Category: KB

MIL-OSI: Gouverneur Bancorp, Inc. Announces Fiscal 2025 Third Quarter and Nine Months Results

Source: GlobeNewswire (MIL-OSI)

GOUVERNEUR, N.Y., July 21, 2025 (GLOBE NEWSWIRE) — Gouverneur Bancorp, Inc. (OTCQB: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association (the “Bank”), today announced the Company’s results for the third quarter and nine months of fiscal year 2025, ended June 30, 2025.

The Company reported net income of $217,000, or $0.22 per basic and diluted share, for the quarter ended June 30, 2025, compared to net income of $183,000, or $0.17 per basic and diluted share, for the quarter ended June 30, 2024. The Company also reported net income of $495,000, or $0.48 per basic and diluted share, for the nine months ended June 30, 2025, compared to net income of $403,000, or $0.38 per basic and diluted share, for the nine months ended June 30, 2024.

Summary of Financial Results

Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets, consisting primarily of loans and securities, and the interest we pay on our interest-bearing liabilities, consisting of savings and club accounts, NOW and money market accounts and time certificates. Our results of operations also are affected by our provisions for credit losses, non-interest income and non-interest expense. Non-interest income currently consists primarily of service charges, earnings on bank owned life insurance and loan servicing fees. Non-interest expense currently consists primarily of salaries and employee benefits, directors’ fees, occupancy and data processing expense and professional fees. Our results of operations also may be affected significantly by other factors including, but not limited to, general and local economic and competitive conditions, changes in market interest rates, governmental policies and actions of regulatory authorities.

Total assets decreased by $0.6 million or 0.27%, from $197.3 million at September 30, 2024 to $196.7 million at June 30, 2025. Securities available for sale decreased $3.6 million, or 8.05%, from $45.3 million as of September 30, 2024 to $41.7 million as of June 30, 2025 as the Bank received principal paydowns and maturities along with a decrease in the market value as market rates fluctuate. Net loans increased by $1.6 million or 1.35%, from September 30, 2024 to June 30, 2025. The Bank recorded a $9,000 provision for credit loss on loans and a $3,000 provision for credit loss on unfunded commitments for the three months ended June 30, 2025, compared to no provision for credit loss recorded during the same period in the prior year. The Bank made a $27,000 provision for credit loss during the first nine months of fiscal 2025, a decrease from the $70,000 provision made in the same period of fiscal 2024. The higher provision in fiscal 2024 was primarily due to a few charge-offs recorded in the first quarter of that year.

Deposits decreased $0.5 million or 0.31%, to $159.4 million at June 30, 2025 from $159.9 million at September 30, 2024 due to seasonal fluctuations. The Bank currently holds no Federal Home Loan Bank (FHLB) advances or brokered deposits.

Shareholders’ equity was $31.4 million at June 30, 2025, representing a decrease of 4.18% from the September 30, 2024 balance of $32.8 million. The decrease in shareholders’ equity was primarily a result of a $1.1 million decrease to the market value of the securities portfolio included in accumulated other comprehensive loss, and the repurchase of common stock by the Company. The Company declared dividends of $0.16 per share totaling $173,000 during the nine months ended June 30, 2025. The Company’s book value was $29.74 per common share based on 1,107,134 shares issued and 1,055,671 shares outstanding at June 30, 2025. The Company’s book value was $29.59 per common share based on 1,107,134 shares issued and outstanding at September 30, 2024.

Total interest income increased $26,000, or 1.21%, from $2.1 million for the quarter ended June 30, 2024 to $2.2 million for the quarter ended June 30, 2025 due to an increase in loan income, partially offset by a decrease in interest income from investments in taxable and non-taxable securities. For the nine months ended June 30, 2025, total interest income increased $56,000, or 0.87%, from $6.4 million for the nine months ended June 30, 2024 to $6.5 million. Interest income on loans increased $60,000, or 3.61%, for the quarter ended June 30, 2025. For the nine months ended June 30, 2025, interest income on loans increased $203,000, or 4.15%, from the same period in fiscal 2024 due to an increase in market rates resulting in higher interest rates on loan originations and repricing, along with a slight increase in loan volume.

