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Category: Finance

  • MIL-OSI: Nexif Ratch Energy Secures Pre-Development ECC for San Miguel Bay Wind Power Project in the Philippines

    Source: GlobeNewswire (MIL-OSI)

    MAKATI, Philippines, April 01, 2025 (GLOBE NEWSWIRE) — Nexif Ratch Energy is pleased to announce that its 500MW San Miguel Bay Wind Power Project has successfully obtained the Pre-Development Environmental Compliance Certificate (Pre-Dev ECC) on 3 March 2025. This certificate was granted by the Philippines’ Department of Environment and Natural Resources (DENR) in accordance with its administrative order and the Philippine Environmental Impact Statement System (PEISS).

    The Pre-Dev ECC approval paves the way for crucial pre-development activities, including offshore geotechnical and geophysical investigations, wind and metocean measurements, as well as environmental and social baseline and assessments. These activities are essential for understanding the project site’s characteristics, ensuring that development decisions are informed and sustainable.

    In December 2024, the San Miguel Bay Wind Project received the Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy (DOE), alongside being recognized as a Strategic Investment under the Green Lane Initiative of the Philippine Board of Investments (BOI). The issuance of the Pre-Dev ECC further reinforces the project’s strategic importance in advancing the Philippines’ renewable energy goals, supporting the country’s clean energy transition.

    “This achievement marks a significant step forward in our commitment to developing offshore wind projects in the Philippines in an environmentally responsible manner,” said Cyril Dissescou, CEO of Nexif Ratch Energy. “It aligns with national priorities, and we are proud to contribute to the Philippines’ growing renewable energy sector.”

    In addition to San Miguel Bay, Nexif Ratch Energy is also progressing toward securing the Pre-Dev ECC for the 475 MW Lucena Wind Power Project in Quezon Province, after the project being awarded CEPNS in January 2025. These ongoing development efforts position the Company strongly for the upcoming Green Energy Auction 5 (GEA-5) by the DOE, slated for the third quarter of 2025.

    Nexif Ratch Energy remains committed to collaborating with key stakeholders and regulatory bodies to ensure the successful development of its offshore wind projects, with a focus on sustainable outcomes for both the environment and local communities.

    “We deeply appreciate the ongoing collaboration with the Philippine government in driving the nation’s renewable energy initiatives,” said Matthew Bartley, Chairman of the Development Committee at Nexif Ratch Energy. “The San Miguel Bay Offshore Wind Project, alongside the Lucena Offshore Wind Project, will play a pivotal role in advancing the Philippines’ clean energy transition. We are confident that both projects will be well-positioned for the upcoming Green Energy Auction Program”.

    About Nexif Ratch Energy

    Nexif Ratch Energy is a leading renewable energy company focused on the development, acquisition, construction, and operation of clean-energy projects across the Asia Pacific region. Headquartered in Singapore with regional offices in Vietnam, the Philippines and Thailand, the company’s portfolio includes 378 MW of operating, under-construction, and shovel-ready hydro, solar, and wind energy assets. Additionally, Nexif Ratch Energy has a development pipeline totaling 3.6 GW across wind, solar, and energy storage projects.

    Nexif Ratch Energy is jointly owned by Nexif Energy (Singapore) with a 51% stake and RATCH Group (Thailand) with a 49% stake.

    For Media Inquiries:

    Chariya Poopisit
    Nexif Ratch Energy
    communications@nexifratch.com

    The MIL Network –

  • MIL-OSI Australia: Devonport woman charged with Arson

    Source: New South Wales Community and Justice

    Devonport woman charged with Arson

    Tuesday, 1 April 2025 – 2:49 pm.

    Police have charged a 39-year-old Devonport woman with multiple offences including arson in relation to a deliberately lit fire at Devonport last month. 
    Emergency services were called to the fire on the corner of William and Madden Streets about 12.30pm on 6 March. 
    Tasmania Fire Service Fire Investigators determined the fire, which destroyed a unit, was deliberately lit.
    The woman will appear in the Burnie Magistrates Court in June 2025.

    MIL OSI News –

  • MIL-OSI: Silynxcom Ltd. Announces Pricing of Public Offering

    Source: GlobeNewswire (MIL-OSI)

    New York, New York, March 31, 2025 (GLOBE NEWSWIRE) — Silynxcom Ltd. (NYSE American: SYNX) (“Silynxcom” or the “Company”), a manufacturer and developer of ruggedized tactical communication headset devices as well as other communication accessories, today announced the pricing of an underwritten public offering of 1,290,000 ordinary shares at a public offering price of $2.25 per share, for gross proceeds of approximately $2.9 million, before deducting underwriting discounts and offering expenses. All of the ordinary shares are being offered by the Company. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 193,500 ordinary shares at the public offering price, less discounts and commissions, to cover over-allotments, if any. The offering is expected to close on April 2, 2025, subject to satisfaction of customary closing conditions.

    The Company intends to use the net proceeds from the offering primarily for working capital and general corporate purposes.

    ThinkEquity is acting as sole book-running manager for the offering.

    The securities will be offered and sold pursuant to a shelf registration statement on Form F-3 (File No. 333-285443), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2025, and declared effective on March 7, 2025. The offering will be made only by means of a written prospectus. A prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC on its website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from the offices of ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.

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

    About Silynxcom Ltd.

    Silynxcom Ltd. develops, manufactures, markets, and sells ruggedized tactical communication headset devices as well as other communication accessories, all of which have been field-tested and combat-proven. The Company’s in-ear headset devices, or In-Ear Headsets, are used in combat, the battlefield, riot control, demonstrations, weapons training courses, and on the factory floor. The In-Ear Headsets seamlessly integrate with third party manufacturers of professional-grade ruggedized radios that are used by soldiers in combat or by police officers in leading military and law enforcements units. The Company’s In-Ear Headsets also fit tightly into the protective gear to enable users to speak and hear clearly and precisely while they are protected from the hazardous sounds of combat, riots or dangerous situations. The sleek, lightweight, In-Ear Headsets include active sound protection to eliminate unsafe sounds, while maintaining ambient environmental awareness, giving their customers 360° situational awareness. The Company works closely with its customers and seek to improve the functionality and quality of the Company’s products based on actual feedback from soldiers and police officers “in the field.” The Company sells its In-Ear Headsets and communication accessories directly to military forces, police and other law enforcement units. The Company also deals with specialized networks of local distributors in each locale in which it operates and has developed key strategic partnerships with radio equipment manufacturers.

    For additional information about the company please visit: https://silynxcom.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. For example, the Company uses forward-looking statements when it discusses: the anticipated closing of the offering and the intended use of proceeds from such offering. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on April 30, 2024, and other documents filed with or furnished to the SEC which are available on the SEC’s website, www.sec.gov. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    For Investor Relations Inquiries

    ARX | Capital Market Advisors
    North American Equities Desk
    ir@silynxcom.com  

    The MIL Network –

  • MIL-OSI Security: Philadelphia Man Sentenced for Role in Drug Trafficking Operation

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    CLARKSBURG, WEST VIRGINIA – Rodney Johnson, 48, of Philadelphia, Pennsylvania, was sentenced today to 188 months in federal prison for his leadership of a drug trafficking organization that sold large amounts of methamphetamine, fentanyl, and cocaine in North Central West Virginia.

    According to court documents, Johnson recruited others to distribute in Morgantown, West Virginia, paying the distributors a salary to transport and sell the drugs. He supplied significant quantities of illicit drugs to be sold.

    Assistant U.S. Attorney Zelda Wesley prosecuted the cases on behalf of the government.

    This case was investigated by the Mon Metro Drug Task Force, a HIDTA-funded initiative. The task force consists of the Federal Bureau of Investigation; the Bureau of Alcohol, Tobacco, Firearms, and Explosives; the Drug Enforcement Administration; the West Virginia State Police; the Monongalia County Sheriff’s Office; the Monongalia County Prosecuting Attorney’s Office; the Morgantown Police Department; the WVU Police Department; the Granville Police Department; and the Star City Police Department.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    Chief U.S. District Judge Thomas S. Kleeh presided.

    MIL Security OSI –

  • MIL-OSI: POET Technologies Reports Fourth Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of Photonic Integrated Circuits (PICs), light sources and optical modules for the AI and data center markets, today reported its audited consolidated financial results for the fourth quarter ended December 31, 2024. The Company’s financial results as well as the Management Discussion and Analysis have been filed on SEDAR+. All financial figures are in United States dollars (“USD”) unless otherwise indicated.

    Management Commentary:

    “In Q4 2024, we strategically positioned our company for accelerated growth by strengthening our financial foundation, advancing critical technology developments, and implementing a new manufacturing strategy designed for rapid, profitable scaling,” stated POET Chairman & CEO, Dr. Suresh Venkatesan. “The market is experiencing unprecedented demand for photonic solutions, particularly in AI data center applications, and we’re still at the early stages of what industry experts anticipate will be a multi-year demand cycle. Despite challenging equity markets, we successfully raised an additional US$25 million through a registered direct offering, with robust investor support reflecting the market opportunity and POET’s positioning as a potential leader in the space.”

    Dr. Venkatesan continued, “Every strategic move we have made over the past several months is to ensure that POET is positioned to scale and to optimize our supply chain as we approach a revenue inflection point later this year. based on the trajectory of existing customer relationships. Our acquisition of SPX gives us full control of our technology while enabling us to shift manufacturing toward Malaysia and away from China, reducing geopolitical risk to growth, while building on our established foundry relationship with Silterra Malaysia in a familiar and friendly market. For 2025, we’re focused on developing our wafer-level manufacturing in Malaysia, expanding into telecom systems and chip-to-chip data communications applications, and leveraging the solid financial foundation we set in 2024 to accelerate both our customer pipeline, deliveries and revenue realization. POET continues to receive attention from notable industry analysts, including Lightwave+BTR and we expect this momentum, along with existing contracts and relationships with industry leaders and partners like LuxshareTech, Foxconn and Mitsubishi Electric, to lead to significant revenue acceleration in the second half of 2025.”

    The Company intends to pursue its voluntary delisting from the TSX Venture Exchange immediately following the closing of its planned US$25M financing with L5 Capital, which is expected to close within the next few weeks.

    Notable Business Highlights:

    • The Company was recognized publicly for outstanding technical leadership, receiving multiple prestigious awards, including:
      • “Elite Score” Lightwave+BTR Innovation Reviews (February 27, 2025)
      • “Best in Artificial Intelligence” 2024 Global Tech Awards (October 16, 2024)
      • “AI Innovator of the Year Gold Prize” 2024 Merit Awards (October 1, 2024)
      • “Best Optical AI Solution, 2024 AI Breakthrough Awards (June 26, 2024)
      • “Runner-Up Award for Most Innovative Hybrid PIC/Optical Integration” ECOC (October 1, 2024)
    • Closed a non-brokered private placement offering on November 26, 2024 of 5,555,556 common shares at an offering price of $4.50 and accompanying warrants to purchase 2,777,778 additional common shares at $6.00 per share for a period of five years from issuance. The Company raised gross proceeds of $25,000,002 from this offering, bringing the total equity capital raised during 2024 to $82.2 million.
    • Appointed Robert “Bob” Tirva to the Board of Directors and the Audit Committee. Mr. Tirva brings over 30 years of executive experience in technology and semiconductors, having held management positions at IBM, Broadcom Corporation, Dropbox and Intermedia Cloud Communications Inc. Most recently, he was President, Chief Operating Officer and Chief Financial Officer of Sonim Technologies, Inc. until it was acquired by AJP Holding Company in 2022. Mr. Tirva currently serves on the board of Skyworks Aeronautics and was recently on the boards of Costar Technologies and Resonant, Inc.
    • Completed the acquisition of 100% of Super Photonics Xiamen Co., Ltd (“SPX”), establishing full control over SPX, for a total of $6.5 million to be paid out over five years beginning in Q1 of 2025, enabling POET to establish manufacturing outside of China independent of the JV. The Company has subsequently decided to liquidate and close the SPX operation within the next few months.
    • Established a major wafer-level assembly and test facility for optical engines in Penang, Malaysia with the signing of several agreements with Globetronics Manufacturing Sdn. Bhd., a leading semiconductor manufacturer and contractor, equipping Globetronics with the capacity to manufacture an initial 1 million POET optical engines annually.

    Non-IFRS Financial Summary
    The Company reported non-recurring engineering (“NRE”) and product revenue of $29,032 in the fourth quarter of 2024 compared to $107,551 for the same period in 2023 and $3,685 in the third quarter of 2024. Historically the Company provided NRE services to multiple customers for unique projects that are being addressed utilizing the capabilities of the POET Optical Interposer. No billable NRE services were provided in the period. The Company only had small product revenue in Q4 2024.

    The Company reported a net loss of $30.2 million, or ($0.48) per share, in the fourth quarter of 2024 compared with a net loss $5.5 million, or ($0.13) per share, for the same period in 2023 and a net loss of $12.7 million, or ($0.20) per share, in the third quarter of 2024. The net loss in the fourth quarter of 2024 included research and development costs of $3.4 million compared to $2.1 million for the same period in 2023 and $1.8 million in the third quarter of 2024. Fluctuations in R&D for a Company of this size and this stage of growth is expected on a period-over-period basis as the Company transitions from technology development to product development.

    The largest component of the Company’s loss was from the non-cash fair value adjustment to derivative warrant liability of $12.4 million in the fourth quarter of 2024, compared to $25,000 in the same period in 2023 and $6.2 million in the third quarter of 2024. This non-cash item relates to warrants issued in a foreign currency and is periodically remeasured. The increase was a result of the issuance of warrants and the increase in the Company’s stock price during the third quarter.

    Other non-cash expenses in the fourth quarter of 2024 included stock-based compensation of $1.4 million and depreciation and amortization of $0.5 million. Non-cash stock-based compensation and depreciation and amortization in the same period of 2023 were $1.0 million and $0.5 million, respectively. Third quarter 2024 stock-based compensation and depreciation and amortization were $1.5 million and $0.5 million, respectively. The Company had non-cash finance costs of $32,000 in the fourth quarter of 2024 compared to non-cash finance costs of $14,000 in the fourth quarter of 2023 and non-cash costs of $30,000 in the third quarter of 2024.

