandela Bay has already received 34 cruise vessels which docked at the city’s ports, from the 45 scheduled for the season which started in November last year.

“In March alone, there has been seven cruise vessel dock-ins and five overnight stays, with three vessels still expected for this month. During the current cruise season, there will be 15 cruise vessels that will stay for more than one day. The cruise vessels for this season are expected to spend a combined total of 61 days,” Lobishe said.

The mayor also announced that the current cruise season is expected to generate significant economic benefits for the region, with a forecasted R100 million in economic spin-offs, an increase from R85 million during the 2023/24 season.

“This forecast is based on the anticipated 50 000 passengers who will be spending on tours, dining, shopping, and other cultural and heritage experiences across Nelson Mandela Bay. This influx of visitors will not only boost our local economy but also showcase the rich diversity and vibrant culture of our city,” the mayor said.

Appeal

In line with the city’s Tourism Master Plan, several initiatives are being pursued to enhance the region’s tourism appeal. These include the development of new cultural and heritage routes, the promotion of township tourism through community forums, and the expansion of events strategies aimed at attracting international visitors.

Member of the Mayoral Committee (MMC) for Economic Development, Tourism and Agriculture, Bassie Kamana, emphasised the municipality’s commitment to ensuring that the city remains a top destination for tourists and a thriving community for the residents.

According to Kamana, part of the work that the NMBM Tourism Sub-Directorate is doing is to create a conducive environment for the cruise industry to optimise on regional economic opportunities.

“Working with the vast tourism industry stakeholders, the metro encourages passengers to explore the full breadth of the region, including private game reserves, cultural and heritage sites, and local businesses.

“This is done to make sure that passengers do not just sleep over in the metro, but spend funds, explore and experience the region’s tourist attractions and create unforgettable memories,” Kamana said.

The MMC added that working with its development entity Mandela Bay Development Agency, Transnet, Eastern Cape Tourism, and other stakeholders, it has made strategic infrastructure investments to improve port facilities, tourism products and heritage sites. This is so as to ensure a seamless and welcoming experience for cruise tourists.

The NMBM has also paid special attention to tourist safety and hospitality by training and recruiting youth with a tourism background to work as tourism ambassadors. – SAnews.gov.za

MIL OSI Africa –

March 21, 2025
MIL-OSI Video: What are Bonds?

Source: International Monetary Fund – IMF (video statements)

In the highly complex, interconnected financial world, bonds play a crucial role. Watch our latest Back to Basics video to discover how bonds work, why they matter to both individual investors and governments, and the essential role they play in the global economy.

Read about bonds here: https://www.imf.org/en/Publications/fandd/issues/2025/03/back-to-basics-bonds-and-yields-s-ali-abbas

https://www.youtube.com/watch?v=PBH-Vgwnekw

MIL OSI Video –

March 20, 2025
MIL-OSI Video: PSA: Displacement Assistance

Source: United States of America – Federal Government Departments (video statements)

If you can’t stay in your home because it was damaged by the February floods in Kentucky, FEMA may be able to provide financial assistance while you look for a place to stay.

https://www.youtube.com/watch?v=XeDYQnXrBFQ

MIL OSI Video –

March 20, 2025
MIL-OSI United Kingdom: Charitable Bonds housing investment reaches half a billion

Source: Scottish Government

Thousands of new homes delivered through scheme.

Additional investment of £24 million through an innovative programme to deliver affordable homes across Scotland will see total funding in the scheme reach half a billion pounds.

Started in 2014, the Charitable Bonds scheme provides loans to housing associations to build properties for social rent, while also generating additional funds for the Scottish Government’s affordable housing budget.

So far, the programme has supported the delivery of more than 4,000 new homes through direct loans to Registered Social Landlords. This has generated a further £146 million to support the delivery of 1,300 social rented homes.

On a visit to an affordable housing development in Rosewell, Midlothian which has benefitted from the scheme, Social Justice Secretary Shirley-Anne Somerville confirmed that additional investment will support the issuing of new bonds to three housing associations.

Link Group, Kingdom Housing Association and Wheatley Group will be provided with loan finance to build around 175 homes while generating additional funds for future projects.

Ms Somerville said:

“We need to use all the tools available to deliver more new affordable homes and help tackle the housing emergency. The Charitable Bonds programme has successfully supplemented investment in our affordable housing budget while also allowing social landlords to access additional borrowing to build much needed new homes.

“Taking our investment to more than £500 million demonstrates our commitment to continue that success and see more affordable homes built – building on the 4,000 already delivered through this scheme.

“We will also continue to support the delivery of social homes through the £768 million investment in affordable housing over the next financial year which will enable the delivery of at least 8,000 more homes, as set out in the Scottish Government’s Budget – an increase of more than £200 million.

“The Scottish Government is committed to tackling the housing emergency – and while there is more to do, there is real progress being delivered.”

Scottish Federation of Housing Associations CEO Sally Thomas said:

“It’s never been more crucial that we deliver many more secure, warm and affordable homes. The Charitable Bonds scheme is an important part of doing so, and it’s great to see SFHA members receiving these funds to deliver the homes we desperately need.

“Social homes make lives and places better. As we move forward, working our way out of the housing emergency, continuing, consistent and multi-year government investment in our social homes will be essential – not only to provide the homes we need but also to tackle poverty and help us create a fairer Scotland.”

Allia C&C Director and Head of Scottish Office Peter Freer said:

“Allia issued its first charitable bonds in 1999, raising just under £1 million to support local housing and community projects in Sheffield. From these small beginnings, we’re proud to now celebrate over £500 million of Scottish Government investment in our bonds since 2014. Through this highly successful partnership, we have provided simple finance and grants to housing associations of all sizes all across Scotland, funding the creation of thousands of new affordable homes.”

MIL OSI United Kingdom –

March 20, 2025

MIL-OSI: Orezone Gold Reports Record Revenue and Net Income for 2024

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, March 20, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) is pleased to report its operational and financial results for the fourth quarter and full year ended December 31, 2024, and its 2025 guidance. All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.

Highlights

Q4-2024 gold production of 36,502 oz, a 37% increase from the previous quarter.
2024 gold production of 118,746 oz, exceeding the mid-point of guidance.
AISC per oz sold of $1,273 for Q4-2024 and $1,447 for 2024.
Record revenue of $283.5M from the sale of 118,697 gold oz at an average realized price of $2,384 per oz in 2024. Gold sales remain unhedged to rising gold prices.
2024 Adjusted EBITDA of $117.2M, Net Income attributable to Orezone shareholders of $55.7M and Earnings per Share attributable to Orezone shareholders of $0.14 and $0.13 on a basic and diluted basis, respectively.
Liquidity of $103.2M at year-end with cash of $74.0M and undrawn debt of $29.2M available to finance 2025 growth plans.
Stage 1 of hard rock expansion progress continues with first gold on track for Q4-2025.
Advancing work towards a secondary listing on the Australian Securities Exchange in mid-2025.

Patrick Downey, President and CEO, commented “Strong Q4-2024 gold production of 36,502 oz helped deliver another record year for revenue of $283.5 million and net income of $64.1 million while meeting annual production guidance for a second consecutive year. Importantly, Orezone commenced construction of its hard rock expansion in the second half of 2024, a main step towards sustained production growth and setting the foundation for a transformational 2025 where we expect to pour first gold on this brownfield expansion in Q4-2025. First stage of the hard rock expansion is expected to increase the Company’s annual gold production to 170,000 – 185,000 oz in 2026.

With continued strong gold prices and the closing of recent financings, the Company is well-placed to make further strategic investments in its Bomboré Mine by undertaking additional discovery-focused exploration on high potential targets and evaluating an accelerated start to the second stage of the hard rock expansion which would further increase annual gold production to 220,000 – 250,000 oz.