Total interest expense decreased $27,000, or 6.98%, from $387,000 for the quarter ended June 30, 2024 to $360,000 for the quarter ended June 30, 2025. For the nine months ended June 30, 2025, total interest expense increased $103,000, or 9.83%, from $1.0 million for the nine months ended June 30, 2024 to $1.2 million. Interest expense on deposits increased $39,000, from $321,000 for the quarter ended June 30, 2024 to $360,000 for the quarter ended June 30, 2025. For the nine months ended June 30, 2025, interest expense on deposits increased $295,000, from $856,000 for the nine months ended June 30, 2024 to $1.2 million. Interest expense on FHLB borrowings decreased $98,000 and $304,000 for the three and nine months ended June 30, 2025, respectively, compared to the same periods in fiscal 2024 as the Bank currently holds no FHLB advances as of June 30, 2025. The decrease in total interest expense for the three months ended June 30, 2025 was due to the decrease in interest expense on FHLB borrowings, partially offset by an increase in interest expense on deposits. The increase in total interest expense for the nine months ended June 30, 2025 was due to the increase in interest on deposits, resulting from higher deposit rates from the respective prior year periods, and a decrease in income earned on swap agreements hedged against certain borrowings partially offset by a decrease in borrowing interest expense.

Net interest margin, which represents net interest income as a percentage of average interest-earning assets, was 4.15% and 4.03% for the quarters ended June 30, 2025 and 2024, and 4.07% and 4.03% for the nine months ended June 30, 2025 and 2024, respectively. Net interest margin increased due to an increase in interest income and a slight decrease in interest-earning assets.

Non-interest income increased $65,000, from $191,000 for the quarter ended June 30, 2024 to $256,000 for the quarter ended June 30, 2025. For the nine months ended June 30, 2025, non-interest income increased $180,000 to $708,000, from $528,000 for the nine months ended June 30, 2024. This includes the unrealized market value loss on swap agreements held with FHLBNY of $9,000 and $208,000 for the nine months ended June 30, 2025 and 2024, respectively. Other non-interest income increased $73,000 during the nine months ended June 30, 2025 compared to the same period last year, primarily due to the recognition of additional income from a tax-related refund, including a Mortgage Recording Tax (MRT) credit.

Non-interest expense increased $16,000 for the three months ended June 30, 2025, remaining at $1.8 million compared to the three months ended June 30, 2024. The total increase included a $39,000 increase in foreclosed asset expenses primarily due to legal fees incurred on various property foreclosures this fiscal year, whereas the prior period included a gain on the sale of a foreclosed property. For the nine months ended June 30, 2025, non-interest expense increased $10,000 compared to the same period in fiscal 2024. Other non-interest expense increased $188,000 during the nine months ended June 30, 2025, primarily due to operational expenses related to the Company’s operations as a public company. Total non-interest expense included a decrease in salaries and employee benefits of $66,000 and a $18,000 decrease in earnings on the Bank’s deferred fees plan due to fluctuations in market rates. Data processing and occupancy expenses also decreased during the nine months ended June 30, 2025.

Financial and Operational Metrics (GAAP) – The following information is preliminary and based on the Company’s data available at the time of presentation.

	06/30/2025			09/30/2024
	(In Thousands)
	(unaudited)
*Statement of Condition*
Assets
Cash and Cash Equivalents	$	7,205		$	6,370
Securities Available-for-Sale		41,697			45,348
Loans Receivable, Net of Allowance for Credit Losses and Deferred Loan Fees		125,933			124,257
Premises and Equipment, Net		2,878			2,924
Goodwill and Intangible Assets		5,623			5,901
Accrued Interest Receivable and Other Assets		13,383			12,460
Total Assets	$	196,719		$	197,260

Liabilities and Shareholders’ Equity
Deposits	$	159,414		$	159,902
Accrued Interest Payable and Other Liabilities		5,908			4,593
Total Liabilities		165,322			164,495

Common Stock		11			11
Additional Paid in Capital		6,505			6,487
Unearned Common Stock held by ESOP		(501	)		(540	)
Retained Earnings		28,735			28,413
Accumulated Other Comprehensive Loss		(2,721	)		(1,606	)
Authorized but Unissued Stock		(632	)		–
Total Shareholders’ Equity		31,397			32,765
Total Liabilities and Shareholders’ Equity	$	196,719		$	197,260