    The Company recognized other income, including interest of $511,000 in the fourth quarter of 2024, compared to $54,000 in the same period in 2023 and $216,000 in the third quarter of 2024.

    During the fourth quarter of 2024, the Company acquired the remaining 24.8% interest of SPX from SAIC. The acquisition of this interest resulted in a non-cash loss to the Company of $6,852,687.

    Cash flow from operating activities in the fourth quarter of 2024 was ($8.7) million compared to ($2.9) million in the fourth quarter of 2023 and ($5.5) million in the third quarter of 2024.

    The Company raised gross proceeds of $25.9 million, including $25 million from the issuance of units from a non-brokered private placement and $0.9 million from the exercise of warrants and stock options.

    Summary of Financial Performance
    The following is a summary of the Company’s operations over the five quarters ending December 31, 2024. This information should be read in conjunction with the Company’s financial statements filed on Sedar + on Marcy 31, 2025.

    POET TECHNOLOGIES INC.
    PROFORMA – NON-IFRS AND IFRS PRESENTATION OF OPERATIONS
    (All figures are in U.S. Dollars)
     
      Dec 31/24 Sep 30/24 Jun 30/24 Mar 31/24 Dec 31/23
               
    Revenue $29,032   $3,685   $ –   $8,710   $107,551  
    Research and development   3,437,683     1,765,481     2,117,828     1,922,066     2,142,003  
    Depreciation and amortization   475,281     525,955     509,699     509,260     505,869  
    Professional fees   679,156     480,871     366,839     409,726     902,368  
    Wages and benefits   758,883     667,963     780,146     768,496     676,539  
    Loss on acquisition of SPX   6,852,687     –     –     –     –  
    Stock-based compensation (1)   1,404,995     1,525,131     1,591,741     947,502     1,050,088  
    General expense, rent and facility   474,937     465,448     448,357     570,819     317,333  
    Interest expense   31,605     30,482     20,833     19,753     13,547  
    Finance advisory fees   4,239,831     1,319,392     942,576     –     –  
    Derivative liability adjustment   12,444,661     6,179,836     1,376,761     629,824     24,865  
    Other (income), including interest   (511,448 )   (216,337 )   (174,911 )   (52,558 )   (54,047 )
    Net loss, before taxes $30,259,239   $12,740,537   $7,979,869   $5,716,178   $ 5,471,014  
    Net loss per share $(0.48 ) $(0.20 ) $(0.14 ) $(0.13 ) $(0.13 )
                                   
                                   

    About POET Technologies Inc.
    POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers.  POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems.  POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles.  POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore.  More information about POET is available on our website at www.poet-technologies.com.

    Forward-Looking Statements

    This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include expectations of industry analysts and experts with respect to industry growth, the Company’s own expectations with regard to the success of the Company’s product development efforts, the performance of its products, the expectation for revenue, including continued guidance for robust demand provided by current customers, the expected results of its operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations for approval of proposals at the Company’s annual meeting of shareholders.

    Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, forecasts of industry analysts and experts with respect to industry growth, the Company’s own expectations with regard to management’s expectations regarding the success and timing for completion of its development efforts, the introduction of new products, its sales efforts and revenue generation, its financing activities, future growth, recruitment of personnel, opening of offices, the form and potential of its joint venture, plans for and completion of projects by the Company’s consultants, contractors and partners, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, the failure of its products to meet performance requirements, lack of sales in its products, once released, the failure to generate sales and revenue, the failure of continued robust guidance from customers to materialize, operational risks in the completion of the Company’s anticipated projects, lack of performance of its joint venture, risks affecting the Company’s ability to execute projects, the ability of the Company to generate sales for its products, the ability to attract key personnel, and the ability to raise additional capital if needed. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
    120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 – Fax: 416-322-5075

    The MIL Network –

  • MIL-OSI: Carbon Streaming Announces Financial Results for the Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today reported its financial results for the fiscal year ended December 31, 2024. All figures are expressed in United States dollars, unless otherwise indicated. The Company will host a live audio call at 11:00 a.m. ET on Tuesday, April 1, 2025. In addition, the Company is also pleased to announce the appointment of Mr. Sam Wong to the board of directors of the Company (the “Board”) effective April 1, 2025.

    Carbon Streaming Chief Executive Officer Marin Katusa stated: “In the fourth quarter of 2024, Carbon Streaming focused on its restructuring efforts and evaluating strategic alternatives while taking significant steps to reduce costs and improve financial sustainability. We successfully reduced the number of individuals receiving full-time salaries from 24 at the start of 2024 to 4 by January 2025, resulting in significant savings to ongoing operating expenses. With cost reductions complete, our priority in 2025 is to maximize value from our existing portfolio while continuing to explore all strategic options to enhance shareholder value.  More specifically, we will evaluate all potential acquisitions, divestments, corporate transactions, and strategic partnerships. While the voluntary carbon market continues to experience difficult market conditions and many economic uncertainties exist, we are committed to adapting to market conditions and ensuring the best path forward for our shareholders. With respect to the Rimba Raya, Magdalena Bay and Sustainable Community Streams, the Company remains focused on protecting our investments and preserving our rights as we will with all our investments.”

    Annual Highlights

    • Ended the year with $37.4 million in cash and no corporate debt.
    • Reduced the number of individuals receiving full-time salaries at the Company – including employees, consultants, and directors – from 24 at the start of 2024 to 8 by year-end, with a further decrease to 4 full time employees by January 2025, resulting in significant savings in ongoing operating expenses.
    • Recognized a net loss on revaluation of carbon credit streaming and royalty agreements of $58.2 million (net loss on revaluation of $32.9 million in 2023). The net loss on revaluation for each period was driven by reductions in the carbon credit production and sales profiles and carbon credit pricing assumptions, and an increase to the risk-adjusted discount rate.
    • Continued the previously-announced corporate restructuring plan, which resulted in a non-recurring restructuring charge of $2.6 million.
    • Generated $1.6 million in settlements from carbon credit streaming and royalty agreements (settlements of $55 thousand in 2023).
    • Operating loss of $68.3 million (operating loss of $45.0 million in 2023).
    • Recognized net loss of $67.4 million (net loss of $35.5 million in 2023).
    • Adjusted net loss was $5.2 million (adjusted net loss of $7.6 million in 2023) (see the “Non-IFRS Accounting Standards Measures” section of this news release).
    • Paid $8.1 million in upfront deposits for carbon credit streaming and royalty agreements (paid $7.6 million in upfront deposits in 2023).

    Fourth Quarter Highlights

    • Recognized a net loss on revaluation of carbon credit streaming and royalty agreements of $13.2 million (net loss on revaluation of $24.0 million in Q4 2023). The net loss on revaluation for each period was driven by reductions in the carbon credit production and sales profiles and carbon credit pricing assumptions, and an increase to the risk-adjusted discount rate.
    • Generated $0.5 million in settlements from carbon credit streaming and royalty agreements (settlements of $nil in Q4 2023).
    • Operating loss of $14.9 million (operating loss of $26.8 million in Q4 2023).
    • Recognized net loss of $16.9 million (net loss of $26.1 million in Q4 2023).
    • Adjusted net loss was $0.9 million (adjusted net loss of $2.2 million in Q4 2023) (see the “Non-IFRS Accounting Standards Measures” section of this news release).
    • Paid $2.2 million in upfront deposits for carbon credit streaming and royalty agreements (paid $2.1 million in upfront deposits in Q4 2023).

    Financial Highlights Summary

      Three months ended
    December 31, 2024    		 Three months ended
    December 31, 2023    		 Year ended December 31, 2024 Year ended December 31, 2023
    Carbon credit streaming and royalty agreements        
    Revaluation of carbon credit streaming and royalty agreements $ (13,190)   $ (23,952)   $ (58,155)   $ (32,897)  
    Settlements from carbon credit streaming and royalty agreements1   513     –     1,550     55  
    Other financial highlights        
    Other operating expenses   1,760     2,691     10,340     12,035  
    Operating loss   (14,923)     (26,784)     (68,335)     (45,002)  
    Net loss   (16,932)     (26,092)     (67,369)     (35,501)  
    Loss per share (Basis and Diluted) ($/share)   (0.32)     (0.55)     (1.34)     (0.75)  
    Adjusted net loss2   (884)     (2,225)     (5,214)     (7,586)  
    Adjusted net loss per share (Basic and Diluted) ($/share)2   (0.02)     (0.05)     (0.10)     (0.16)  
    Statement of financial position        
    Cash3   37,350     51,416     37,350     51,416  
    Carbon credit streaming and royalty agreements3   9,081     60,122     9,081     60,122  
    Total assets3   48,683     117,111     48,683     117,111  
    Non-current liabilities3   112     1,083     112     1,083  
    1. Relates to the net cash proceeds generated from the Company’s carbon credit streaming and royalty agreements.
    2. “Adjusted net loss”, including per share amounts, is a non-IFRS® Accounting Standards (the “IFRS Accounting Standards”) financial performance measure that is used in this news release. This measure does not have any standardized meaning under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. For more information about this measure, why it is used by the Company, and a reconciliation to the most directly comparable measure under the IFRS Accounting Standards, see the “Non-IFRS Accounting Standards Measures” section of this news release.
    3. Cash, carbon credit streaming and royalty agreements, total assets and non-current liabilities are presented as at the relevant tabular reporting date.

    Portfolio Updates

    Rimba Raya Stream: On April 26, 2024, the Company announced that it was informed that PT Rimba Raya Conservation (“PT Rimba”), the local concession holder for the Rimba Raya project, had its Forest Utilization Business License (the “Concession License”) revoked by the Indonesian Government’s Ministry of Environment and Forestry (the “MOEF”). PT Rimba challenged the MOEF’s revocation of the Concession License, and in July 2024, the State Administrative Court of Jakarta (the “Court of Jakarta”) reached a decision on PT Rimba’s claim and declared that the revocation by the MOEF of the Concession License is void. The MOEF appealed the decision of the Court of Jakarta and in September 2024, the State Administrative High Court of Jakarta (the “High Court of Jakarta”) upheld the Court of Jakarta’s decision declaring that the revocation by the MOEF of the Concession License is void. The MOEF submitted an appeal of the decision of the High Court of Jakarta and as such, the decision of the High Court of Jakarta upholding that the revocation by the MOEF of the Concession License is void does not yet have permanent legal force. While the appeal process is underway, the interlocutory decision issued by the Court of Jakarta on May 16, 2024, requiring the MOEF to suspend the implementation of its decree in respect of the revocation of the Concession License, will remain in place.

    In October 2024, InfiniteEARTH Limited and its Indonesian subsidiary PT InfiniteEARTH Nusantara, the project operators of the Rimba Raya project (collectively “InfiniteEARTH”) delivered a notice of intent to abandon the project (the “RR Notice of Abandonment”). Pursuant to the RR Notice of Abandonment, InfiniteEARTH claims that a Regulation entitled Regulation of the Ministry of Environment and Forestry Number 7 Year of 2023 issued on June 14, 2023 by the Indonesian Government (“Regulation No. 7 2023”), prohibits the issuance and transfer of carbon rights from PT Rimba to InfiniteEARTH. InfiniteEARTH claims that as a result of Regulation No. 7 2023, it has been unable to economically develop or continue to operate the Rimba Raya project and that this is a force majeure event under the Rimba Raya Stream. The Company has notified InfiniteEARTH that it rejects the assertion that Regulation No. 7 2023 is an event of force majeure and has commenced an arbitration seeking, among other things, an order that the RR Notice of Abandonment is invalid or void.

    In October 2024, the Company commenced an arbitration administered by the International Centre of Dispute Resolution against InfiniteEARTH in accordance with the Rimba Raya Stream; and against the shareholders of InfiniteEARTH Limited in accordance with the Strategic Alliance Agreement (the “SAA“). The arbitration has since been bifurcated into two arbitration proceedings, dealing with (i) the Rimba Raya Stream; and (ii) the SAA.

    In October 2024, the Company also issued a Notice of Action in the Ontario Superior Court of Justice seeking declaratory relief against the principals of InfiniteEARTH Limited and their related entities, seeking to enforce its rights in relation to guarantees and non-competition agreements related to the Rimba Raya Stream and the SAA. Some of the defendants have counterclaimed. The dispute between the Company and InfiniteEARTH arises out of acts and omissions that the Company alleges are improper and in breach of the Rimba Raya Stream, the SAA and related agreements. Management of the Company believes that delivering the Notice of Arbitration and issuing the Notice of Action in the Ontario Superior Court of Justice were important steps in preserving the Company’s legal and contractual rights.

    As a result of the uncertainty of the duration and outcome of the appeal process in respect of the Concession License and the ongoing legal dispute between the Company, InfiniteEARTH and the founders of InfiniteEARTH, the Company has reclassified the status of the Rimba Raya Stream to “Expired”. As at December 31, 2024, the Company has determined the fair value of the Rimba Raya Stream to be $nil.

    Magdalena Bay Blue Carbon Stream: In the third quarter of 2024, Fundación MarVivo Mexico, A.C. and MarVivo Corporation (collectively, “MarVivo”) delivered a notice of intent to abandon the project (the “MarVivo Notice of Abandonment”). Pursuant to the MarVivo Notice of Abandonment, MarVivo claims that the failure to transfer the concession rights from the Secretariat of Environment and Natural Resources (“SEMARNAT”), Mexico’s environment ministry, to the jurisdiction of Mexico’s National Commission for Protected Natural Areas (“CONANP”), constitutes an event of force majeure and that it is no longer economical to develop or continue to operate the project. The Company’s position is that the attempt to abandon the project constitutes a breach of the terms of the Magdalena Bay Blue Carbon Stream. The Company has notified MarVivo that it rejects the assertion that the failure to transfer the concession rights constitutes an event of force majeure and that if MarVivo abandons the project or takes steps to wind-down, this will amount to a breach of the terms of the Magdalena Bay Blue Carbon Stream. As a result of the MarVivo Notice of Abandonment and the assertions of MarVivo, the Company has determined the fair value of the Magdalena Bay Blue Carbon Stream to be $nil as at December 31, 2024. The Company reserves all rights with respect to the agreements between the parties and intends to strictly enforce its legal and contractual rights under the Magdalena Bay Blue Carbon Stream.