The accomplishments achieved in 2024 is a testament to the strength of our team underpinned by the support of our community and government partners, and new and existing shareholders. We remain steadfast in our goal of creating lasting value for all stakeholders.”

Highlights for Fourth Quarter and Year Ended December 31, 2024 and Significant Subsequent Events

(All mine site figures on a 100% basis)		Q4-2024	Q4-2023	FY2024	FY2023
Operating Performance
Gold production	oz	36,502	33,916	118,746	141,425
Gold sales	oz	34,833	33,782	118,697	139,696
Average realized gold price	$/oz	2,632	1,986	2,384	1,940
Cash costs per gold ounce sold¹	$/oz	1,077	1,083	1,233	972
All-in sustaining costs¹ (“AISC”) per gold ounce sold	$/oz	1,273	1,246	1,447	1,127
Financial Performance
Revenue	$000s	91,837	67,580	283,517	271,491
Earnings from mine operations	$000s	45,321	16,108	117,710	97,150
Net income attributable to shareholders of Orezone¹	$000s	30,091	4,012	55,711	43,146
Net income per common share attributable to shareholders of Orezone
Basic	$	0.06	0.01	0.14	0.12
Diluted	$	0.06	0.01	0.13	0.12
EBITDA¹	$000s	48,139	15,308	128,307	108,418
Adjusted EBITDA¹	$000s	45,058	26,702	117,233	120,036
Adjusted earnings attributable to shareholders of Orezone¹	$000s	27,550	14,267	45,977	53,665
Adjusted earnings per share attributable to shareholders of Orezone¹	$	0.06	0.04	0.11	0.15
Cash and Cash Flow Data
Operating cash flow before changes in working capital	$000s	52,520	28,167	98,444	123,029
Operating cash flow	$000s	28,020	13,891	57,697	79,950
Free cash flow¹	$000s	12,543	682	11,725	36,172
Cash, end of period	$000s	74,021	19,483	74,021	19,483

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

Full Year 2024 Highlights

Outstanding Safety Performance: 5.4M hours worked without a lost-time injury and a low total recordable injury frequency rate of 0.75.
Strong Liquidity: Available liquidity of $103.2M at year-end with $74.0M in cash and XOF 17.5 billion ($29.2M) available to be drawn on the Phase II debt facility with Coris Bank International (“Coris Bank”). The Company is well-funded to carry out its 2025 growth plans including the completion of stage 1 of the Phase II hard rock expansion and a minimum 20,000 m diamond drilling exploration program.
Gold Production Guidance Achieved: Gold production of 118,746 oz which exceeded the mid-point of guidance, marking the second consecutive year that the Bomboré Mine has met production guidance since the start up of operations.
AISC Per Oz Within Updated Guidance: AISC per oz of $1,447 was within the updated guidance range with operating costs impacted by higher-than-anticipated government royalties and power costs. Relative to original guidance, government royalties were $31 per oz higher due to a better realized gold price and power costs were $57 per oz higher from lower-than-normal grid availability due to regional power issues in the H1-2024. These two cost overrun contributors were both out of the Company’s control and if their cost impacts were removed, original AISC guidance of $1,300 per oz to $1,375 per oz would have been met.
Record Annual Revenue: Revenue of $283.5M from the sale of 118,697 gold oz at a realized gold price of $2,384 per oz. The Company’s gold sales remain unhedged to rising gold prices.
Record EBITDA, Net Income, and Earnings Per Share: Reported record EBITDA of $128.3M and net income attributable to Orezone shareholders of $55.7M, primarily driven by a 23% increase in the realized gold price from the prior year. Net income per share attributable to Orezone shareholders was a record $0.14 per share on a basic basis and $0.13 per share on a diluted basis.
Continued Free Cash Flow Generation: Generated free cash flow of $11.7M with cash flow from operating activities totalling $98.4M after deducting taxes paid of $26.2M but before changes in non-cash working capital. Non-cash working capital increased by $40.7M primarily from the build-up of VAT receivables and long-term ore stockpiles. Cash flow used in investing activities totalled $46.0M as capital expenditures remained elevated as the Company executes on its growth initiatives including the Phase II hard rock expansion.
Phase II Hard Rock Expansion on Track for First Gold in 2025: The Company’s Board approved a positive construction decision on stage 1 of the Phase II hard rock expansion on July 10, 2024 after the Company had secured $105M in binding debt and equity commitments described below for the construction. Under stage 1, a 2.5M tonnes per annum (“tpa”) process plant will be built to recover gold from hard rock mineral reserves which is expected to increase future production levels by 50% to over 170,000 oz per annum. First gold for stage 1 of the Phase II expansion remains on track for Q4-2025 with commercial production expected shortly thereafter in early 2026.
Phase I Debt Reduced, Bridge Loan Repaid, and Phase II Expansion Financing Secured: Principal repayments totalling XOF 24.0 billion ($39.3M) were made on the Company’s senior borrowings with Coris Bank, including the extinguishment of the XOF 12.0 billion ($19.8M) bridge loan. On August 8, 2024, the Company completed a non-brokered private placement for net proceeds of C$64.8M ($47.3M) with a new cornerstone investor, Nioko Resources Corporation (“Nioko”), a leading West African investment group. On December 19, 2024, the Company successfully upsized its senior debt facility with Coris Bank through a new term loan for XOF 35.0 billion ($58.3M) (“Phase II Term Loan”) to be drawn in multiple tranches as construction progresses. The Company made its first drawdown of XOF 17.5 billion ($27.9M) on the Phase II Term Loan in December 2024.
Multi-year Exploration Drill Program Initiated: In August 2024, the Company initiated a multi-year discovery focused drill program with an initial 30,000 m of drilling designed to test the broader size and scale of the Bomboré mineralized system. Initial results from drilling at the North Zone intercepted mineralization 240 m below the current reserve pit limit, including 1.67 g/t gold over 46.00 m, demonstrating the continuity and robustness of the mineralized system at depth, both in terms of grade and overall width (see October 10, 2024 news release).

Q4-2024 Highlights

Gold Production: Quarterly gold production of 36,502 oz increased 37% from Q3-2024 as a result of record plant throughput and improved head grades. Mining extended to Siga East and Siga South pits for a full quarter which contributed a greater blend of soft oxide ore at higher grades to the mill feed.
AISC Per Oz: AISC per oz sold was $1,273 per oz, a 23% decrease from Q3-2024, driven mainly by improved gold production as a result of higher grades and better plant throughput.
EBITDA, Net Income, and Earnings Per Share: Reported EBITDA of $48.1M and net income attributable to Orezone shareholders of $30.1M. Net income per share attributable to Orezone shareholders was $0.06 per share on both a basic and diluted basis.
Free Cash Flow: Generated free cash flow of $12.5M with cash flow from operating activities totalling $52.5M after deducting taxes paid of $6.3M but before changes in non-cash working capital. Cash flow used in investing activities totalled $15.5M as expenditures for the Phase II hard rock expansion began to ramp up.

Events Subsequent to 2024 Year-End

Bought Deal Offering: On March 13, 2025, the Company closed on a public offering of common shares on a bought deal basis with Canaccord Genuity Corp. (“Canaccord”) pursuant to which the Company agreed to sell 42,683,000 common shares at a price of C$0.82 per share for aggregate gross proceeds of C$35,000,060. Net proceeds from the offering will be used to conduct early works for stage 2 of the Phase II hard rock expansion and for additional exploration. Under stage 2, processing capacity of the hard rock plant will double from the 2.5Mtpa design in stage 1 to 5.0Mtpa after completion of stage 2.
Over-allotment Exercise: Canaccord has exercised its over-allotment in full on the bought deal offering and has agreed to purchase an additional 6,402,450 common shares at a price of C$0.82 per share for aggregate gross proceeds of C$5,250,009. The purchase of shares from the over-allotment closed on March 19, 2025.
Private Placement with Nioko: The Company has announced that Nioko intends to acquire, on a non-brokered private placement basis, for 10,719,659 additional common shares at a price of C$0.82 per share for aggregate gross proceeds of C$8,790,121 to maintain its 19.9% share ownership (before the over-allotment exercise). Closing of this private placement is subject to approval of the TSX and is anticipated to occur in late March 2025.
Intention to List on the Australian Securities Exchange (“ASX”): The Company intends to pursue a secondary listing on the ASX by mid-2025, subject to market conditions and the satisfaction of ASX listing requirements as announced in its February 23, 2025 press release. The Company believes a dual listing on the ASX will increase trading liquidity and allow it to access a deeper pool of investors, including specialist mining focused funds.

