Category: Europe

  • MIL-OSI Europe: Written question – Status update on chip production – E-002968/2025

    Source: European Parliament

    Question for written answer  E-002968/2025
    to the Commission
    Rule 144
    Moritz Körner (Renew)

    The Communication on the Digital Compass of 9 March 2021 and the proposed 2030 Policy Programme ‘Path to the Digital Decade’ stressed that the Union’s production of cutting-edge and sustainable semiconductors should account for at least 20 % of global production by 2030. The Commission published the proposal for the European Chips Act on 8 February 2022. The total volume of policy-driven investments in support of the EU Chips Act was estimated at over EUR 43 billion until 2030. Public funding to the tune of EUR 11 billion was earmarked for the Chips for Europe Initiative in order to attain a technological leadership position in research, design and manufacturing capacity by 2030, of which EUR 5.3 billion was to come from the Member States. In addition, Member States are expected to allocate around EUR 30 billion, including to Important Projects of Common European Interest (IPCEIs) and large production sites.

    What is the current state of play, notably as regards the amounts and percentages mentioned above?

    Submitted: 17.7.2025

    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Humanitarian aid in Gaza and occupied West Bank and possibility of suspending the EU-Israel Association Agreement – E-002981/2025

    Source: European Parliament

    Question for written answer  E-002981/2025
    to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy
    Rule 144
    Nicola Zingaretti (S&D), Nacho Sánchez Amor (S&D), Lucia Annunziata (S&D), Pina Picierno (S&D), Thomas Bajada (S&D), Pernando Barrena Arza (The Left), Brando Benifei (S&D), Stefano Bonaccini (S&D), Marc Botenga (The Left), Annalisa Corrado (S&D), Elio Di Rupo (S&D), Bruno Gonçalves (S&D), Camilla Laureti (S&D), Giuseppe Lupo (S&D), Yannis Maniatis (S&D), Alessandra Moretti (S&D), Matjaž Nemec (S&D), Rudi Kennes (The Left), Sandro Ruotolo (S&D), Villy Søvndal (Verts/ALE), Cecilia Strada (S&D), Marco Tarquinio (S&D), Marta Temido (S&D), Irene Tinagli (S&D), Raffaele Topo (S&D), Alessandro Zan (S&D), Jaume Asens Llodrà (Verts/ALE), Tineke Strik (Verts/ALE), Mélissa Camara (Verts/ALE), Michael McNamara (Renew), Irena Joveva (Renew)

    The continued failure by EU governments to take a firm stance on the suspension of the EU-Israel Association Agreement is a grave mistake, given the persistent and serious concerns regarding the unacceptable and repeated violations by the Israeli Government, led by Prime Minister Benjamin Netanyahu, of its obligations under Article 2 of the agreement, which establishes respect for human rights as an essential element of the partnership.

    Taking note of the efforts undertaken by the EU Foreign Affairs Council to promote improved humanitarian access both to Gaza and the occupied West bank, could the VP/HR:

    • 1.Clarify how she intends to ensure full transparency – including the sharing of all relevant documentation with the European Parliament – and provide a clear and detailed timeline for the implementation of the fortnightly monitoring mechanism concerning Israel’s compliance with its humanitarian commitments, as discussed during the EU Foreign Affairs Council meeting of the 15 July 2025;
    • 2.Confirm whether she intends, in light of the instability on the ground and the ongoing violence and attacks against the civilian population, to demand the suspension or revision of the EU-Israel Association Agreement at the next meeting of the EU Foreign Affairs Council?

    Submitted: 17.7.2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Profits – E-002963/2025

    Source: European Parliament

    Question for written answer  E-002963/2025
    to the Commission
    Rule 144
    Moritz Körner (Renew)

    In September 2022, speaking in the European Parliament, Commission President von der Leyen announced a legislative proposal against high energy prices, which would affect renewable electricity producers as well as oil and gas companies. She said that the proposal would ‘raise more than 140 billion euros for Member States to cushion the blow directly’ and the money would benefit ‘those who need it most’.

    Can the Commission say how many billions of so-called ‘excessive profits’ have been raised for the Member States to date, broken down by Member State?

    Submitted: 17.7.2025

    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Stability and Growth Pact – E-002967/2025

    Source: European Parliament

    Question for written answer  E-002967/2025
    to the Commission
    Rule 144
    Moritz Körner (Renew)

    With new EU instruments such as NextGenerationEU (NGEU), the European Instrument for Temporary Support towards Unemployment Risk Mitigation in Emergency Situations (SURE) and the planned SAFE programme, the Security Action for Europe, the European Union has been taking on an increasing amount of centralised debt guaranteed by the EU budget.

    • 1.How are the joint liabilities of the EU budget taken into account in the Stability and Growth Pact?
    • 2.How does the Commission ensure that centralised EU borrowing remains compatible with the fiscal requirements of the Stability and Growth Pact and the Maastricht criteria?
    • 3.If a Member State exceeds the Stability and Growth Pact’s annual net deficit limit and national backstop clause as a result of drawing on SAFE loans, would that Member State be excluded from further borrowing under SAFE?

    Submitted: 17.7.2025

    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Single rail booking tool – E-003070/2025

    Source: European Parliament

    Question for written answer  E-003070/2025
    to the Commission
    Rule 144
    Günther Sidl (S&D)

    In the hearing of 4 November 2024, the Commissioner for Sustainable Transport and Tourism, Apostolos Tzitzikostas, announced that a single EU-wide rail booking tool would be developed as early as 2025.

    • 1.Can the envisioned timeline be met, that is to say, will the Commission present such an EU-wide booking tool before the end of 2025?
    • 2.When will rail travellers in Europe be able to access this tool?
    • 3.Will the tool be compatible with the Open Sales and Distribution Model tool currently under development, by means of which the Austrian, German and Swiss national railway companies (ÖBB, DB and SBB respectively) are currently working on harmonisation?[1]

    Submitted: 24.7.2025

    • [1] https://www.derstandard.at/story/3000000243574/eu-startet-neuen-anlauf-fuer-einheitliche-bahntickets-in-europa
    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Pending EU infringement proceedings that the Sicily Region is involved in and the EU sanctions it is shouldering – E-002903/2025

    Source: European Parliament

    Question for written answer  E-002903/2025
    to the Commission
    Rule 144
    Giuseppe Antoci (The Left)

    Article 258 TFEU provides for infringement proceedings against a Member State that does not comply with EU legislation.

    The cost of the financial penalties imposed by the Court of Justice of the European Union is indirectly borne by citizens and territories, effectively restricting their rights.

    Italy is among the Member States with the highest number of open infringement proceedings, a number of which specifically involve the Sicily Region and come with hefty financial sanctions.

    However, neither the Sicily Region’s official website[1] nor that of the competent Italian ministry provide a comprehensive and transparent list of the pending EU infringements and sanctions involving Sicily.

    The principle of transparency and the citizens’ right to information are laid down in the Treaty on European Union (TEU)[2], which provides for the active involvement of civil society in monitoring the implementation of EU law.

    Information on infringements and sanctions is crucial in enabling citizens to pressure regional and national institutions to take the measures needed to comply with EU law in a timely manner.

    In the light of the above:

    • 1.Could the Commission reveal all the pending infringement proceedings which the Sicily Region is party to, all the sanctions that have already been applied to Italy as well as their total value, which represents a burden for the region?
    • 2.How does the Commission assess the current level of transparency and information provided to citizens about EU infringements and their related sanctions? Does it think that it could take action in order to ensure that this information is shared in a transparent manner?

    Submitted: 15.7.2025

    • [1] https://pti.regione.sicilia.it/portal/page/portal/PIR_PORTALE/PIR_LaStrutturaRegionale/PIR_AssEnergia/PIR_Dipartimentodellacquaedeirifiuti/PIR_Areetematiche/PIR_Altricontenuti/PIR_Procedurediinfrazione.
    • [2] Articles 10 and 11 TEU.
    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Extension and financing of the Euratom programme 2021-2027 – E-003019/2025

    Source: European Parliament

    Question for written answer  E-003019/2025
    to the Commission
    Rule 144
    Georg Mayer (PfE), Harald Vilimsky (PfE)

    The ongoing discussions about a possible extension of or increase in funding for the Euratom programme beyond 2027, the Austrian people’s longstanding clear opposition to nuclear power and the country’s constitutionally enshrined phasing out of nuclear energy raise the following questions.

    • 1.To what extent has the initial funding of EUR 1.38 billion changed in recent years, for instance by way of reallocation, additional resources or cuts to budgets for other EU priorities?
    • 2.How can the Commission ensure that Austria, as a Member State with a clear anti-nuclear stance, does not have to co-finance against its will projects that run counter to the basic tenets of its own energy policy and national bans?
    • 3.Why were separate categories not created for the public consultation to properly reflect opposition to nuclear power’s role in the energy mix by individual Member States and their populations?

    Submitted: 21.7.2025

    Last updated: 30 July 2025

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: President Lai meets delegation from US National Endowment for Democracy

    Source: Republic of China Taiwan

    Details
    2025-07-24
    President Lai meets Somaliland Foreign Minister Abdirahman Dahir Adam  
    On the morning of July 24, President Lai Ching-te met with a delegation led by Republic of Somaliland Minister of Foreign Affairs and International Cooperation Abdirahman Dahir Adam. In remarks, President Lai thanked the Somaliland government for its longstanding, staunch support for Taiwan-Somaliland relations. The president mentioned that this year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices and that our exchanges in various areas have yielded significant results. He expressed hope for continuing to deepen our partnership, advancing our bilateral friendship and fruitful cooperation. A translation of President Lai’s remarks follows: I warmly welcome all of our guests to Taiwan. This is the first visit to Taiwan for Minister Adam, Minister Khadir Hussein Abdi, and Admiral Ahmed Hurre Hariye. I thank you for your high regard and support for Taiwan. I also very much appreciate that Lead Advisor Mohamed Omar Hagi Mohamoud, who served as representative of Somaliland to Taiwan during the past five years, continues deepening Taiwan-Somaliland ties in his new role. Somaliland is renowned as a beacon of democracy in the Horn of Africa. I want to once again congratulate Somaliland on successfully holding presidential and political party elections last November, which garnered praise from the international community. At that time, I appointed Deputy Minister of Foreign Affairs François Chihchung Wu (吳志中) to serve as special envoy and lead a delegation to attend the inauguration of President Abdirahman Mohamed Abdullahi, demonstrating that Taiwan would work closely with Somaliland’s new government to write a new chapter in our friendship. Recently, authoritarian regimes have continued to apply new forms of coercion as they intensify suppression of Taiwan’s and Somaliland’s international participation. In response, our two sides must continue to deepen our partnership and demonstrate the resilience of democratic alliances, as well as our staunch commitment to defending our values.  This year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices. Through our joint efforts, we have continued to expand exchanges in various areas, yielding significant results. This afternoon, we will also sign an agreement on coast guard cooperation, launching bilateral cooperation in maritime affairs. Regarding President Abdullahi’s focus on maritime security, the blue economy, and other policy objectives, we can strengthen our bilateral partnership moving forward. In addition, we also hope to work together with like-minded countries such as the United States, and through trilateral or multilateral cooperation platforms, realize the strategic goal of a non-red Somaliland coastline. I want to thank the Somaliland government once more for its longstanding, staunch support for Taiwan-Somaliland relations. I look forward to working with all of you to continue to advance our bilateral friendship and fruitful cooperation. In closing, I once again welcome Minister Adam and the delegation. I have every confidence that, in addition to advancing bilateral cooperation, this trip will allow you to experience Taiwan’s natural beauty and diverse culture. Minister Adam then delivered remarks, thanking the government and people of Taiwan for the warm hospitality they have received since their arrival. He stated that Taiwan is a peaceful nation and that it shares with Somaliland the value of democracy. He stated that we also share the goal of obtaining recognition, so he is glad that the Taiwan-Somaliland relationship is growing by the day. Minister Adam pointed out that there is much pressure that we are both facing in our relationship, but he reassured President Lai that no amount of pressure can change Somaliland’s strong ties with Taiwan. He also thanked the Taiwan government for the help it has proffered to Somaliland, adding that our relationship will only get better. Minister Adam said that Taiwan and Somaliland can cooperate in many areas and that there is more opportunity in Somaliland than any other country, adding that Somaliland is open for investment from Taiwan. Noting that our countries can also collaborate in other areas such as education and maritime security, the minister said that he is glad they will be signing a cooperative agreement in maritime security with Taiwan. He then said he is looking forward to a better relationship in the future. The delegation was accompanied to the Presidential Office by Somaliland Representative to Taiwan Mahmoud Adam Jama Galaal.  

    Details
    2025-07-22
    President Lai meets cross-party Irish Oireachtas delegation
    On the morning of July 22, President Lai Ching-te met with a cross-party delegation from the Oireachtas (parliament) of Ireland. In remarks, President Lai stated that Taiwan and Ireland are both guardians of the values of freedom and democracy. He indicated that Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community, saying that we look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. A translation of President Lai’s remarks follows: Deputy Speaker John McGuinness is a dear friend of Taiwan who also chairs the Ireland-Taiwan Parliamentary Friendship Association. Thanks to his efforts over the years, support for Taiwan has grown stronger in the Oireachtas. I thank him and all of our guests for traveling such a long way to demonstrate support for Taiwan and open more doors for exchanges and cooperation. Europe is Taiwan’s third largest trading partner and largest source of foreign investment. Ireland is a European stronghold for technology and innovative industries. Just like Taiwan, Ireland is an export-oriented economy. Our industrial structures are highly complementary. We hope that Taiwan’s electronics manufacturing and machinery industries can explore deeper cooperation with Ireland’s ICT software and biopharmaceutical fields, creating win-win outcomes. In May, the Irish government launched its National Semiconductor Strategy, outlining a vision to become a global semiconductor hub. Taiwan is home to the world’s most critical semiconductor ecosystem, and our own industrial development closely parallels that of Ireland. Moreover, we aspire to build non-red technological supply chains with democratic partners. I believe that going forward, Taiwan and Ireland can bolster collaboration so as to upgrade the competitiveness of our respective semiconductor industries. Together, we can help build a values-based economic system for democracies. I was delighted to receive congratulations from Deputy Speaker McGuinness on my election. Taiwan and Ireland are both guardians of the values of freedom and democracy. This visit from our guests further attests to our common beliefs. As authoritarianism continues to expand, Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community. We look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. Deputy Speaker McGuinness then delivered remarks, stating that he has been to Taiwan on many occasions and that it is a great honor to join President Lai and his staff at the Presidential Office. He said that Ireland has continued to build its strong relationship with Taiwan based on our democratic values and the interests that we have in trade throughout the world, strengthening this relationship based on culture, education, and more. Noting that he served with many other diplomats from Taiwan, he said all had the same goal, which was to further the interests of the Ireland-Taiwan friendship and to ensure that it grows and prospers. The deputy speaker then extended to President Lai the delegation’s best wishes for his term in office, stating that they commit to the same values as the previous friendship groups that have been visiting Taiwan. He went on to say that some members of the group are newly elected, representing the next generation of the association, and that they are committed to working together with Taiwan to stand strong in the defense of democracy. Deputy Speaker McGuinness also noted that the father of Deputy Ken O’Flynn, one of the delegation members, played an important role as a former chairman of the association, remarking that it is good to see such continuity taking place. Deputy Speaker McGuiness said that he believes the world is facing huge challenges and uncertainty in terms of our markets and trade with one another. He said we have to watch for what the United States will do next and be conscious of what China is doing, emphasizing that the European Union stands strong in the center of this, while Ireland plays a huge role in the context of democracy, trade, and the betterment of all things for the citizens that they represent. The deputy speaker then stated that while we focus on the development of AI that is extremely important for all of us, we can work together to ensure that we control AI rather than AI controlling us. He also remarked that we cannot lose sight of our traditional trading means, saying that we have to keep all of our trade together, expand on that trade, and then take on the new technologies that come before us. Deputy Speaker McGuinness concluded his remarks by thanking President Lai for receiving the delegation, stating that they commit to their continuation of support for Taiwan and for democracy. Also in attendance were Deputies Malcolm Byrne and Barry Ward, and Senator Teresa Costello.