    Sustainable Community Stream: In the third quarter of 2024, the Company exercised its contractual rights to terminate the Sustainable Community Stream as a result of, among other things, the failure of the project operator, Will Solutions Inc., to meet its milestone related to the registration of its Ontario project and its failure to develop and implement the project in accordance with the project plan (including continued delays in project development activities and lower-than-expected project enrollments). As a result of the Sustainable Community Stream being terminated, the fair value of the Sustainable Community Stream was determined to be $nil as at December 31, 2024. The Company intends to strictly enforce its legal and contractual rights under the Sustainable Community Stream.

    Cerrado Biome Stream: At the time of project registration, the project planned to expand the project to 80,000 hectares by incorporating more land parcels, and to generate approximately 13 million carbon credits over a 30-year project life. Enrollment of additional land parcels has been slower than anticipated, primarily due to declining demand and lower pricing for REDD+ carbon credits. As a result, the expected revenue from carbon credit sales has decreased, reducing the financial incentive for landholders to transition from agricultural production to REDD+ project enrollment. Currently, the project consists of two land parcels covering approximately 11,000 hectares, expected to generate 1.2 million carbon credits over 30 years; however, the actual number of carbon credits issued will depend on the project’s ability to attract additional landholders. Revenue shortfalls have been driven by delays in the Verra verification process and price volatility for credits issued by REDD+ projects.

    Waverly Biochar Stream and Royalty: Following the accelerated payment of the final milestone payments in the second quarter of 2024, the project reached mechanical completion and first biochar production in the third quarter of 2024. However, additional technical challenges prevented continuous operation of the facility and have continued to delay full production capacity. The project is currently focused on securing additional funding to support commissioning, the initial facility audit, and the first output audit with Puro.earth. Verification was anticipated in the third quarter of 2025, with first issuance of carbon credits to follow immediately thereafter, but is now expected to be delayed.

    In 2023, the Company announced an agreement to provide Microsoft Corporation with carbon credits from the Waverly Biochar Stream of up to 10,000 carbon credits per year. Under this agreement, the Company is committed to delivering a minimum quantity of credits on specified future dates. If the Company is unable to fulfill this commitment, Microsoft Corporation may request that credits be sourced from an alternative project of their choosing.

    Community Carbon Stream: In 2024, the projects under the Community Carbon Stream issued over 1,600,000 carbon credits from the Mozambique cookstove project, the Uganda cookstove project, the Tanzania cookstove project, and the Uganda household safe water project. Additionally, the Community Carbon Stream generated $1.1 million in cash settlements for the year ended December 31, 2024.

    On May 8, 2024, the Company amended the terms of the Community Carbon Stream resulting in, among other things, revising the Company’s economic interest to provide for a tiered streaming structure which is adjusted as certain return on invested capital thresholds are achieved, and adjusting the portfolio composition and milestone payments to focus on the five strongest projects, three cookstove projects in Mozambique, Tanzania and Uganda and two water purification projects in Malawi and Uganda.

    Following the May 2024 amendment, the Company anticipates that the project’s actual emission reductions will be materially lower than previously expected due to methodological changes and declining prices, which have reduced forecasted creditable unit deployments. Concerns over emissions reduction overestimation, additionality, and verification challenges have raised questions about cookstove credit quality, prompting methodological revisions as the market adapts to evolving buyer expectations. While these changes aim to enhance credibility, they have also reduced demand and driven down prices.

    Nalgonda Rice Farming Stream: In December 2024, the Company delivered a notice to Core CarbonX Pte. Ltd. and its services provider, Core CarbonX Solutions Private Limited that an event of default occurred and is continuing due to the failure of the project to reach development completion prior to June 30, 2024. While no further action has been taken at this time, the Company reserves all rights under its agreements.

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

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

    As of December 31, 2024, approximately 32,000 landholders were enrolled in the project, covering 36,548 hectares of farmland. Enrollment remains ongoing, with a target of expanding to approximately 62,000 hectares. However, progress has been slower than expected due to registration delays, which have also postponed farmer compensation and, in turn, affected enrollment. The project was registered with Verra on February 10, 2025.

    Enfield Biochar Stream: In April 2024, Standard Biocarbon Corporation (“Standard Biocarbon”) achieved its first biochar production. However, technical challenges have delayed the commissioning process. Standard Biocarbon is working with PYREG GmbH, the engineer and builder of the PYREG Machines, to resolve these issues as it scales toward full operating capacity. The project continues to collect operational data required for a facility audit and official registration with the Puro.earth carbon credit standard. Currently, the project is on care and maintenance while seeking additional funding to support commissioning, the initial facility audit, and the first output audit.

    Azuero Reforestation Stream: On May 21, 2024, the Company, Microsoft Corporation and Rubicon Carbon Capital LLC (“Rubicon”) entered into a carbon credit streaming agreement, as amended on November 23, 2024 (the “Azuero Reforestation Stream”) with Azuero Reforestation Colectiva, S.A. (“ARC”), a wholly owned subsidiary of Ponterra Ltd. (“Ponterra”), for a reforestation project located on Azuero Province, Los Santos Province, Republic of Panama. Under the terms of the Azuero Reforestation Stream, ARC will deliver 13.5% of the carbon credits created by the project to the Company. Additionally, Microsoft Corporation has entered into an offtake agreement to purchase 100% of the Company’s carbon credits delivered under the terms of the Azuero Reforestation Stream through to 2040. Carbon Streaming will also act as the sole marketer of ARC’s carbon credits not already committed to the co-investors under the Azuero Reforestation Stream.

    Under the terms of the Azuero Reforestation Stream, Carbon Streaming, alongside Rubicon and Microsoft Corporation, will fund 100% of project costs over seven years. The Company agreed to make an upfront deposit of up to $7.1 million with $0.3 million paid on closing, and additional milestone payments made as the project achieves planting and sapling survival milestones, and will receive 13.5% of total credits, which is expected to be approximately 438,000 carbon credits through 2052.

    Sheep Creek Reforestation Stream: In January 2025, the Company received a Notice of Adverse Impact from Mast Reforestation SPV I, LLC (“Mast”) and the parent company of Mast, Droneseed Co. d/b/a Mast Reforestation under the Sheep Creek Reforestation Stream pursuant to which, among other things, Mast advised the Company that the Sheep Creek project has experienced significantly higher than expected mortality rates and that the surviving seedlings had exhibited slower than expected growth rates. As a result, Mast indicated to the Company that it no longer expects to deliver the Company the agreed-upon 286,229 carbon removal credits, referred to as forecast mitigation units (“FMUs”) under the Climate Action Reserve’s Climate Forward program under the Sheep Creek Reforestation Stream, as Mast no longer considers the existing Sheep Creek project plan and budget to be viable. The Company has formally responded to the Notice of Adverse Impact and requested that Mast respond to the Company’s significant concerns regarding, among other things, the timing of the delivery of the Notice of Adverse Impact, and the characterization of the cause of the adverse impact. The Company is continuing to evaluate all legal avenues available under the Sheep Creek Reforestation Stream. As a result, the Company no longer anticipates generating cash flow from the Sheep Creek Reforestation Stream and has determined its fair value to be $nil as of December 31, 2024.

    Feather River Reforestation Stream: In 2024, carbon credit market demand has generally shifted towards lower risk carbon credits. FMUs, which are designed to facilitate forward financing, inherently carry higher risk, leading to supply that has exceeded demand. FMU issuance is expected in 2025. However, given the uncertainties surrounding FMU sales, the Company has determined the fair value of the Feather River Reforestation Stream to be $nil as of December 31, 2024.

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

    Amazon Portfolio Royalty: Following a corporate reorganization, Future Carbon assigned its interests in the Yellow Ipe, ABC Norte and Gairova projects (collectively the “Ecologica Portfolio”) to Ecological Assessoria Ltda. and its affiliates (collectively “Ecologica”), and retained the Rio Madeira Project, (the “Future Carbon Portfolio”). To reflect this restructuring, the Original Amazon Royalty was replaced on April 17, 2024, by two new royalty agreements: one between the Company and Future Carbon for the Future Carbon Portfolio (the “FC Amazon Royalty”), and another between the Company and Ecologica on the Ecologica Portfolio (the “Ecologica Amazon Royalty”). Each agreement carried a purchase price of $1.5 million, maintaining the original $3.0 million investment. No additional funds were advanced by the Company as part of Future Carbon’s reorganization.

    Bonobo Peace Forest Royalty: The royalty agreement was originally intended to convert into a stream agreement upon successful validation and verification of the project. However, due to political instability in the DRC, weakened market sentiment for REDD+ projects, and a significant decline in demand for REDD+ carbon credits, Carbon Streaming decided to halt further investment. The Company currently has no plans to proceed with a stream agreement.

    The project has been seeking additional investment to support a renewed technical effort for registration under the new Verra VM0048 methodology. Given the material uncertainty surrounding fundraising for REDD+ project development, the early-stage nature of the project’s technical development, and persistent weakness in demand for REDD+ carbon credits, the Company has determined the fair value of the Bonobo Peace Forest Royalty to be $nil as at December 31, 2024.

    Strategy

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

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

    Outlook

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

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

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

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

    2024 Results Conference Call Details

    The Company’s management team will host a conference call on Tuesday, April 1, 2025, at 11:00 a.m. ET to provide a brief company update. Participants may join by dialing +1 289-514-5100 or toll free from North America at +1 800-717-1738. A replay of the conference call will be available on the Company website until 11:59 p.m. ET on May 1, 2025.

    About Carbon Streaming

    Carbon Streaming’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential. This approach aligns our strategic interests with those of project partners to create long-term relationships built on a shared commitment to sustainability and accountability and positions us as a trusted source for buyers seeking high-quality carbon credits.

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

    Investor Relations
    investors@carbonstreaming.com

    Media
    media@carbonstreaming.com

    Non-IFRS Accounting Standards Measures

    Adjusted Net Loss and Adjusted Loss Per Share

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

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

    The following table reconciles net and comprehensive (loss) income to adjusted net loss:

      Three months ended 
    December 31, 2024
    		   Three months ended 
    December 31, 2023
    		   Year ended
    December 31, 2024
    		   Year ended
    December 31, 2023
    		  
    Net loss and comprehensive loss $ (16,932)   $ (26,092)   $ (67,369)   $ (35,501)  
    Adjustment for non-continuing or non-cash settled items:        
    Revaluation of carbon credit streaming and royalty agreements   13,190     23,952     58,155     32,897  
    Revaluation of warrant liabilities   (43)     (79)     (642)     (6,530)  
    Impairment of early deposit interest receivable   –     –     307     –  
    Revaluation of derivative liabilities   –     –     (680)     (686)  
    Revaluation of Convertible Note   –     –     –     (558)  
    Revaluation of preferred shares   2,558     –     2,558     –  
    Impairment of investment in associate   –     –     –     1,044  
    Gain on dissolution of associate   –     –     (104)     –  
    Corporate restructuring   343     (6)     2,561     1,748  
    Adjusted net loss   (884)     (2,225)     (5,214)     (7,586)  
    Loss per share (Basic and Diluted) ($/share)   (0.32)     (0.55)     (1.34)     (0.75)  
    Adjusted net loss per share (Basic and Diluted) ($/share)   (0.02)     (0.05)     (0.10)     (0.16)  
                             

    Cautionary Statement Regarding Forward-Looking Information

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

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

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

    The MIL Network –

  • MIL-OSI: Firm Capital Property Trust Reports Q4/2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NAV Growth
    Strong Sequential AFFO Growth
    Declining AFFO Payout Ratio To 100%

    TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — Firm Capital Property Trust (“FCPT” or the “Trust”), (TSX: FCD.UN) is pleased to report its financial results for the three and twelve months ended December 31, 2024.

    PROPERTY PORTFOLIO HIGHLIGHTS
    The portfolio consists of 64 commercial properties with a total gross leasable area (“GLA”) of 2,514,580 square feet, five multi-residential complexes comprised of 599 units and four Manufactured Home Communities comprised of 537 units. The portfolio is well diversified and defensive in terms of geographies and property asset types, with 49% of NOI (43% of asset value) comprised of grocery anchored retail followed by industrial at 28% of NOI (30% of asset value). In addition, the portfolio is well diversified in terms of geographies with 38% of NOI (40% of asset value) comprised of assets located in Ontario, followed by Quebec at 38% of NOI (33% of asset value).

    TENANT DIVERSIFICATION
    The portfolio is well diversified by tenant profile with no tenant currently accounting for more than 13.0% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 32.4% of total net rent.

    MANAGEABLE MORTGAGE MATURITY PROFILE GOING INTO 2025 AND 2026
    The Trust was able to refinance or repay in full all 2024 mortgage maturities. Going forward, the Trust has only $13.2 million and $41.9 million or 4.3% and 13.8% of its total outstanding mortgages coming due in 2025 and 2026, respectively. Senior management is currently in active discussions with its lenders regarding the 2025 maturities and does not anticipate any refinancing issues to occur.

    Q4/2024 HIGHLIGHTS

    Key highlights for the three months ended December 31, 2024 are as follows:

    • Adjusted Funds From Operations (“AFFO”) was approximately $4.8 million, 1% higher than the same period in 2023;
    • AFFO per Unit for Q4/2024 increased by 2% to $0.130 over Q4/2023.
    • AFFO Payout ratio decreased to 100% for Q4/2024 from 101% over the same period in 2023;
    • Net income was approximately $5.8 million, compared to income of $6.8 million recorded for the same period in 2023;
    • $7.83 Net Asset Value (“NAV”) per Unit, a 5% increase from Q4/2023;
    • Net Operating Income (“NOI”) was approximately $10.0 million, a 5% increase from the same period in 2023;
    • Same Property NOI increased 4% over Q4/2023;
    • Commercial occupancy was 94.5%, Multi-Residential occupancy was 95.3% while Manufactured Homes Communities occupancy was 100.0%;
    • Conservative leverage profile with Debt / Gross Book Value (“GBV”) at 51.0%; and
    • The Trust declared and approved monthly distributions in the amount of $0.0433 per Trust Unit for Unitholders of record on April 30, 2025, May 30, 2025 and June 30, 2025, payable on or about May 15, 2025, June 16, 2025 and July 15, 2025, respectively.