2024 Performance and 2025 Guidance

2024 Performance Compared Against Guidance

Bomboré Mine (100% basis)	Unit	Original FY2024 Guidance	Revised FY2024 Guidance⁴	FY2024 Actuals
Gold production	Au oz	110,000 – 125,000	Unchanged	118,746
All-In Sustaining Costs¹²³	$/oz Au sold	$1,300 – $1,375	$1,400 – $1,475	$1,447
Sustaining capital¹²	$M	$14 – $15	Unchanged	$16.0
Growth capital – non Phase II Expansion¹²	$M	$16 – $17	Unchanged	$17.6
Growth capital – Phase II Expansion early works¹²	$M	No guidance provided	$3.6	$3.6
Growth capital – Phase II Expansion¹²	$M	No guidance provided	$15.0 – $18.0	$15.3

Non-IFRS measures. See “Non-IFRS Measures” section below for additional information.
Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.30.
Government royalties of $160/oz included in original AISC guidance based on an assumed gold price of $2,000 per oz. Government royalties of $200/oz were estimated in the revised AISC guidance from a better gold price realized.
Revised guidance details presented in Q3-2024 MD&A.

2025 Guidance

Bomboré Mine (100% basis)	Unit	FY2025 Guidance
Gold production	Au oz	115,000 – 130,000
All-In Sustaining Costs¹²³	$/oz Au sold	$1,400 – $1,500
Sustaining capital¹²	$M	$9 – $10
Growth capital (excluding Phase II Expansion)¹²	$M	$44 – $51
Growth capital – Stage 1 of Phase II Expansion¹²	$M	$75 – $80

Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.35.
Government royalties included in AISC guidance based on an assumed gold price of $2,600 per oz.

Gold production in 2025 is forecasted to range between 115,000 to 130,000 oz, with the highest production expected in the fourth quarter from the scheduled start-up of the Phase II hard rock plant. Projected gold production from hard rock reserves is between 5,000 to 10,000 oz with actual production dependent on the timing and ramp-up of the new hard rock circuit. Gold production from the existing Phase I oxide plant is guided between 110,000 to 120,000 oz, similar to that achieved in 2024.

Mining will be concentrated within three main pits delivering most of the direct feed ore with the H pit in the North Zone, and the Siga East and Siga South pits in the South Zone. The 2025 mine plan calls for 22.4M tonnes to be mined by the mining contractor at a strip ratio of approximately 1.8. The mining contractor placed new excavators, dump trucks, and support equipment into service in November 2024 and is organizing to mobilize additional equipment to site later this year in preparation for the start-up of hard rock mining.

AISC in 2025 is expected to range between $1,400 to $1,500 per oz sold. AISC per oz is expected to be comparable to 2024 with a small decrease in head grades, an increased strip ratio, and greater government royalties from a higher assumed gold price offset by lower sustaining capital, higher grid utilization, and higher plant throughput from fewer power interruptions and enhanced maintenance practices.

Sustaining capital is budgeted to fall within the range of $9M to $10M with expenditures directed towards the completion of tailings storage facility (“TSF”) stage 4 lift, extension of the main haul road and perimeter fencing at the southern end of the mining permit, and other capital improvements to the process plant, camp, and mine support equipment and facilities.

Growth capital is expected to range between $119M to $131M on four major growth projects:

No.	Growth Capital Description	Unit	FY2025 Guidance
I.	Phase II Hard Rock Expansion – Stage 1	$M	$75 – $80
II.	Permanent Back-up Diesel Power Plant	$M	$22 – $24
III.	TSF Footprint Expansion – Cell 2	$M	$11 – $13
IV.	Resettlement Action Plan (“RAP”)	$M	$11 – $14
	Growth Capital Total	$M	$119 – $131

	Phase II Hard Rock Expansion – Stage 2	$M	No guidance provided

The Company has reserved guidance on 2025 expenditures for stage 2 of the Phase II hard rock expansion until the Company’s Board of Directors has issued a final investment decision to proceed with stage 2 expected later this year. Stage 2 would increase annual gold production to 220,000 – 250,000 oz.

I. Phase II Hard Rock Expansion – Stage 1

A new 2.5Mtpa hard rock plant to process fresh and lower transition ore is currently under construction and once completed, will operate in tandem with the existing Phase I oxide plant. The current flowsheet for stage 1 of this brownfield expansion consists of a primary jaw crusher, an 18-hour crushed ore stockpile, a single stage 9MW SAG mill, hydrocyclones, and a carbon-in-leach (“CIL”) circuit consisting of five 15.8 m diameter leach tanks. Loaded carbon will be treated in the shared gold recovery circuit, producing gold doré bars from the existing gold room. Tailings from the CIL circuit will be pumped into the expanded tailings facility.

The Company completed a comprehensive review of the construction progress and costing as part of its annual budgeting exercise for 2025. From this review, schedule to first gold remains in Q4-2025 with a project budget of $90M – $95M with $75M – $80M forecasted in 2025.

II. Permanent Back-Up Diesel Power Plant

A new diesel power plant will be installed to provide continuous power to both the Phase I oxide plant and Phase II hard rock plant when the national grid is unavailable or unable to provide stable power.

Following a competitive tender, the Company awarded the engineering, supply, installation, and commissioning of this new power plant to Africa Power Services (“APS”). APS will supply 18 Caterpillar diesel gensets with 1.8MW rated capacity each that will function as back-up units to the grid to meet the 18MW to 20MW load demand of both processing circuits. This new power plant is scheduled for final commissioning in October 2025 and will replace the APS genset rentals that are currently providing power on a back-up basis.

III. TSF Footprint Expansion – Cell 2

The TSF starter dam over the Cell 1 footprint was completed prior to the start of processing operations in 2022. Lifts of the Cell 1 embankment walls have been completed each year to add storage to hold the volume of tailings expected to be generated by the mine for the upcoming year. The stage 4 lift is currently in progress and is slated for completion in June 2025 with costs captured under sustaining capital.

To optimize costs of future tailings lifts and to meet the higher annual storage requirements from the Phase II hard rock expansion, work to expand the TSF footprint southwards into Cell 2 will begin in 2025 and continue into 2026, and include the HDPE lining of the Cell 2 basin and installation of underdrainage to improve water recovery and dam stability. Cell 2 will cover the ultimate TSF footprint and is designed to ensure that future annual lifts will provide sufficient storage of tailings generated each year by the combined oxide and expanded stage 2 (5Mtpa) hard rock operations.

IV. Resettlement Action Plan – Phases II, III, and IV

RAP Phases II and III commenced in 2023 and will see the construction of three new resettlement communities (MV3, MV2, and BV2) to help relocate households occupying areas within the southern half of the Bomboré mining permit. Both MV3 and MV2 were successfully completed in 2024 followed by the start of BV2 construction in late 2024.

RAP Phase IV was presented as part of the Environment Social Impact Assessment (“ESIA”) submitted by the Company in 2024 to expand the current mining permit by an additional 5.56 km².

Construction costs of $8.0M to $10.0M are forecasted in 2025 to complete the remaining construction of BV2 by October 2025 and for the anticipated start of RAP Phase IV construction in Q4-2025. RAP costs of $3.0M to $4.0M are estimated for compensation, consultants, relocation allowances, and livelihood restoration programs.