    Details
    2025-07-22
    President Lai meets official delegation from European Parliament’s Special Committee on the European Democracy Shield
    On the morning of July 22, President Lai Ching-te met with an official delegation from the European Parliament’s Special Committee on the European Democracy Shield (EUDS). In remarks, President Lai thanked the committee for choosing to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe. President Lai emphasized that Taiwan, standing at the very frontline of the democratic world, is determined to protect democracy, peace, and prosperity worldwide. He expressed hope that we can share our experiences with Europe to foster even more resilient societies. A translation of President Lai’s remarks follows: Firstly, on behalf of the people of Taiwan, I extend a warm welcome to your delegation, which marks another official visit from the European Parliament. The Special Committee on the EUDS aims to strengthen societal resilience and counter disinformation and hybrid threats. Having been constituted at the beginning of this year, the committee has chosen to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe and the unlimited possibilities for deepening cooperation on issues of concern. I am also delighted to see many old friends of Taiwan gathered here today. I deeply appreciate your longstanding support for Taiwan. Taiwan and the European Union enjoy close trade and economic relations and share the values of freedom and democracy. However, in recent years, we have both been subjected to information manipulation and infiltration by foreign forces that seek to interfere in democratic elections, foment division in our societies, and shake people’s faith in democracy. Taiwan not only faces an onslaught of disinformation, but also is the target of gray-zone aggression. That is why, after taking office, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office, with myself as convener. The committee is a platform that integrates domestic affairs, national defense, foreign affairs, cybersecurity, and civil resources. It aims to strengthen the capability of Taiwan’s society to defend itself against new forms of threat, pinpoint external and internal vulnerabilities, and bolster overall resilience and security. The efforts that democracies make are not for opposing anyone else; they are for safeguarding the way of life that we cherish – just as Europe has endeavored to promote diversity and human rights. The Taiwanese people firmly believe that when our society is united and people trust one another, we will be able to withstand any form of authoritarian aggression. Taiwan stands at the very frontline of the democratic world. We are determined to protect democracy, peace, and prosperity worldwide. We also hope to share our experiences with Europe and deepen cooperation in such fields as cybersecurity, media literacy, and societal resilience. Thank you once again for visiting Taiwan. Your presence further strengthens the foundations of Taiwan-Europe relations. Let us continue to work together to uphold freedom and democracy and foster even more resilient societies. EUDS Special Committee Chair Nathalie Loiseau then delivered remarks, saying that the delegation has members from different countries, including France, Germany, the Czech Republic, Poland, and Belgium, and different political parties, but that they have in common their desire for stronger relations between the EU and Taiwan. Committee Chair Loiseau stated that the EU and Taiwan, having many things in common, should work more together. She noted that we have strong trade relations, strong investments on both sides, and strong cultural relations, while we are also facing very similar challenges and threats. She said that we are democracies living in a world where autocracies want to weaken and divide democracies. She added that we also face external information manipulation, cyberattacks, sabotage, attempts to capture elites, and every single gray-zone activity that aims to divide and weaken us. Committee Chair Loiseau pointed out another commonality, that we have never threatened our neighbors. She said that we want to live in peace and we care about our people; we want to defend ourselves, not to attack others. We are not being threatened because of what we do, she emphasized, but because of what we are; and thus there is no reason for not working more together to face these threats and attacks. Committee Chair Loiseau said that Taiwan has valuable experience and good practices in the area of societal resilience, and that they are interested in learning more about Taiwan’s whole-of-society approach. They in Europe are facing interference, she said, mainly from Russia, and they know that Russia inspires others. She added that they in the EU also have experience regulating social media in a way which combines freedom of expression and responsibility. In closing, the chair said that they are happy to have the opportunity to exchange views with President Lai and that the European Parliament will continue to strongly support relations between the EU and Taiwan. The delegation also included Members of the European Parliament Engin Eroglu, Tomáš Zdechovský, Michał Wawrykiewicz, Kathleen Van Brempt, and Markéta Gregorová.

    Details
    2025-07-17
    President Lai meets President of Guatemalan Congress Nery Abilio Ramos y Ramos  
    On the morning of July 17, President Lai Ching-te met with a delegation led by Nery Abilio Ramos y Ramos, the president of the Congress of the Republic of Guatemala. In remarks, President Lai thanked Congress President Ramos and the Guatemalan Congress for their support for Taiwan, and noted that official diplomatic relations between Taiwan and Guatemala go back more than 90 years. As important partners in the global democratic community, the president said, the two nations will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. A translation of President Lai’s remarks follows:  I recall that when Congress President Ramos visited Taiwan in July last year, he put forward many ideas about how our countries could promote bilateral cooperation and exchanges. Now, a year later, he is leading another cross-party delegation from the Guatemalan Congress on a visit, demonstrating support for Taiwan and continuing to help deepen our diplomatic ties. In addition to extending a sincere welcome to the distinguished delegation members who have traveled so far to be here, I would also like to express our concern and condolences for everyone in Guatemala affected by the earthquake that struck earlier this month. We hope that the recovery effort is going smoothly. Official diplomatic relations between Taiwan and Guatemala go back more than 90 years. In such fields as healthcare, agriculture, education, and women’s empowerment, we have continually strengthened our cooperation to benefit our peoples. Just last month, Guatemala’s President Bernardo Arévalo and the First Lady led a delegation on a state visit to Taiwan. President Arévalo and I signed a letter of intent for semiconductor cooperation, and also witnessed the signing of cooperation documents to establish a political consultation mechanism and continue to promote bilateral investment. This has laid an even sounder foundation for bilateral exchanges and cooperation, and will help enhance both countries’ international competitiveness. Taiwan is currently running a semiconductor vocational training program, helping Guatemala cultivate semiconductor talent and develop its tech industry, and demonstrating our determination to share experience with democratic partners. At the same time, we continue to assist Taiwanese businesses in their efforts to develop overseas markets with Guatemala as an important base, spurring industrial development in both countries and increasing economic and trade benefits. I want to thank Congress President Ramos and the Guatemalan Congress for their continued support for Taiwan’s international participation. Representing the Guatemalan Congress, Congress President Ramos has signed resolutions in support of Taiwan, and has also issued statements addressing China’s misinterpretation of United Nations General Assembly Resolution 2758. Taiwan and Guatemala, as important partners in the global democratic community, will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. Congress President Ramos then delivered remarks, first noting that the members of the delegation are not only from different parties, but also represent different classes, cultures, professions, and departments, which shows that the diplomatic ties between Guatemala and the Republic of China (Taiwan) are based on firm friendships at all levels and in all fields. Noting that this was his second time to visit Taiwan and meet with President Lai, Congress President Ramos thanked the government of Taiwan for its warm hospitality. With the international situation growing more complex by the day, he said, Guatemala highly values its longstanding friendship and cooperative ties with Taiwan, and hopes that both sides can continue to deepen their cooperation in such areas as the economy, technology, education, agriculture, and culture, and work together to spur sustainable development in each of our countries. Congress President Ramos said that the way the Taiwan government looks after the well-being of its people is an excellent model for how other countries should promote national development and social well-being. Accordingly, he said, the Guatemalan Congress has stood for justice and, for a second time, adopted a resolution backing Taiwan’s participation in the World Health Assembly. Regarding President Arévalo’s state visit to Taiwan the previous month, Congress President Ramos commented that this high-level interaction has undoubtedly strengthened the diplomatic ties between Taiwan and Guatemala and led to more opportunities for cooperation. Congress President Ramos emphasized that democracy, freedom, and human rights are universal values that bind Taiwan and Guatemala together, and that he is confident the two countries’ diplomatic ties will continue to grow deeper. In closing, on behalf of the Republic of Guatemala, Congress President Ramos presented President Lai with a Chinese translation of the resolution that the Guatemalan Congress proposed to the UN in support of Taiwan’s participation in international organizations, demonstrating the staunch bonds of friendship between the two countries. The delegation was accompanied to the Presidential Office by Guatemala Ambassador Luis Raúl Estévez López.  

    Details
    2025-07-08
    President Lai meets delegation led by Foreign Minister Jean-Victor Harvel Jean-Baptiste of Republic of Haiti
    On the morning of July 8, President Lai Ching-te met with a delegation led by Minister of Foreign Affairs Jean-Victor Harvel Jean-Baptiste of the Republic of Haiti and his wife. In remarks, President Lai noted that our two countries will soon mark the 70th anniversary of diplomatic relations and that our exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. The president stated that Taiwan will continue to work together with Haiti to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. The president thanked Haiti for supporting Taiwan’s international participation and expressed hope that both countries will continue to support each other, deepen cooperation, and face various challenges together. A translation of President Lai’s remarks follows: I am delighted to meet and exchange ideas with Minister Jean-Baptiste, his wife, and our distinguished guests. Minister Jean-Baptiste is the highest-ranking official from Haiti to visit Taiwan since former President Jovenel Moïse visited in 2018, demonstrating the importance that the Haitian government attaches to our bilateral diplomatic ties. On behalf of the Republic of China (Taiwan), I extend a sincere welcome. Next year marks the 70th anniversary of the establishment of diplomatic ties between our two countries. Our bilateral exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. Over the past few years, Haiti has faced challenges in such areas as food supply and healthcare. Taiwan will continue to work together with Haiti through various cooperative programs to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. I want to thank the government of Haiti and Minister Jean-Baptiste for speaking out in support of Taiwan on the international stage for many years. Minister Jean-Baptiste’s personal letter to the World Health Organization Secretariat in May this year and Minister of Public Health and Population Bertrand Sinal’s public statement during the World Health Assembly both affirmed Taiwan’s efforts and contributions to global public health and supported Taiwan’s international participation, for which we are very grateful. I hope that Taiwan and Haiti will continue to support each other and deepen cooperation. I believe that Minister Jean-Baptiste’s visit will open up more opportunities for cooperation for both countries, helping Taiwan and Haiti face various challenges together. In closing, I once again offer a sincere welcome to the delegation led by Minister Jean-Baptiste, and ask him to convey greetings from Taiwan to Prime Minister Alix Didier Fils-Aimé and the members of the Transitional Presidential Council. Minister Jean-Baptiste then delivered remarks, saying that he is extremely honored to visit Taiwan and reaffirm the solid and friendly cooperative relationship based on mutual respect between the Republic of Haiti and the Republic of China (Taiwan), which will soon mark its 70th anniversary. He also brought greetings to President Lai from Haiti’s Transitional Presidential Council and Prime Minister Fils-Aimé. Minister Jean-Baptiste emphasized that over the past few decades, despite the great geographical distance and developmental and cultural differences between our two countries, we have nevertheless established a firm friendship and demonstrated to the world the progress resulting from the mutual assistance and cooperation between our peoples. Minister Jean-Baptiste pointed out that our two countries cooperate closely in agriculture, health, education, and community development and have achieved concrete results. Taiwan’s voice, he said, is thus essential for the people of Haiti. He noted that Taiwan also plays an important role in peace and innovation and actively participates in global cooperative efforts. Pointing out that the world is currently facing significant challenges and that Haiti is experiencing its most difficult period in history, Minister Jean-Baptiste said that at this time, Taiwan and Haiti need to unite, help each other, and jointly think about how to move forward and deepen bilateral relations to benefit the peoples of both countries. Minister Jean-Baptiste said that he is pleased that throughout our solid and friendly diplomatic relationship, both countries have demonstrated mutual trust, mutual respect, and the values we jointly defend. He then stated his belief that Haiti and Taiwan will together create a cooperation model and future that are sincere, friendly, and sustainable. The delegation was accompanied to the Presidential Office by Chargé d’Affaires a.i. Francilien Victorin of the Embassy of the Republic of Haiti in Taiwan.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News

  • MIL-OSI Security: International Fugitive Apprehended in the Madison County Area for Immigration Violations

    Source: US FBI

    FBI Birmingham Works with State, Local, and Federal Partners to Detain Illegal International Fugitive in Northern Alabama

    On July 25, 2025, FBI Birmingham, in collaboration with the FBI Legat Rome, ALEA, HSI, and local law enforcement partners, apprehended an international fugitive wanted for sexual abuse of a minor in Italy. During an authorized search of the subject’s residence in Madison, Alabama, multiple fraudulent identifications were also discovered. “The FBI is fully committed to crushing violent crime and we appreciate the remarkable work and strong partnerships in removing the worst of the worst from our communities,” said David R. Fitzgibbons, special agent in charge of the Birmingham Division. This operation is part of Summer Heat, the FBI’s nationwide initiative targeting violent crime during the summer months. As part of this effort, the FBI has launched a multi-pronged offensive to crush violent crime. By surging resources alongside state and local partners, executing federal warrant on violent criminals and fugitives, and dismantling violent gangs nationwide, we are aggressively restoring safety in our communities across the country.

    The Italian male is now being detained pending removal from the United States.

    MIL Security OSI

  • MIL-OSI NGOs: UK has ‘become a hunting ground for authoritarian regimes’

    Source: Amnesty International –

    Amnesty International UK has welcomed today’s damning report by the Joint Committee on Human Rights (JCHR), which finds that foreign states are operating with impunity to harass, threaten and intimidate individuals on UK soil, with the Government failing to provide adequate protection or response.

    The report, Transnational Repression in the UK, warns that hostile governments, including China, Iran and Russia, are using tactics such as surveillance, harassment, and abuse of legal systems to silence critics, human rights defenders and diaspora communities across the UK. It also highlights severe gaps in the UK’s response, including the absence of a clear legal definition, a lack of data collection, and no dedicated reporting mechanisms for victims.

    The findings reinforce Amnesty’s own research, published last year, which exposed the deep fear experienced by Chinese and Hong Kong students in the UK as a result of Beijing’s efforts to extend its repressive reach abroad. Amnesty documented how students live in constant fear of surveillance, reprisals against family members, and threats from Chinese authorities with many feeling unable to speak freely or engage in activism, even while on UK university campuses.

    Read the report: Chinese and Hong Kong students in the UK live in fear of the long arm of the Chinese government

    Responding to today’s JCHR report, Kerry Moscogiuri, Campaigns Director at Amnesty International UK, said:

    “This report should be a wake-up call. The UK has become a hunting ground for authoritarian regimes targeting dissidents, journalists, and exiles. It’s appalling that those who sought refuge here are met with fear, harassment and intimidation from foreign powers, with woefully inadequate protection and little coordinated response.

    “Amnesty International has repeatedly documented the Chinese government’s transnational repression, including the surveillance and intimidation of students and activists here in the UK. That includes the alarming escalation in threats against the Hong Kong community, with bounties placed on the heads of UK-based pro-democracy activists. Since our report last year, the Government has failed to take adequate action to address this threat.

    “The powerful JCHR report rightly exposes major gaps: the lack of a clear definition of transnational repression, no dedicated reporting mechanism, patchy police response, and a failure to collect even basic data on the scale of the threat. Crucially, it sets a 12-month timeline for government action to put protective systems in place for those most at risk.

    “The Government must now act on these recommendations, not just in principle, but in practice. Protections must be real, visible, and trusted by those they’re meant to serve. Civil society and affected communities need to see that the UK is not just listening, but standing up to repression in all its forms.

    “The UK must act now: work with affected activists and communities to define transnational repression, track it, and confront it, before silence becomes the new norm.”

    Amnesty International UK is urging the Government to immediately adopt the JCHR’s recommendations and establish a clear, cross-departmental strategy to identify, deter and respond to transnational repression including visible protections for those most at risk, and regular engagement with civil society organisations and affected communities.

     

    ENDS

    MIL OSI NGO

  • MIL-OSI USA News: Adjusting Imports of Copper into the United States

    Source: US Whitehouse

    class=”has-text-align-center”> BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
     
    A PROCLAMATION

    1.  On June 30, 2025, the Secretary of Commerce (Secretary) transmitted to me a report on his investigation into the effects of imports of copper in all forms (copper), including copper ores, copper concentrates, refined copper, copper alloys, scrap copper, and derivative products, on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended, 19 U.S.C. 1862 (section 232).  Based on the facts considered in that investigation, the Secretary found and advised me of his opinion that copper is being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.

    2.  The Secretary found that the present quantities of copper imports and the circumstances of global excess capacity for producing copper are weakening our economy, resulting in the persistent threat of further closures of domestic copper production facilities and the shrinking of our ability to meet national security production requirements.  Because of these risks, and taking into account the close relation of the economic welfare of the Nation to our national security and other relevant factors, see 19 U.S.C. 1862(d), the Secretary found that the present quantities and circumstances of copper imports threaten to impair the national security as provided in section 232.

    3.  In reaching this conclusion, the Secretary found that copper is essential to the manufacturing foundation on which United States national and economic security depend.  Copper is the second most widely used material by the Department of Defense and is a necessary input in a range of defense systems, including aircraft, ground vehicles, ships, submarines, missiles, and ammunition.  Copper also plays a central role in the broader United States industrial base.  The metal’s exceptional electrical conductivity and durability also make it indispensable to critical infrastructure sectors that support the American economy, national security, and public health.  Alternatives to copper are insufficient substitutes for these vital industries and products in many circumstances.

    4.  The Secretary found that the United States was a world leader across the value chain of copper production (mining, refining, semi-finished goods, and finished goods containing copper) for most of the 20th century.  But despite copper being a crucial material in manufacturing and for the national and economic security of the United States, United States copper production has plummeted.  Today, a single foreign country dominates global copper smelting and refining, controlling over 50 percent of global smelting capacity and holding four of the top five largest refining facilities.

    5.  The Secretary found that unfair trade practices abroad, exacerbated by overly burdensome environmental regulations at home, have hollowed out United States copper refining and smelting, caused the United States to be overly reliant on foreign copper imports, and prevent a path forward without strong corrective action.  Foreign competitors leverage state subsidies and overproduction to flood international markets with artificially low-priced copper products, driving United States producers out of business.  The United States is now dangerously dependent on foreign imports of semi-finished copper, intensive copper derivative products, and copper-containing products, and imbalances in the global markets make domestic investment increasingly unviable.

    6.  The Secretary found that United States dependency on foreign sources of copper is a national security vulnerability that could be exploited by foreign countries, weakens United States industrial resilience, exposes the American people to supply chain disruptions, economic instability, and strategic vulnerabilities, and jeopardizes the United States defense industrial base. 

    7.  In light of these findings, the Secretary recommended a range of actions to adjust the imports of copper so that such imports will not threaten to impair the national security.  For example, the Secretary recommended an immediate universal 30 percent import duty on semi-finished copper products and intensive copper derivative products.  The Secretary also recommended a phased universal tariff on refined copper of 15 percent starting in 2027 and 30 percent starting in 2028.  The Secretary further recommended a domestic sales requirement for copper input materials starting at 25 percent in 2027, a domestic sales requirement of 25 percent for high-quality copper scrap, and export controls for high-quality copper scrap. 

    8.  After considering the Secretary’s report, the factors in section 232(d), 19 U.S.C. 1862(d), and other relevant factors, among other things, I concur with the Secretary’s finding that copper is being imported into the United States in quantities and under circumstances that threaten to impair the national security of the United States.  In my judgment, and in light of the Secretary’s report, the factors in section 232(d), 19 U.S.C. 1862(d), and other relevant factors, among other things, I also determine that it is necessary and appropriate to impose tariffs, as described below, to adjust imports of copper and its derivatives so that such imports will not threaten to impair the national security of the United States.