    See chart below for additional information:

      Three Months   Twelve Months Ended
      Dec 31, 2024 Dec 31, 2023 Change   Dec 31, 2024 Dec 31, 2023 Change
    Rental Revenue $ 15,587,337 $ 14,544,449 7%   $ 60,576,995 $ 57,508,091 5%
    NOI – IFRS Basis 9,957,731 9,451,214 5.4%   38,576,870 36,727,491 5%
    NOI – Cash Basis 9,865,803 9,459,501 4.3%   38,700,828 36,597,428 6%
    Same-Property NOI 9,769,693 9,439,040 4%   38,753,444 36,539,608 6%
    Net Income 5,754,200 6,809,718 (16%)   33,886,990 15,367,821 121%
    FFO 5,272,271 5,253,312 0%   19,320,579 18,627,450 4%
    AFFO 4,805,695 4,739,112 1%   18,636,734 16,700,144 12%
                   
    Total Assets         $ 651,949,269 $ 637,378,171 2%
    Total Mortgages         304,819,251 303,792,112 0%
    Credit Facility         27,700,000 31,300,000 (12%)
                   
    Unitholders’ Equity         306,379,896 291,692,787 5%
    Units Outstanding (000s)         36,926 36,926 (0%)
                   
    FFO Per Unit $0.143 $0.142 1%   $0.523 $0.504 4%
    AFFO Per Unit $0.130 $0.128 2%   $0.505 $0.452 12%
    Distributions Per Unit $0.130 $0.130 0%   $0.520 $0.520 (0%)
                   
    FFO Payout Ratio 91% 91%     99% 103% (362) bps
    AFFO Payout Ratio 100% 101%     103% 115% (1,198) bps
    Wtd. Avg. Int. Rate – Mort. Debt         4.2% 3.7% 50 bps
    Debt to GBV         51% 53% (200) bps
                   
    GLA – Commercial, SF         2,514,580 2,553,184 (2%)
    Units – Multi-Res         599 599 0%
    Units – MHCs         537 537 0%
                   
    Occupancy – Commercial         94.5% 96.5% (200) bps
    Occupancy – Multi-Res         95.3% 96.9% (160) bps
    Occupancy MHCs         100.0% 100.0% 0 bps
                   
    Rent PSF – Retail         $18.84 $18.81 0%
    Rent PSF – Industrial         $9.12 $8.16 12%
    Rent per month – Multi-Res         $1,604 $1,405 14%
    Rent per month – MHCs         $671 $612 10%
                   

    For the complete financial statements, Management’s Discussion & Analysis and supplementary information, please visit www.sedar.com or the Trust’s website at www.firmcapital.com

    DISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLAN
    The Trust has in place a Distribution Reinvestment Plan (“DRIP”) and Unit Purchase Plan (the “UPP”). Under the terms of the DRIP, FCPT’s Unitholders may elect to automatically reinvest all or a portion of their regular monthly distributions in additional Units, without incurring brokerage fees or commissions. Under the terms of the UPP, FCPT’s Unitholders may purchase a minimum of $1,000 of Units per month and maximum purchases of up to $12,000 per annum. Management and trustees have not participated in the DRIP or UPP to date and own or control approximately 10% of the issued and outstanding trust units of the Trust.

    ABOUT FIRM CAPITAL PROPERTY TRUST (TSX : FCD.UN)
    Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders. The Trust’s plan is to own as well as to co-own a diversified property portfolio of multi-residential, flex industrial, and net lease convenience retail. In addition to stand alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust sources, syndicates and property and asset manages investments on behalf of the Trust.

    FORWARD LOOKING INFORMATION

    This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the Trust. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the Trust believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the Trust nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The Units of the Firm Capital Property Trust have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.

    Certain financial information presented in this press release reflect certain non- International Financial Reporting Standards (“IFRS”) financial measures, which include NOI, Same Store NOI, FFO and AFFO. These measures are commonly used by real estate investment entities as useful metrics for measuring performance and cash flows, however, they do not have standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other real estate investment entities. These terms are defined in the Trust’s Management Discussion and Analysis (“MD&A”) for the year ended December 31, 2024 as filed on www.sedar.com.

    For further information, please contact:

    Robert McKee   Sandy Poklar
    President & Chief Executive Officer   Chief Financial Officer
    (416) 635-0221   (416) 635-0221
         

    For Investor Relations information, please contact:

    Victoria Moayedi
    Director, Investor Relations
    (416) 635-0221        

    The MIL Network –

  • MIL-OSI: Brookfield Business Corporation Completes 2024 Annual Filings

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, NEWS, March 31, 2025 (GLOBE NEWSWIRE) — Brookfield Business Corporation (NYSE, TSX: BBUC) today announced that it has filed its 2024 annual report on Form 20-F, including its audited financial statements for the year ended December 31, 2024, with the SEC on EDGAR as well as with the Canadian securities authorities on SEDAR+. These documents are also available on our website at https://bbu.brookfield.com/bbuc in the Reports & Filings section and a hard copy will be provided to shareholders free of charge upon request.

    Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

    Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

    Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR, and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please contact:

    The MIL Network –

  • MIL-OSI: LPL Financial Announces Pricing of Its Common Stock Offering

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, March 31, 2025 (GLOBE NEWSWIRE) — LPL Financial Holdings Inc. (NASDAQ: LPLA) (together with its subsidiaries, including LPL Financial LLC, “LPL Financial” or “LPL”) today announced the pricing of an underwritten public offering of 4,687,500 shares of its common stock at a price to the public of $320.00 per share. LPL also granted the underwriters a 30-day option to purchase up to an additional 703,125 shares of its common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on April 2, 2025, subject to satisfaction of customary closing conditions.

    Morgan Stanley & Co. LLC is acting as sole active book-running manager for the offering. BofA Securities, Inc., Citigroup, Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC, BTIG, LLC and Truist Securities, Inc. are acting as joint book-running managers for the offering. M&T Securities, Inc., Capital One Securities, Inc., Huntington Securities, Inc., Barclays Capital Inc., CIBC Capital Markets, Wolfe | Nomura Alliance, Keefe, Bruyette & Woods, A Stifel Company, Rothschild & Co US Inc., William Blair & Company, L.L.C., Academy Securities, Inc. and Samuel A. Ramirez & Company, Inc. are acting as co-managers for the offering.

    LPL intends to use the net proceeds of this offering to fund a portion of the cash consideration payable in connection with its previously announced proposed acquisition of Commonwealth Financial Network (the “Transaction”) and, to the extent that any proceeds remain thereafter, or if the Transaction is not completed, for general corporate purposes. In addition to the net proceeds from this offering, LPL expects to use available cash and other borrowings to fund the purchase price for the Transaction.

    The securities described above are being offered by LPL pursuant to its shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (the “SEC”), which became effective on March 25, 2025. A preliminary prospectus supplement and accompanying prospectus relating to the proposed offering has been filed with the SEC and a final prospectus supplement relating to the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Copies of the preliminary prospectus supplement, the final prospectus supplement and accompanying prospectus relating to the proposed offering may also be obtained, when available, from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or email: prospectus@morganstanley.com. Before you invest, you should read the prospectus in the shelf registration statement and the prospectus supplement for more complete information about LPL and the offering.

    This press release is neither an offer to sell nor a solicitation of an offer to buy any of the common stock or any other security of LPL, nor shall there be any sale of the common stock in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    “Wolfe | Nomura Alliance” is the marketing name used by Wolfe Research Securities and Nomura Securities International, Inc. in connection with certain equity capital markets activities conducted jointly by the firms. Both Nomura Securities International, Inc. and WR Securities, LLC are serving as underwriters in the offering described herein. In addition, WR Securities, LLC and certain of its affiliates may provide sales support services, investor feedback, investor education, and/or other independent equity research services in connection with this offering.

    About LPL Financial
    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 Financial Advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that Advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses.

    Securities and advisory services offered through LPL Financial LLC, a registered investment advisor and broker-dealer, member FINRA/SIPC.

    Throughout this communication, the terms “Financial Advisors” and “Advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC.

    Forward-Looking Statements
    Certain of the statements included in this release, such as those regarding the timing of completion of the offering and the anticipated use of proceeds therefrom, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Applicable risks and uncertainties include those related to market conditions and satisfaction of customary closing conditions related to the proposed public offering. There can be no assurance that we will be able to complete the public offering on the anticipated terms, or at all. Certain additional important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements can be found in the “Risk Factors” section included in LPL Financial’s most recent Annual Report on Form 10-K. Except as required by law, LPL Financial does not undertake to update any particular forward-looking statement included in this document as a result of developments occurring after the date of this press release.

    Contacts

    LPL Media Relations
    media.relations@lplfinancial.com

    LPL Investor Relations
    investor.relations@lplfinancial.com

    The MIL Network –

  • MIL-Evening Report: ‘Behind every claim is a grieving family’. Death benefits inquiry demands change but lacks penalties

    Source: The Conversation (Au and NZ) – By Natalie Peng, Lecturer in Accounting, The University of Queensland

    SeventyFour/Shutterstock

    When Lisa’s husband passed away unexpectedly, she assumed accessing his superannuation death benefit would be straightforward. Instead, she spent months navigating a bureaucratic maze.

    She repeatedly sent documents, waited weeks for callbacks and struggled to get answers from his fund.

    Her experience is far from unique. A damning new report reveals systemic failure by Australia’s A$4 trillion superannuation industry in handling members’ death benefits.

    A system in disarray

    The Australian Security and Investments Commission’s landmark review of ten major super trustees, managing 38% of super assets, exposes an industry that is not serving its members.

    Grieving families routinely face excessive delays, insensitive treatment and unnecessary hurdles when trying to access death benefits. It found they sometimes waited over a year for payments to which they were legally entitled.

    The central problem was a fundamental breakdown in claims processing, with five critical failures exacerbating inefficiency and distress.

    1. Poor oversight

    No trustee monitored end-to-end claims handling times, leaving boards unaware of how long families were waiting. While the fastest trustee resolved 48% of claims within 90 days, the slowest managed just 8%.

    In one case, a widow waited nearly a year despite her husband having a valid binding nomination. ASIC found 78% of delays stemmed from processing inefficiencies entirely within trustees’ control.

    2. Misleading and inadequate information

    Many funds misled on processing times and masked extreme delays. Boards often received reports only on insured claims, despite most death benefits not involving insurance. This meant boards were unable to fix systemic problems.

    3. Process over people

    Risk-averse procedures often overrode common sense. Many funds imposed claim-staking – delaying payments for objections – even for straightforward cases, adding a median 95 day delay.

    Communication failures further compounded delays, with claimants receiving inconsistent advice and few or no status updates.

    4. Outsourcing without accountability

    Claims handled in-house were processed significantly faster than those managed by external administrators. Only 15% of outsourced claims were resolved within 90 days, compared to 36% of in-house claims.

    The securities commission is calling for stronger oversight. External administrators significantly slow down responses, so some funds may need to bring claims processing back in-house to ensure efficiency.

    5. Lack of transparency

    Many funds failed to provide clear timelines or explanations for delays and had no accountability mechanisms.

    The ten funds investigated include the Australian Retirement Trust, Avanteos (Colonial First State), Brighter Super, Commonwealth Superannuation Corporation, HESTA, Hostplus, NM Super (AMP), Nulis (MLC), Rest and UniSuper.

    Two others, Australian Super and Cbus, are being sued separately by ASIC for either failing to pay out or delaying payments to thousands of eligible beneficiaries.

    KEY FINDINGS

    • None of the trustees monitored or reported on end-to-end death benefit claims handling times
    • 27% of claims files reviewed involved poor customer service – for example, calls were not returned, queries were dismissed
    • 8% vs 48% was the difference in claims closed in 90 days between the slowest and the fastest trustee
    • 78% of claim files reviewed were delayed by processing issues within the trustee’s control
    • 17% of claim files reviewed involved vulnerable claimants. About 30% of those were handled poorly

    Source: Taking ownership of death benefits: How trustees can deliver outcomes Australians deserve, ASIC, March 2025.

    Will ASIC’s fixes work?

    ASIC has made 34 recommendations to improve death benefit processing. This will require real change, not box ticking. Changes should include setting performance objectives and empowering frontline staff to cut unnecessary steps.

    There should be consequences for failure. Unlike the United Kingdom, which fines pension providers for missing statutory deadlines, ASIC’s recommendations lack penalties.

    Without consequences, some funds may continue prioritising administrative convenience over members receiving their entitlements.

    What needs to happen now?

    ASIC’s report is a wake-up call, but real reform requires strong action.

    Super funds must be held to clear, binding processing timelines, with meaningful penalties for non-compliance. Standardising requirements across the industry would eliminate unnecessary hurdles, ensuring all beneficiaries are treated fairly.

    Beyond regulation, funds must improve communication and accountability. Bereaved families deserve clear, plain language guidance on what to expect, not bureaucratic roadblocks or sudden document requests.

    Technological upgrades should focus on reducing delays, not just internal efficiencies.

    And to better support families, an independent claims advocate could help navigate the process, ensuring no one is left to struggle alone.

    Has ASIC gone far enough?

    While ASIC’s review is a step in the right direction, it does not fundamentally overhaul flawed claims-handling practices.

    The recommendations lack enforceability, relying on voluntary compliance.

    Also, the role of insurers within super remains largely unaddressed, despite death benefits being tied to life insurance policies. This often causes further complications and delays.

    Ensuring insurers adopt and apply ASIC’s recommendations will be critical for meaningful change.

    Most importantly, super funds must remember that behind every claim is a grieving family. No one should have to fight for what they are owed during one of the most stressful times in their life.

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

    – ref. ‘Behind every claim is a grieving family’. Death benefits inquiry demands change but lacks penalties – https://theconversation.com/behind-every-claim-is-a-grieving-family-death-benefits-inquiry-demands-change-but-lacks-penalties-253419

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: ICR assigns Positive Outlook to Banco Itaú Chile’s Risk Rating

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, March 31, 2025 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) – – ICR has assigned a “Positive” outlook to Banco Itaú Chile’s risk rating, reflecting consistent improvements across key financial indicators, such as asset quality, profitability, solvency, funding, matching, and liquidity. Despite the ongoing challenging economic environment, the bank continues to demonstrate strong performance and resilience in these metrics.