Revenue Protection Program for 2025

The Company has implemented a low-cost revenue protection program for approximately half of its forecasted gold production in 2025 by purchasing 60,000 oz of put options with a strike price of $2,300 per oz at a cost of $0.8M. These options were acquired in November 2024 from a leading Canadian chartered bank and are structured as a monthly program of 5,000 oz options with option expiries at each month-end.

The purchase of put options allows the Company to secure margin on its gold sales should gold prices fall significantly while retaining full upside to rising gold prices. The Company invested in these put options due to the large capital programs planned for 2025.

Bomboré Gold Mine, Burkina Faso (100% Basis)

Operating Highlights		Q4-2024		Q4-2023		FY2024	FY2023
Safety
Lost-time injuries frequency rate	per 1M hrs	0.00		0.00		0.00	0.00
Personnel-hours worked	000s hours	1,326		1,301		5,366	4,394
Mining Physicals
Ore tonnes mined	tonnes	2,063,262		2,883,006		7,889,973	9,247,175
Waste tonnes mined	tonnes	2,655,783		3,048,669		11,921,398	11,237,079
Total tonnes mined	tonnes	4,719,045		5,931,675		19,811,370	20,484,254
Strip ratio	waste:ore	1.29		1.06		1.51	1.22
Processing Physicals
Ore tonnes milled	tonnes	1,652,844		1,449,769		5,928,599	5,749,163
Head grade milled	Au g/t	0.77		0.82		0.71	0.85
Recovery rate	%	89.1		88.9		88.2	90.4
Gold produced	Au oz	36,502		33,916		118,746	141,425
Unit Cash Cost
Mining cost per tonne	$/tonne	3.50		3.05		3.49	3.01
Mining cost per ore tonne processed	$/tonne	7.37		6.31		8.44	6.77
Processing cost	$/tonne	7.00		10.84		8.27	10.14
Site general and admin (“G&A”) cost	$/tonne	4.07		4.85		3.90	3.95
Cash cost per ore¹tonne processed	$/tonne	18.44		22.00		20.61	20.86
Cash Costs and AISC Details
Mining cost (net of stockpile movements)	$000s	12,174		9,146		50,008	38,932
Processing cost	$000s	11,563		15,719		49,049	58,285
Site G&A cost	$000s	6,719		7,036		23,124	22,707
Refining and transport cost	$000s	193		141		497	519
Government royalty cost	$000s	7,512		5,163		22,739	17,508
Gold inventory movements	$000s	(647	)	(606	)	892	(2,190	)
Cash costs on a sales basis	$000s	37,514		36,599		146,309	135,761
Sustaining capital	$000s	4,245		3,558		15,997	14,002
Sustaining leases	$000s	73		73		292	301
Corporate G&A cost	$000s	2,511		1,874		9,154	7,325
All-In Sustaining Costs¹on a sales basis	$000s	44,343		42,104		171,752	157,389
Gold sold	Au oz	34,833		33,782		118,697	139,696
Cash costs per gold ounce sold¹	$/oz	1,077		1,083		1,233	972
All-In Sustaining Costs per gold ounce sold¹	$/oz	1,273		1,246		1,447	1,127

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

Bomboré Production Results

Q4-2024 vs Q4-2023

Gold production in Q4-2024 was 36,502 oz, an increase of 8% from the 33,916 oz produced in Q4-2023. The higher gold production is attributable to a 14% increase in plant throughput offset by a 6% decrease in head grades.

The better head grades in Q4-2023 were from the sequencing of higher-grade pits in earlier periods of the mine plan and greater ore release from more tonnes mined allowing for the stockpiling of lower-grade ore. More tonnes were mined in Q4-2023 as a second mining contractor was utilized to assist with mining volumes.

Plant throughput of 1.65M tonnes in Q4-2024 hit a new quarterly record as processing operations benefitted from higher hourly throughput, greater blend of soft oxide ore, and less maintenance. Improvements to hourly plant throughput were successfully instituted in July 2024 by increasing the mill power and reducing residence time in the CIL circuit with only a minor effect to recovery rates. Mining at the new Siga East and Siga South pits for a full quarter in Q4-2024 resulted in the release of more tonnes of softer oxide ore while completion of all scheduled major plant maintenance in earlier quarters of the year combined with high grid availability resulted in less plant downtime.

2024 vs 2023

Gold production in 2024 was 118,746 oz, a decline of 16% from the 141,425 oz produced in 2023. The lower gold production is attributable to a 16% decrease in head grades and a 2% decrease in plant recoveries, partially offset by a 3% increase in plant throughput.

Head grades in 2023 were higher from the sequencing of higher-grade pits in earlier periods of the mine plan and the processing of high-grade stockpiles accumulated during the Phase I construction, with such stockpiles being fully depleted by June 2023.

Plant recoveries were lower in 2024 as a direct result of lower head grades, a greater blend of transition ore, and less residence in the CIL circuit.

Plant throughput was higher in 2024 from the operating procedures followed in the H2-2024 to maximize hourly plant throughput.

Bomboré Operating Costs

Q4-2024 vs Q4-2023

AISC per gold oz sold in Q4-2024 was $1,273, a 2% increase from $1,246 per oz sold in Q4-2023. The higher AISC is the result of: (a) lower head grades; (b) greater per oz royalty costs from a 33% increase in the realized gold price ($2,632/oz vs $1,986/oz) coupled with higher royalty rates that took effect in October 2023; and (c) increased mining costs attributable to deeper pits, drill-and-blast associated with harder transition ore, and higher strip ratio. This cost increase was partially offset by a reduction in power costs from the switch to lower-cost grid power in February 2024 (92% grid utilization in Q4-2024) and from a 14% jump in plant throughput resulting in economies for fixed costs.

Cash cost per ore tonne processed in Q4-2024 was $18.44 per tonne, a decrease of 16% from $22.00 per tonne in Q4-2023, as a result of the use of lower-cost grid power and a 14% increase in plant throughput positively impacting unit cost for processing ($7.00/tonne vs $10.84/tonne) and site G&A ($4.07/tonne vs $4.85/tonne), partially offset by a 17% increase in mining costs per ore tonne processed ($7.37/tonne vs $6.31/tonne) attributable to higher strip ratio and unit mining cost.

Mining cost per tonne has increased in Q4-2024 when compared to Q4-2023 ($3.50/tonne vs $3.05/tonne) as lower benches in the pits in the Northern Zone are mined resulting in longer hauls and more transition material that requires some drill-and-blast prior to excavation and greater rehandle prior to feeding into the dump pocket on the ROM pad combined with more grade control drilling for the new Siga pits.

Processing costs per ore tonne decreased in Q4-2024 when compared to Q4-2023 ($7.00/tonne vs $10.84/tonne) mainly from the continuing cost benefit of utilizing grid power which has lowered power cost from $5.57/tonne in Q4-2023 to $2.39/tonne in Q4-2024, a drop of $3.18/tonne. Grid performance remained reliable and steady in Q4-2024 with 92% utilization, consistent with utilization in Q3-2024, and a significant improvement from Q2-2024 when grid utilization was 34% as issues with the supply system in Ghana and Côte D’Ivoire temporarily reduced power export into Burkina Faso.

2024 vs 2023

AISC per gold oz sold in 2024 was $1,447, a 28% increase from $1,127 per oz sold in 2023. The higher AISC is primarily the result of a 16% decline in head grades, higher government royalties from a better realized gold price and higher royalty rates, higher strip ratio and unit cost for mining, and moderate increases in sustaining capital and corporate G&A, partially offset by a reduction in processing costs from the switch to grid power as the primary power source in February 2024.