    9.  To ensure that the tariffs on copper in this proclamation are not circumvented and that the purpose of this action to address the threat to impair the national security of the United States posed by imports of copper is not undermined, I also deem it necessary and appropriate to set up a process to identify and impose tariffs on certain derivatives of copper, as further described below.

    10.  In my judgment, the action in this proclamation will, among other things, help increase domestic production of semi-finished copper products and intensive copper derivative products, thereby reducing our Nation’s reliance on foreign sources.  It will ensure that domestic fabricators are able to supply sufficient quantities of copper products essential for infrastructure, defense systems, and advanced manufacturing.  This action will also promote investment, employment, and innovation in the domestic copper fabrication sector, strengthen supply chains, enhance industrial resilience, and generate meaningful economic benefits.  This action will adjust the imports of semi-finished copper products, intensive copper derivative products, and certain other copper derivatives and is necessary and appropriate to address the threat to impair the national security of the United States posed by imports of such articles.

    11.  Section 232 authorizes the President to adjust the imports of an article and its derivatives that are being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security so that such imports will not threaten to impair the national security. 

    12.  Section 604 of the Trade Act of 1974, as amended, 19 U.S.C. 2483, authorizes the President to embody in the Harmonized Tariff Schedule of the United States (HTSUS) the substance of statutes affecting import treatment, and actions thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.

    13.  Consistent with the General Terms for the United States of America and the United Kingdom of Great Britain and Northern Ireland Economic Prosperity Deal (May 8, 2025), the United States intends to coordinate with the United Kingdom to adopt a structured, negotiated approach to addressing the national security threat in the copper sector.

    NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States of America, including section 232; the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.); section 101 of the Defense Production Act of 1950 (DPA), as amended, 50 U.S.C. 4511; section 301 of title 3, United States Code; and section 604 of the Trade Act of 1974, as amended, 19 U.S.C. 2483, do hereby proclaim as follows:
    (1)  Except as otherwise provided in this proclamation, all imports of semi-finished copper products and intensive copper derivative products, as set forth in the Annex to this proclamation, shall be subject to a 50 percent tariff.  This tariff shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 1, 2025, and shall continue in effect, unless such action is expressly reduced, modified, or terminated.  This tariff is in addition to any other duties, fees, exactions, and charges applicable to such imported semi-finished copper products and intensive copper derivative products, unless stated otherwise below.
    (2)  The Secretary, in consultation with the United States International Trade Commission and U.S. Customs and Border Protection (CBP), shall determine whether any modifications to the HTSUS are necessary to effectuate this proclamation and shall make such modifications through notice in the Federal Register if needed.
    (3)  Within 90 days after the date of this proclamation, the Secretary shall establish a process for including additional derivative copper articles within the scope of the duties of this proclamation, consistent with the processes established pursuant to Proclamation 10895 of February 10, 2025 (Adjusting Imports of Aluminum Into the United States) and Proclamation 10896 of February 10, 2025 (Adjusting Imports of Steel Into the United States).
    (4)  The non-copper content of all copper articles subject to this proclamation shall be subject to tariffs pursuant to Executive Order 14257 of April 2, 2025 (Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits), and any other applicable duties, including those imposed by Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), as amended, Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), as amended, and Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), as amended.  The additional duties described in clauses 1 through 3 of this proclamation shall apply only to the copper content of articles subject to this proclamation.  CBP shall issue authoritative guidance mandating strict compliance with declaration requirements for copper content in imported articles and outlining maximum penalties for noncompliance, including that importers who submit underreported declarations may be subject to severe consequences, such as significant monetary penalties, loss of import privileges, and criminal liability, consistent with United States law.
    (5)  If any product is subject to tariffs under both this proclamation and Proclamation 10908 of March 26, 2025 (Adjusting Imports of Automobiles and Automobile Parts Into the United States), as amended, the product shall be subject to the duties imposed pursuant to Proclamation 10908, as amended, and not those imposed pursuant to this proclamation.
    (6)  Any product described in clause 1 of this proclamation, except those eligible for admission as “domestic status” as described in 19 CFR 146.43, that is subject to a duty imposed by this proclamation and that is admitted into a United States foreign trade zone on or after the effective date of this proclamation must be admitted as “privileged foreign” status as described in 19 CFR 146.41, and will be subject upon entry for consumption to any ad valorem rates of duty related to the classification under the applicable HTSUS subheading. 
    (7)  The Secretary shall continue to monitor imports of copper and its derivatives.  The Secretary shall, from time to time, in consultation with any senior executive branch officials the Secretary deems appropriate, review the status of copper and copper derivative imports with respect to national security.  The Secretary shall inform the President of any circumstances that, in the Secretary’s opinion, might indicate the need for further action by the President under section 232.  By June 30, 2026, the Secretary shall provide the President with an update on domestic copper markets, including refining capacity and the market for refined copper in the United States, so that the President may determine whether imposing a phased universal import duty on refined copper of 15 percent starting on January 1, 2027, and 30 percent starting on January 1, 2028, as recommended by the June 30, 2025, report, is warranted to ensure that copper imports do not continue to threaten to impair the national security.  The Secretary shall also inform the President of any circumstance that, in the Secretary’s opinion, might indicate that the duty rate provided for in this proclamation, or any actions modifying this proclamation, is no longer necessary.
    (8)  Separately, I find that copper input materials and high-quality copper scrap meet the criteria specified in section 101(b) of the DPA, 50 U.S.C. 4511(b).  Pursuant to the authority delegated to the Secretary in Executive Order 13603 of March 16, 2012 (National Defense Resources Preparedness), the Secretary shall take all appropriate action to implement the domestic sales requirements that he recommended in the June 30, 2025, report.
    (9)  The Secretary may issue regulations, rules, guidance, and procedures consistent with the purpose of this proclamation, including to address operational necessity.
    (10)  No drawback shall be available with respect to the duties imposed pursuant to this proclamation.
    (11)  CBP may take any necessary or appropriate measure to administer the tariff imposed by this proclamation.
    (12)  Any provision of previous proclamations and Executive Orders that is inconsistent with the actions taken in this proclamation is superseded to the extent of such inconsistency.  If any provision of this proclamation, or the application of any provision to any individual or circumstance, is held to be invalid, the remainder of this proclamation and the application of its provisions to any other individuals or circumstances shall not be affected.

    IN WITNESS WHEREOF, I have hereunto set my hand this thirtieth day of July, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and fiftieth.
     
     
     
                                   DONALD J. TRUMP

    MIL OSI USA News

  • MIL-OSI Security: Two teenagers convicted after fatal stabbing of Daejaun Campbell

    Source: United Kingdom London Metropolitan Police

    Two teenagers have been convicted of murder and manslaughter in relation to the death of a 15-year-old boy in Woolwich, in an unprovoked attack – the exact motive for the attack remains unclear. A third teenager was acquitted of murder.

    Two appeared at the Old Bailey today and the jury returned their verdicts after a six week trial.

    Marko Balaz, 19 (20.12.2005) of Sewell Road, SE2, was convicted of manslaughter and a 17-year-old boy was convicted of murder.

    Jacob Losiewicz, 18 (22.07.2006) of Church Manorway, SE2, was acquitted of murder on Tuesday, 30 July.

    The victim, 15-year-old Daejaun Campbell, was fatally stabbed following a disturbance on Eglington Road, SE18.

    Detective Chief Inspector Kate Blackburn said: “Daejaun’s murder shocked the local community and will forever impact his grieving family and those who loved him.

    “I commend the strength of Daejaun’s family, in particular his mother, throughout this awful ordeal. She has demonstrated exceptional courage and composure throughout this trial and has become an advocate to raise awareness of the dangers of young people carrying knives and the devastation that knife violence causes.”

    A murder investigation was launched on Sunday, 22 September 2024 after police were called to reports of the stabbing of a boy on Eglington Road, SE18.

    Witnesses called the police at around 18:30hrs to reports of a boy screaming for help and being chased down the street before being attacked with what looked like a machete. Brave members of the public ran to help Daejaun, who was lying on the floor after sustaining multiple stab wounds.

    London Ambulance Service and HEMS attended the scene but sadly Daejaun died a short time later in the road where he had been stabbed.

    A murder investigation commenced, quickly identifying a car which had been used to bring the defendants to the scene. CCTV footage including doorbell camera footage was identified which showed the teenagers leaving a property to attack Daejaun. The identities of the group were soon established.

    Losiewicz was arrested the following day with the distinctive top he was wearing during the murder being recovered on his bedroom floor, but his tracksuit bottoms and sliders were missing. During his interview, Losiewicz denied being involved in Daejaun’s murder and claimed to be a witness who ran from the scene after being scared. He claimed to have been unable to stop the attack.

    Balaz was arrested at his home address on 25 September where he denied any involvement, claimed to have been at home during the offence and denied any prior knowledge of Daejaun or his murder. Balaz was, however on an electronically monitored tag which demonstrated he was lying and had travelled to Eglinton Road at the time of the murder. Officers were to later find multiple internet searches on Balaz’s phone around relating to Daejaun’s murder.

    The 17-year-old boy was arrested on 27 September. His phone was analysed and messages were found which showed he was worried about spending 20 years in prison after killing someone and joking with friends that his life was “about to take a massive turn”. Losiewicz sliders were found in the 17 year old’s house and Daejaun’s blood was found on them. At trial he admitted to stabbing Daejaun but claimed he did so in self defence, as Daejaun also had a knife.

    All three were charged with murder and remanded into custody.

    DCI Kate Blackburn added: “We have never fully established why Daejaun was murdered in such a brutal way. I believe it is likely because he did not live in the area and had been exploited into dealing drugs there. It is possible that the defendant’s were linked to an opposing drugs line.

    “This group were willing to bring a machete out in broad daylight and use it to kill a 15-year-old boy who, when challenged, threw his knife away and ran in the opposite direction.

    “Today’s convictions conclude a lengthy and emotional investigation, and we can expect the two convicted teenagers to spend a considerable time in prison. However, they will still be able to have lives after their incarceration, Daejaun was not given that opportunity.

    “I hope that the conviction today provides some sense of justice to Deajuan’s family.”

    The pair will be sentenced at the same court on Monday, 6 October.

    MIL Security OSI

  • MIL-OSI USA: 07.29.2025 Sen. Cruz Introduces Bill to Establish Drone Manufacturing in Texarkana

    US Senate News:

    Source: United States Senator for Texas Ted Cruz

    WASHINGTON, D.C. – Today, U.S. Sen. Ted Cruz (R-Texas), joined by Sens. John Cornyn (R-Texas), Tom Cotton (R-Ark.), and John Boozman (R-Ark.), introduced the SkyFoundry Act of 2025 to establish a drone production facility, SkyFoundry, at the Red River Army Depot (RRAD) in Texarkana, Texas. This bill will allow RRAD to develop, produce, and field drones for the Department of Defense.
    Sen. Cruz said, “Establishing a drone manufacturing facility at the Red River Army Depot will help ensure that the United States remains at the forefront of drone production. I’m proud to see the Lone Star State continuing to lead in defense innovation, and I look forward to working with my colleagues in Congress to swiftly pass this legislation.”
    Sen. Cornyn said, “Russia and China are currently outpacing America in scalable drone production and investment, making us vulnerable to national security threats if left unmatched. This legislation seeks to close this gap and help ensure America remains competitive with our foreign adversaries by establishing a new innovation and production facility that would rapidly improve our ability to develop, test, and mass-produce small unmanned aircraft systems.”
    Sen. Cotton said, “Large-scale manufacturing of small drones is critical to the Army’s current and future operational capability. This bill is a win for national security and for Arkansas as the Skyfoundry program presents a unique opportunity to more fully utilize the Army’s organic industrial base by positioning Red River Army Depot to meet the Army’s emerging requirements.”
    Sen. Boozman said, “The men and women of the Red River Army Depot are committed to providing our servicemembers with the tools they need to defend our nation. With unmanned aircraft systems playing an increasingly prominent role in modern warfare, tasking them with developing and sustaining an adequate supply of drone systems would be a win for this skilled workforce and our armed forces. I am pleased to join my colleagues to champion this effort and the Arkansans whose vital contributions to Red River support our national security and local economy.”
    Companion legislation was introduced in the House by Rep. Pat Harrigan (R-N.C.-10).
    Rep. Harrigan said, “The future of warfare is cheap, fast, and scalable—and right now, America is none of those things. The SkyFoundry Act changes that. It creates a fully American pipeline to design, test, and mass-produce FPV drones at scale, decoupled from Chinese supply chains and driven by U.S. innovation. This initiative doesn’t just build drones; it rebuilds our defense industrial base to meet the demands of modern conflict.”
    Read the full text of the bill here.
    The Texarkana Chamber of Commerce, TexAmericas Center, and the City Manager of the City of Texarkana support the bill.
    Robin Hickerson, President & CEO of the Texarkana Chamber of Commerce said, “The Texarkana USA Regional Chamber of Commerce thanks Senators Ted Cruz, John Boozman, Tom Cotton, and John Cornyn for sponsoring the SkyFoundry Act of 2025, which supports the rapid development and production of small unmanned aircraft systems and emphasizes the use of existing Army Depot facilities. Red River Army Depot is well positioned to meet the criteria outlined in the bill, with over 15,000 acres, 8 million square feet of facilities, and a central location near four states. The Chamber commends RRAD for its flexibility and readiness to support future innovation in defense manufacturing. RRAD has long been a vital economic engine for the Texarkana region. This legislation reinforces its strategic value and opens the door for even greater impact on jobs, innovation, and national security. The Chamber stands ready to support the SkyFoundry Program and advocate for continued investment in Red River Army Depot.”
    Scott Norton, Executive Director & CEO of the TexAmericas Center said, “TexAmericas Center thanks Senator Cruz and his staff for all their efforts with the SkyFoundry Act of 2025. Utilizing a location such as Red River Army Depot for the annual production of 1,000,000 unmanned aircraft systems, and other associated systems, allows the Department of Defense to collaborate employee training and program enhancements with Texas A&M University – Texarkana, University of Arkansas Hope-Texarkana, and Texarkana College. Investing in the dedicated organic industrial base workforce emphasizes the value of the current and future workforce at Red River Army Depot and demonstrates value of our defense community to our nation’s defense. We look forward to the passing of the SkyFoundry Act of 2025 and the continued expansion of workload at Red River Army Depot.”
    David Orr, City Manager of the City of Texarkana, Texas said, “The SkyFoundry Act of 2025 represents a forward-thinking investment in advanced manufacturing of unmanned aircraft systems and workforce development that aligns with the Texarkana region’s long-standing commitment to economic growth and regional opportunity. We appreciate Senator Cruz’s leadership in advancing legislation that strengthens our national defense and the industries that power our future.”

    BACKGROUND
    The SkyFoundry Act of 2025 will:

    Establish a production facility and innovation facility for the production and development of small unmanned aircraft systems.
    Utilize a Government-Owned, Government-Operated Contractor Augmented (GOGO/CA) model, blending military, civilian, and contract personnel.
    Encourage public-private partnerships with industry, academia, and nonprofits.

    RRAD supports 3,500 direct jobs and over 9,100 total jobs, providing an economic impact of at least $1.6 billion annually to the region.

    MIL OSI USA News

  • MIL-OSI USA: Grassley, Crawford Call on Director Patel to Review Untapped Information Ignored by FBI in Clinton Email Investigation

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and House Permanent Select Committee on Intelligence Chairman Rick Crawford (R-Ark.) recently sent a letter to Federal Bureau of Investigation (FBI) Director Kash Patel requesting the FBI review unevaluated material related to Hillary Clinton’s use of a private email server and mishandling of highly classified information during her time as Secretary of State.

    This untapped and unreviewed information has lived within thumb drives in the FBI’s custody inside a Northern Virginia offshoot office of the FBI’s Washington Field Office since 2018. This letter was sent in response to Chairman Grassley’s efforts to get the appendix to the Department of Justice Office of the Inspector General’s (DOJ OIG) June 2018 report reviewing the DOJ and FBI’s handling of the Clinton investigation, also known as the “Clinton annex,” declassified.

    “The revelations contained in the declassified OIG appendix are at the heart of why the Federal Bureau of Investigation (FBI) became distrusted by so many under your agency’s prior directors: a failure to impartially conduct its law enforcement and intelligence mission. Concerning the issue at hand, Comey’s FBI shockingly failed to review and exploit evidence in its own possession, even though they admitted in written memos the information was necessary to conduct a ‘thorough and complete investigation.’ The FBI also failed to review and exploit other foreign intelligence information,” Grassley and Crawford wrote.

    “Therefore, we now write to stress the importance that this material be immediately dug out from hiding and properly assessed. How evidence which purportedly includes information related to ‘former President Barack Obama’s emails’ and ‘network infrastructure diagrams for U.S. government classified networks,’ remained unreviewed by the preeminent law enforcement agency in the world is mind-numbing. We know you will not similarly ignore evidence in your agency’s possession, no matter where its exploitation or conclusions might lead,” Grassley and Crawford continued.

    Read the full letter HERE.

    Notably, the declassified Clinton Annex revealed that:

    • Russian-language reports were also obtained by the FBI of discussions between then-Democratic National Committee (DNC) head, Debbie Wasserman Schultz, and George Soros’ Open Society Foundations, with suggestions concerning the deletion of evidence on Hillary Clinton’s email servers, mention of FBI’s investigation into the Clinton Foundation, and reports suggesting then-Attorney General Loretta Lynch was in contact with Hillary Clinton’s staff.
    • DOJ OIG also relied on the now-debunked Intelligence Community Assessment (ICA) on the Russia collusion hoax during its review, once again shedding light on the damage caused by the ICA’s widely spread tentacles.