    Additionally, ICR reaffirms Banco Itaú Chile’s solvency and long-term instruments at the AA+ rating, subordinated bonds and related series at the AA rating, and short-term instruments at the N1+ rating. The outlook has been revised from “Stable” to “Positive.”

    For detailed information, please visit Banco Itaú Chile’s Investor Relations website at ir.itau.cl.

    Investor Relations – Banco Itaú Chile
    IR@itau.cl | ir.itau.cl

    The MIL Network –

  • MIL-OSI: Banco Itaú Chile attains prestigious AAA rating from Feller Rate, highlighting exceptional financial strength

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, March 31, 2025 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) – Banco Itaú Chile proudly announces that Feller Rate has upgraded its solvency rating from “AA+” to the highest level of “AAA,” accompanied by a “Stable” outlook. This significant achievement also extends to the bank’s debt instruments, underscoring Banco Itaú Chile’s robust financial health and stability.

    This upgrade reflects Banco Itaú Chile’s prominent position within the banking sector, demonstrating a strengthened and sustainable financial profile closely aligned with industry benchmarks.

    For detailed information, please visit Banco Itaú Chile’s Investor Relations website at ir.itau.cl.

    Investor Relations – Banco Itaú Chile
    IR@itau.cl | ir.itau.cl

    The MIL Network –

  • MIL-OSI Security: Mexican National Pleads Guilty to Transporting over 200,000 Fentanyl Pills

    Source: Office of United States Attorneys

    FRESNO, Calif. — Miguel Obed Romero Reyes, 25, of Sinaloa, Mexico, pleaded guilty today to trafficking large amounts of fentanyl, Acting U.S. Attorney Michele Beckwith announced.

    According to court documents, Romero Reyes was pulled over by law enforcement officers while driving north on Interstate 5 in Fresno County. Deputies searched his vehicle and discovered a large duffel bag containing 48 pounds (21.8 kilograms) of blue counterfeit M-30 pills in 20 separate 1-gallon Ziploc bags. In total, Romero Reyes was transporting more than 200,000 fentanyl pills in his car. Romero Reyes had picked up the pills in Arizona and was transporting them to Washington state for distribution.

    21.8 Kilograms of Fentanyl Pills Seized from Romero Reyes’s Vehicle

    This case is the product of an investigation by the Fresno County Sheriff’s Office and Homeland Security Investigations. Assistant U.S. Attorney Cody S. Chapple is prosecuting the case.

    Romero Reyes is scheduled to be sentenced by U.S. District Judge Kirk E. Sherriff on June 30, 2025. He faces a mandatory minimum of 10 years and a maximum statutory penalty of life in prison. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

    MIL Security OSI –

  • MIL-OSI Security: Venezuela Man Charged With Assaulting a Federal Officer

    Source: Office of United States Attorneys

    DENVER – Abraham Gonzalez Romero, 23, a citizen of Venezuela, was charged with forcibly assaulting a federal officer with physical contact and made his initial appearance in federal court today.

    According to the affidavit in support of the criminal complaint, Gonzalez Romero last entered the United States unlawfully at or near Eagle Pass, Texas, on or about September 20, 2023.

    On February 28, 2025, ICE Denver Fugitive Operations Unit and Homeland Security Investigations (HSI) Denver encountered Gonzalez Romero upon his release from the Denver County jail.  The officers present had ICE badges and placards clearly visible as they approached Gonzalez Romero.  As one of the officers attempted to contact Gonzalez Romero, he jumped over a nearby handrail and began to run.  Officers pursued him, and one officer positioned himself to block his exit. Gonzalez Romero continued running and ran straight at the officer rather than swerve to avoid him.  The two collided, the officer was knocked backwards from the impact, and both fell to the ground.  The officers subsequently subdued and arrested Gonzalez.

    The prosecution is being handled by the Violent Crimes and Immigration Enforcement Section of the United States Attorney’s Office.

    The charges in the complaint and indictment are allegations and the defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.

    Case Number:  25-cr-00106-REB

    MIL Security OSI –

  • MIL-OSI: Siddhi Acquisition Corp. Announces Pricing of Upsized $240 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) — Siddhi Acquisition Corp. (“Siddhi Acquisition” or the “Company”) announced today that it priced its upsized initial public offering of 24,000,000 units at $10.00 per unit. The units will be listed on The Nasdaq Global Market (“Nasdaq”) and trade under the ticker symbol “SDHIU” beginning April 1, 2025. Each unit consists of one Class A ordinary share and one right entitling the holder thereof to receive one tenth of one Class A ordinary share upon the consummation of an initial business combination. The Class A ordinary shares and rights comprising the units are expected to begin separate trading no later than the 52nd day following this date. Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on Nasdaq under the symbols “SDHI” and “SDHIR”, respectively.

    Santander is acting as sole book-running manager. The Company has granted the underwriter a 45-day option to purchase up to an additional 3,600,000 units at the initial public offering price to cover over-allotments, if any.

    The offering was made by means of a prospectus. Copies of the prospectus may be obtained from Santander US Capital Markets LLC, 437 Madison Avenue, New York, NY 10022, Attention: ECM Syndicate, by email at equity-syndicate@santander.us, or by telephone at 833-818-1602.

    A registration statement relating to the securities became effective on March 31, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is expected to close on April 2, 2025, subject to customary closing conditions.

    About Siddhi Acquisition Corp.

    The Company is a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a business combination target in any industry or geographical location, the Company currently intends to concentrate efforts in identifying high growth businesses that are positioned to take advantage of major secular trends in their industry and are well-positioned for the public markets.

    Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s preliminary prospectus for the Company’s offering filed with the U.S. Securities and Exchange Commission (the “SEC”). Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Investor Contact:

    Sam Potter
    sam@siddhiacquisition.com
    +1 347-316-8312

    The MIL Network –

  • MIL-OSI Security: Placer County Man Sentenced to 5 Years in Prison for Child Exploitation Offenses

    Source: Office of United States Attorneys

    SACRAMENTO, Calif. — Randy Anger, 57, of Carnelian Bay, was sentenced today to five years in prison and ordered to pay $5,000 in restitution and $10,200 in special assessments for distribution and receipt of child pornography, Acting U.S. Attorney Michele Beckwith announced.

    According to court documents, in May 2021, Anger distributed and received child sexual abuse material on the Kik Messenger app while communicating with Brent Hooton. Hooton was separately charged and convicted in the Eastern District of California with production and distribution of child pornography and was sentenced to 27 years in prison. In November 2021, Anger also received several images of child sexual abuse material on the Wickr app.

    This case was the product of an investigation by the Federal Bureau of Investigation, with assistance by Homeland Security Investigations and the Placer County Sheriff’s Office. Assistant U.S. Attorney Denise N. Yasinow prosecuted the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute those who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.usdoj.gov/psc. Click on the “resources” tab for information about internet-safety education.

    MIL Security OSI –

  • MIL-OSI: Gevo to Participate in Virtual Investor Meeting

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD, Colo, March 31, 2025 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”), a leading developer of cost effective, renewable hydrocarbon fuels and chemicals with reduced greenhouse gas emissions, announced today that Eric Frey, Gevo’s Vice President of Corporate Development, will participate in a Renmark Virtual Non-Deal Roadshow Series on Tuesday, April 1st at 10:00am ET. 

    Investors and other persons interested in participating in the event must register using the link below.

    Registration Link: https://www.renmarkfinancial.com/live-registration/renmark-virtual-non-deal-roadshow-nasdaq-gevo-yVFS8U3kU-

    About Gevo

    Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including synthetic aviation fuel (“SAF”), motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent carbon capture and sequestration (“CCS”) facility, further solidifying America’s leadership in energy innovation. Additionally, Gevo owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo’s market-driven “pay for performance” approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

    For more information, see www.gevo.com.

    Media Contact
    Heather Manuel
    Vice President of Stakeholder Engagement & Partnerships
    PR@gevo.com

    Investor Contact
    Eric Frey, PhD
    Vice President of Corporate Development
    IR@Gevo.com

    The MIL Network –

  • MIL-OSI Security: FDC-SeaTac inmate who distributed heroin and fentanyl within the prison sentenced to 52 months in prison

    Source: Office of United States Attorneys

    Fentanyl provided by defendant caused two other inmates to suffer near-fatal fentanyl poisonings

    Seattle – A 37-year-old Tacoma, Washington resident was sentenced today in U.S. District Court in Seattle to a total term of 52 months for providing drug contraband within a federal prison and 28 supervised release violations, announced Acting U.S. Attorney Teal Luthy Miller.  David A. McKean smuggled balloons of fentanyl and heroin into the Federal Detention Center at SeaTac (“FDC-SeaTac”) inside of his body, and distributed those drugs to other inmates in his unit.  Two of those inmates who received drugs from McKean suffered near-fatal fentanyl poisonings. At the sentencing hearing, U.S. District Judge John H. Chun labeled McKean’s conduct “a serious offense,” and noted that it is “critical that deadly drugs be kept out of penal institutions.”

    According to the plea agreement and other information filed in the case, McKean appeared at a September 8, 2023 supervised release hearing at the U.S. District Courthouse in Tacoma with heroin and fentanyl on his person.  He was ordered detained at FDC-SeaTac during that hearing and, at some point before his admission to the prison, swallowed balloons of drugs for purposes of smuggling them into the facility. 

    Shortly after his arrival at FDC-SeaTac, McKean began distributing the drugs to other inmates.  Two of those inmates who received fentanyl from McKean suffered fentanyl poisonings—one on the evening of September 9, 2023 and another the following morning.  The first overdose had to be reversed by life-saving interventions from other inmates and multiple doses of naloxone administered by Bureau of Prisons (BOP) staff. The second overdose also had to be reversed by multiple doses of naloxone and hospitalization. BOP employees searched McKean’s cell after the overdoses, and found heroin, fentanyl, suboxone, and other suspected contraband inside McKean’s cell.

    McKean was also facing 28 admitted supervised release violations that arose during his supervision for a prior federal conviction.  At sentencing, the Court imposed a sentence of four months for the supervised release violations, plus 48 months for McKean’s guilty plea to providing contraband in prison, for a total sentence of 52 months in custody.

    The case was investigated by the Federal Bureau of Investigations (FBI).  The case is being prosecuted by Assistant United States Attorney Dane A. Westermeyer.

    MIL Security OSI –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Establishes the United States Investment Accelerator

    Source: The White House

    ACCELERATING INVESTMENT INTO AMERICA’S ECONOMY: Today, President Donald J. Trump signed an Executive Order establishing the United States Investment Accelerator.

    • The Order establishes an office within the Department of Commerce named the United States Investment Accelerator, meant to facilitate and accelerate investments above $1 billion in the United States.
    • The Investment Accelerator will encourage companies to make large investments in the United States by: (1) reducing regulatory burdens; (2) speeding up permitting; (3) coordinating responses to investor issues across multiple Federal agencies; (4) increasing access to national resources; (5) facilitating collaboration with national laboratories; and (6) working with all 50 state governments and their economic development organizations, in each case according to applicable law.
    • The Investment Accelerator will be responsible for administering the CHIPS Program Office, where it will deliver the benefit of the bargain for taxpayers, negotiating much better CHIPS Act deals than the previous Administration.

    UNLEASHING ECONOMIC PROSPERITY: President Trump believes it is in America’s interest that the Federal Government dramatically expand its assistance to companies seeking to invest and build in the United States.

    • The United States is the most powerful economy in the world, but slow, complex, and burdensome regulations make domestic and foreign investment harder than necessary.
    • An Investment Accelerator is needed to cut through red tape and ensure that businesses can quickly deploy capital and create jobs without navigating a maze of bureaucratic hurdles.
    • By streamlining processes, the Accelerator will attract both foreign and domestic investment, reinforcing America’s position as the premier destination for large-scale investment.

    SECURING AMERICA’S ECONOMIC FUTURE: President Trump is driving massive private investment and strengthening the United States economy through bold ideas that streamline government processes and put America first.

    • Thanks to President Trump’s leadership, the United States has already secured more than $3 trillion in private investments during his second term.
    • Last month, President Trump signed a memorandum aimed at promoting foreign investment while protecting America’s national security interests.
    • With the Investment Accelerator in place, President Trump is supercharging the flow of capital into the United States, boosting prosperity across the nation.

    MIL OSI USA News –

  • MIL-OSI USA News: Establishing the United States Investment Accelerator

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

    Section 1.  Purpose.  The United States is the most powerful economy in the world, but slow, complex, and burdensome American regulatory processes at every stage of a company’s development and operation make significant domestic and foreign investment harder than necessary.  Regulations hamper investment, permitting, and site selection, and numerous overlapping Federal, State, and local legal regimes with complex and often duplicative requirements significantly delay construction.  It is in the interest of the American people that the Federal Government dramatically expand its assistance to companies seeking to invest and build in the United States.

    Sec. 2.  Policy.  It is the policy of the United States to modernize its processes to attract substantial domestic and foreign investment in the United States and to actively assist those building here for the benefit of our Nation’s economic prosperity to unleash investment from our small businesses to the largest companies.

    Sec. 3.  The United States Investment Accelerator.  (a)  Within 30 days of the date of this order, the Secretary of Commerce, in coordination with the Secretary of the Treasury and the Assistant to the President for Economic Policy, shall establish within the Department of Commerce an office named the United States Investment Accelerator (Investment Accelerator).  The Investment Accelerator shall facilitate and accelerate investments above $1 billion in the United States by assisting investors as they navigate United States Government regulatory processes efficiently, reduce regulatory burdens where consistent with applicable law, increase access to and use of our national resources where appropriate and consistent with applicable law, facilitate research collaborations with our national labs, and work with State governments in all 50 States to reduce regulatory barriers to, and increase, domestic and foreign investment in the United States. 
    (b)  The Investment Accelerator shall be headed by an Executive Director and staffed with legal, transactional, operational, and support staff as directed by the Secretary of Commerce.  The Investment Accelerator shall be responsible for the CHIPS Program Office within the Department of Commerce, which shall focus on delivering the benefit of the bargain for taxpayers by negotiating much better deals than those of the previous administration.
    (c)  The Investment Accelerator shall identify any existing mechanisms, exceptions, and opportunities in Federal law that can be used to assist foreign and domestic investors, consistent with the protection of national security. 