	For the Quarter Ended						For the Nine Months Ended
	06/30/2025			06/30/2024			06/30/2025			06/30/2024
	(In Thousands except per share data)
	(unaudited)
*Statement of Earnings*
Interest Income	$	2,170		$	2,144		$	6,473		$	6,417
Interest Expense		360			387			1,151			1,048
Net Interest Income		1,810			1,757			5,322			5,369

Provision for Credit Loss		12			–			27			70
Net Interest Income After Provision for Credit Loss		1,798			1,757			5,295			5,299

Non-interest Income		256			191			708			528
Non-interest Expenses		1,786			1,770			5,474			5,464

Income Before Income Tax Expense (Benefit)		268			178			529			363
Income Tax Expense (Benefit)		51			(5	)		34			(40	)
Net Income	$	217		$	183		$	495		$	403

*Performance Ratios*
Basic and Diluted Earnings per Share	$	0.22		$	0.17		$	0.48		$	0.38
Annualized Return on Average Assets		0.44	%		0.37	%		0.34	%		0.27	%
Annualized Return on Average Equity		2.79	%		2.33	%		2.08	%		1.79	%
Net Interest Spread		3.98	%		3.83	%		3.87	%		3.86	%
Net Interest Margin		4.15	%		4.03	%		4.07	%		4.03	%

About Gouverneur Bancorp, Inc.

Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At June 30, 2025, Gouverneur Bancorp, Inc. had total assets of $196.7 million, total deposits of $159.4 million and total stockholders’ equity of $31.4 million.

Forward-Looking Statements

This press release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, among others, the following: changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows and our ability to effectively manage liquidity; competition; demand for financial services in our market area; changes in real estate market values in our market area; changes in relevant accounting principles and guidelines; our ability to attract and retain key employees; our ability to maintain the security of our data processing and information technology systems; and that the Company may not be successful in the implementation of its business strategy. Additionally, other risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 and other reports the Company files with the SEC, which are available through the SEC’s EDGAR website located at www.sec.gov. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company and the Bank assume no obligation to update any forward-looking statements.

For more information, contact Charles C. Van Vleet, Jr., Interim President and Chief Executive Officer at (315) 287-2600.

MIL-OSI: American Coastal Insurance Corporation Announces Upgrade of Issuer and Debt Ratings From Kroll Bond Rating Agency

Source: GlobeNewswire (MIL-OSI)

ST. PETERSBURG, Fla., July 21, 2025 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“American Coastal” or the “Company”) the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced today that Kroll Bond Rating Agency (“KBRA”) has upgraded its Issuer Rating from BB+ to BBB- and upgraded its Debt Rating from BB+ to BBB-. KBRA also affirmed the Insurance Financial Strength Rating of A- for AmCoastal. The Outlook for all ratings has been changed to Positive from Stable.

The upgrade of American Coastal’s Issuer and Debt ratings reflects the continued improvements in its financial leverage metrics and maintenance of strong double-digit EBIT interest coverage. The change in outlook to Positive from Stable reflects KBRA’s expectation that American Coastal will continue to report favorable operating results and maintain its strong risk-adjusted capitalization, robust reinsurance programs with strong counterparties, and high credit quality investment portfolio.

“We are proud to have regained investment grade status and positive outlooks. This will immediately reduce the Company’s annual interest expense by $1.5 million and supports our strategy to grow the business responsibly,” said President & CEO, Brad Martz.

About American Coastal Insurance Corporation:
American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Positive outlook by Kroll. ACIC maintains a ‘BBB-’ issuer rating with a Positive outlook by Kroll.

Contact Information:
Alexander Baty
Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
investorrelations@amcoastal.com
(727) 425-8076

Karin Daly
Investor Relations, Vice President, The Equity Group
kdaly@theequitygroup.com
(212) 836-9623

MIL-OSI: CTRL Group Limited Announces Name Change

Source: GlobeNewswire (MIL-OSI)

Kowloon, Hong Kong, July 21, 2025 (GLOBE NEWSWIRE) — CTRL Group Limited (the “Company”) (Nasdaq CM: MCTR), an integrated marketing and advertising services provider in Hong Kong specializing in mobile games promotion for the local market, today announced, subject to and conditional upon the approval of the Registrar of Companies in the British Virgin Islands (the “Registrar”), it will change its name from CTRL Group Ltd. to TJGC Group.