    -30-

    MIL OSI USA News

  • MIL-OSI USA: Grassley: Exhaustive Efforts to Vet Emil Bove’s Nomination Prove He’s Fit for the Job

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Ahead of the Senate’s vote on the nomination of Emil Bove to be United States Circuit Judge for the Third Circuit, Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) released an exhaustive overview of his work to thoroughly vet Bove’s nomination in light of three whistleblower allegations made against the nominee.

    In a speech on the Senate floor, Grassley outlined how his team ran into challenges while attempting to review each whistleblower disclosure in good faith: “any assertion that I or my staff was uninterested in the evidence is false.”

    Grassley is a co-founder and co-chair of the Senate Whistleblower Protection Caucus.

    Bove’s letter to the committee regarding the most recent whistleblower allegations is HERE.

    Video and a transcript of Grassley’s floor remarks is below.

    [embedded content]

    Prepared Floor Remarks by Senator Chuck Grassley of Iowa

    Chairman, Senate Judiciary Committee

    “The Nomination of Emil Bove”

    Tuesday, July 29, 2025

    VIDEO

    Soon, this body will proceed to a final vote on the nomination of Emil Bove to be a judge on the Third Circuit. As I said in my statements in Committee multiple times, I support the nomination of Mr. Bove. He has a strong legal background and has served his country honorably. I believe he will be a diligent, capable, and fair jurist. My Republican colleagues on Committee agreed, and that’s why he was reported out of Committee with every Republican supporting his nomination.

    It’s no surprise to anyone who’s followed this nomination that I have serious concerns with how my Democratic colleagues have conducted themselves. The vicious rhetoric, unfair accusations and abuse directed at Mr. Bove by some on this Committee has crossed the line. I wish I could say that this posture has been limited to just this nomination, but unfortunately, it appears to be a pattern.

    Since the very beginning of this Congress, Democrats have engaged in a relentless obstruction campaign for nearly every one of President Trump’s nominees. Their playbook has included maximum procedural obstruction, unfair media attacks, repeated attempts to allege misconduct and demands for delayed consideration, records and investigations.

    This Congress alone, Democrats have sent at least 26 letters to 17 agencies or parties demanding records, delays or investigations into President Trump’s nominees just in the Judiciary Committee. Like clockwork, just before a hearing or vote, we get another breathless accusation that one of President Trump’s nominees needs to be investigated.

    I’m afraid that what we’ve seen recently on the Bove nomination has been more of the same. My Democratic colleagues have tried to weaponize my respect for whistleblowers and the whistleblowing process against me and against Mr. Bove, and I’m going to set the record straight.

    I take whistleblower complaints very seriously. During both Republican and Democratic administrations, I have spent over four decades defending patriotic whistleblowers.

    My conduct in defending whistleblowers and running bipartisan investigations stands in stark contrast to the conduct of my Democratic colleagues.

    During the first Trump administration, I defended the Ukraine whistleblower’s use of the whistleblower process—despite serious concerns about the substance of his complaint.

    When I was last Chairman, I interviewed Donald Trump Jr. and other Republicans as part of my bipartisan investigation into alleged Russian collusion—conducted through the Senate Judiciary Committee.

    But when it came to the Biden family and his Administration, despite serious allegations and overwhelming evidence of misconduct, Democrats made no effort to investigate or conduct similar interviews. In fact, they worked hard to thwart any attempt at oversight.

    These weren’t fringe claims—they involved potential crimes squarely within the Judiciary Committee’s jurisdiction.

    This administration has said Mr. Reuvini isn’t a whistleblower. I’ve publicly disagreed with that position.

    That’s the opposite posture my Democratic colleagues took with the IRS whistleblowers who blew the whistle on the Biden administration. My Democratic colleagues tried to destroy them and used the press to falsely claim they weren’t whistleblowers.

    No one can say that I don’t take whistleblower complaints seriously, or that I don’t investigate allegations in good faith. I’ve always said that my door is open to whistleblowers, and my efforts regarding the Bove nomination show this is true.

    Mr. Reuveni first made allegations against Mr. Bove the morning before his nomination hearing. The allegations broke in a New York Times story, and the paper gleefully ran the unvetted accusations without so much as giving the Justice Department or the nominee the opportunity to respond.

    The Deputy Attorney General flatly denied the allegations in a public statement, and the nominee denied them under oath both in the hearing and in response to written questions.

    Then, my Democratic colleagues received additional records from the whistleblower on July 1 and July 7 but hid them from Republicans. I didn’t receive them until July 10—the same day that Mr. Bove was scheduled for his first markup.

    The coordinated media strategy involved a New York Times exclusive about the files, and a Democratic press release containing a misleading summary of the documents—all designed to smear Mr. Bove.

    This timeline raises serious concerns, and it’s legitimate to raise them as a major problem. If my Democratic colleagues wanted to investigate allegations, they should have come to me and we could have vetted the allegations in good faith, together. They didn’t want this. They wanted to run a one-sided media campaign.

    Regardless, I still did my job and investigated.

    My staff reviewed the disclosures document-by-document and analyzed the facts. The result? Almost none of the material references Mr. Bove at all. More concerningly, the Democrat summary grossly mischaracterized the documents it purported to summarize. In short, the documents didn’t say what Democrats say they did.

    My staff also interviewed multiple people who were present for the March 14 meeting described in the whistleblower disclosure. Four separate people other than Mr. Bove who were present in the meeting told us the following:

    My staff also spoke to numerous other individuals, including many current or former Justice Department employees, who wanted to share information about the Bove nomination. All told, my staff interviewed or spoke with more than a dozen individuals who came forward to discuss the Bove nomination.

    With respect to the initial whistleblower allegations, even if you accept most of the claims as true, there’s no scandal. Government lawyers aggressively litigating and interpreting court orders isn’t misconduct—it’s what lawyers do.

    Concerningly, the Minority repeatedly recast discussion of litigation strategy as wrongdoing, even discussions that reflected the government’s official litigation positions, some of which prevailed on appeal.

    The whistleblower alleged misconduct—but ten days after the key event he describes, he signed a brief stating—without qualification—that “the Government has complied with the Court’s orders in this case.”

    If he believed the Department defied court orders, why sign a brief as an officer of the court saying it had complied?

    During the hearing, Mr. Bove firmly denied the allegations. He testified under oath: “I did not advise any Justice Department attorney to violate court orders.”

    Recent public reporting backs his account. Months before the whistleblower came forward, his former supervisor wrote in a letter that Mr. Bove advised our team that we must avoid a court order halting an upcoming operation to implement the Act at all costs. This statement confirms Mr. Bove advised his team to avoid triggering a court order, not defy one—that’s consistent with his testimony.

    That was the initial allegation, but now, on the eve of Mr. Bove’s final vote, the Democrats and their media allies have launched yet another salvo against Mr. Bove.

    On Friday, we learned from social media that two other whistleblowers allegedly have derogatory information about Mr. Bove.

    One whistleblower said that they’ve filed a complaint with the Inspector General. My staff requested the complaint and to speak with the whistleblower. Their requests were declined.

    Another group, called Justice Connection, publicly alleged that a whistleblower has evidence that Bove wasn’t truthful in his hearing, and that the whistleblower “has tried to share info with Republican senators for weeks and they haven’t responded.”

    To the extent that anyone is suggesting that I haven’t been willing to receive and consider relevant evidence—this is plainly false. I’m the Chairman of the Judiciary Committee, and I represent Republicans on this nomination. Regarding this whistleblower, my office wasn’t proactively approached.

    Indeed, since we saw these new reports on Friday, my staff proactively – and repeatedly – reached out to the whistleblower’s lawyers, asking to see the evidence that they apparently had already shared with multiple Democrats and the media.

    My staff assured them that we would review the evidence in good faith, but all weekend, my staff was stonewalled and given the runaround. Any assertion that I or my staff was uninterested in the evidence is false.

    It wasn’t until Monday morning that my staff received any information. Even then, it was bits and pieces of information created by the lawyers, not original information. My staff tried over and over to get all the information, only to be rejected.

    My staff was not shown the underlying transcript of the meeting until this morning. They were shown what was represented to be a verbatim transcript of a meeting, but we still didn’t get access to the underlying source.

    So, what did I do? I followed my usual process and asked Mr. Bove to respond to the allegations that his testimony was inconsistent with the evidence presented. And he sent me a letter doing just that. I’ll plan to make it public.

    In his letter, Mr. Bove flatly denies the allegation that he misled the Committee. He explained that he testified truthfully in response to “compound yes/no questions that sought to attribute words to me that I did not use during the February 14, 2025 video meeting.” He also responds to the attacks on his character and rejects the allegations against him.

    Viewed in light of the transcript, Bove’s responses to compound, hostile questions about specific words used a meeting that happened months before his hearing do not, to me, indicate deliberately false or misleading testimony.

    And more importantly, the substance of the meeting itself does not reflect misconduct. It reflected a sympathetic tone during a turbulent time, and appropriately characterizes the role of a Justice Department attorney. In the meeting, Mr. Bove specifically acknowledges that being a Justice Department Attorney means “Following orders from the President and from the Attorney General, unless we view them as unlawful or unethical.” He apologized to the attorneys present for the tension and told them, “I don’t want to put pressure on you.”

    This context is important.

    I’m also curious at my Democratic colleagues’ newfound interest in candor to the Committee. During the last administration, Kristen Clarke unequivocally perjured herself before the Judiciary Committee in response to written questions.

    When the information came to light after her confirmation, Democrats closed ranks and refused to join Republicans in their call to hold her accountable. Democrats likewise expressed no interest in evaluating the misleading or inconsistent testimony from numerous other Biden appointees.

    When this Committee considered the nomination of Justice Kavanaugh, I criticized the tactics the Democrats employed.

    I said:

    “The Ranking Member sat on these allegations for nearly seven weeks, only to reveal them at the eleventh hour when it appeared Judge Kavanaugh was headed towards confirmation.”

    With respect to the Bove nomination, as with other nominees this Congress, Democrats appear to have dusted off the playbook they devised against Justice Kavanaugh. They hid allegedly relevant information until a politically opportune time, and then used it as an ambush to hurt the nominee.

    As I said about the Democrats conduct during Director Patel’s nomination:

    “This is becoming a pattern, and I will not facilitate a campaign to undermine the results of the election by delaying the consideration of nominees.”

    If anyone, including my colleagues, has information regarding a nominee that they believe is relevant to their fitness for office, I expect them to share it with me in a timely and candid manner so that the allegations can be fairly vetted. My door is always open to whistleblowers, and while I may not always agree with someone else’s conclusion, I’ll always fairly consider any information brought to my office.

    My message to the three whistleblowers is this: just because I may disagree with the conclusions in a whistleblower disclosure, it doesn’t mean that I don’t support a whistleblower’s right to come forward.

    Whether I agree or disagree with a whistleblower, I’ll defend whistleblower rights.

    Reasonable minds can differ. And when I direct my staff to allocate resources away from other ongoing whistleblower projects to handle situations like Bove, their efforts ought to be respected and given good faith treatment.

    But eleventh-hour media smears by my colleagues based on information that was hidden from the Committee are unacceptable, and I won’t stand for it as a delay and obstruction tactic.

    This tactic didn’t work against Justice Kavanaugh, and it won’t work against Mr. Bove.

    I look forward to supporting Mr. Bove and urge all of my colleagues to do the same.

    -30-

    MIL OSI USA News

  • MIL-OSI United Kingdom: Peace operations should be equipped with the tools they need to deliver political solutions: UK statement at the UN Security Council

    Source: United Kingdom – Government Statements

    Speech

    Peace operations should be equipped with the tools they need to deliver political solutions: UK statement at the UN Security Council

    Statement by Caroline Quinn, UK Deputy Political Coordinator, at the UN Security Council meeting on UN Peace Operations.

    UN peace operations have made a critical contribution towards international peace and security for more than three quarters of a century. 

    However, the nature of conflict is evolving, and we should continue supporting the adaptation of this vital UN tool so it can best support durable peace.  

    I will make three points.  

    Firstly, the effectiveness of UN political operations depends on their having and implementing clear and robust political strategies. 

    Not only do mission mandates need to have politics at their core, but missions should ensure that all elements of their work are grounded in political strategy. 

    This requires improved coordination across the UN system and strong cooperation with key stakeholders, including regional states and organisations, local communities and civil society.  

    Second, peace operations should be equipped with the tools they need to deliver political solutions. 

    This includes enhanced technology, such as early warning systems and improved surveillance, to foresee emerging threats. 

    It also includes strategic communications capabilities to counter the growing misinformation and disinformation campaigns we have regrettably seen targeting UN missions.   

    Thirdly President, to best support political solutions, peace operations need to be tailored and targeted to the contexts in which they operate. 

    This may encompass larger, multi-dimensional peacekeeping operations, but also special political missions, like UNSMIL in Libya, supporting the political process, or expert logistical support such as UNSOS in Somalia.

    UN missions also need to be agile and adaptable, with robust contingency plans so that they can quickly adapt when the situation on the ground changes.

     This is equally true for regionally led peace and security missions, which can have a critical role to play.

    President, the Secretary-General’s review on the future of all forms of United Nations peace operations offers a crucial opportunity to ensure that all UN peace operations are mandated, designed and equipped to deliver political solutions in their host state context. 

    The United Kingdom stands ready to work with others to make it a success.

    Updates to this page

    Published 30 July 2025

    MIL OSI United Kingdom

  • MIL-OSI: Freehold Royalties Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 30, 2025 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces second quarter results for the period ended June 30, 2025.

    Second Quarter Highlights

    • $78 million in revenue;
    • $57 million in funds from operations ($0.35/share) (1)(2);
    • $44 million in dividends paid ($0.27/share)(3);
    • 11,047 bbls/d of total crude oil and natural gas liquids (NGLs) production, a 4% increase from the previous quarter and a 13% increase year-over-year;
    • 67% weighting to liquids, an increase from 64% in the second quarter of 2024;
    • 16,584 boe/d of total production, a 2% increase from the previous quarter and a 9% increase year-over-year;
    • Gross drilling of 271 wells, comprised of 45 wells in Canada and 226 in the U.S.;
    • Continued active leasing program with 40 new leases signed during the second quarter of 2025 (34 in Canada; 6 in the U.S.) contributing revenue of $1.9 million and $5.8 million in the first half of 2025; and
    • $50.36/boe average realized price ($57.83/boe in the U.S. and $44.23/boe in Canada);
      • 31% pricing premium on Freehold’s U.S. production reflecting higher liquids weighting, higher quality crude oil and reduced transportation costs.

    President’s Message

    Freehold’s second quarter production of 16,584 boe/d increased 2% compared to last quarter and 9% from the second quarter of 2024. Our U.S. assets delivered meaningful production growth of 7% over the first quarter of 2025. Supporting this growth has been improvements in well productivity where recent new well results in both the Permian and Eagle Ford basins have demonstrated production rates more than double those of the offsetting area type curves as operators continue to enhance drilling and completion approaches. Specific to our second quarter results, this productivity increase was paired with a series of higher royalty interest developments which magnified the production impact on the quarter. In Canada, we continue to see operators focusing capital on our oil weighted plays in Mannville heavy oil, the Clearwater and southeast Saskatchewan. These three oil plays represent approximately 30% of our Canadian production and volumes have grown 10% since the second quarter of 2024 through active drilling by multiple operators on our lands in these areas.

    Our oil focused portfolio, underpinned by investment grade operators in premier basins across North America, delivered $57 million in funds from operations in the quarter, or $0.35/share(1)(2). Oil prices in the second quarter were at the lowest benchmark WTI oil price since the first quarter of 2021. For reference, our funds from operations in the first quarter of 2021 was $0.25/share – this quarter we are 40% higher, confirming the impact that Freehold’s strategic focus on growing its high quality, liquids weighted assets has had over the past four years.

    Bonus and leasing revenue remained strong generating $1.9 million during the quarter and $5.8 million in the first half of 2025. This $5.8 million represents a 50% increase from the Company’s previous record levels of lease bonus which occurred over the full year in 2018. This record level of leasing revenue has been driven by active leasing of the mineral title lands we have been acquiring in the U.S. as well as continued leasing of our legacy mineral title lands in Canada.

    In total, we paid $44 million in dividends to our shareholders this quarter while maintaining the strength of our balance sheet with net debt of $271 million, representing 1.1x trailing net debt to funds from operations(2)(5). We invested approximately $12 million in land acquisitions this quarter, purchasing undeveloped mineral title lands in the core of the Midland and Delaware basins.  

    David M. Spyker, President and Chief Executive Officer

    Operating and Financial Highlights

      Three Months Ended
    FINANCIAL ($ millions, except as noted) Q2-2025 Q1-2025 Q2-2024
    West Texas Intermediate (US$/bbl) 63.74 71.42 80.57
    AECO 5A Monthly Index (Cdn$/Mcf) 1.69 2.17 1.18
    Royalty and other revenue 78.3 91.1 84.5
    Funds from operations 56.6 68.1 59.6
    Funds from operations per share, basic ($) (1)(2) 0.35 0.42 0.40
    Dividends paid per share ($) (3) 0.27 0.27 0.27
    Dividend payout ratio (%) (2) 78% 65% 68%
    Long-term debt 292.6 294.3 228.0
    Net debt (5) 270.6 272.2 199.1
    Net debt to trailing funds from operations (times) (5) 1.1x 1.1x 0.8x
    OPERATING      
    Total production (boe/d) (4) 16,584 16,248 15,221
    Canadian production (boe/d)(4) 9,104 9,278 9,622
    U.S. production (boe/d)(4) 7,480 6,970 5,599
    Oil and NGL (%) 67% 65% 64%
    Petroleum and natural gas realized price ($/boe) (4) 50.36 59.29 59.74
    Cash costs ($/boe) (2)(4) 7.38 7.00 9.80
    Netback ($/boe) (2) (4) 42.68 53.01 49.44
    ROYALTY INTEREST DRILLING (gross / net)      
    Canada 45 / 1.1 92 / 3.9 65 / 2.1
    U.S. 226 / 0.6 230 / 0.8 209 / 1.0

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

    Dividend Announcement

    The board of directors of Freehold has declared a monthly dividend of $0.09 per share to be paid on September 15, 2025, to shareholders of record on August 29, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

    Drilling and Leasing Activity

    In total, 271 gross wells (1.7 net wells) were drilled on Freehold’s royalty lands during the second quarter of 2025, a decrease of 16% compared to the previous quarter primarily due to the impact of spring break-up in Canada.