    Sec. 4.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
    (i)   the authority granted by law to an executive department or agency, or the head thereof; or
    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

                                   DONALD J. TRUMP

    THE WHITE HOUSE,
        March 31, 2025.

    MIL OSI USA News –

  • MIL-OSI USA: President Pro Tempore John F. Kennedy Celebrates Full Passage of Third-Party Litigation Financing Legislation

    Source: US State of Georgia

    ATLANTA (March 31, 2025) — Today, Senate Bill 69, the “Georgia Courts Access and Consumer Protection Act,” achieved final passage after both the House and Senate Chambers agreed to changes made to the legislation. Authored by Senate President Pro Tempore John F. Kennedy (R–Macon), SB 69 would require a business offering Third-Party Litigation Financing (TPLF) to register with the state to promote greater transparency through the litigation process.

    “Alongside Senate Bill 68, our comprehensive tort reform legislation, SB 69 specifically cracks down on predatory litigation financers who seek to take advantage of unwary Georgia consumers,” said Sen. Kennedy. “This billion-dollar industry also includes foreign-affiliated financers, who have undue influence on our courts and act against the best interest of Georgians. With SB 69, we are banning these foreign entities from operating in the state, upholding the integrity of our legal system against bad actors and increasing oversight of financiers to improve consumer protections. Our adversaries have no place in our civil justice system, and by keeping these new registration documents open to the public, we are better equipped to hold this industry accountable.”

    Sen. Kennedy carried SB 69 on behalf of Governor Brian P. Kemp, who emphasized that tort reform was his top priority for the 2025 Legislative Session. Having passed both the Senate and the House, Senate Bill 69 now proceeds to the Governor’s desk to be signed into law.

    For more information about the legislation, read it here.

    # # # #

    Sen. John F. Kennedy serves as the President Pro Tempore of the Georgia State Senate. He represents the 18th Senate District, which includes Crawford, Monroe, Peach and Upson counties, as well as portions of Bibb and Houston counties. He may be reached at (404) 656-6578 or by email at John.Kennedy@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI Security: Texas residents admit to smuggling $2 million in fentanyl from Mexico

    Source: Office of United States Attorneys

    LAREDO, Texas – Two people have pleaded guilty to conspiracy to import 11.65 kilograms of fentanyl, announced U.S. Attorney Nicholas J. Ganjei.

    Taneka Desha Felder, 27, Amarillo, and Gustavo Morales Aguilar, 40, a naturalized U.S. citizen living in Dumas, admitted they traveled into Mexico Dec. 17, 2024. There, they allowed drug smugglers to load their car with 10 bundles of fentanyl powder in the car’s hidden compartment.

    They then attempted to enter the United States from Mexico at the Lincoln Juarez International Bridge.

    At secondary inspection, authorities discovered the bundles hidden in the specially-manufactured compartment under the center console. They admitted they bought the car a few days before traveling to Mexico for the specific purpose of smuggling drugs on their return trip. Both admitted that they expected to be paid after successful delivery of the car and drugs to other persons in Dallas.

    U.S. District Judge Diana Saldaña will impose sentencing at a later date. At that time, Felder and Morales Aguilar face up to life in federal prison and a possible $10 million maximum fine.

    Both have been and will remain in custody pending that hearing.

    Immigration and Customs Enforcement – Homeland Security Investigations conducted the investigation with the assistance of Customs and Border Protection. Assistant U.S. Attorney Jose Homero Ramirez prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Five Alleged Sinaloa Cartel Money Launderers Charged

    Source: Office of United States Attorneys

    SAN DIEGO – Two federal grand jury indictments were unsealed in San Diego today against five alleged Sinaloa Cartel money launderers, including Alberto David Benguiat Jimenez, Israel Daniel Paez Vargas, Salvador Diaz Rodriguez, Christopher Ortega-Lomeli, and Christian Noe Amador Valenzuela. The indictments, returned in September and October 2022, charge the defendants with multiple drug trafficking and money laundering offenses. All defendants remain fugitives.

    To date, these money laundering investigations have resulted in charges against 51 defendants and the seizure of more than $4.1 million dollars and approximately 1,304 kilograms of methamphetamine, 34 kilograms of heroin, 11 kilograms of cocaine, and 14 kilograms of fentanyl.

    Four of the defendants – Benguiat Jimenez, Paez Vargas, Diaz Rodriguez and Amador Valezuela – along with Enrique Dann Esparragoza Rosas, who was previously charged, were also the target of sanctions imposed today by the Department of Treasury’s Office of Foreign Assets Control (OFAC).

    OFAC has identified the defendants and others as members of a money laundering network supporting the Sinaloa Cartel, one of the most notorious and violent drug trafficking organizations in the world, and a U.S.-designated Foreign Terrorist Organization (FTO). The Sinaloa Cartel is responsible for a significant portion of the illicit fentanyl and other deadly drugs trafficked into the United States and has exploited multiple ports of entry along the southern border for its criminal activities. Please see https://home.treasury.gov/news/press-releases/sb0064.

    The Drug Enforcement Administration’s Imperial Country District Office and Mexico City Country Office, along with the Internal Revenue Service – Criminal Investigation San Diego Office, Federal Bureau of Investigation San Diego Field Office, Homeland Security Investigations Calexico Office, and San Diego – Imperial County HIDTA are investigating these cases with assistance from the Department of Treasury’s Office of Foreign Assets Control (OFAC).

    These cases are being prosecuted by Assistant U.S. Attorneys Matthew J. Sutton, Joshua Mellor, Victor White, and Paul Benjamin. Former Assistant U.S. Attorney Owen Roth provided substantial assistance in these cases.

    DEFENDANTS                                            

    Case Number 22-cr-02386-TWR

    Israel Daniel Paez Vargas                                                     Age: 45                         Mexicali, MX

    SUMMARY OF CHARGES

    Conspiracy to Import Controlled Substances, in violation of Title 21 U.S.C. §§ 952, 960 and 963.

    Maximum Penalty: Mandatory minimum 10 years and up to life in prison, $10 million fine.

    Conspiracy to Distribute Controlled Substances, in violation of Title 21 U.S.C. §§ 841(a)(1) and 846.

    Maximum Penalty: Mandatory minimum 10 years and up to life in prison, $10 million fine.

    Conspiracy to Launder Monetary Instruments, in violation of Title 18 U.S.C. § 1956(h).

    Maximum Penalty: Twenty years in prison, a fine of $500,000 or twice the value of the monetary instrument or funds involved.

    Case Number 22-cr-02387-TWR

    Alberto David Benguiat Jimenez                                           Age: 43                      Mexico City, MX

    Salvador Diaz Rodriguez                                                       Age: 39                      Mexicali, MX

    Christian Noe Amador Valenzuela                                        Age: 36                      Mexicali, MX Christopher Ortega-Lomeli                                                       Age: 38                     Mexicali, MX

    SUMMARY OF CHARGES

    Conspiracy to Launder Monetary Instruments, in violation of Title 18 U.S.C. §1956(h).

    Maximum Penalty: Twenty years in prison, a fine of $500,000 or twice the value of the monetary instrument or funds involved.

    Case Number 22-cr-02185-BAS                                         

    Enrique Dann Esparragoza Rosas                                          Age: 39                        Culiacan, MX

    SUMMARY OF CHARGES

    Conspiracy to Launder Monetary Instruments, in violation of Title 18 U.S.C. §1956(h).

    Maximum Penalty: Twenty years in prison, a fine of $500,000 or twice the value of the monetary instrument or funds involved.

    Hobbs Act Extortion, in violation of Title 18 U.S.C. § 1951(a)

    Maximum Penalty: Twenty years in prison, and $250,000 fine

    INVESTIGATING AGENCIES

    Drug Enforcement Administration

    Internal Revenue Service – Criminal Investigation

    Federal Bureau of Investigation

    Homeland Security Investigations

    San Diego – Imperial County HIDTA

    Imperial Valley Law Enforcement Coordination Center – Intelligence

    Department of Justice’s Office of International Affairs

    Department of Treasury’s Office of Foreign Assets Control

    *The charges and allegations contained in an indictment or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

    This investigation is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    The High Intensity Drug Trafficking Areas (HIDTA) program, created by Congress with the Anti-Drug Abuse Act of 1988, provides coordination and assistance to Federal, state, local, and tribal law enforcement agencies operating in areas determined to be critical drug-trafficking regions of the United States. This grant program is administered by the Executive Office of the President – Office of National Drug Control Policy (ONDCP). There are currently 33 HIDTAs, and HIDTA-designated counties are located in 50 states, as well as in Puerto Rico, the U.S. Virgin Islands, and the District of Columbia.

    MIL Security OSI –

  • MIL-OSI Security: New Orleans Man Sentenced For Illegal Possession of a Firearm

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – Acting U.S. Attorney Michael M. Simpson announced that on March 25, 2025, CARESSES PERIQUE (“PERIQUE”), age 38, was sentenced by U.S. District Judge Wendy B. Vitter to 92 months imprisonment, after previously pleading guilty to possession of a firearm by a convicted felon, in violation of Title 18, United States Code, Section 922(g)(1).  Following imprisonment, PERIQUE will be placed in supervised release for three (3) years.

    According to court documents, on Sunday, November 27, 2022, New Orleans Police Department (NOPD) personnel were monitoring the 2600 block of Monroe Street during the annual Lady Buck Jumpers second line at which time PERIQUE was observed in possession of a concealed firearm in his waistband.  When approached by officers, PERIQUE immediately put his hands inside his front waistband.  The officers gained control of his hands and removed a loaded black Ruger P95, nine-millimeter handgun, from his front waistband. The handgun had one live  round in the chamber and nine  live rounds in the magazine.  Officers subsequently learned that PERIQUE had several felony convictions which prohibited him from possessing a firearm.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone.  On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    The case was investigated by the New Orleans Police Department and the Federal Bureau of Investigation.  It is being prosecuted by Assistant United States Attorney Greg Kennedy of the Violent Crime Unit of the U.S. Attorney’s Office.

    MIL Security OSI –

  • MIL-OSI USA: Durbin Leads Letter To AG Bondi On Appointment Of Kash Patel As ATF Acting Director