The name change will become effective upon the issuance of a Certificate of Change of Name by the Registrar and the corresponding update in the Register of Companies.

The Company’s ordinary shares will continue to be listed and traded on the Nasdaq Capital Market under the current ticker symbol “MCTR”. The CUSIP number for the Company’s ordinary shares will remain unchanged.

About CTRL Group Limited

The Company’s wholly owned subsidiary and operating company, CTRL Group Limited, is an integrated marketing and advertising services provider in Hong Kong specializing in mobile games promotion for the local market. The Company provides services to mobile game developers, principally developers of mobile gaming applications or “apps” that gamers download from the developers’ websites and applicable mobile operating systems, such as Apple Store or Android Google Play Store. The market for specialized mobile game advertising in Hong Kong is occupied by a few market players who compete with one another. The Company’s prominent market share and proven track record are indicative of its audience reach and engagement, as well as its relevance to advertisers in Hong Kong markets. For more information, please visit the Company’s website: https://www.ctrl-media.com/

Forward-Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

For more information, please contact:

Investor Relations
CTRL Group Limited
Phone: +852-3107-4887
Email: project@ctrl-media.com

MIL-OSI: Mercury Systems to Report Fourth Quarter and Full Year Fiscal Year 2025 Financial Results on August 11, 2025

Source: GlobeNewswire (MIL-OSI)

ANDOVER, Mass., July 21, 2025 (GLOBE NEWSWIRE) — Mercury Systems Inc. (NASDAQ: MRCY, www.mrcy.com), a technology company that delivers mission-critical processing to the edge, will release its fourth quarter and full year fiscal year 2025 financial results after the market close on Monday, August 11, 2025.

Management will host a conference call and simultaneous webcast at 5:00 p.m. ET on the same day to discuss Mercury’s quarterly financial results, business highlights, and outlook. In addition, Company representatives may answer questions concerning business and financial developments and trends, the Company’s view on earnings forecasts, and other business and financial matters affecting the Company, the responses to which may contain information that has not been previously disclosed.

To attend the conference call or webcast, participants should register online at ir.mrcy.com/events-presentations. Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. A replay of the webcast will be available two hours after the call and archived on the same web page for six months.

Mercury Systems – Innovation that matters^®
Mercury Systems is a technology company that delivers mission-critical processing to the edge, making advanced technologies profoundly more accessible for today’s most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury’s products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has more than 20 locations worldwide. To learn more, visit mrcy.com. (Nasdaq: MRCY)

CONTACT
Tyler Hojo
Vice President, Investor Relations
Tyler.Hojo@mrcy.com

MIL-OSI: Par Pacific, Mitsubishi, and ENEOS to Establish Joint Venture for Renewable Fuels in Hawaii

Source: GlobeNewswire (MIL-OSI)

HOUSTON and TOKYO, July 21, 2025 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (including its subsidiaries and affiliates, “Par Pacific”), Mitsubishi Corporation (“Mitsubishi”), and ENEOS Corporation (“ENEOS”) today announced the signing of definitive agreements to establish Hawaii Renewables, LLC (“Hawaii Renewables”), a joint venture to produce renewable fuels at Par Pacific’s refinery in Kapolei Hawaii. Mitsubishi and ENEOS will form Alohi Renewable Energy, LLC, which will acquire a 36.5% equity stake in Hawaii Renewables in exchange for cash consideration of $100 million. Par Pacific will retain the remaining interest and lead the project’s execution and operations through its affiliate, Par Hawaii Refining, LLC. The project’s attractive capital cost, along with its operating and distribution cost advantages, are key differentiators.

Hawaii Renewables will leverage Par Pacific’s existing refining and logistics infrastructure and Lutros, LLC’s new and advantaged pretreatment technology. Construction is currently underway, and the facility is expected to be completed and operational by the end of the year. Once fully operational, Hawaii Renewables will be the state’s largest renewable fuels manufacturing facility and is expected to produce approximately 61 million gallons per year of renewable diesel (“RD”), sustainable aviation fuel (“SAF”), renewable naphtha and low carbon liquified petroleum gases.

The facility is designed to produce up to 60% SAF as a first step toward decarbonizing Hawaii’s significant air travel market, with flexibility to process diverse feedstocks and shift yields to RD based on market conditions. These renewable fuels will contribute to reducing greenhouse gas emissions while providing reliable transportation and utility fuels to Hawaii consumers.