    Drilling was oil focused with approximately 17% of gross wells drilled in Canada and 83% in the U.S.

      Three Months Ended
      Q2-2025 Q1-2025 Q2-2024
      Gross Net (1) Gross Net (1) Gross Net (1)
    Canada 45 1.1 92 3.9 65 2.1
    United States 226 0.6 230 0.8 209 1.0
    Total 271 1.7 322 4.7 274 3.1

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

    Canada

    Canadian drilling was down compared to the previous quarter primarily due to the impact of spring break-up and weaker AECO prices curtailing natural gas activity. Drilling during the second quarter was focused on our crude oil plays including the Clearwater (8 gross wells), southeast Saskatchewan (8 gross wells), and Mannville heavy oil (6 gross wells). Licencing activity remained consistent with 2024 on a year-to-date basis. In conjunction with improving sentiment on Canadian natural gas pricing with LNG Canada starting up, 22 wells have been licensed on our Deep Basin/Montney lands in the first half of 2025 (a significant increase from nine licenses in the first half of 2024).  

    During the second quarter of 2025, Freehold entered into 34 new leases with 10 counterparties totalling approximately $0.7 million in bonus and lease rental revenue. The majority of the new leasing was in southeast Saskatchewan.

    U.S.

    During the second quarter of 2025, 226 gross (0.6 net) wells were drilled on our U.S. lands. Approximately 86% of second quarter drilling was in the Permian basin and 13% in the Eagle Ford basin. At the end of the second quarter of 2025, Freehold had 2.2 net drilled but uncompleted wells and 2.4 net wells permitted but not yet drilled.

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

    During the second quarter of 2025, Freehold entered into six new U.S. leases with four counterparties, totalling $1.2 million of bonus and lease rental revenue. Leasing activity was primarily in the Permian basin.

    Conference Call Details

    A webcast to discuss financial and operational results for the period ended June 30, 2025, will be held for the investment community on Thursday July 31, 2025, beginning at 7:00 AM MT (9:00 AM ET).

    A live audio webcast will be accessible through the link below and on Freehold’s website under “Events & Presentations” on Freehold’s website at www.freeholdroyalties.com. To participate in the conference call, you can register using the following link: Live Audio Webcast URL: https://edge.media-server.com/mmc/p/6t37memx.

    A dial-in option is also available and can be accessed by dialing 1-800-806-5484 (toll-free in North America) participant passcode is 8979321#.

    For further information contact

    Select Quarterly Information

      2025 2024 2023
    Financial ($millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
    Royalty and other revenue 78.3 91.1 76.9 73.9 84.5 74.3 80.1 84.2
    Net Income (loss) 6.2 37.3 51.1 25.0 39.3 34.0 34.3 42.3
    Per share, basic ($) (1) 0.04 0.23 0.33 0.17 0.26 0.23 0.23 0.28
    Cash flows from operations 57.4 62.9 59.1 64.1 47.6 52.5 70.7 53.7
    Funds from operations 56.6 68.1 61.3 55.7 59.6 54.4 62.8 65.3
    Per share, basic ($) (1)(3) 0.35 0.42 0.40 0.37 0.40 0.36 0.42 0.43
    Acquisitions & related expenditures 15.2 13.9 277.0 1.8 11.5 121.5 2.1 1.2
    Dividends paid 44.3 44.3 40.7 40.7 40.7 40.7 40.7 40.7
    Per share ($) (2) 0.27 0.27 0.27 0.27 0.27 0.27 0.27 0.27
    Dividends declared 44.3 44.3 41.9 40.7 40.7 40.7 40.7 40.7
    Per share ($) (2) 0.27 0.27 0.27 0.27 0.27 0.27 0.27 0.27
    Dividend payout ratio (%) (3) 78% 65% 66% 73% 68% 75% 65% 62%
    Long-term debt 292.6 294.3 300.9 205.8 228.0 223.6 123.0 141.2
    Net debt (5)(6) 270.6 272.2 282.3 187.1 199.1 210.5 100.9 113.4
    Shares outstanding, period end (000s) 164.0 164.0 164.0 150.7 150.7 150.7 150.7 150.7
    Average shares outstanding, basic (000s) (7) 164.0 164.0 153.4 150.7 150.7 150.7 150.7 150.7
    Operating                
    Light and medium oil (bbl/d) 6,940 6,880 6,296 6,080 6,551 6,094 6,308 6,325
    Heavy oil (bbl/d) 1,557 1,552 1,516 1,315 1,348 1,300 1,182 1,127
    NGL (bbl/d) 2,550 2,203 2,066 1,972 1,902 1,884 1,878 1,678
    Total liquids (bbl/d) 11,047 10,635 9,878 9,367 9,801 9,278 9,368 9,130
    Natural gas (Mcf/d) 33,220 33,678 32,564 31,447 32,524 32,617 32,968 32,851
    Total production (boe/d) (4) 16,584 16,248 15,306 14,608 15,221 14,714 14,863 14,605
    Oil and NGL (%) 67% 65% 65% 64% 64% 63% 63% 63%
    Petroleum & natural gas realized price ($/boe) (4) 50.36 59.29 53.80 54.36 59.74 54.81 57.94 61.55
    Cash costs ($/boe) (3)(4) 7.38 7.00 5.93 5.42 9.80 7.19 4.73 5.10
    Netback ($/boe) (3)(4) 42.68 53.01 47.25 47.78 49.44 46.62 52.59 55.63
    Benchmark Prices                
    West Texas Intermediate crude oil (US$/bbl) 63.74 71.42 70.27 75.09 80.57 76.96 78.32 82.26
    Exchange rate (Cdn$/US$) 1.38 1.43 1.40 1.37 1.37 1.35 1.36 1.34
    Edmonton Light Sweet crude oil (Cdn$/bbl) 84.25 95.32 94.90 97.85 105.29 92.14 99.69 107.89
    Western Canadian Select crude oil (Cdn$/bbl) 73.96 84.30 80.75 83.95 91.63 77.77 76.96 93.05
    Nymex natural gas (US$/Mcf) 3.57 3.79 2.86 2.24 1.96 2.33 2.98 2.64
    AECO 5A Monthly Index (Cdn$/Mcf) 1.69 2.17 1.48 0.69 1.18 1.80 2.60 1.88

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

    Forward-Looking Statements

    This news release offers our assessment of Freehold’s future plans and operations as of July 30, 2025, and contains forward-looking statements that we believe allow readers to better understand our business and prospects. These forward-looking statements include our expectations for the following:

    • our expectations with the improving sentiment on Canadian natural gas pricing with LNG Canada starting up;
    • our expectations regarding improvements in well productivity where recent new well results in both the Permian and Eagle Ford basins have demonstrated production rates more than double those of the offsetting area type curves as operators continue to enhance drilling and completion approaches;
    • our expectation that in Canada operators will continue to focus capital on our oil weighted plays of the Mannville Stack, the Clearwater and southeast Saskatchewan;
    • our expectation that U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making net well additions much more valuable in the U.S. compared to Canada;
    • our expectations that a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada; and
    • other similar statements.

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

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

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

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

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

    Conversion of Natural Gas to Barrels of Oil Equivalent (BOE)

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

    Non-GAAP and Other Financial Measures

    Within this news release, references are made to terms commonly used as key performance indicators in the oil and gas industry, which do not have any standardized means prescribed by Canadian generally accepted accounting principles (GAAP). We believe that net revenue, netback, dividend payout ratio, funds from operations per share and cash costs are useful non-GAAP financial measures and ratios for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of our results of operations. However, these as terms do not have any standardized meanings prescribed by GAAP, such terms may not be comparable with the calculations of similar measures for other entities. This news release also contains the capital management measures net debt and net debt to trailing funds from operations, as defined in note 14 to the unaudited consolidated financial statements as at and for the three months ended June 30, 2025.

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

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

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

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

    $/boe Q2-2025 Q1-2025 Q2-2024
    Royalty and other revenue 51.87 62.29 60.99
    Production and ad valorem taxes (1.81) (2.28) (1.75)
    Net revenue $50.06 $60.01 $59.24
    Less:      
    General and administrative expense (2.79) (3.41) (2.86)
    Operating expense (0.13) (0.13) (0.24)
    Interest and financing cash expense (2.95) (3.31) (2.87)
    Management fee-cash settled (0.01) (0.05) (0.05)
    Cash payout on share-based compensation (1.50) (0.10) (3.78)
    Cash costs (7.38) (7.00) ($9.80)
    Netback $42.68 $53.01 $49.44


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

           
    ($000s, except as noted) Q2-2025 Q1-2025 Q2-2024
    Dividends paid $44,270 $44,269 $40,686
    Funds from operations $56,600 $68,050 $59,569
    Dividend payout ratio (%) 78% 65% 68%


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

    The MIL Network

  • MIL-OSI United Nations: Haitians in ‘despair’ following abrupt suspension of US humanitarian support

    Source: United Nations 2

    The cancellation of most US funding in January means many services to the most vulnerable people have been cut or put on hold.

    Multiple political, security and socio-economic crises have led to 5.7 million people suffering from a lack of food and have forced 1.3 million people to flee their homes.

    With a dramatic reduction in funding Haiti faces a crucial “turning point.”

    UN News spoke to OCHA’s country director, Modibo Traore, about the current situation.

    UN News: What is the current state of humanitarian funding in Haiti?

    Humanitarian funding in Haiti is going through a critical phase, marked by a growing gap between the needs and available resources. As of 1 July, only around 8 per cent of the $908 million required had been mobilized.

    This partial coverage only allows a fraction of the 3.6 million people targeted to be reached.

    © UNICEF/Maxime Le Lijour

    UN aid agencies continue to support Haitian people with humanitarian aid.

    The sectors most affected are food security, access to drinking water, primary healthcare, education and protection.

    This contraction in international support is part of a global context of multiple competing crises – Ukraine, Gaza, Sudan – but also reflects a loss of political interest in the Haitian issue.

    UN News: What conditions in Haiti have led to such significant funding needs?

    The growing humanitarian needs observed in Haiti are the result of an accumulation of structural and cyclical factors. On the socioeconomic front, multidimensional poverty affects a large part of the population.

    Haiti’s exposure to natural hazards is an aggravating factor.

    The country has experienced several major hurricanes that struck the southern region less than a week after an earthquake that severely affected the area, not to mention repeated droughts that have had a major impact on agriculture and livestock farming.

    © UNOCHA/Giles Clarke

    The downtown area of Port-au-Prince remains extremely dangerous due to gang activity.

    Since 2019, a new dimension has emerged; chronic insecurity caused by the proliferation of armed groups, particularly in the capital, Port-au-Prince, and now in the Centre and Artibonite departments.

    In 2024, the multidimensional crisis that has been shaking Haiti for years has become catastrophic.

    The level of violence and insecurity remains high, with devastating consequences for the population, including massive displacement of people who were already in vulnerable situations.

    UN News: How has the growing control of armed groups affected donor confidence?

    The rise of armed groups in Haiti and their increasing control of strategic locations, particularly major roads and ports of entry to the capital, is a major obstacle to the safe and efficient delivery of humanitarian aid.

    This dynamic has an impact on the risk perception of international donors, who now assess Haiti as a high-threat environment for intervention. Access to beneficiaries has become irregular in many areas.

    The deterioration of the security situation represents a major challenge for mobilizing and maintaining financial commitments.

    Donors have expressed concerns about operational risks, particularly regarding securing supply chains, preventing exploitation and ensuring accountability.

    The operational cost of aid has also increased.

    UN News: What is the impact of the new approach taken by the US administration?

    On 20 January, 2025, President Donald Trump signed Executive Order 14169, which imposed an immediate suspension of all new foreign funding by US federal agencies, including humanitarian programs run by USAID and multilateral partners.

    In the case of Haiti, the effects were felt through the sudden halt of approximately 80 per cent of US-funded programmes. NGO partner staff were laid off, payments were suspended, and supply chains were disrupted.

    © WFP/Theresa Piorr

    US food aid is prepared for delivery following floods in Haiti in 2022.

    Beyond the structural effects, this suspension created profound uncertainty in the Haitian humanitarian system. This situation not only weakened the continuity of essential services but also affected trust between beneficiary communities and humanitarian actors.

    UN News: To what extent is the current situation unprecedented?

    The year 2025 marks a turning point in humanitarian aid in Haiti. This crisis is not the result of a single or isolated event, but rather a series of deteriorating situations in the context of gradually waning international attention.

    The interruption of US programmes has acted as a catalyst for the crisis. USAID’s technical partners, many of whom managed community health programmes in vulnerable neighbourhoods, have ceased operations, depriving hundreds of thousands of people of vital services.

    US-co-funded health centres have closed, leaving pregnant women and children without assistance.

    The current crisis demonstrates the country’s growing isolation.

    While previous crises had prompted rapid international solidarity, the humanitarian response to the situation in 2025 has been slow and partial.

    UN News: What difficult decisions have had to be made regarding cutting aid?

    The interruption of funding has forced humanitarian organizations to make ethically complex and often painful trade-offs.

    In the area of protection, for example, safe spaces for women and girls have been drastically reduced.

    © MINUSTAH/Logan Abassi

    The long-term development of Haiti is at risk as funding decreases.

    Cash transfer programmes, widely used in urban areas since 2021, have also been suspended. These programmes enabled vulnerable households to maintain a minimum level of food security. Their suspension has led to a resurgence of coping mechanisms such as child labour, less food and children being taken out of school.

    Resilience-building activities have also been affected. Programmes combining food security, urban agriculture, and access to water—often co-financed by USAID and UN funds—have been frozen.

    This compromises not only the immediate response but also the development of medium-term solutions.

    UN News: How are Haitians being affected?

    Children are among the hardest hit. UNICEF and its partners have treated more than 4,600 children suffering from severe acute malnutrition, representing only 3.6 per cent of the 129,000 children expected to need treatment this year.

    The proportion of institutional maternal deaths has also increased from 250 to 350 per 100,000 live births between February 2022 and April 2025.

    © PAHO/WHO/David Lorens Mentor

    A survivor of rape rests at a site for internally displaced people in Port-au-Prince.

    In terms of security, the effects are equally worrying. Gender-based sexual violence (GBV) has increased in neighbourhoods controlled by armed groups.

    In short, the withdrawal of US funding has led to a multidimensional regression in the rights of women and girls in Haiti, with consequences that are likely to last for several years.

    UN News: How have people in Haiti reacted?

    Beneficiaries expressed a sense of despair at the sudden suspension of the services.

    In working-class neighbourhoods of Port-au-Prince as well as in remote rural areas, the cessation of food distributions, community healthcare, and cash transfers was experienced as a breach of the moral contract between communities and humanitarian institutions.

    Humanitarian partners communicate transparently about the reduction of support, so communities are, to some extent, aware of the financial constraints.

    MIL OSI United Nations News

  • MIL-OSI USA: Casten, 92 House Democrats Demand Oversight Into Humanitarian Efforts in Gaza Amid Starvation Crisis

    Source: United States House of Representatives – Representative Sean Casten (IL-06)

    July 30, 2025

    Washington, D.C. — U.S. Congressman Sean Casten (IL-06) led 92 House Democrats in a letter to Secretary of State Marco Rubio demanding an investigation into the ownership structure and operation of the Gaza Humanitarian Foundation (GHF), a private, unqualified U.S.-linked aid organization at the center of the worsening starvation and humanitarian crisis in Gaza.

    A copy of the letter can be found here.

    GHF is a U.S.-linked aid organization with no prior experience in humanitarian aid and operates under opaque funding arrangements. GHF received a $30 million grant from the State Department, despite significant internal objections from USAID officials that the group’s funding plan failed to meet the “minimum technical or budgetary standards.” In their letter, the lawmakers criticize the organization’s lack of qualifications, noting that neither of the private firms contracted by GHF to manage distribution sites in Gaza has prior experience in humanitarian work, nor does GHF Executive Chairman Johnnie Moore, who is a close ally of President Donald Trump.

    “We have serious concerns with the operations of GHF, a newly established, private, U.S.-linked organization with no prior humanitarian experience, and the possibility that it could become the sole or primary aid provider in Gaza,” the lawmakers wrote. “…Providing secure and efficient humanitarian assistance to Palestinians is not only a moral obligation—it is also vital to Israel’s long-term security and the safe return of Israeli hostages. Enhancing aid operations is essential to stabilizing the region and achieving lasting peace.”

    In July 2025, the Integrated Food Security Phase Classification, a panel developed by the United Nations’ Food and Agriculture Organization, issued a report warning that “the worst-case scenario of Famine is currently playing out in the Gaza Strip.” Netanyahu’s blockade and GHF’s dangerously mismanaged aid sites are directly contributing to the starvation crisis.

    The lawmakers also expressed concern regarding disturbing violence at GHF distribution sites, where flawed distribution methods have caused mass panic and mass casualties.

    GHF operates only four aid distribution sites in Gaza using a reckless first-come, first-served model that has resulted in deadly chaos. At least 1,000 Palestinians have reportedly been killed while attempting to access aid near GHF sites, with reports describing Israeli soldiers and U.S. contractors opening fire on desperate civilians. One former contractor said he was instructed to “shoot to kill and ask questions later.”