Bomboré Growth Capital Projects

Grid Power Connection

The powerline to connect Bomboré to Burkina Faso’s national energy grid was successfully energized in February 2024. As of December 31, 2024, the Company has incurred costs of $19.9M, of which $0.2M was incurred in Q4-2024 and $1.6M in 2024. The Company plans to make minor upgrades to the grid connection in 2025 by installing equipment and software that will reduce the quantity of reactive power and hence, surcharges imposed by SONABEL, the state-owned electricity company of Burkina Faso.

RAP Phases II and III

Construction of MV3 and MV2 resettlement sites and the relocation of families to their new homes at these sites were completed in 2024. Construction on the BV2 resettlement site commenced in Q4-2024. Compensation payments to affected residents for loss of land, crops, trees, and private structures were also made in the year.

As of December 31, 2024, the Company has incurred project-to-date costs of $26.5M for RAP Phases II and III, of which $4.3M was incurred in Q4-2024 and $16.0M in 2024.

Phase II Hard Rock Expansion

First gold remains on schedule and costs are trending in line with the most recent control budget. The concentrated scope of this expansion when compared to a greenfield project significantly reduces schedule and budget risks with start-up to benefit from the well-established mining, processing, and maintenance teams already on site.

Construction of stage 1 of Phase II hard rock expansion was officially approved by the Company’s Board in early July 2024. To maintain first gold by Q4-2025, the Company undertook early work activities in H1-2024 which included front-end engineering and design, geotechnical investigations, additional office and camp accommodations, 18MW SAG mill order placement (subsequently cancelled), and bulk earthworks on the new plant layout.

Lycopodium Minerals Canada (“Lycopodium”) was awarded the engineering and procurement contract and was chosen for their successful track record of designing and constructing numerous gold plants in West Africa, including the Company’s oxide plant that is currently in operations and exceeding nameplate design.

Progress and milestones achieved on the expansion in 2024 include:

Engineering and drafting progress stood at 52% and ahead of plan. All bulk quantities, including concrete, structural steel, and platework, remain in line with budget.
Procurement was at 82% of total supply value with all long lead equipment ordered, including a 9MW SAG mill.
Early mobilization of concrete contractor with first concrete pour completed in November, three months ahead of schedule.
Tender of the structural, mechanical, and piping (“SMP”) contract with contract awarded shortly after year-end.

All major site installation contracts (concrete, SMP, electrical and instrumentation, and mill installation) have been awarded to the same contractors that successfully delivered on the Phase I oxide construction.

As of December 31, 2024, the Company has incurred $15.3M in costs for the Phase II hard rock expansion exclusive of the $3.6M spent on early work activities in 2024.

NON-IFRS MEASURES

The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the year ended December 31, 2024 which is incorporated by reference herein.

CONFERENCE CALL AND WEBCAST

The consolidated financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio webcast to discuss its fourth quarter and full year 2024 results on March 20, 2025:

Webcast
Date: Thursday, March 20, 2025
Time: 8:00 am Pacific time (11:00 am Eastern time)
Please register for the webcast here: Orezone 2024 Year-End Results and 2025 Guidance

Conference Call
Toll-free in U.S. and Canada: 1-800-715-9871
International callers: +646-307-1963
Event ID: 9731374

QUALIFIED PERSONS

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

ABOUT OREZONE GOLD CORPORATION

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

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

Patrick Downey
President and Chief Executive Officer

Kevin MacKenzie
Vice President, Corporate Development and Investor Relations

Tel: 1 778 945 8977
info@orezone.com / www.orezone.com

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

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

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain information that constitutes “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur, and include, amongst other statements, the Phase II hard rock expansion will increase annual gold production and is expected to pour first gold in Q4-2025.

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

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

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

The MIL Network –

March 20, 2025

MIL-OSI: FactSet Reports Results for Second Quarter 2025

Source: GlobeNewswire (MIL-OSI)

Q2 GAAP revenues of $570.7 million, up 4.5% from Q2 2024.
Organic Q2 ASV of $2,276.2 million, up 4.1% year over year.
Q2 GAAP operating margin of 32.5%, down approximately 80 bps year over year, and adjusted operating margin of 37.3%, down 100 bps year over year.
Q2 GAAP diluted EPS of $3.76, up 3.0% from the prior year, and adjusted diluted EPS of $4.28, up 1.4% year over year.
Fiscal 2025 guidance updated. Expected organic ASV growth of $100 million to $130 million (approximately 4.4% to 5.8%), GAAP revenues in the range of $2,305 million to $2,325 million, adjusted operating margin in the range of 36% to 37%, and adjusted diluted EPS in the range of $16.80 to $17.40.

NORWALK, Conn., March 20, 2025 (GLOBE NEWSWIRE) — FactSet (“FactSet” or the “Company”) (NYSE:FDS) (NASDAQ:FDS), a global financial digital platform and enterprise solutions provider, today announced results for its second quarter fiscal 2025 ended February 28, 2025.

Second Quarter Fiscal 2025 Highlights

GAAP revenues increased 4.5%, or $24.8 million, to $570.7 million for the second quarter of fiscal 2025 compared with $545.9 million in the prior year period. Organic⁽¹⁾ revenues grew 4.0% year over year to $568.0 million during the second quarter of fiscal 2025. Growth in GAAP and Organic revenues this quarter was driven by wealth and institutional buy-side clients.
Annual Subscription Value (“ASV”) was $2,306.1 million at February 28, 2025, compared with $2,185.6 million at February 29, 2024. Organic ASV was $2,276.2 million at February 28, 2025, up 4.1% or $90.7 million year over year⁽²⁾.
Organic ASV increased $19.6 million over the last three months. Please see the “ASV” section of this press release for details.
GAAP operating margin decreased to 32.5% compared with 33.3% for the prior year period, mainly due to an increase in acquisition-related professional fees and technology-related expenses, partially offset by growth in revenues and a decrease in employee compensation costs. Adjusted operating margin decreased to 37.3% compared with 38.3% in the prior year period, mainly due to higher technology related expenses offset by lapping of the prior year’s lower bonus accrual.
GAAP diluted earnings per share (“EPS”) increased 3.0% to $3.76 compared with $3.65 for the same period in fiscal 2024, primarily due to growth in revenues, partially offset by an increase in acquisition-related professional fees and technology-related expenses. Adjusted diluted EPS increased 1.4% to $4.28 compared with $4.22 in the prior year period, driven by growth in revenues, offset by higher operating expenses and a higher tax rate on an adjusted basis.
Net cash provided by operating activities was $174.0 million for the second quarter of fiscal 2025. Free cash flow increased to $150.2 million for the second quarter of fiscal 2025, compared with $121.9 million for the prior year period, an increase of 23.3%, primarily due to higher net cash provided by operating activities.

GAAP effective tax rate for the second quarter of fiscal 2025 decreased to 15.9% compared with 16.4% for the second quarter of fiscal 2024. The decrease was primarily due to lower U.S. tax on foreign earnings, partially offset by certain discrete items, mainly lower excess tax benefits related to stock-based compensation.

^{(1) References to “organic” figures in this press release exclude the current year impact of acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency.}

^{(2) Beginning in fiscal 2025, FactSet is reporting Organic ASV, rather than Organic ASV plus Professional Services, to focus on the recurring nature of its revenues. This underscores the shift of FactSet’s offerings toward providing more managed services and less project-based services.}

“With increased visibility into the remainder of the fiscal year, we are reaffirming the 5% midpoint of our organic ASV growth guidance and narrowing the range of anticipated top-line outcomes,” said Phil Snow, CEO of FactSet. “The strength of our full-year pipeline and constructive dialogue with our clients position our business positively for growth acceleration in the second half of the year.”