This strategic partnership will combine Par Pacific’s advantaged West Coast and Pacific asset base and operational capabilities with Mitsubishi’s global integrated business, including access to Mitsubishi’s Petro-Diamond Inc. Terminal in Long Beach, California and global feedstock procurement expertise. As Japan’s leading energy company, ENEOS will strengthen the partnership by leveraging its historical success in fuel refining and trading across Asia-Pacific and North America.

“We are thrilled to partner with Mitsubishi and ENEOS through the formation of this strategic joint venture,” said Will Monteleone, Par Pacific’s President & Chief Executive Officer. “Creating the Hawaii Renewables joint venture brings together the best of our three organizations and yields additional scale and expertise across feedstock origination, commercial optimization, and market access throughout the Pacific Basin.”

“We are so honored to partner with Par Pacific in the renewable fuels business,” said Masaru Saito, Group CEO, Environmental Energy Group, Mitsubishi Corporation. “We view this partnership as an important step for our SAF initiative, supporting aviation sector decarbonization across Hawaii and beyond through our feedstock procurement and renewable fuels sales expertise.”

“We anticipate this project will deliver a stable supply of energy and contribute to a carbon-neutral society,” said Marcus Echigoya, Senior Vice President, Managing Executive Officer, ENEOS Corporation. “ENEOS aims to contribute to this initiative by utilizing our deep experience in fuel refining and marketing, with an emphasis on enhancing Hawaii Renewable’s feedstock procurement capabilities.”

The closing of the joint venture transaction is subject to customary closing conditions and regulatory approvals. Lazard served as financial advisor to Par Pacific on this transaction.

About Par Pacific
Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

About Mitsubishi Corporation
Mitsubishi Corporation is a global integrated business enterprise that develops and operates business together with its offices and subsidiaries worldwide. MC has eight Business Groups that operate across virtually every industry: Environmental Energy, Material Solution, Mineral Resources, Urban Development and Infrastructure, Mobility, Food Industry, Smart-Life Creation, and Power Solution.

About ENEOS Corporation
ENEOS Group is Japan’s leading energy company with manufacturing and sales facilities throughout the world. ENEOS has developed businesses in the refining and marketing of petroleum products, petrochemical products, and lubricants. While fulfilling our responsibility of providing a stable supply of energy and materials both now and in the future, we will realize a carbon neutral society through energy transition. This is also a great challenge for mankind, and we, the ENEOS Group, will maximize our corporate value by steadily taking on the challenge.

Forward-Looking Statements
This news release includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about Par Pacific’s plans to invest in renewable fuels production. There can be no assurances that Par Pacific will be successful in its renewable fuels production efforts, which are subject to various risks and uncertainties. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.

Par Pacific Contacts
Investors:
Ashimi Patel
VP, Investor Relations & Sustainability
+1 (832) 916-3355
apatel@parpacific.com

Media Inquiries:
Marc Inouye
Director, Government & Public Affairs
+1 (808) 203-2344
minouye@parpacific.com

Mitsubishi Corporation Contacts
Media Inquiries:
Telephone: +81-3-3210-2171

ENEOS Contacts
Media Inquiries:
pr@eneos.com

MIL-OSI: Draganfly Announces Closing of US$25.0 Million Registered Direct Offering

Source: GlobeNewswire (MIL-OSI)

Saskatoon, SK., July 21, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning developer of drone solutions, software, and robotics, today announced the closing of its previously announced registered direct offering of 4,672,895 units of the Company (the “Units”), at a price of US$5.35 per Unit, for gross proceeds of approximately US$25.0 million, before deducting placement agent discounts and offering expenses (the “Offering”).

Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”). The Warrants entitle the holder thereof to purchase one Common Share at an exercise price of CA$7.3579 (the Canadian dollar equivalent of US$5.35) per Common Share, are exercisable immediately and will expire five years following the date of issuance.

Maxim Group LLC acted as sole placement agent for the Offering.

Draganfly currently intends to use the net proceeds from the Offering for general corporate purposes, including to fund its capabilities to meet demand for its new products including growth initiatives and/or for working capital requirements including the continuing development and marketing of the Company’s core products, potential acquisitions and research and development.