    “Instead of using traditional aid distribution methods, based on internationally agreed-upon humanitarian principles, GHF provides food on a first-come, first-served basis,” the lawmakers continued. “As a result, when centers open, large crowds of Palestinians rush to the centers. In these situations, there appear to be few restrictions on the use of lethal force by Israeli soldiers and American contractors in the vicinity.”

    In addition to Rep. Casten, the letter was signed by Amo, Gabe; Ansari, Yassamin; Balint, Becca; Barragán, Nanette; Bera, Ami; Bonamici, Suzanne; Brownley, Julia; Brown, Shontel; Carbajal, Salud; Carson, André; Carter, Troy; Castro, Joaquin; Chu, Judy; Cleaver, Emanuel; Cohen, Steve; Courtney, Joe; Craig, Angie; Crow, Jason; Davis, Danny; Dean, Madeleine; DeGette, Diana; DeLauro, Rosa; Deluzio, Christopher; DeSaulnier, Mark; Dexter, Maxine; Dingell, Debbie; Doggett, Lloyd; Escobar, Veronica; Fields, Cleo; Foster, Bill; Foushee, Valerie; Frost, Maxwell; Garcia, Robert; Garcia, Sylvia; Green, Al; Harder, Josh; Hayes, Jahana; Houlahan, Chrissy; Hoyle, Val; Huffman, Jared; Jackson, Jonathan; Jacobs, Sara; Johnson, Henry; Kaptur, Marcy; Keating, William; Kelly, Robin; Khanna, Ro; Larsen, Rick; Larson, John; Leger Fernandez, Teresa; Lofgren, Zoe; Lynch, Stephen; Magaziner, Seth; Matsui, Doris; McBride, Sarah; McClellan, Jennifer; McCollum, Betty; McGovern, James; Moore, Gwen; Mullin, Kevin; Nadler, Jerrold; Norton, Eleanor; Ocasio-Cortez, Alexandria; Panetta, Jimmy; Pappas, Chris; Pelosi, Nancy; Pettersen, Brittany; Pingree, Chellie; Pocan, Mark; Pressley, Ayanna; Quigley, Mike; Randall, Emily; Ruiz, Raul; Salinas, Andrea; Schakowsky, Janice; Schrier, Kim; Scott, Robert; Smith, Adam; Sorensen, Eric; Stansbury, Melanie; Swalwell, Eric; Takano, Mark; Thompson, Bennie; Thompson, Mike; Tokuda, Jill; Tonko, Paul; Trahan, Lori; Underwood, Lauren; Vasquez, Gabe; Velázquez, Nydia; Watson Coleman, Bonnie; and Williams, Nikema.

    A copy of the letter can be found here. Text of the letter can be found below.

    Dear Secretary Rubio:

    As supporters of a strong U.S.-Israel relationship and advocates for humanitarian assistance to the people of Gaza, we write to seek clarity on the ownership structure and operation of the Gaza Humanitarian Foundation (GHF).

    More than two million people in Gaza currently face “critical levels” of hunger. We welcome efforts to facilitate the entry of humanitarian aid and share the objective of ensuring that Hamas does not divert such aid. However, we have serious concerns with the operations of GHF, a newly established, private, U.S.-linked organization with no prior humanitarian experience, and the possibility that it could become the sole or primary aid provider in Gaza. We agree that delivering aid promptly and securely is crucial. However, GHF’s practices and finances require increased transparency and oversight to ensure aid reaches the intended beneficiaries effectively, safely, and in accordance with international standards.

    On June 24, 2025, the Department of State (DOS) approved a $30 million grant for GHF. Jeremy Lewin, a current DOS official and former Department of Government Efficiency (DOGE) employee, reportedly moved forward with the grant’s approval despite 58 internal objections that U.S. Agency for International Development (USAID) staff experts wanted GHF to resolve before approving funding, and an assessment in a memorandum from an acting USAID official that GHF’s funding plan failed to meet required “minimum technical or budgetary standards.” As lawmakers entrusted with the authority to appropriate taxpayer funds, which were undoubtedly used for GHF’s grant, we find this troubling.

    Moreover, GHF has not published a complete list of its sponsors. Registered in Delaware in February 2025, GHF also established an office in Geneva, Switzerland (which the Swiss government has since announced is to be dissolved) with the explicit intent of accommodating donors that “prefer to participate outside of the U.S. structure.” The foundation has publicly stated that it has received at least $119 million from “other government donors.” Furthermore, despite its public denial, the Israeli government has reportedly covertly contributed approximately $280 million USD to the new aid mechanism run by GHF. Full disclosure of GHF’s funding sources is imperative.

    GHF runs four aid distribution sites in Gaza. It contracts two American private firms, Safe Reach Solutions (SRS) and UG Solutions (UGS), to provide security and logistics, with some pricing models reportedly provided by Boston Consulting Group consultants, who reportedly regularly met with Israeli officials in connection with the consultants’ role in helping develop ideas for GHF’s operations. None of the groups have prior humanitarian experience, nor does GHFExecutive Chairman Johnnie Moore, a close ally of President Trump. As a result, these distribution centers appear to operate at a reduced capacity at an exorbitant cost, significantly exceeding the current operating costs of experienced humanitarian organizations.

    We are further alarmed at the widespread violence at GHF distribution centers. As of July 23, 2025, there have reportedly been at least 1,000 people killed while trying to access critical aid near GHF sites. Instead of using traditional aid distribution methods, based on internationally agreed-upon humanitarian principles, GHF provides food on a first-come, first-served basis. As a result, when centers open, large crowds of Palestinians rush to the centers. In these situations, there appear to be few restrictions on the use of lethal force by Israeli soldiers and American contractors in the vicinity. A former security contractor stated that he was instructed, “if you feel threatened, shoot – shoot to kill and ask questions later.” GHF centers offer desperately needed lifelines to those who receive aid without experiencing violence. However, the risk of violence, long wait times, and limited aid availability appear to force hundreds of thousands to choose between risking their lives or going without food.

    The operations of the GHF sites are widely criticized by experienced humanitarian organizations as being inefficient and dangerous, and violating internationally agreed-upon humanitarian principles. Notably, GHF’s inaugural Executive Director and former Marine, Jake Wood, resigned from the organization, citing that the organization no longer aligned with “humanitarian principles.”

    Providing secure and efficient humanitarian assistance to Palestinians is not only a moral obligation—it is also vital to Israel’s long-term security and the safe return of Israeli hostages. Enhancing aid operations is essential to stabilizing the region and achieving lasting peace. To address our concerns, we respectfully request responses to the following questions no later than August 14th, 2025:

    1. From which congressionally appropriated account does DOS’s $30 million grant for the GHF originate?

    2. What specific oversight mechanisms are in place to ensure that the GHF operates in accordance with U.S. and international humanitarian law and humanitarian principles of neutrality and impartiality?

    3. The DOS reportedly stated that GHF is subject to “rigorous oversight, including of GHF’s operations and finances.”

      1. What is DOS’s role in monitoring the daily operations and financial practices of GHF, and what is the reporting mechanism?

      2. Are the GHF and the private security contractors that it partners with to distribute assistance in compliance with U.S. standards (legal, regulatory, technical, budgetary, or otherwise) for humanitarian organizations?

    4. The $30 million grant to GHF was approved despite 58 internal objections that USAID staff experts wanted GHF to resolve before approving funding, and an assessment in a memorandum from an acting USAID official that GHF’s funding plan failed to meet required ‘minimum technical or budgetary standards.’ What were the details of their objections or concerns, and why were they overridden?

    5. What makes GHF more qualified than other humanitarian organizations with years of experience and the operational expertise needed to handle such a complex situation?

      1. What makes the newly appointed Executive Chairman, Rev. Johnnie Moore Jr., a man with no prior humanitarian experience, but a close relationship with President Trump, the right person to lead GHF?

    6. What steps is the U.S. government taking to address concerns about militarization at GHF’s aid sites, particularly regarding the involvement of U.S. private contractors and Israeli security forces?

    7. Is there a formal agreement or memo of understanding between the U.S. and GHF that outlines the foundation’s operational guidelines, transparency, and accountability measures? If so, please provide a copy or summary of these terms.

    8. Was the DOS involved in the decision-making processes that led to the establishment of only four aid distribution centers in Gaza to date? If so, please provide details of that communication.

    9. GHF refuses to publish its sources of funding, including the $119 million it received from “other government donors.” What is the complete and most current list of GHF’s donors?

    10. What are the details of the contracts between GHF, its contractors, Safe Reach Solutions (SRS), UGSolutions (UGS), and its aid providers?

      1. What does GHF pay per diem for security and logistics to SRS and UGS?

      2. Where does GHF source its aid packages from? How much does it pay for them?

    11. Has the U.S. conducted any oversight or reviews of GHF’s operations in light of recent criticisms related to overcrowding, militarization, and security concerns? If so, what were the findings?

    12. The Trump Administration is reportedly considering an additional $500 million grant to GHF using USAID funds. According to U.S. law, all NGO recipients of USAID grants are subject to a responsibility determination that certifies the NGO’s “necessary management competence…and that the applicant will practice mutually agreed upon methods of accountability for funds and other assets provided by USAID.”

      1. Will this funding be approved?

      2.  If so, what account will this funding come from?

    13. What steps will be taken to conduct the required “responsibility determination” certifying GHF’s competence and accountability?

    14. What specific benefits has GHF’s aid distribution model or operations provided for U.S. and Israeli interests that the U.S. government assesses may justify some of the apparent drawbacks of the GHF model and operations?

    15. Looking ahead, what information can the Administration share about the likely roles and potential roles of GHF and other humanitarian assistance providers in Gaza, respectively, under various scenarios (ceasefire, intensified conflict, post-conflict transition)? 

      1. What are the sources of this information?

      2. What factors will the Administration use to determine whether and how to provide U.S. support to GHF and/or other providers, while actively monitoring their compliance with applicable legal and other standards?

    16. How, if at all, will GHF coordinate with other humanitarian organizations already working in Gaza? Will GHF work within the already established coordinating mechanisms, and if so, how does it plan to do so?

    Thank you for your attention to this critical matter.

    Sincerely,

    ###

    MIL OSI USA News

  • MIL-OSI: Tenaris Announces 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

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

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

    Summary of 2025 Second Quarter Results

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

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

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

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

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

    Market Background and Outlook

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

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

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

    Analysis of 2025 Second Quarter Results

    Tubes

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

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

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

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

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

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

    Others

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

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

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

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

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

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

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

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

    Cash Flow and Liquidity of 2025 Second Quarter

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

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

    Analysis of 2025 First Half Results

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

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

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

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

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

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

    Tubes

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

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

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

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

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

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

    Others

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

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

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

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

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

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

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

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

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

    Cash Flow and Liquidity of 2025 First Half

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

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

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

    Conference call

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

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

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

    Please connect 10 minutes before the scheduled start time.

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

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

    Consolidated Condensed Interim Income Statement

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

    Consolidated Condensed Interim Statement of Financial Position

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

    Non-current assets

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

    Current assets

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

    EQUITY

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

    LIABILITIES

           

    Non-current liabilities

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

    Current liabilities

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

    Total liabilities

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

    Consolidated Condensed Interim Statement of Cash Flows

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

    Exhibit I – Alternative performance measures

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

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

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

    EBITDA is calculated in the following manner:

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

    EBITDA is a non-IFRS alternative performance measure.

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

    Free Cash Flow

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

    Free cash flow is calculated in the following manner:

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

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

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

    Net Cash / (Debt)

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

    Net cash/ debt is calculated in the following manner:

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

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

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

    Operating working capital days

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

    Operating working capital days is calculated in the following manner:

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

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

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

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

    The MIL Network

  • MIL-OSI: JD.com Announces Decision to Make a Voluntary Public Takeover Offer and Strategic Investment Partnership with CECONOMY

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, July 30, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (“JD.com” or the “Company”) (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it decided to make a voluntary public takeover offer, through a wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH (the “Bidder”), to all shareholders of CECONOMY AG (“CECONOMY”) (XETRA: CEC), the parent company of leading European consumer electronics retailers MediaMarkt and Saturn, to acquire all issued and outstanding bearer shares in CECONOMY (the “CECONOMY Shares”) for a cash consideration of EUR 4.60 per share (the “Takeover Offer”).

    The Bidder and CECONOMY have also signed an investment agreement regarding the Takeover Offer and their intended cooperation after completion of the Takeover Offer. Furthermore, regarding their future cooperation, the Bidder and CECONOMY’s largest shareholder group comprising Convergenta Invest GmbH and related shareholders (together, “Convergenta”) entered into a shareholders’ agreement, effectiveness of which is subject to the completion of the Takeover Offer. As a result, post the completion of the Takeover Offer, Convergenta will hold 25.35% of the CECONOMY Shares, reducing its current shareholding in CECONOMY from 29.16% by an irrevocable undertaking to accept the Takeover Offer with respect to 3.81% of the CECONOMY Shares. The Bidder has also entered into agreements with several shareholders of CECONOMY, under which those shareholders have irrevocably undertaken to accept the Takeover Offer with respect to 31.7% of the CECONOMY Shares in total (including 3.81% from Convergenta), securing a total shareholding of 57.1% in combination with the retained stake of JD.com’s future partner Convergenta ahead of the launch of the Takeover Offer.

    CECONOMY is a European retail leader in the field of consumer electronics. Its main brands MediaMarkt and Saturn operate omni-channel retail businesses, combining strong e-commerce presence with more than 1,000 retail stores in 11 countries. Under the strategic investment agreement, the Company and CECONOMY aim to drive CECONOMY’s growth as a stand-alone business and accelerate CECONOMY’s transformation into Europe’s leading omni-channel consumer electronics platform. JD.com, renowned for its superior customer experience and industry-leading e-commerce logistics service standards, will contribute its advanced technology, leading omni-channel retail expertise, and logistics and warehouse capabilities to the partnership. This will strengthen CECONOMY’s capabilities and further develop its core business and capitalize on its market position. As part of the strategic roadmap, CECONOMY will remain a stand-alone business in Europe with a local independent technology stack, and no changes are planned to the workforce, employee agreements and sites. CECONOMY’s Supervisory Board and Management Board fully support the public Takeover Offer.

    “This partnership with CECONOMY will build Europe’s leading next-generation consumer electronics platform,” said JD.com CEO Sandy Xu. “CECONOMY’s market-leading position, strong customer relationships and growth are impressive, and we are firmly committed to investing in its people and distinct culture to build on this success. We will work with the team to strengthen the capabilities, while applying our advanced technology capabilities to accelerate CECONOMY’s ongoing transformation. Our goal is to further grow CECONOMY’s platform across Europe and create long-term value for customers, employees, investors and local communities. We have full confidence in the management team of CECONOMY and look forward to working together to initiate the next phase of growth.”

    CECONOMY CEO Dr. Kai-Ulrich Deissner said, “With JD.com’s outstanding retail, logistics, and technology capabilities, we can further accelerate our successful growth trajectory and go beyond our current strategic goals. Thanks to the tremendous dedication and commitment of our entire team, CECONOMY operates from a position of strength. Given the constantly evolving customer expectations and market dynamics, standing still is not an option. In the coming years, we don’t just want to keep pace with the transformation in European retail – we want to continue leading it. JD.com is the right partner for this. We share a passion for our customers and a firm belief that our employees, trusted partnerships with international brand manufacturers, and the combination of digital and brick-and-mortar business are the keys to success. We partner with JD.com to strengthen European retail, based on complementary strengths and shared values.”

    “We fully support the strategic investment agreement and takeover offer and are confident that it represents the best opportunity to further drive the successful transformation of CECONOMY,” said Jürgen Kellerhals of anchor shareholder Convergenta. “The management team of CECONOMY has a clear strategic vision, and JD.com brings the resources and expertise required to accelerate the company’s (CECONOMY’s) next phase of growth. The technological expertise of JD.com is world-leading, as demonstrated by its success in other markets. As the long-term anchor investor, we believe this is the right step at the right time for the business, our employees, and our customers.”

    The Takeover Offer will be subject to customary conditions, including, among others, merger control, foreign direct investment and foreign subsidies clearances. The Takeover Offer will not be subject to a minimum acceptance rate. The transaction will be financed through a combination of acquisition loan and the Company’s cash on balance sheet. The closing of the Takeover Offer is expected to take place in the first half of 2026.

    The Offer Document (in German and a non-binding English translation) which will set forth the detailed terms and conditions of the Takeover Offer, as well as further information relating thereto, will be published by the Bidder following approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) on the internet at the website www.green-offer.com.

    This announcement and the information within it are not intended to, and do not, constitute or form part of any offer to purchase or a solicitation of an offer to sell the CECONOMY Shares. Investors and holders of CECONOMY Shares are strongly advised to read the Offer Document and all other documents relating to the Takeover Offer as soon as they have been made public, as they will contain important information.

    About JD.com, Inc.

    JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JD.com’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JD.com’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com’s acquisitions, investments and alliances, including fluctuation in the market value of JD.com’s investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law. 

    For investor and media inquiries, please contact:

    Investor Relations
    Sean Zhang
    +86 (10) 8912-6804
    IR@JD.com

    Media Relations
    +86 (10) 8911-6155
    Press@JD.com

    The MIL Network

  • MIL-Evening Report: More than 2 in 5 young Australians are lonely, our new report shows. This is what could help

    Source: The Conversation (Au and NZ) – By Michelle H. Lim, Associate Professor, Sydney School of Public Health, University of Sydney

    Oliver Rossi/Getty Images

    Loneliness is not a word often associated with young people. We tend to think of our youth as a time spent with family, friends and being engaged with school and work activities. Loneliness is an experience we may be more likely to associate with older people.