Key Financial Measures*

(Condensed and Unaudited)	Three Months Ended
	February 28,			February 29,
(In thousands, except per share data)		2025			2024		Change
Revenues	$	570,660		$	545,945		4.5	%
Organic revenues	$	567,985		$	545,945		4.0	%
Operating income	$	185,492		$	181,942		2.0	%
Adjusted operating income	$	212,669		$	209,326		1.6	%
Operating margin		32.5	%		33.3	%
Adjusted operating margin		37.3	%		38.3	%
Net income	$	144,860		$	140,940		2.8	%
Adjusted net income	$	164,976		$	163,067		1.2	%
EBITDA	$	224,646		$	216,826		3.6	%
Diluted EPS	$	3.76		$	3.65		3.0	%
Adjusted diluted EPS	$	4.28		$	4.22		1.4	%

^{* See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release.}

“We achieved solid financial performance in the first half of the fiscal year by maintaining our focus on cost discipline and increased efficiency, while continuing to invest in our strategic priorities,” said Helen Shan, FactSet’s CFO. “We are reaffirming our guidance range for adjusted operating margin and adjusted diluted EPS, despite modest dilution from our recent acquisitions.”

Annual Subscription Value (ASV)

ASV at any given point in time represents the forward-looking revenues for the next 12 months from all subscription services currently supplied to clients.

ASV was $2,306.1 million at February 28, 2025, compared with $2,185.6 million at February 29, 2024. Organic ASV was $2,276.2 million at February 28, 2025, up $90.7 million from the prior year, for a growth rate of 4.1%. Organic ASV increased $19.6 million over the last three months.

The buy-side and sell-side organic ASV annual growth rates as of February 28, 2025 were 4.1% and 2.2%, respectively. Buy-side clients, including institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients, accounted for 82% of organic ASV. The remaining organic ASV came from sell-side firms, including broker-dealers, banking and advisory firms, and private equity and venture capital firms. Supplementary tables covering organic buy-side and sell-side ASV growth rates may be found on the last page of this press release.

Segment Revenues and ASV

ASV from the Americas was $1,501.1 million compared with ASV in the prior year period of $1,413.6 million. Organic ASV from the Americas increased 4.4% to $1,474.9 million. Americas revenues for the quarter increased to $369.7 million compared with $352.6 million in the second quarter of last year. The Americas quarterly organic revenues growth rate was 4.0% over the prior year period.

ASV from EMEA was $571.3 million compared with ASV in the prior year period of $556.5 million. Organic ASV from EMEA increased 2.6% to $571.4 million. EMEA revenues were $143.4 million compared with $139.2 million in the second quarter of fiscal 2024. The EMEA quarterly organic revenues growth rate was 3.1% over the prior year period.

ASV from Asia Pacific was $233.7 million compared with ASV in the prior year period of $215.5 million. Organic ASV from Asia Pacific increased 6.8% to $229.9 million. Asia Pacific revenues were $57.6 million compared with $54.1 million in the second quarter of fiscal 2024. The Asia Pacific quarterly organic revenues growth rate was 6.8% over the prior year period.

Operational Highlights – Second Quarter Fiscal 2025

Client count as of February 28, 2025 was 8,645, a net increase of 396 clients in the past three months, mainly due to corporates, which now includes clients from the Irwin acquisition. The count includes clients with ASV of $10,000 and more and does not reflect the LiquidityBook acquisition.
User count was 219,141 as of February 28, 2025, a net increase of 874 users in the past three months, mainly driven by an increase in wealth management users. The user count does not reflect the Irwin and LiquidityBook acquisitions.
Annual ASV retention was greater than 95%. When expressed as a percentage of clients, annual retention was 91%.
Employee headcount was 12,598 as of February 28, 2025, up 2.6% over the last 12 months, with the increase primarily in the sales and technology groups, mainly from the Irwin and LiquidityBook acquisitions. FactSet’s Centers of Excellence account for approximately 67% of the Company’s employees.
A quarterly dividend of $39.5 million, or $1.04 per share, is being paid on March 20, 2025, to holders of record of FactSet’s common stock at the close of business on February 28, 2025.
FactSet acquired LiquidityBook, a provider of cloud-native trading solutions. The acquisition adds technology-forward order management (OMS) and investment book of record (IBOR) capabilities to the FactSet Workstation to seamlessly link adjacent steps in the front office trade workflow and enhance FactSet’s ability to serve the integrated workflow needs of clients across the entire portfolio lifecycle.
FactSet launched Pitch Creator, an AI-powered tool that streamlines pitchbook creation for investment banks. By automating the time-consuming tasks of model analysis and presentation building, FactSet Pitch Creator can reduce hours of manual work into minutes, creating the productivity gains necessary for junior bankers to prioritize high-value, strategic initiatives.
After the quarter end, FactSet acquired LogoIntern, a productivity solution that helps financial services professionals create well formatted logo outputs for presentations faster. This acquisition reinforces FactSet’s commitment to improving junior banker productivity and complements Pitch Creator to bring automation to another time-consuming, manual aspect of a junior banker’s daily workflow.
FactSet appointed Kevin Toomey as Head of Investor Relations. Toomey is replacing Yet He, who was acting as Interim Head of Investor Relations and now will continue in his role as FactSet’s Treasurer and Head of Financial Planning & Analysis.

Share Repurchase Program

FactSet repurchased 136,714 shares of its common stock for $64.4 million at an average price of $470.70 during the second quarter of fiscal 2025 under the Company’s share repurchase program. As of February 28, 2025, $186.9 million remained available for share repurchases under this program.

Annual Business Outlook

FactSet is updating its outlook for fiscal 2025. The following forward-looking statements reflect FactSet’s expectations as of today’s date. Given the risk factors, uncertainties, and assumptions discussed below, actual results may differ materially. FactSet does not intend to update its forward-looking statements prior to its next quarterly results announcement.

Fiscal 2025 Expectations (with reference to most recent previous guidance):

Organic ASV is expected to grow in the range of $100 million to $130 million during fiscal 2025 (narrowing from $90 million to $140 million).
GAAP revenues are expected to be in the range of $2,305 million to $2,325 million (up from $2,285 million to $2,305 million).
GAAP operating margin is expected to be in the range of 32.0% to 33.0% (down from 32.5% to 33.5%).
Adjusted operating margin is expected to be in the range of 36.0% to 37.0% (unchanged).
FactSet’s annual effective tax rate is expected to be in the range of 17% to 18% (unchanged).
GAAP diluted EPS is expected to be in the range of $14.80 to $15.40 (down from $15.10 to $15.70).
Adjusted diluted EPS is expected to be in the range of $16.80 to $17.40 (unchanged).

Adjusted operating margin and adjusted diluted EPS guidance do not include certain effects of any non-recurring benefits or charges that may arise in fiscal 2025. Please see the back of this press release for a reconciliation of GAAP to adjusted metrics.

Conference Call

Second Quarter 2025 Conference Call Details

Please register for the conference call using the above link before the call start time. The conference call platform will register your name and organization and provide dial-in numbers and a unique access pin. The conference call will have a live Q&A session.

A replay will be available on the Company’s investor relations website after 11:00 a.m. Eastern Time on March 20, 2025, through March 20, 2026. The earnings call transcript will be available via FactSet CallStreet.

Forward-looking Statements

This news release contains forward-looking statements based on management’s current expectations, estimates, forecasts and projections about industries in which FactSet operates and the beliefs and assumptions of management. All statements that address expectations, guidance, outlook or projections about the future, including statements about the Company’s strategy for growth, product development, revenues, future financial results, anticipated growth, market position, subscriptions, expected expenditures, trends in FactSet’s business and financial results, are forward-looking statements. Forward-looking statements may be identified by words like “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “intends,” “projects,” “indicates,” “predicts,” “potential,” or “continue,” and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in FactSet’s filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K and quarterly reports on Form 10-Q, as well as others, could cause results to differ materially from those stated. Forward-looking statements speak only as of the date they are made, and FactSet assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

About Non-GAAP Financial Measures

Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted earnings per share and cash provided by operating activities, have been adjusted.

FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Investors may benefit from referring to these adjusted financial measures in assessing the Company’s performance and when planning, forecasting and analyzing future periods, and may also facilitate comparisons to its historical performance. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Organic revenues excludes the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. Adjusted operating income and margin, adjusted net income, and adjusted diluted earnings per share exclude acquisition-related intangible asset amortization and non-recurring items. EBITDA represents earnings before interest expense, provision for income taxes and depreciation and amortization expense, while adjusted EBITDA further excludes non-recurring non-cash expenses. The Company believes that these adjusted financial measures help to fully reflect the underlying economic performance of FactSet.

Cash flows provided by operating activities have been reduced by purchases of property, equipment, leasehold improvements and capitalized internal-use software to report non-GAAP free cash flow. FactSet uses this financial measure both in presenting its results to stockholders and the investment community and in the Company’s internal evaluation and management of the business. Management believes that this financial measure is useful to investors because it is an indication of cash flow that may be available to fund further investments in future growth initiatives.

About FactSet

FactSet (NYSE:FDS | NASDAQ:FDS) helps the financial community to see more, think bigger, and work better. Our digital platform and enterprise solutions deliver financial data, analytics, and open technology to more than 8,600 global clients, including over 219,000 individual users. Clients across the buy-side and sell-side as well as wealth managers, private equity firms, and corporations achieve more every day with our comprehensive and connected content, flexible next-generation workflow solutions, and client-centric specialized support. As a member of the S&P 500, we are committed to sustainable growth and have been recognized amongst the Best Places to Work in 2023 by Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more at www.factset.com and follow us on X and LinkedIn.

FactSet
Investor Relations Contact:
Yet He
+1.212.973.5701
yet.he@factset.com

Media Contact:
Megan Kovach
+1.512.736.2795
megan.kovach@factset.com

Consolidated Statements of Income (Unaudited)
	Three Months Ended						Six Months Ended
	February 28,			February 29,			February 28,			February 29,
(In thousands, except per share data)		2025			2024			2025			2024
Revenues	$	570,660		$	545,945		$	1,139,327		$	1,088,161
Operating expenses
Cost of services		269,604			255,142			528,383			506,763
Selling, general and administrative		115,564			108,861			234,117			210,416
Total operating expenses		385,168			364,003			762,500			717,179

Operating income		185,492			181,942			376,827			370,982

Other income (expense), net
Interest income		273			2,847			2,974			5,859
Interest expense		(13,916	)		(16,599	)		(28,316	)		(33,337	)
Other income (expense), net		471			455			574			337
Total other income (expense), net		(13,172	)		(13,297	)		(24,768	)		(27,141	)

Income before income taxes		172,320			168,645			352,059			343,841

Provision for income taxes		27,460			27,705			57,177			54,346
Net income	$	144,860		$	140,940		$	294,882		$	289,495

Basic earnings per common share	$	3.81		$	3.70		$	7.76		$	7.61
Diluted earnings per common share	$	3.76		$	3.65		$	7.66		$	7.49

Basic weighted average common shares		38,015			38,103			38,010			38,059
Diluted weighted average common shares		38,510			38,650			38,513			38,646

Certain prior year figures have been conformed to the current year’s presentation.

Consolidated Balance Sheets (Unaudited)
(In thousands)	February 28, 2025		August 31, 2024
ASSETS
Cash and cash equivalents	$	278,548	$	422,979
Investments		8,471		69,619
Accounts receivable, net of reserves of $14,998 at February 28, 2025 and $14,581 at August 31, 2024		277,636		228,054
Prepaid taxes		75,931		55,103
Prepaid expenses and other current assets		67,055		60,093
Total current assets		707,641		835,848

Property, equipment and leasehold improvements, net		79,739		82,513
Goodwill		1,245,315		1,011,129
Intangible assets, net		1,935,488		1,844,141
Deferred taxes		53,546		61,337
Lease right-of-use assets, net		118,129		130,494
Other assets		101,584		89,578
TOTAL ASSETS	$	4,241,442	$	4,055,040

LIABILITIES
Accounts payable and accrued expenses	$	131,103	$	178,250
Current debt		—		124,842
Current lease liabilities		32,560		31,073
Accrued compensation		70,846		93,279
Deferred revenues		177,325		159,761
Current taxes payable		30,483		40,391
Dividends payable		39,511		39,470
Total current liabilities		481,828		667,066

Long-term debt		1,472,162		1,241,131
Deferred taxes		14,772		8,452
Deferred revenues, non-current		446		1,344
Taxes payable		46,313		40,452
Long-term lease liabilities		158,419		177,521
Other liabilities		10,585		6,614
TOTAL LIABILITIES	$	2,184,525	$	2,142,580

STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	$	2,056,917	$	1,912,460

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,241,442	$	4,055,040

*Consolidated Statements of Cash Flows (Unaudited)*
	Six Months Ended
	February 28,			February 29,
(In thousands)		2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	294,882		$	289,495
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		74,127			58,650
Amortization of lease right-of-use assets		15,177			15,263
Stock-based compensation expense		30,139			30,962
Deferred income taxes		8,763			5,632
Other, net		3,268			7,034
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable		(46,225	)		(39,468	)
Prepaid expenses and other assets		(3,889	)		(14,690	)
Accounts payable and accrued expenses		(61,915	)		10,377
Accrued compensation		(21,470	)		(40,456	)
Deferred revenues		11,934			22,133
Taxes payable, net of prepaid taxes		(24,810	)		(26,150	)
Lease liabilities, net		(19,654	)		(19,840	)
Net cash provided by operating activities		260,327			298,942

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, equipment, leasehold improvements and capitalized internal-use software		(49,610	)		(38,383	)
Acquisition of businesses, net of cash and cash equivalents acquired		(342,461	)		—
Purchases of investments		(4,208	)		(44,936	)
Proceeds from maturity or sale of investments		58,155			—
Net cash provided by (used in) investing activities		(338,124	)		(83,319	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt		305,000			—
Repayments of debt		(200,000	)		(125,000	)
Dividend payments		(78,817	)		(74,141	)
Proceeds from employee stock plans		60,344			66,544
Repurchases of common stock		(113,142	)		(112,165	)
Deferred acquisition consideration		(4,699	)		—
Other financing activities		(14,228	)		(14,465	)
Net cash provided by (used in) financing activities		(45,542	)		(259,227	)

Effect of exchange rate changes on cash, cash equivalents and restricted cash		(8,048	)		(132	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(131,387	)		(43,736	)
Cash and cash equivalents at beginning of period		422,979			425,444
Cash, cash equivalents and restricted cash at end of period	$	291,592		$	381,708

Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	278,548		$	381,708
Restricted cash included in Prepaid expenses and other current assets		6,522			—
Restricted cash included in Other assets		6,522			—
Total cash, cash equivalents and restricted cash	$	291,592		$	381,708

Certain prior year figures have been conformed to the current year’s presentation.

Reconciliation of U.S. GAAP Results to Adjusted Financial Measures

Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted EPS and cash provided by operating activities, have been adjusted below. FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Adjusted measures may also facilitate comparisons to FactSet’s historical performance.

Organic Revenues

Organic revenues exclude the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. The table below provides a reconciliation of revenues to organic revenues:

(Unaudited)	Three Months Ended
	February 28,			February 29,
(In thousands)		2025			2024	Change
Revenues	$	570,660		$	545,945	4.5	%
Acquisition revenues		(3,793	)		—
Currency impact		1,118			—
Organic revenues	$	567,985		$	545,945	4.0	%

Non-GAAP Financial Measures

The table below provides a reconciliation of operating income, operating margin, net income and diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, adjusted EBITDA and adjusted diluted EPS.