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    March 31, 2025
    Durbin, Senators to AG Bondi: “Mr. Patel is, quite simply, not the right person to lead the ATF.”
    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, today led 15 Senate Democrats in a letter to U.S. Attorney General (AG) Pam Bondi inquiring into what policies and procedures she will commit to implementing in her capacity as AG to ensure that the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) will continue to meaningfully function in its intended capacity under Kash Patel’s stewardship.
    In February, President Trump announced that Federal Bureau of Investigation (FBI) Director Kash Patel would also serve as Acting Director of ATF, the primary federal law enforcement agency responsible foraddressing gun-related crime and violence in America. However, the Senators’ letter to AG Bondi argues that Mr. Patel threatens to undo the significant gains made in recent years to ensure Americans’ safety as he lacks the relevant experience to lead ATF and has ties to the gun industry.
    “As the primary federal law enforcement agency dedicated to curbing illegal firearm use and enforcing federal firearms laws and regulations, it is critical that ATF be led by an experienced Director who has been confirmed by the Senate for this role and is dedicated to upholding the agency’s mission. For the reasons outlined below, Mr. Patel is not that person,” the Senators wrote. “We therefore write to inquire into what policies and procedures you will implement to ensure that ATF will continue to meaningfully function in its intended capacity.”
    Gun violence in the United States is a public health crisis. In 2024, the U.S. Surgeon General issued an advisory listing firearm violence—including homicide, suicide, nonfatal injuries, and unintentional injuries and deaths—as a “significant public health challenge[] that require[s] the nation’s immediate awareness and action.” Though under the Trump Administration, the Surgeon General has since removed the advisory, the report analyzed data from 2002 to 2022, finding that since 2020 the leading cause of death for children and adolescents in America has been gun violence, with rates higher than car crashes, poisoning, and cancer. In 2022 alone, 48,204 people died in the United States of gun-related injuries. 
    That said, following passage of the historic Bipartisan Safer Communities Act and coordinated, nationwide efforts to curb gun violence during the Biden Administration, the United States is starting to see positive results. In 2023, provisional data indicates gun-related deaths totaled 46,728—representing a decline from 2022 by three percent or 1,476 fewer deaths. Violent crime has also declined significantly, due in part to ATF’s data collection, investigation, and enforcement efforts. 
    “While the decrease in violent crime and gun-related deaths is encouraging, 2023 still had ‘the third-highest number of gun-related deaths ever recorded in the United States,’ evidencing that significant challenges to America’s gun violence crisis remain,” the Senators wrote. “The Department of Justice must do everything within its power to sustain this downward trend, including ensuring ATF is empowered to carry out its mandate and keep firearms from falling into the hands of those who should not have them. Now is not the time to pull back on ATF leadership and practices that helped bring about this progress.”
    The Senators’ letter went on to explain why Mr. Patel is not the right person to lead ATF.
    “As an Acting Director, Patel’s appointment has not been subject to Senate confirmation, a crucial process for vetting those nominated by the President for significant leadership roles in the Executive, including ATF Director. Disturbingly, Mr. Patel would not affirm that firearm background checks—a well-established procedure for keeping guns out of the hands of dangerous individuals—are constitutional during his confirmation hearing for FBI Director. Notably, Mr. Patel’s appointment has been applauded by extreme gun advocacy groups seeking to rollback commonsense gun regulations,” the Senators wrote. “Mr. Patel’s appointment threatens to undo the lifesaving progress ATF has made to reduce gun violence in America.”
    The Senators’ letter concludes, “Attorney General Bondi, you have served as a prosecutor for much of your career. During your Senate confirmation hearing, you testified about the importance of keeping Americans safe, prosecuting criminals and gunrunners, reducing recidivism, and enforcing existing gun laws. During one exchange, you assured the Committee: ‘I will do everything in my power to prevent illegal gunrunners in our country.’ In discussing your time as Florida Attorney General and mass shooting responses, you reiterated: ‘I am an advocate for the Second Amendment, but I will enforce the laws of the land.’” 
    To better understand how AG Bondi intends to accomplish these goals, the Senators asked that she promptly respond to a series of questions.
    Along with Durbin, today’s letter was also signed by U.S. Senators Richard Blumenthal (D-CT), Tammy Duckworth (D-IL), Kirsten Gillibrand (D-NY), Mazie Hirono (D-HI), Mark Kelly (D-AZ), Amy Klobuchar (D-MN), Chris Murphy (D-CT), Brian Schatz (D-HI), Adam Schiff (D-CA), Chuck Schumer (D-NY), Jeanne Shaheen (D-NH), Chris Van Hollen (D-MD), Reverend Raphael Warnock (D-GA), Elizabeth Warren (D-MA), and Ron Wyden (D-OR).
    Full text of today’s letter is available here and below:
    March 31, 2025
    Dear Attorney General Bondi:
    We write with great concern regarding President Trump’s appointment of Federal Bureau of Investigation (FBI) Director Kash Patel as Acting Director of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).  As the primary federal law enforcement agency dedicated to curbing illegal firearm use and enforcing federal firearms laws and regulations, it is critical that ATF be led by an experienced Director who has been confirmed by the Senate for this role and is dedicated to upholding the agency’s mission. For the reasons outlined below, Mr. Patel is not that person. We therefore write to inquire into what policies and procedures you will implement to ensure that ATF will continue to meaningfully function in its intended capacity. 
    Gun violence in the United States is a public health crisis. In 2024, the U.S. Surgeon General issued an advisory listing firearm violence—including homicide, suicide, nonfatal injuries, and unintentional injuries and deaths—as a “significant public health challenge[] that require[s] the nation’s immediate awareness and action.”  Analyzing data from 2002 to 2022, the Surgeon General reported that since 2020 the leading cause of death for children and adolescents in America has been gun violence, with rates higher than car crashes, poisoning, and cancer.  In 2022 alone, 48,204 people died in the United States of gun-related injuries. 
    That said, following passage of the historic Bipartisan Safer Communities Act and coordinated, nationwide efforts to curb gun violence during the Biden Administration, we were starting to see positive results. In 2023, provisional data indicates gun-related deaths totaled 46,728—representing a decline from 2022 by three percent or 1,476 fewer deaths.  Violent crime has also declined significantly, due in part to ATF’s data collection, investigation, and enforcement efforts. 
    For example, ATF’s crime gun intelligence tools eTrace, which “is used to trace the purchase and/or use history of firearms used in violent crimes,” and the National Integrated Ballistic Information Network, which “is the only interstate automated ballistic imaging network in operation in the United States,” together “have transformed crime-solving by generating over 1.1 million investigative leads from ballistic evidence and linking suspects to major crimes within hours.”  ATF has also worked to increase DNA matches from cartridge casings and has expanded Crime Gun Intelligence Centers, which use “data-driven strategies” to foster “cross-agency collaboration.”
    ATF has also focused on eliminating firearms trafficking networks that unlawfully smuggle guns from the United States to Mexico, arming dangerous cartels which, in turn, send illicit drugs such as fentanyl into the United States.  And ATF created an Emerging Threats Center, which among other things, has focused on the proliferation of privately-made firearms, or ghost guns, and machine-gun conversion devices, or Glock switches.  These represent only some examples of ATF’s nationwide initiatives to reduce gun violence and keep Americans safe.
    While the decrease in violent crime and gun-related deaths is encouraging, 2023 still had “the third-highest number of gun-related deaths ever recorded in the United States,” evidencing that significant challenges to America’s gun violence crisis remain.  The Department of Justice must do everything within its power to sustain this downward trend, including ensuring ATF is empowered to carry out its mandate and keep firearms from falling into the hands of those who should not have them. Now is not the time to pull back on ATF leadership and practices that helped bring about this progress.
    Mr. Patel is, quite simply, not the right person to lead the ATF. As an Acting Director, Patel’s appointment has not been subject to Senate confirmation, a crucial process for vetting those nominated by the President for significant leadership roles in the Executive, including ATF Director. Disturbingly, Mr. Patel would not affirm that firearm background checks—a well-established procedure for keeping guns out of the hands of dangerous individuals—are constitutional during his confirmation hearing for FBI Director.  Notably, Mr. Patel’s appointment has been applauded by extreme gun advocacy groups seeking to rollback commonsense gun regulations.  Last year, Mr. Patel spoke at the inaugural summit for group Gun Owners of America, a “no-compromise gun lobby” that has announced it “look[s] forward to dismantling gun control with Kash.”  Mr. Patel’s appointment threatens to undo the lifesaving progress ATF has made to reduce gun violence in America.
    Attorney General Bondi, you have served as a prosecutor for much of your career. During your Senate confirmation hearing, you testified about the importance of keeping Americans safe, prosecuting criminals and gunrunners, reducing recidivism, and enforcing existing gun laws.  During one exchange, you assured the Committee: “I will do everything in my power to prevent illegal gunrunners in our country.”  In discussing your time as Florida Attorney General and mass shooting responses, you reiterated: “I am an advocate for the Second Amendment, but I will enforce the laws of the land.”  To better understand how you intend to accomplish these goals, please promptly respond to the following questions:
    Recently, we have seen notable success in curtailing gun violence. While the United States experienced a spike in gun-related crimes and deaths during the pandemic, through bipartisan congressional action and the previous Administration’s efforts, that trend has begun to reverse. Given ATF’s central role in curbing violent crime, it is of paramount importance that the agency be staffed by experienced leaders, agents, and others who support ATF’s core mission, without the appearance of or actual conflict, in order to continue this downward trend. By contrast, firearm-industry personnel advocate for gun companies’ bottom lines by pushing for the repeal of commonsense gun regulations in order to sell more weapons and weapons accessories. Hiring such individuals for critical public-safety positions at ATF would endanger the agency’s core mission and Americans’ safety while prioritizing increases in private company profits.
    Will you place constraints on the hiring of firearm-industry personnel for ATF positions? If not, why?
    ATF must comply with all existing legal obligations. This includes exercising statutorily-required regulatory authority over the firearms industry, fully implementing the Bipartisan Safer Communities Act, and complying with the Administrative Procedures Act if changing existing ATF regulations. However, Acting Director Patel lacks experience with ATF’s core responsibilities, including ATF’s regulatory oversight of the gun industry. Moreover, Acting Director Patel was only temporarily appointed under the Vacancies Reform Act and has not been subject to the Senate’s advice and consent process for this role. It is therefore particularly important that you exercise your authority as Attorney General to give final approval of all actions ATF takes under Acting Director Patel’s stewardship, including all policy changes.
    Will you commit to personally reviewing for approval all new or revised ATF policies and actions? If not, why?
    Thank you for your attention to this matter.
    Sincerely,
    -30-

    MIL OSI USA News –

  • MIL-OSI New Zealand: Māori economic growth plan aimed at boosting jobs and incomes

    Source: New Zealand Government

    Tōia mai te waka, ki te urunga te waka, ki te moenga te waka, ki te takotoranga i takoto ai te waka! 

    Creating jobs and boosting incomes is at the heart of a renewed Government Māori economic growth plan, Māori Development Minister Tama Potaka says. 

    “Today, the Government is releasing the ambitious Going for Growth with Māori | Tōnui Māori framework to boost Māori economic development.

    “The framework has three main prongs: increasing infrastructure investment, accelerating exports and unlocking the potential of whenua Māori. This may expand or change in the future.

    “The Māori contribution to the overall economy is growing fast, from $17 billion GDP in 2018 to $32 billion in 2023, and almost doubling in valued asset base. However, it continues to suffer from infrastructure deficits, barriers to accessing finance, and unproductive land laws.

    “To address this, we will work together across Government and connect to the Government’s broader Going for Growth agenda. That’s why the Going for Growth with Māori | Tōnui Māori framework has an initial focus on three key areas:
     

    • Increasing targeted infrastructure investment to drive employment and sustainable growth.
      For example, investment in Parininihi ki Waitōtara incorporation to accelerate work exploring the potential of a large-scale solar farm, capable of supplying over 8,500 homes. And the recent mahi tahi between the Government and Māori leaders at the Investment Infrastructure Summit.
    • Accelerating Māori business exports.
      For example, establishing a means to recognise traditional knowledge in the IP system that protects Māori point of difference and property rights.
    • Unlocking the growth potential of whenua Māori.
      For example, making targeted improvements to Te Ture Whenua Māori Act 1993 to simplify planning and related processes, encourage greater development opportunities and reduce red tape.

    “To progress this mahi, Te Puni Kōkiri has released a public discussion document to encourage ideas and feedback on improving Te Ture Whenua Māori Act 1993.

    “Māori land is often under-utilised, so we intend to make the Act more efficient, streamlined, and easier to navigate, with the aim of removing legislative barriers to economic development. 

    “It’s important that we hear from Māori landowners, whānau, hapū and iwi about these changes and I really encourage people to provide their feedback.”

    Going for Growth with Māori | Tōnui Māori has been released alongside a discussion document for public consultation on proposed changes to Te Ture Whenua Maori Act 1993.

    The discussion document is available on the Te Puni Kōkiri website. Consultation closes on May 23 2025.

    Ko te whāinga a te mahere whakatupu ōhanga Māori he whakarea i ngā tūranga mahi me ngā whiwhinga utu

    Tōia mai te waka, ki te urunga te waka, ki te moenga te waka, ki te takotoranga i takoto ai te waka! 

    Kei te ngako o te mahere whakatupu ōhanga Māori a te Kāwanatanga hou ko te waihanga tūranga mahi hou me te whakapiki ake i ngā whiwhinga utu, te kī a te Minita Whanaketanga Māori Tama Potaka. 

    “Nō te rangi nei, e whakarewa ana te Kāwanatanga i te anga pae tawhiti Going for Growth with Māori | Tōnui Māori hei hiki ake i te whanaketanga ōhanga Māori.

    “E toru ngā marau matua o te anga: ko te whakapiki i te whakapaunga ki te hanganga, ko te whakahohoro ake i ngā hokotai, me te huaki i te pitomata o te whenua Māori. Ka whānui ake, ka rerekē rānei tēnei ā ngā tau e tū ake nei.

    “Kua tere te piki haere o te takoha a te iwi Māori ki te ōhanga katoa o te motu, mai i te $17 piriona GDP i te tau 2018 ki te $32 piriona i te tau 2023, ka mutu, i tata tonu te whakatōpūtanga o te uara o te puna rawa. Heoi anō, nā te korenga o ētahi o ngā āhuatanga hanganga e tika ana, mai i ngā tauārai aukati pūtea tatū atu ki ngā ture whenua hua kore, kei te raru tonu, kei te raru tonu.

    “Hei whakatikatika i tēnei, ka mahi tahi mātou puta noa i te Kāwanatanga me te tūhonohono ki kaupapa whānui a te Kāwanatanga Going for Growth . Koia te take e aro tuatahitia ana te anga Going for Growth with Māori | Tōnui Māori ki ngā wāhi matua e toru:

     

    • Te whakapiki ake i te whakapaunga pūtea ki te hanganga hei kōkiri i te whakapikinga o ngā tūranga mahi me te whakapūmautanga o te whakatupuranga.
      Hei tauira, ko te whakapaunga pūtea ki te kaporeihana o Parininihi ki Waiotōtara ki te whakatere ake i ngā mahi tūhura i te pitomata o te pāmu kōmaru nui tonu, e āhei ana ki te whāngai hihiko ki ngā kāinga neke atu i te 8,500. Me te mahi tahi o nā noa nei i waenga i ngā manukura o te Kāwanatanga me te iwi Māori ki te Hui Taumata mō te Whakapaunga Pūtea Hanganga.
    • Te whakatere ake i ngā hokotai pakihi Māori.
      Hei tauira, ko te whakaritenga o te ara hei āhukahuka i te mātauranga o neherā ki te pūnaha IP hei whakamarumaru i ngā tūāhuatanga ahurei me ngā motika rawa o te Māori.
    • Te huaki i te pitomata tupuranga o te whenua Māori.
      Hei tauira, ko ngā whakatikatika i arotahitia ki Te Ture Whenua Māori 1993 ki te whakangāwari i ngā hātepe me ngā tukanga whai pānga, te whakatenatena i ngā arawātea whakawhanake, me te whakamarino i ngā wai karekare o te hunga kātipa.

    “Hei kauneke haere i tēnei mahi, kua whakaputaina e Te Puni Kōkiri te tuhinga matapakinga mā te iwi whānui hei whakatenatena i ngā ariā me ngā urupare e pā ana ki te whakapaitanga ake i Te Ture Whenua Māori 1993.

    “He nui ngā wā kāore i kaha te whakamahia o te whenua Māori, nō reira ko tō mātou koronga kia pai, kia kakama ake te whakahaere, kia ngāwari ake hoki te whakatere, me te whai kia whakakorea ngā tauārai ā-ture ki te whakawhanaketanga ā-ōhanga. 

    “He mea nui kia rongo mai mātou i ngā kaipupuri whenua Māori, ngā whānau, ngā hapū me ngā iwi i ngā kōrero mō ēnei huringa, ka mutu, kei te tino whakamanawa au i ngā tāngata ki te whakahoki mai i ā rātou kōrero urupare.

    Kua whakaputaina ko te Going for Growth with Māori | Tōnui Māori ki te taha o te tuhinga matapakinga mō te rūnanga tūmatanui e pā ana ki ngā huringa ki Te Ture Whenua Māori 1993 kua whakatakotoria.

    E wātea ana te tuhinga matapakinga ki te paetukutuku o Te Puni Kōkiri. Ka kati te matapakinga ā te 23 o Haratua, 2025.

    MIL OSI New Zealand News –

  • MIL-OSI: Sprott Physical Platinum and Palladium Trust Updates Its “At-The-Market” Equity Program

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — Sprott Asset Management LP (“Sprott Asset Management”), a subsidiary of Sprott Inc., on behalf of the Sprott Physical Platinum and Palladium Trust (NYSE: SPPP) (TSX: SPPP / SPPP.U) (the “Trust”), a closed-ended mutual fund trust created to invest and hold substantially all of its assets in physical platinum and palladium bullion, today announced that the Trust has updated its at-the-market equity program (“ATM Program”) to issue an additional US$50 million of units of the Trust (“Units”) in the United States and Canada pursuant to a prospectus supplement dated March 31, 2025 (the “Prospectus Supplement”) to the short form base shelf prospectus dated September 6, 2024 (the “Base Shelf Prospectus”). Copies of the Prospectus Supplement and the Base Shelf Prospectus are available on EDGAR at the SEC’s website at www.sec.gov and the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca. Distributions will no longer be made under previous ATM Program prospectus supplements, including the amended and restated prospectus supplement dated December 6, 2024.