    In a new report looking at loneliness in young Australians, we found 43% of people aged 15 to 25 feel lonely. That’s more than two in five young people.

    While one in four felt lonely when asked, one in seven had felt lonely for at least two years (what we call persistent loneliness).

    There’s more we should be doing in Australia to address loneliness among young people and more broadly.

    What else did we find?

    In this report, we analysed data from the Household, Income and Labour Dynamics in Australia survey from 2022–23. This helped us understand what sort of factors increase the risk of loneliness among young people.

    We found having poor physical health and mental health can double (or more) the likelihood of persistent loneliness among young people.

    Life circumstances, as well as socioeconomic and behavioural factors, also play a role, as shown below.

    Worryingly, young people who report persistent loneliness are over seven times more likely to experience high or very high psychological distress compared to those who aren’t lonely.

    But loneliness in young people should not be seen just as a mental health issue. Research shows it can have consequences for physical health too. For example, a study published in 2024 found loneliness is linked to early signs of vascular dysfunction (functional changes to the arteries) in adults as young as 22.

    Why does loneliness persist?

    As well as analysing data, we also interviewed young people aged 16 to 25 from diverse backgrounds about what helps them make healthy social connections, and what hinders them.

    One of the things they flagged was a need for safe community spaces. A male participant from metro New South Wales, aged between 22 and 25, said:

    After lectures, someone’s hungry, you go to eat together. We used to go to [Name of restaurant] after almost every lecture. Talk or discuss somethings so it gave us that extra opportunity to mingle amongst each other and take that next step towards building a good friendship.

    We found technology could both help and hinder social connections. A female from regional Victoria, aged 22 to 25, who identified as LGBTIQ+, told us:

    If you’re in school or something like that and you don’t really have […] many people within your community to look to, it’s really nice being able to connect with people and make those friends online.

    On the flip side, a female participant from metropolitan Victoria, aged between 16 and 18, said:

    a lot of maybe like mean stuff or like bullying and stuff happens over the Internet […] there’s a big group chat and like everyone’s texting on it or something. And then a lot of the time, people will break off into a smaller chat […] or they’ll break off into one on one and be like, ohh, do you see what she said?

    The high cost of living was also regarded as a hindrance to maintaining social connections. As a male aged 22 to 25 from metro NSW told us:

    you’ll go on [a] drive [with friends] or whatever […] but that is so like incredibly expensive. Having to pay for your own car and like petrol and insurance and maintenance. Sometimes it’s hard to […] even like […] sit down in peace and have a chat. All the cafes will close at 2 and by the time everyone gets out of their jobs, you’re having to go to a restaurant and [you’re] spending 50 dollars.

    So what can we do?

    Loneliness has long been treated as a personal issue but it’s increasingly clear we have to shift our approach to include community-wide and systemic solutions.

    The World Health Organization’s Commission on Social Connection recently released a report pointing to loneliness as a public health, social, community and economic issue.

    In Australia, the economic burden of loneliness stands at A$2.7 billion each year for associated health-care costs including GP and hospital visits.

    And there are additional costs including lower workforce productivity and educational outcomes that have yet to be accounted for.

    Some countries have already developed and implemented strategies to address loneliness. In 2023, Denmark, for example, commissioned the development of a national loneliness action plan led by a consortium of organisations. This was underpinned by an investment of around 21 million Danish kroner (roughly A$5 million) over 2023–25.

    Australia now stands at a crossroads.

    Australia needs a national loneliness strategy

    A national strategy underpinned by evidence and by lived experience is crucial to effectively address loneliness. This approach would:

    • coordinate efforts across sectors: health, education, social services and business

    • identify effective strategies that should be included in a comprehensive response, and the principles to guide their delivery in communities and other settings

    • highlight sub-groups at risk of persistent loneliness who should be prioritised within population-wide strategies

    • commit to the delivery of a national awareness campaign that can educate the public and reduce stigma around loneliness.

    With the right national strategy, we will be able to increase our capacity to help all Australians, not just young people, connect in meaningful ways.


    If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14. You can learn more about youth loneliness and how to help at Ending Loneliness Together.

    Michelle H. Lim is the CEO and Scientific Chair of Ending Loneliness Together. She is also the Vice-Chair of the International Scientific Board of the Global Initiative on Loneliness and Connection, and is part of the Technical Advisory Group – Social Connection at the World Health Organization.

    Ben Smith is a member of the Management Committee and Scientific Advisory Board of Ending Loneliness Together. He is also the Conjoint Chair of Public Health with the Western Sydney Local Health District.

    ref. More than 2 in 5 young Australians are lonely, our new report shows. This is what could help – https://theconversation.com/more-than-2-in-5-young-australians-are-lonely-our-new-report-shows-this-is-what-could-help-261260

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI United Kingdom: Time to pay up: Toughest crackdown on late payments in a generation unveiled in plan to back small businesses

    Source: United Kingdom – Government Statements

    Press release

    Time to pay up: Toughest crackdown on late payments in a generation unveiled in plan to back small businesses

    UK Government unveils its Small Business Plan to support SMEs across the country

    • Government to tackle late payments with the most significant legislative reforms in 25 years – an issue that costs the UK economy £11bn a year and shuts down 38 businesses every day
    • UK set to have the toughest late payments laws in the G7 as part of reforms to back small businesses and unlock growth as part of the Plan for Change
    • New £4bn finance boost including 69,000 Start-Up Loans to inspire the next generation of entrepreneurs and small business owners

    Small businesses across the UK will benefit from the most comprehensive support package in a generation, as the government launches a bold new plan to give small businesses the tools to thrive and drive economic growth as part of its Plan for Change.

    Small and medium sized firms employ 60% of the country’s workforce and generate £2.8 trillion in turnover. However, for too long, the odds have been stacked against small businesses.

    From tradespeople and shopkeepers to start-up founders and family-run firms, too many work hard but don’t get the backing they deserve – held back by late payments and not getting the financial backing they need within a wider system that hasn’t worked in their favour.

    That’s why the Government is taking serious action to back small businesses and give them the tools they need to grow. This builds on the solid foundation of certainty and stability this government has already delivered—through the trade deals we’ve secured, four interest rate cuts, and a long-term industrial and trade strategy that’s helping businesses plan ahead with confidence.

    At the heart of the plan is a the most significant package of reforms in a generation to tackle late payments, with plans to introduce the toughest laws on late payments in the G7.

    Late payments are one of the biggest barriers to small business growth —causing cashflow problems that stop firms from scaling up and investing in their future. Every day, hardworking businesses close their doors because they aren’t paid on time.

    The new laws are set to give stronger powers to the Small Business Commissioner to empower them to wield fines, worth potentially millions of pounds, against the biggest firms who persistently choose to pay their suppliers late.

    The Small Business Commissioner will be given new powers to carry out spot checks and enforce a 30-day invoice verification period to speed up resolutions to disputes. The upcoming legislation will also introduce maximum payment terms of 60 days, reducing to 45 days, giving firms certainty they’ll be paid on time.

    Audit committees, under the proposals, will also be legally required to scrutinise payment practices at board level, placing greater pressure on large firms to show they’re treating small suppliers fairly backed by mandatory interest charges for those who pay late.

    These changes will also save small businesses valuable time, freeing up hours currently spent chasing overdue invoices so they can focus on growing their business instead. Taken together, this will help ensure businesses are paid on time and end the scourge of late payments which costs the UK economy £11bn per year and closes down 38 UK businesses every day.

    Prime Minister Keir Starmer said:

    “From builders and electricians to freelance designers and manufacturers—too many hardworking people are being forced to spend precious hours chasing payments instead of doing what they do best – growing their businesses.

    “It’s unfair, it’s exhausting, and it’s holding Britain back. So, our message is clear: it’s time to pay up.

    “Through our Small Business Plan, we’re not only tackling the scourge of late payments once and for all, but we’re giving small business owners the backing and stability they need for their business to thrive, driving growth across the country through our Plan for Change.”

    Business and Trade Secretary Jonathan Reynolds said:   

    “This country is home to some of the brightest entrepreneurs and innovative businesses in the world, and we want to unleash their full potential by giving them back time and money to do what they do best – growing our local economies.

    “Our Small Business plan – the first in over a decade –  is slashing unnecessary admin costs, making it easier for businesses to set up shop and giving SMEs the financial backing they need.

    “This is our Plan for Change in action, putting more money in people’s pockets, boosting local communities and ensuring Britain is a great place to do business and thrive.”

    Small Business Minister Gareth Thomas said:

    “I want the UK to be the best place in the world to start a business, grow and succeed – and that’s why we’ve taken bold steps today. 

    “Too many small firms go under each year because they aren’t paid on time – that is completely unacceptable.

    “I hear all too often about businesses who just don’t have the cash needed to start up or grow. Today, we’ve announced measures as part of our Plan for Change to tackle all of those issues and beyond. This is the government listening to businesses, working with them, and delivering real change.”

    Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said:

    “Making sure businesses are paid on time, that our high streets thrive, and creating conditions in which everyone can start and succeed in business are crucial priorities for small businesses, communities and the economy. It’s very welcome that the Prime Minister has today made them his Government’s priorities.

     “I’m pleased that FSB and the Government have been able to work in lockstep on the bold and ambitious measures needed to tackle the scourge of late payment through legislation, and other pro-growth, pro-small business measures.

    “Today’s plan is an encouraging commitment from the Government to take the side of small businesses in the great growth challenge ahead.”

    Charlie Shaw, owner of Flock and Herd butchers in Peckham said:

    “We’re proud to pay every supplier on time and once we receive an invoice, so it’s fantastic to see the government put the Small Business Plan into place tackling the big issue of late payments.

    “We believe this is a fair and honest way to conduct business. It gives us a clear and current understanding of how our business is performing. Our relationships with our suppliers have been amazing and truly beneficial to all parties.” 

    As part of the plan, the government is also tackling another major barrier for small businesses – access to finance. Despite the UK’s world-leading financial services sector, many small firms struggle to secure the funding they need to invest, expand, or even survive.

    To address this, the Government is launching a new £4 billion wave of financial support aimed at boosting growth and supporting more small businesses to start up and grow. This includes a £1bn boost for new businesses, with 69,000 Start-Up Loans and mentoring support to inspire the next generation of entrepreneurs and small business owners.

    The Government is also going further by delivering a new £3 billion boost to the British Business Bank – raising the total guarantee to £5 billion – to help lenders offer more small business loans through the ‘ENABLE programme’. Under the scheme, the BBB provides a government-backed guarantee to help lenders feel safer when lending to smaller or newer businesses, enabling them to offer better loan terms including with lower interest.

    These measures aim to break down long-standing barriers that have made it harder for small businesses to access the funding they need to get off the ground by making finance and loans more accessible, affordable, and fair.

    Accelerating SME growth by just 1 percentage point per year, could deliver £320bn to the UK economy by 2030. All of these measures announced today back small businesses to the hilt and build on action already taken by this government to create the conditions for businesses to thrive:

    • Slashing of red tape to boost the hospitality and arts sector through hospitality zones and licensing reforms following the Licensing Taskforce co-chaired with Nick Mackenzie, Greene King CEO
    • High Street Rental Auctions to fill vacant high street premises
    • A revamped Board of Trade to get more small firms exporting around the world
    • The new Business Growth Service to ensure SMEs have access to key support
    • We’ve set out that we intend to introduce permanently lower business rates multipliers for the hard-hit retail, hospitality and leisure sector. 

    Notes to editors

    Michelle Ovens CBE, Founder, Small Business Britain, said:

    “I am thrilled to see the Small Business Plan launched today, putting the nation’s smallest businesses at the heart of Government strategy where it should be. These job creators and economy builders will benefit from a huge boost to funding through the British Business Bank, a boost to skills, support for high streets and a long hoped for legislative backing for getting paid on time. We will not see economic growth without small business growth, so I am eager to get on and help the Government deliver on this agenda – and help small businesses regardless of their background start, grow and thrive.”

    Simon Groom, CEO of MagnifyB, said: 

    “MagnifyB welcomes the UK Government’s action to tackle late payments, which will give small businesses the cash flow stability they need to thrive. Alongside this, there is a clear need to provide micro and small businesses with far more than just a repository of information, including a practical digital toolset to strengthen their operations and improve their chances of long-term success. We hope that the new Small Business Commissioner can be instrumental in bringing together ideas and championing the initiatives needed to make this support a reality.”

    Julianne Ponan MBE, Founder of Creative Nature, a small business that exports top 14 Allergen Free Baking Mixes and Snacks to 16 countries, said:

    “I’m delighted to see the government’s new SME Strategy recognising the critical role small businesses play both at home and globally. From tackling late payments to simplifying access to growth advice and support, these measures are a lifeline for SMEs like mine who often face disproportionate challenges with limited resources. I’m especially encouraged by the commitment to reduce administrative burdens by 25% and improve access to finance both are major barriers to growth for underrepresented founders, including women and ethnic minority entrepreneurs. The focus on revitalising the high street, digital skills, and exporting support shows that the government is listening to the needs of small businesses.”

    • The full plan will be published later this morning on Gov.uk We have launched a public consultation to seek views on our proposed legislative measures to ensure companies pay their suppliers quickly and on time. Please go to GOV.UK for details of the proposed measures.
    • Today’s announcement builds on the foundation of the government putting the public finances on a sustainable path – providing long-term direction, stability, and confidence for small businesses to thrive. This has paid off – interest rates have been cut four times in the last 12 months and in the first three months of 2025, Britain was the fastest growing economy in the G7.
    • The Government has also extended 40% business rates relief for 250,000 firms until April 2026 protected bills from inflation, and ensured over 700,000 properties pay no rates at all. This is creating a fairer business rates system to protect the high street, support investment, and level the playing field as we intend to introduce permanently lower tax rates for retail, hospitality, and leisure properties from next year.
    • This has included 865,000 small businesses being protected from the NICs rise because of the Employment Allowance increase to £10500, whilst 700,000 small business properties do not pay business rates at all because of Small Business Rates Relief. Corporation tax has been capped at 25% – the lowest headline rate of Corporate Tax in the G7 – for the duration of parliament.

    Updates to this page

    Published 30 July 2025

    MIL OSI United Kingdom

  • MIL-OSI United Nations: Update 306 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency (IAEA)

    The IAEA team based at Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) carried out independent measurements today to confirm that there had been no increase in radiation levels at the site, contrary to some social media posts overnight, Director General Rafael Mariano Grossi said.

    Using IAEA monitoring equipment, the team members measured only normal levels during a site walkdown. Their measurements confirmed other data collected separately at the site, as well as information provided by the plant itself.

    “The team took immediate action after becoming aware of these social media reports, enabling us to provide assurances that radiation levels remained unchanged. Once again, this shows the importance of the IAEA’s presence at the Zaporizhzhya Nuclear Power Plant and Ukraine’s other nuclear power sites. Thanks to this presence, we can provide timely, factual and impartial technical information to the public about nuclear safety and security in Ukraine,” Director General Grossi said.

    The general nuclear safety situation at the ZNPP remains precarious, however, with the plant continuing to rely on one single power line for the electricity it needs to cool its reactors and for other essential nuclear safety and security functions. Before the conflict, it had access to 10 external power lines.

    In addition, the IAEA team reported hearing military activities almost every day over the past week, at different distances from the site, which is located on the frontline.

    Earlier this week, the team members performed a walkdown of a turbine hall of one reactor unit where they were once again denied access to the western part of the hall.

    The IAEA teams present at Ukraine’s operating nuclear power plants (NPPs) — Khmelnytskyy, Rivne and South Ukraine NPPs – and the Chornobyl NPP site reported hearing air raid alarms nearly every day over the past week. At Khmelnytskyy, the team had to shelter twice on 28 July.

    Three of Ukraine’s nine operating reactor units continued to be in shutdown for refuelling and maintenance, including work on some of the off-site power lines.

    As part of the IAEA’s comprehensive assistance programme to support nuclear safety and security in Ukraine, the Slavutych City Hospital this week received mobile radiography equipment and the Ukrainian Hydrometeorological Center and Hydrometeorological organizations of the State Emergency Service of Ukraine received laboratory equipment. These deliveries were funded by Australia, the European Union and Norway.  

    MIL OSI United Nations News

  • MIL-OSI: Euronet and CoreCard Announce Merger Agreement to Unlock Global Opportunities in Credit Card Issuing and Processing

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan. and NORCROSS, Ga., July 30, 2025 (GLOBE NEWSWIRE) — Euronet (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, and CoreCard Corporation (NYSE: CCRD), a leading provider of innovative credit technology solutions and processing services to the financial technology and services market, today announced they have entered into a definitive agreement for Euronet to acquire CoreCard in a stock-for-stock merger transaction that values CoreCard at approximately $248 million, or $30 per share of CoreCard common stock. The exchange ratio and other terms of the transaction are described below.

    The proposed transaction marks a pivotal step in accelerating Euronet’s strategic goal of a more diversified, future-ready revenue mix, that is anchored in scalable, modern platforms designed for the next generation of digital financial services across the globe.

    Acquisition to Add a Proven Credit Card Platform and Marquee Clients to Fuel Euronet’s Growth Strategy

    CoreCard’s platform is proven and trusted by some of the most respected names in finance and technology, and has been instrumental in launching one of the most successful co-branded credit card offerings in U.S. history in partnership with Goldman Sachs. This credibility, combined with CoreCard’s deep expertise in credit products, positions Euronet to compete in a sizeable market traditionally dominated by a few legacy providers.

    The CoreCard modern architecture enables faster deployment, easier integrations, and the flexibility to support rapid innovation, which are key advantages in today’s world of payments, where banks and fintechs are looking to embed financial experiences in their customer journeys. This has enabled CoreCard to support diverse, bespoke use cases for fintech innovators such as Cardless, who has recently been chosen as the partner for the Coinbase credit card.