The Offering was made pursuant to an effective shelf registration statement on Form F-10, as amended, (File No. 333-271498) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 5, 2023 and the Company’s Canadian short form base shelf prospectus dated June 30, 2023 (the “Base Shelf Prospectus”). Draganfly offered and sold the securities in the United States only. No securities were offered or sold to Canadian purchasers.

A prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering and describing the terms thereof was filed with the applicable securities commissions in the Canadian provinces of British Columbia, Saskatchewan and Ontario, and with the SEC in the United States and is available for free by visiting the Company’s profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca or the SEC’s website at www.sec.gov, as applicable. Copies of the prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering may be obtained by contacting Maxim Group LLC, at 300 Park Avenue, 16^th Floor, New York, NY 10022, Attention: Syndicate Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.

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

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a pioneer in drone solutions, AI-driven software, and robotics. With over 25 years of innovation, Draganfly has been at the forefront of drone technology, providing solutions for public safety, agriculture, industrial inspections, security, mapping, and surveying. The Company is committed to delivering efficient, reliable, and industry-leading technology that helps organizations save time, money, and lives.

Media Contact
media@draganfly.com

Company Contact
Cameron Chell, Chief Executive Officer
Tel: (306) 955-9907
Email: info@draganfly.com

Forward Looking Statements

Certain statements contained in this news release may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements, based as they are on the current expectations of management, inherently involve numerous important risks, uncertainties and assumptions, known and unknown. In this news release, such forward-looking statements include, but are not limited to, statements regarding the intended use of proceeds of the Offering. These forward looking statements are subject to numerous factors, many of which are beyond Draganfly’s control, including but not limited to, those important factors disclosed previously and from time to time in Draganfly’s filings with the securities regulatory authorities in the Canadian provinces of British Columbia, Ontario and Saskatchewan and with the SEC. Actual future events may differ from the anticipated events expressed in such forward-looking statements. Draganfly believes that expectations represented by forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The reader should not place undue reliance, if any, on any forward-looking statements included in this news release. These forward-looking statements speak only as of the date made, and Draganfly is under no obligation and disavows any intention to update publicly or revise such statements as a result of any new information, future event, circumstances or otherwise, unless required by applicable securities laws.‎ Investors are cautioned not to unduly rely on these forward-looking statements and are encouraged to read the Offering documents, as well as Draganfly’s continuous disclosure documents, including its current annual information form, as well as its audited annual consolidated financial statements which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

MIL-Evening Report: A popular sweetener could be damaging your brain’s defences, says recent study

Source: The Conversation (Au and NZ) – By Havovi Chichger, Professor, Biomedical Science, Anglia Ruskin University

Found in everything from protein bars to energy drinks, erythritol has long been considered a safe alternative to sugar. But new research suggests this widely used sweetener may be quietly undermining one of the body’s most crucial protective barriers – with potentially serious consequences for heart health and stroke risk.

A recent study from the University of Colorado suggests erythritol may damage cells in the blood-brain barrier, the brain’s security system that keeps out harmful substances while letting in nutrients. The findings add troubling new detail to previous observational studies that have linked erythritol consumption to increased rates of heart attack and stroke.

In the new study, researchers exposed blood-brain barrier cells to levels of erythritol typically found after drinking a soft drink sweetened with the compound. They saw a chain reaction of cell damage that could make the brain more vulnerable to blood clots – a leading cause of stroke.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Erythritol triggered what scientists call oxidative stress, flooding cells with harmful, highly reactive molecules known as free radicals, while simultaneously reducing the body’s natural antioxidant defences. This double assault damaged the cells’ ability to function properly, and in some cases killed them outright.

But perhaps more concerning was erythritol’s effect on the blood vessels’ ability to regulate blood flow. Healthy blood vessels act like traffic controllers, widening when organs need more blood – during exercise, for instance – and tightening when less is required. They achieve this delicate balance through two key molecules: nitric oxide, which relaxes blood vessels, and endothelin-1, which constricts them.

The study found that erythritol disrupted this critical system, reducing nitric oxide production while ramping up endothelin-1. The result would be blood vessels that remain dangerously constricted, potentially starving the brain of oxygen and nutrients. This imbalance is a known warning sign of ischaemic stroke – the type caused by blood clots blocking vessels in the brain.