    Distributions under the ATM Program will be completed in accordance with the terms of an amended and restated sales agreement (the “Sales Agreement”) dated December 6, 2024, between Sprott Asset Management (as the manager of the Trust), the Trust, Cantor Fitzgerald & Co. (“Cantor”), Virtu Americas LLC (“Virtu”), BMO Capital Markets Corp. (“BMO”) and Canaccord Genuity LLC (“Canaccord”, and, together with Cantor, Virtu and BMO, the “U.S. Agents”), Virtu Canada Corp. (“Virtu Canada”), Cantor Fitzgerald Canada Corporation (“Cantor Canada”), BMO Nesbitt Burns Inc. (“BMO Canada”) and Canaccord Genuity Corp. (“Canaccord Canada”, and, together with Virtu Canada, Cantor Canada, and BMO Canada, the “Canadian Agents” and, together with the U.S. Agents, the “Agents”). The Sales Agreement is available on EDGAR at the SEC’s website at www.sec.gov and the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.

    Sales of Units through the Agents, acting as agent, will be made through “at the market” issuances on the NYSE Arca (“NYSE”) and the Toronto Stock Exchange (“TSX”) or other existing trading markets in the United States and Canada at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. None of the U.S. Agents are registered as a dealer in any Canadian jurisdiction and, accordingly, the U.S. Agents will only sell Units on marketplaces in the United States and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any Units in Canada. The Canadian Agents may only sell Units on marketplaces in Canada.

    The volume and timing of distributions under the ATM Program, if any, will be determined in the Trust’s sole discretion. The Trust intends to use the proceeds from the ATM Program, if any, to acquire physical platinum and palladium bullion in accordance with the Trust’s objective and subject to the Trust’s investment and operating restrictions.

    The offering under the ATM Program is being made pursuant to a prospectus supplement dated March 31, 2025 (the “U.S. Prospectus Supplement”) to the Trust’s U.S. base prospectus (the “U.S. Base Prospectus”) included in its registration statement on Form F-10 (the “Registration Statement”) (File No. 333-281996) filed with the United States Securities and Exchange Commission (the “SEC”) on September 6, 2024, and pursuant to the Prospectus Supplement and the Base Shelf Prospectus (together with the Prospectus Supplement, the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement, the “Offering Documents”). The U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC’s website at www.sec.gov, and the Prospectus Supplement and the Base Shelf Prospectus are available on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.

    Before you invest, you should read the Offering Documents and other documents that the Trust has filed for more complete information about the Trust, the Sales Agreement and the ATM Program.

    Listing of the Units sold pursuant to the ATM Program on the NYSE and the TSX will be subject to fulfilling all applicable listing requirements.

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

    About Sprott and Sprott Asset Management
    Sprott Asset Management is a wholly-owned subsidiary of Sprott and is the investment manager to the Trust. Sprott is a global leader in precious metals and critical materials investments. At Sprott, we are specialists. Our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and Sprott’s common shares are listed on the NYSE and the TSX under the symbol “SII”.

    About the Trust
    Important information about the Trust, including its investment objectives and strategies, applicable management fees, and expenses is contained in the Trust’s annual information form for the year ended December 31, 2024 (the “AIF”). Commissions, management fees, or other charges and expenses may be associated with investing in the Trust. The performance of the Trust is not guaranteed, its value changes frequently and past performance is not an indication of future results.

    Caution Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of applicable United States securities laws and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements in this press release include, without limitation, investor demands for Units, statements regarding the ATM Program, including the intended use of proceeds from the sale of Units, any sale of Units and the timing and ability of the Trust to obtain all necessary approvals in connection with a sale of Units. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things, the platinum and palladium market. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause the Trust’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A discussion of risks and uncertainties facing the Trust appears in the Offering Documents, as updated by the Trust’s continuous disclosure filings, which are available at www.sec.gov and www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.

    For more information:
    Glen Williams
    Managing Partner
    Investor and Institutional Client Relations
    Direct: 416-943-4394
    gwilliams@sprott.com

    The MIL Network –

  • MIL-OSI United Kingdom: expert reaction to study looking at the effect of 4:3 intermittent fasting versus calorie restriction on weight loss

    Source: United Kingdom – Executive Government & Departments

    A study published in the Annals of Internal Medicine looks at the effect of 4:3 intermittent fasting on weight loss. 

    Dr Maria Chondronikola, Principal Investigator and Lead for Human Nutrition, University of Cambridge Metabolic Research Laboratories, University of Cambridge, said:

    “This is an intriguing study on a topic that has attracted significant scientific and public interest. The study is of high quality and its conclusion regarding the effect of 3:4 IMF on weight loss is well-supported. The results indicate that the 3:4 IMF group achieved significantly greater weight loss after 12 months, most likely due to a greater reduction in calorie intake during the 12-month intervention. It remains unclear whether the superior improvements in marker of insulin sensitivity observed in the 3:4 IMF group were due to greater weight loss or if they resulted from a direct effect of intermittent fasting.

    “The press release does not fully capture the study’s findings with complete accuracy. There were no statistically significant differences between the two groups in terms of blood pressure, total and low-density lipoprotein cholesterol levels, or fasting glucose levels. This is not surprising, as the study was not specifically designed to assess the effects of 3:4 IMF on cardiometabolic health.

    “Nonetheless, it is possible that 3:4 IMF, when combined with an intensive behavioural support program led by a dietitian, may lead to superior weight loss outcomes compared to standard caloric restriction.”

     

    Dr Adam Collins, Associate Professor of Nutrition, University of Surrey, said:

    Does the press release accurately reflect the science?

    “The press release is lifted from the abstract, and so is a faithful summary of the study. However, it does not provide explanations or context for these findings.

    Is this good quality research?  Are the conclusions backed up by solid data?

    “The robustness of this study is in the administration of the two dietary approaches within a supported behavioural programme for weight loss.   The authors have also used an interesting objective measure of energy (calorie) deficit achieved across the intervention using estimates of energy expenditure and changes in body composition (fat and lean tissue).

    “The study’s main finding was that a 4:3 approach gives more weight loss than conventional calorie restriction,  despite participants prescribed the same overall calories.  Yet, this is not a magic property of the 4:3 approach per se, but because they achieved a bigger calorie deficit. The dietary intake data reveals some clues as to why this may be the case, based on what wasn’t measured, as much as what was.     Those assigned the 4:3 diet were only requested to record their intake on “fast” days, but we know from early studies on intermittent energy restriction (especially alternate day fasting), that there is a tendency for some people to eat less on non fast days too, whether that’s unconscious or subconscious.   Hence, measuring intake on fast days only may underestimate true intake. In contrast, adherence to continuous calorie restriction (i.e. every day) can be variable as seen from their dietary intake data.  Adherence to any diet over 6-12 months is challenging at the best of times, but this may explain why the 4:3 group were closer to the calorie deficit target overall. Nevertheless, it does support the notion that, in the real world, intermittent energy restriction protocols outperform conventional everyday calorie restriction both in terms of compliance and results (i.e weight loss).

    How does this work fit with the existing evidence?

    “Studies on this type of intervention are not new but it is interesting to see a recent study published on this 4:3 form of intermittent fasting, or more specifically, intermittent energy restriction (IER).  Especially given that interest in intermittent fasting has shifted  towards time restricted eating approaches (restricting eating windows to extend the “fast” within each 24 hour period). It reaffirms the fact that IER can be an effective and sustainable weight loss intervention. 

    When viewed in the round, you could argue that the difference in weight loss between these groups is not that large, given this was over a 12 month intervention.   But it does allude  to a more interesting feature of intermittent fasting which is the independent metabolic benefits it may provide.   Indeed, this has been a focus of our studies in this area.  A study we conducted 10 years ago,  similarly randomised participants to either continuous or intermittent energy restriction (a 5:2 protocol) of the same overall calorie prescription.  Crucially, follow up measurements were taken once participants had a 5% weight loss, to control for differences in weight lost.   The study was specifically powered to examine differences in markers of metabolic handling and health and suggested that the intermittent energy restricted approach gave more favourable improvements in metabolic handling of a meal. 

    Have the authors accounted for confounders?  Are there important limitations to be aware of?

    “The authors have been careful to caveat their findings within the limitations of their study, and have mainly focussed on the primary outcome of weight loss. They stress that the study was not powered for the secondary outcome measured related to cardiometabolic risk, nor that the findings can be generalised across the whole population,  as outcomes may vary  by gender, age, ethnicity, disease state, or underlying disorders or eating behaviours.

    What are the implications in the real world?  Is there any overspeculation?  

    “The research reaffirms that IER can be an effective and sustainable weight loss intervention, but within each group the extent of weight loss was highly variable, suggesting it may not be the best for everyone.  The authors themselves acknowledge this in their conclusion: “Future studies should evaluate biological and behavioural predictors of response to both 4:3 IMF and DCR to provide insight for personalization of dietary recommendations for weight loss”

    ‘The Effect of 4:3 Intermittent Fasting on Weight Loss at 12 Months’ by Catenacci et al. was published in Annals of Internal Medicine at 22:00 UK time on Monday 31st March. 

    Declared interests

    Dr Maria Chondronikola “I am currently leading a intervention study on the effects of time restricted eating in cardiometabolic health https://trestudy.org.uk/#:~:text=Dr.,in%20the%20UK%20and%20worldwide.”

    Dr Adam Collins “No conflicts of interest to declare on this”

    MIL OSI United Kingdom –

  • MIL-OSI Security: Man Sentenced to over 16 Years in Prison for Trafficking 10 Pounds of Fentanyl Pills and over 60 Pounds of Methamphetamine

    Source: Office of United States Attorneys

    FRESNO, Calif. — Adolfo Montiel, 46, of Lancaster, was sentenced today by U.S. District Judge Jennifer L. Thurston to 16 years and four months in prison for conspiring to traffic methamphetamine and fentanyl, Acting U.S. Attorney Michele Beckwith announced.

    According to court documents, Montiel’s case arose out of Operation Toxic Waste, an investigation into a sophisticated drug trafficking ring, that resulted in the seizure of more than 12,900 pounds of methamphetamine, more than 50 pounds of fentanyl mixture, 39 pounds of cocaine, and 22 pounds of heroin. As evidenced by thousands of recorded communications, the organization smuggled methamphetamine, cocaine, and fentanyl (powder and pills) in portable projectors and batteries, under the guise of a legitimate transportation business. The organization also secreted thousands of pounds of methamphetamine inside semi‑trucks and hundreds of pounds of liquid methamphetamine in the gas tanks of cars and brought it across the border. The Mexican-based organization monitored the narcotics with the use of GPS tracking devices hidden with the smuggled drugs. Montiel was sentenced for his role in storing, packaging, and redistributing drugs on behalf of the larger organization. When law enforcement officers searched his residence in 2023, they found over 10 pounds of fentanyl pills and over 60 pounds of methamphetamine, as well as several firearms.

    This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorney Justin J. Gilio and Cody S. Chapple are prosecuting the case.

    This case is part of Operation Synthetic Opioid Surge (S.O.S.) a program designed to reduce the supply of deadly synthetic opioids in high impact areas as well as identifying wholesale distribution networks and international and domestic suppliers. In July 2018, the Justice Department announced the creation of S.O.S., which is being implemented in the Eastern District of California and nine other federal districts.

    The case was investigated under the Organized Crime Drug Enforcement Task Forces (OCDETF). OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. For more information, please visit Justice.gov/OCDETF. 

    MIL Security OSI –

  • MIL-OSI Security: Connecticut Man Charged with Murder-for-Hire and Drug Distribution

    Source: Office of United States Attorneys

    Burlington, Vermont – The Office of the United States Attorney for the District of Vermont announced that on March 27, 2025, a federal grand jury returned an indictment charging Tremaine Knight, also known as “Brody,” 43, of Hartford, Connecticut, with murder-for-hire and distribution of fentanyl, cocaine, and cocaine base.

    Knight’s arraignment will occur on April 3, 2025, before United States Magistrate Judge Judith G. Dein, in Burlington. Knight was ordered detained pending further proceedings on March 25, 2025, following issuance of a complaint charging him with drug distribution on March 20, 2025.

    According to court records, law enforcement, working with a confidential informant (“CI”), conducted five controlled purchases of drugs from Knight between February and March 2025. The first three buys occurred in Massachusetts, and the last two buys occurred in Brattleboro, Vermont, with Knight traveling from Hartford to meet the CI. During the first Vermont buy, Knight sold to the CI approximately 140 grams of powder cocaine and over 40 grams of fentanyl, and during the second, Knight sold the CI approximately 150 grams of powder cocaine, 30 grams of cocaine base, and 85 grams of fentanyl.

    During one of the Massachusetts buys, Knight asked the CI if the CI would be willing to kill a man who had disrespected and stolen from Knight. Knight offered $10,000 for the man’s death. In subsequent conversations and during the subsequent buys, Knight provided the CI with additional details regarding the man’s identity and the plan for the murder. During one of the Vermont buys, Knight paid the CI a $1,000 deposit for the murder by canceling a drug debt. Knight was taken into custody following that buy.

    The United States Attorney’s Office emphasizes that an indictment contains allegations only and that Knight is presumed innocent until and unless proven guilty. For the murder-for-hire charge, Knight faces up to 10 years in prison if convicted. Because the charged drug distributions involved 40 or more grams of fentanyl, Knight faces a minimum of five years and a maximum of 40 years if convicted. The actual sentence, however, would be determined by the District Court with guidance from the advisory United States Sentencing Guidelines and the statutory sentencing factors.

    Acting United States Attorney Michael P. Drescher commended the investigatory efforts of the Vermont State Police-Vermont Drug Task Force, the Federal Bureau of Investigation, the Vermont State Police Westminster Barracks, the Western Massachusetts FBI Gang Task Force, the Northern Connecticut FBI Gang Task Force, the Brattleboro, Vermont Police Department, and the Hartford, Vermont Police Department.

    The prosecutor is Assistant United States Attorney Corinne Smith. Knight is represented by Sarah Star, Esq., and the Office of the Federal Public Defender.

    MIL Security OSI –