    “More than a product expansion, this acquisition will be a catalyst for long-term growth, and we expect it to be accretive in the first full year post close,” said Michael J. Brown, Euronet’s Chairman and Chief Executive Officer. “By integrating CoreCard’s platform with our own Ren architecture and global distribution network, we will be positioned to become a leading modern card issuer and innovation partner for the next generation of digital finance. This acquisition is a natural extension of our strategy to invest in scalable, high-margin businesses that align with long-term market trends. We also value and respect the work of CoreCard’s employees, who we are eager to welcome to Euronet, and we look forward to their contributions to our company in the future.”

    “Joining Euronet marks an exciting new chapter for CoreCard,” said Leland Strange, CEO of CoreCard. “Our team has built a modern, resilient credit card processing platform that serves some of the largest companies and financial institutions in the world. We’re excited to bring our capabilities to a global stage. We have spent a lot of time and diligence over the last year exploring the right ‘fit’ for what our team has built over many years, and we believe this is a great outcome for the team and our shareholders. We are joining with a company that has also been built on a strong foundation over many years that has kept a strong team and customer-focused culture with a focus on innovation.”

    Time and Approvals

    The transaction has been approved by the boards of directors of both Euronet and CoreCard, and is expected to close in late 2025, subject to approval by CoreCard shareholders and the satisfaction of certain other customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

    Transaction Details

    Under the terms of the merger agreement, each share of CoreCard common stock will be exchanged for a number of shares of Euronet common stock equal to an exchange ratio between 0.2783 and 0.3142, calculated as $30 divided by the volume weighted average share price of Euronet common stock over the 15-trading day period ending on and including the second to last trading day prior to the closing date (the “Final Euronet Stock Price”), subject to a floor of $95.48 per share and a ceiling of $107.80 per share. CoreCard shareholders will receive 0.3142 Euronet shares for each of their CoreCard shares if the Final Euronet Stock Price is at or below $95.48, and 0.2783 Euronet shares for each of their CoreCard shares if the Final Euronet Stock Price is at or above $107.80.

    Advisors

    Stinson LLP is acting as outside counsel to Euronet. Kilpatrick Townsend & Stockton LLP is acting as outside counsel to CoreCard. Keefe, Bruyette & Woods, a Stifel Company, provided certain financial advice to the board of directors of CoreCard.

    About CoreCard

    CoreCard Corporation (NYSE: CCRD) provides a modern card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.

    About Euronet

    A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone. Visit the company’s website at www.euronetworldwide.com

    Cautionary Statement Regarding Forward-Looking Statements

    This communication contains “forward-looking statements” within the United States Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as “may,” “will,” “should,” “can,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,” “create,” “work,” “continue,” “target,” “poised,” “advance,” “drive,” “aim,” “forecast,” “approach,” “seek,” “schedule,” “position,” “pursue,” “progress,” “budget,” “outlook,” “trend,” “guidance,” “commit,” “on track,” “objective,” “goal,” “strategy,” “opportunity,” “ambitions,” “aspire” and similar expressions, and variations or negative of such terms or other variations thereof. Words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements.

    Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such statements regarding the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement’), dated as of July 30, 2025, by and among CoreCard, Euronet and Genesis Merger Sub Inc. (the “Transaction”), including the expected timing of the closing of the Transaction; future financial and operating results; benefits and synergies of the Transaction; future opportunities for the combined company; the conversion of equity interests contemplated by the Merger Agreement; the issuance of common stock of Euronet contemplated by the Merger Agreement; the expected filing by Euronet with the SEC of the Registration Statement and the proxy statement/prospectus; the ability of the parties to complete the proposed Transaction considering the various closing conditions and any other statements about future expectations that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Euronet and CoreCard, that could cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual results to differ materially include, but are not limited to, the expected timing and likelihood of completion of the Transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; the possibility that CoreCard’s shareholders may not approve the Transaction; the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Transaction; the risk that any announcements relating to the Transaction could have adverse effects on the market price of Euronet’s common stock; the risk that the Transaction and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of CoreCard or Euronet to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of unforeseen or unknown liabilities; customer, shareholder, regulatory and other stakeholder approvals and support; the risk of potential litigation relating to the Transaction that could be instituted against CoreCard or its directors and/or officers; the risk associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the Transaction which are not waived or otherwise satisfactorily resolved; the risk of rating agency actions and Euronet’s ability to access short- and long-term debt markets on a timely and affordable basis; the risk of various events that could disrupt operations, including: conditions in world financial markets and general economic conditions; inflation; the war in Ukraine and the related economic sanctions; and military conflicts in the Middle East.

    These risks, as well as other risks related to the proposed Transaction, will be described in the Registration Statement that will be filed with the SEC in connection with the proposed Transaction. While the list of factors presented here and the list of factors to be presented in the Registration Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Additional factors that may affect future results are contained in each company’s filings with the SEC, including each company’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available at the SEC’s website http://www.sec.gov. Euronet regularly posts important information to the investor relations section of its website. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, neither Euronet nor CoreCard intends to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.

    Important Information for Investors and Stockholders

    In connection with the proposed transaction, Euronet plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”), which will include a proxy statement of CoreCard that also constitutes a prospectus of Euronet, and any other documents in connection with the transaction. After the Registration Statement has been declared effective by the SEC, the definitive proxy statement/prospectus will be sent to the holders of common stock of CoreCard. INVESTORS AND SHAREHOLDERS OF CORECARD AND EURONET ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EURONET, CORECARD, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other documents filed by Euronet or CoreCard with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. Alternatively, investors and stockholders may obtain free copies of documents that are filed or will be filed with the SEC by Euronet, including the registration statement and the proxy statement/prospectus, on Euronet’s website at https://ir.euronetworldwide.com/for-investors, and may obtain free copies of documents that are filed or will be filed with the SEC by CoreCard, including the proxy statement/prospectus, on CoreCard’s website at https://investors.CoreCard.com/. The information included on, or accessible through, Euronet’s or CoreCard’s website is not incorporated by reference into this press release.

    No Offer or Solicitation

    This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    Participants in the Solicitation

    Euronet and CoreCard and their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from CoreCard’s shareholders in connection with the proposed Transaction. A description of participants’ direct or indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus relating to the proposed Transaction when it is filed with the SEC. Information regarding Euronet’s directors and executive officers is contained in the definitive proxy statement, dated April 4, 2025, for its 2025 annual meeting of stockholders, and in Euronet’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Information regarding CoreCard’s directors and executive officers is contained in CoreCard’s definitive proxy statement, dated April 14, 2025, for its 2025 annual meeting of shareholders, and CoreCard’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Additional information regarding ownership of Euronet’s securities by its directors and executive officers, and of ownership of CoreCard’s securities by its directors and executive officers, is included in each such person’s SEC filings on Forms 3 and 4. These documents and the other SEC filings described in this paragraph may be obtained free of charge as described above under the heading “Important Information for Investors and Stockholders.”

    The MIL Network

  • MIL-OSI NGOs: Update 306 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency (IAEA) –

    The IAEA team based at Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) carried out independent measurements today to confirm that there had been no increase in radiation levels at the site, contrary to some social media posts overnight, Director General Rafael Mariano Grossi said.

    Using IAEA monitoring equipment, the team members measured only normal levels during a site walkdown. Their measurements confirmed other data collected separately at the site, as well as information provided by the plant itself.

    “The team took immediate action after becoming aware of these social media reports, enabling us to provide assurances that radiation levels remained unchanged. Once again, this shows the importance of the IAEA’s presence at the Zaporizhzhya Nuclear Power Plant and Ukraine’s other nuclear power sites. Thanks to this presence, we can provide timely, factual and impartial technical information to the public about nuclear safety and security in Ukraine,” Director General Grossi said.

    The general nuclear safety situation at the ZNPP remains precarious, however, with the plant continuing to rely on one single power line for the electricity it needs to cool its reactors and for other essential nuclear safety and security functions. Before the conflict, it had access to 10 external power lines.

    In addition, the IAEA team reported hearing military activities almost every day over the past week, at different distances from the site, which is located on the frontline.

    Earlier this week, the team members performed a walkdown of a turbine hall of one reactor unit where they were once again denied access to the western part of the hall.

    The IAEA teams present at Ukraine’s operating nuclear power plants (NPPs) — Khmelnytskyy, Rivne and South Ukraine NPPs – and the Chornobyl NPP site reported hearing air raid alarms nearly every day over the past week. At Khmelnytskyy, the team had to shelter twice on 28 July.

    Three of Ukraine’s nine operating reactor units continued to be in shutdown for refuelling and maintenance, including work on some of the off-site power lines.

    As part of the IAEA’s comprehensive assistance programme to support nuclear safety and security in Ukraine, the Slavutych City Hospital this week received mobile radiography equipment and the Ukrainian Hydrometeorological Center and Hydrometeorological organizations of the State Emergency Service of Ukraine received laboratory equipment. These deliveries were funded by Australia, the European Union and Norway.  

    MIL OSI NGO

  • MIL-OSI Security: Update 306 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency – IAEA

    The IAEA team based at Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) carried out independent measurements today to confirm that there had been no increase in radiation levels at the site, contrary to some social media posts overnight, Director General Rafael Mariano Grossi said.

    Using IAEA monitoring equipment, the team members measured only normal levels during a site walkdown. Their measurements confirmed other data collected separately at the site, as well as information provided by the plant itself.

    “The team took immediate action after becoming aware of these social media reports, enabling us to provide assurances that radiation levels remained unchanged. Once again, this shows the importance of the IAEA’s presence at the Zaporizhzhya Nuclear Power Plant and Ukraine’s other nuclear power sites. Thanks to this presence, we can provide timely, factual and impartial technical information to the public about nuclear safety and security in Ukraine,” Director General Grossi said.

    The general nuclear safety situation at the ZNPP remains precarious, however, with the plant continuing to rely on one single power line for the electricity it needs to cool its reactors and for other essential nuclear safety and security functions. Before the conflict, it had access to 10 external power lines.

    In addition, the IAEA team reported hearing military activities almost every day over the past week, at different distances from the site, which is located on the frontline.

    Earlier this week, the team members performed a walkdown of a turbine hall of one reactor unit where they were once again denied access to the western part of the hall.

    The IAEA teams present at Ukraine’s operating nuclear power plants (NPPs) — Khmelnytskyy, Rivne and South Ukraine NPPs – and the Chornobyl NPP site reported hearing air raid alarms nearly every day over the past week. At Khmelnytskyy, the team had to shelter twice on 28 July.

    Three of Ukraine’s nine operating reactor units continued to be in shutdown for refuelling and maintenance, including work on some of the off-site power lines.

    As part of the IAEA’s comprehensive assistance programme to support nuclear safety and security in Ukraine, the Slavutych City Hospital this week received mobile radiography equipment and the Ukrainian Hydrometeorological Center and Hydrometeorological organizations of the State Emergency Service of Ukraine received laboratory equipment. These deliveries were funded by Australia, the European Union and Norway.  

    MIL Security OSI

  • MIL-OSI USA: Committee Advances Senator Hassan’s Legislation to Speed Up FDA’s Sunscreen Approval Process

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    HELP Committee Also Advances Additional Hassan-Led Bills

    WASHINGTON – The Senate Health, Education, Labor and Pensions (HELP) Committee unanimously voted today to advance a package that includes the SAFE Sunscreen Standards Act, bipartisan legislation led by U.S. Senators Maggie Hassan (D-NH) and Roger Marshall (R-KS) to modernize the U.S. Food and Drug Administration’s process for reviewing and approving new sunscreens. The FDA has not approved a new sunscreen active ingredient since 1999, while other countries, such as France and South Korea, have innovative sunscreen products on the market that often use newer, more effective UV filters. The SAFE Sunscreen Standards Act would require the FDA to improve its outdated approval process and will help American consumers access more effective sun protection options that have been safely used in other countries for years.

    “As Granite Staters head outside and enjoy summer, Congress needs to remove the outdated barriers that prevent Americans from being able to use modern sunscreen products,” said Senator Hassan. “This commonsense bipartisan legislation will modernize the FDA’s approval process to allow American manufacturers to make more up-to-date, effective sunscreens that people are already using safely around the world. I am pleased to see this important measure advance, and I will continue working to get this bill signed into law.”

    As part of the bipartisan package, the HELP Committee also advanced the bipartisan Prescription-to-OTC Process Act, led by Senators Hassan and Husted (R-Ohio), which directs the FDA to communicate more clearly with the health industry about the process and standards for switching medications from prescription to over-the-counter marketing. In addition, the committee voted unanimously to advance Senator Hassan’s Advocate for Employee Ownership Act, which establishes an Advocate for Employee Ownership position at the Department of Labor to promote and improve access to employee stock ownership plans, or ESOPs.

    MIL OSI USA News

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Message to Shareholders

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

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

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

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

    Operational Update:

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

    Enhanced Liquidity:

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

    Key Highlights of the Quarter:

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

    Additional Key Financial Metrics:

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

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

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


    (1) Funds flow from operations, operating netback, net debt, cash netback, earnings before interest, taxes and depletion, depreciation and accretion (“DD&A”) (EBITDA) and EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gains or losses, stock-based compensation expense, other gains or losses, transaction costs and financial instruments gains or losses (“Adjusted EBITDA”), cash flow and free cash flow are non-GAAP measures and do not have standardized meanings under generally accepted accounting principles in the United States of America (“GAAP”). Cash flow refers to funds flow from operations. Free cash flow refers to funds flow from operations less capital expenditures. Refer to “Non-GAAP Measures” in this press release for descriptions of these non-GAAP measures and, where applicable, reconciliations to the most directly comparable measures calculated and presented in accordance with GAAP.

    (2) Gran Tierra’s third quarter-to-date 2025 total average differentials and average production are for the period from July 1 to July 30, 2025.
    (3) Operating netback as presented is defined as oil sales less operating and transportation expenses. See the table titled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.
    (4) Gran Tierra entered Canada with the acquisition of i3 Energy which closed October 31, 2024, therefore no comparative data is provided for the corresponding periods of 2024.


    Conference Call Information:

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

    Corporate Presentation:

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

    Contact Information

    For investor and media inquiries please contact:

    Gary Guidry
    President & Chief Executive Officer

    Ryan Ellson
    Executive Vice President & Chief Financial Officer

    +1-403-265-3221

    info@grantierra.com

    About Gran Tierra Energy Inc.

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

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

    Forward Looking Statements and Legal Advisories:

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

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

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

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

    Non-GAAP Measures

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

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

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

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

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

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

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

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

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

    Presentation of Oil and Gas Information

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

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

    This press release contains certain oil and gas metrics, including operating netback and cash netback, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. These metrics are calculated as described in this press release and management believes that they are useful supplemental measures for the reasons described in this press release.

    Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

    The MIL Network

  • MIL-OSI USA: Kennedy champions resolution encouraging NATO members to meet their five percent defense spending commitments

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Senator John Kennedy (R-La.), a member of the Senate Appropriations Committee, today introduced a resolution urging North Atlantic Treaty Organization (NATO) member countries to fulfill their commitments to spend five percent of their GDP on defense. He emphasizes the importance of sincerity in fulfilling these obligations, noting that some countries, such as Spain, have refused to meet the five percent commitment, demanding a carveout. Spain struggled to even meet their two percent defense spending target. All NATO members must take this commitment seriously to strengthen our collective security. 

    NATO is one of the greatest defensive alliances in all of human history. My resolution commends our allies for their commitment to allocate five percent of their GDP to our shared defense and strongly encourages them to fulfill their promises in good faith. If we want to deter our adversaries, we need real investments in our defense, not bridges that have little, if anything, to do with national security,” said Kennedy.

    Sens. Marsha Blackburn (R-Tenn.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.), John Cornyn (R-Texas), Ted Budd (R-N.C.) and Cynthia Lummis (R-Wyo.) cosponsored the bill.

    Now more than ever, the New Axis of Evil is threatening the security of free nations, and every NATO member country needs to spend their fair share to keep our adversaries from accomplishing their goals. Our resolution urges all NATO members to fulfill their obligation to spend 5% of GDP on defense and address the security risks we are facing,” said Blackburn.

    It’s past time for NATO members to pony up. It’s not the job of the American taxpayers to pay to defend the entire world. Thank God for President Trump who is finally standing up for American taxpayers and fighting to put America First,” said Tuberville.

    NATO members agree: Deterrence is more important now than at any time in recent memory. The axis of aggressors is watching, hoping the West underestimates its threats. I am grateful for the Hague Summit Declaration’s spending commitment, and I will continue pressing member nations to follow through on their word. The free world can achieve peace through collective strength,” said Wicker.

    Conflicts in Europe and the Middle East and tensions in the Indo-Pacific threaten our global stability and security. It’s critical for NATO nations to honor their commitments on national defense, ensuring military readiness within the NATO alliance,” said Cornyn.

    Kennedy also penned an op-ed in Newsweek, arguing that Congress needs to hold NATO member countries to their five percent defense spending commitments.

    Background:

    • The Trump Administration secured a historic win by encouraging NATO member countries to move toward spending 5 percent of their GDP on collective defense. 
    • However, the Hague Summit Declaration allows countries to evade their commitments in two ways: (1) by not specifying that all allies must meet the five percent requirement, and (2) by permitting 1.5 percent of the total to include spending that is only loosely related to defense.  
    • Spain has recently said that it will not be meeting the five-percent commitment. Italy has said it may include a bridge to Sicily as part of its non-traditional defense total.

    The resolution:

    • Congratulates President Trump and NATO leadership on this historic agreement.
    • Strongly urges NATO leadership to compel its members to adhere to the five percent commitment.
    • Calls on NATO allies to ensure their non-traditional defense expenditures are legitimate defense spending.

    The full text of the resolution is available here.

    MIL OSI USA News