	Three Months Ended
	February 28,			February 29,
(in thousands, except per share data)		2025			2024		% Change
Operating income	$	185,492		$	181,942		2.0	%
Intangible asset amortization		18,137			16,674
Business acquisitions and related costs⁽¹⁾		9,040			—
Restructuring/severance		—			10,710
Adjusted operating income	$	212,669		$	209,326		1.6	%
Operating margin		32.5	%		33.3	%
Adjusted operating margin⁽²⁾		37.3	%		38.3	%
Net income	$	144,860		$	140,940		2.8	%
Intangible asset amortization		13,425			12,579
Business acquisitions and related costs⁽¹⁾		6,691			—
Restructuring/severance		—			8,080
Income tax items		—			1,468
Adjusted net income⁽³⁾	$	164,976		$	163,067		1.2	%
Net income		144,860			140,940		2.8	%
Interest expense		13,916			16,599
Income taxes		27,460			27,705
Depreciation and amortization expense		38,410			31,582
EBITDA	$	224,646		$	216,826		3.6	%
Non-recurring non-cash expenses		—			1,285
Adjusted EBITDA	$	224,646		$	218,111		3.0	%
Diluted EPS	$	3.76		$	3.65		3.0	%
Intangible asset amortization		0.35			0.32
Business acquisitions and related costs⁽¹⁾		0.17			—
Restructuring/severance		—			0.21
Income tax items		—			0.04
Adjusted diluted EPS⁽³⁾	$	4.28		$	4.22		1.4	%
Weighted average common shares (diluted)		38,510			38,650

^{(1)   Primarily related to the acquisition of LiquidityBook.}
^{(2)   Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.}
^{(3)   For purposes of calculating Adjusted net income and Adjusted diluted EPS, all adjustments for the three months ended February 28, 2025 and February 29, 2024 were taxed at an adjusted tax rate of 26.0% and 24.6%, respectively.}

Business Outlook Operating Margin, Net Income and Diluted EPS

(Unaudited)
Figures may not foot due to rounding	Annual Fiscal 2025 Guidance
(In millions, except per share data)	Low end of range			High end of range
Revenues	$	2,305		$	2,325
Operating income	$	761		$	744
Operating margin		33.0	%		32.0	%

Intangible asset amortization		80			81
Other adjustments (net)		12			12
Adjusted operating income	$	853		$	837
Adjusted operating margin (a)		37.0	%		36.0	%

Net income	$	588		$	567
Intangible asset amortization		66			66
Other adjustments (net)		10			10
Discrete tax items		(4	)		(4	)
Adjusted net income	$	660		$	640

Diluted earnings per common share	$	15.40		$	14.80
Intangible asset amortization		1.73			1.73
Other adjustments (net)		0.30			0.30
Discrete tax items		(0.03	)		(0.03	)
Adjusted diluted earnings per common share	$	17.40		$	16.80

^{(a) Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.}

Free Cash Flow

(Unaudited)	Three Months Ended
	February 28,			February 29,
(In thousands)		2025			2024		Change
Net Cash Provided for Operating Activities	$	173,955		$	143,798
Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software		(23,736	)		(21,917	)
Free Cash Flow	$	150,219		$	121,881		23.3	%

Supplementary Schedules of Historical ASV by Client Type

The following table presents the percentages and growth rates of organic ASV by client type, excluding the impact of currency movements, and may be useful to facilitate historical comparisons. Organic ASV excludes acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements.

The numbers below do not include professional services or issuer fees.

	Q2’25	Q1’25	Q4’24	Q3’24	Q2’24	Q1’24	Q4’23	Q3’23
% of ASV from buy-side clients	82.3%	82.1%	82.0%	82.3%	82.0%	82.0%	81.8%	82.1%
% of ASV from sell-side clients	17.7%	17.9%	18.0%	17.7%	18.0%	18.0%	18.2%	17.9%

ASV Growth rate from buy-side clients	4.1%	4.3%	4.9%	5.3%	5.6%	7.2%	6.9%	7.3%
ASV Growth rate from sell-side clients	2.2%	3.5%	3.8%	3.7%	5.5%	7.6%	9.3%	12.3%

The following table presents the calculation of organic ASV.

(In millions)	As of February 28, 2025
As reported ASV	$	2,306.1
Currency impact ^(a)		1.9
Acquisition ASV ^(b)		(31.8	)
Organic ASV	$	2,276.2
Organic ASV annual growth rate		4.1	%

^{(a) The impact from foreign currency movements.}
^{(b) Acquired ASV from acquisitions completed within the last 12 months.}

The MIL Network –

March 20, 2025

MIL-OSI: PropTech Investor Oparo Strengthens its Leadership with Graham Martin joining as CEO

Source: GlobeNewswire (MIL-OSI)

London, March 20, 2025 (GLOBE NEWSWIRE) — In a strategic move to bolster its impact in the UK real estate technology and investment sector, Oparo Group has appointed Graham Martin as Chief Executive Officer. Graham takes over from Babak Gharbi, who will now serve as Non-Executive Chairman, continuing to guide the company’s strategic vision since its inception in 2018.

Graham brings over 30 years of international expertise in restructuring, corporate turnaround, and financial advisory, with notable stints at big four accountants KPMG and PwC. His rich experience in real estate, banking, and investment has involved managing complex transactions and advising on £100bn worth of loan portfolio sales. His leadership will be pivotal in driving the growth and adoption of Oparo Group’s investment capacity through its digital platforms, Oparo REACT (Real Estate Asset Curated Targeting) and Oparo RAM (Remote Asset Management).

“I am thrilled to lead Oparo Group in its mission to transform the real estate and social housing industry through innovative technology”, said Graham Martin. “My aim is to enhance our access to purpose driven capital, our profitability, and digital offerings, whilst, staying true to our social mission which is at the core of our business.”

Babak Gharbi’s transition to Chairman follows his significant contributions helping the team setting industry benchmarks with Oparo’s unwavering commitment to the direct Real Estate investment model and its impact-driven social mission through technology.

“Graham’s deep-rooted knowledge and proven track record in real estate investment and expansion strategies make him the perfect fit to steer Oparo Group into a new era of growth,” said Babak Gharbi. “His expertise will be vital in broadening our market influence and solidifying our position.”

Oparo Group’s innovative approach combines real estate investment with technology innovation, addressing social housing challenges through its Oparo RAM platform that uses IoT for sophisticated asset management. Oparo Social 1, a collaborative project to deliver a lease-based social housing portfolio with a real estate focussed hedge fund. Oparo is currently expanding its capital partnerships to deliver more high quality social housing, backed by long term leases.

The MIL Network –

March 20, 2025
MIL-OSI United Kingdom: Road safety improvements underway in Wednesfield ahead of transformation scheme starting

Source: City of Wolverhampton

The works, expected to be completed around the turn of the month, are underway at Wood End Road roundabout and along Linthouse Lane and will see the introduction of chicanes, improved road signs and road marking to assist in controlling traffic speeds.

It follows 13 recorded injury collisions in the previous 3 years along this section of road.

During construction the chicanes will be temporarily formed using cones and signs to protect the works but also to allow motorists to adjust to the new road layout.

Meanwhile, technical plans are being finalised and a contractor appointed as part of a £3.3million programme to improve the High Street.

The scheme will deliver environmental enhancements to the public realm and markets to encourage increased footfall, linked trips and dwell time to support businesses and boost the local economy.

The designs follow extensive consultation and engagement with the public and traders, with the scheme on track to be delivered by the government’s March 2026 deadline.

City of Wolverhampton Council Cabinet Member for Transport and Green City, Councillor Qaiser Azeem, said: “The next year will be exciting for Wednesfield as we transform the High Street through this major investment.

“As well as bringing vibrancy to the centre it is important that we make linked journeys as safe and enjoyable as possible for residents and visitors.

“The current improvement works at Wood End Road roundabout and along Linthouse Lane will make the area safer for pedestrians and road users.

“We would also urge motorists using these roads to be extra vigilant and pay attention to their speed.”

MIL OSI United Kingdom –

March 20, 2025

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