Even more alarming, erythritol appeared to sabotage the body’s natural defence against blood clots. Normally, when clots form in blood vessels, cells release a “clot buster” called tissue plasminogen activator that dissolves the blockage before it can cause a stroke. But the sweetener blocked this protective mechanism, potentially leaving clots free to wreak havoc.

The laboratory findings align with troubling evidence from human studies. Several large-scale observational studies have found that people who regularly consume erythritol face significantly higher risks of cardiovascular disease, including heart attacks and strokes. One major study tracking thousands of participants found that those with the highest blood levels of erythritol were roughly twice as likely to experience a major cardiac event.

However, the research does have limitations. The experiments were conducted on isolated cells in laboratory dishes rather than complete blood vessels, which means the cells may not behave exactly as they would in the human body. Scientists acknowledge that more sophisticated testing – using advanced “blood vessel on a chip” systems that better mimic real physiology – will be needed to confirm these effects.

The findings are particularly significant because erythritol occupies a unique position in the sweetener landscape. Unlike artificial sweeteners such as aspartame or sucralose, erythritol is technically a sugar alcohol – a naturally occurring compound that the body produces in small amounts. This classification helped it avoid inclusion in recent World Health Organization guidelines that discouraged the use of artificial sweeteners for weight control.

Erythritol has also gained popularity among food manufacturers because it behaves more like sugar than other alternatives. While sucralose is 320 times sweeter than sugar, erythritol provides only about 80% of sugar’s sweetness, making it easier to use in recipes without creating an overpowering taste. It’s now found in thousands of products, especially in many “sugar-free” and “keto-friendly” foods.

Erythritol can be found in many keto-friendly products, such a protein bars.
Stockah/Shutterstock.com

Trade-off

Regulatory agencies, including the European Food Standards Agency and the US Food and Drug Administration, have approved erythritol as safe for consumption. But the new research adds to a growing body of evidence suggesting that even “natural” sugar alternatives may carry unexpected health risks.

For consumers, the findings raise difficult questions about the trade-offs involved in sugar substitution. Sweeteners like erythritol can be valuable tools for weight management and diabetes prevention, helping people reduce calories and control blood sugar spikes. But if regular consumption potentially weakens the brain’s protective barriers and increases cardiovascular risk, the benefits may come at a significant cost.

The research underscores a broader challenge in nutritional science: understanding the long-term effects of relatively new food additives that have become ubiquitous in the modern diet. While erythritol may help people avoid the immediate harms of excess sugar consumption, its effect on the blood-brain barrier suggests that frequent use could be quietly compromising brain protection over time.

As scientists continue to investigate these concerning links, consumers may want to reconsider their relationship with this seemingly innocent sweetener – and perhaps question whether any sugar substitute additive is truly without risk.

Havovi Chichger 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. A popular sweetener could be damaging your brain’s defences, says recent study – https://theconversation.com/a-popular-sweetener-could-be-damaging-your-brains-defences-says-recent-study-261500

MIL-Evening Report: Africa’s minerals are being bartered for security: why it’s a bad idea

Source: The Conversation (Au and NZ) – By Hanri Mostert, SARChI Chair for Mineral Law in Africa, University of Cape Town

A US-brokered peace deal between the Democratic Republic of Congo (DRC) and Rwanda binds the two African nations to a worrying arrangement: one where a country signs away its mineral resources to a superpower in return for opaque assurances of security.

The peace deal, signed in June 2025, aims to end three decades of conflict between the DRC and Rwanda.

A key part of the agreement binds both nations to developing a regional economic integration framework. This arrangement would expand cooperation between the two states, the US government and American investors on “transparent, formalized end-to-end mineral chains”.

Despite its immense mineral wealth, the DRC is among the five poorest countries in the world. It has been seeking US investment in its mineral sector.

The US has in turn touted a potential multi-billion-dollar investment programme to anchor its mineral supply chains in the traumatised and poor territory.

The peace that the June 2025 deal promises, therefore, hinges on chaining mineral supply to the US in exchange for Washington’s powerful – but vaguely formulated – military oversight.

The peace agreement further establishes a joint oversight committee – with representatives from the African Union, Qatar and the US – to receive complaints and resolve disputes between the DRC and Rwanda.

But beyond the joint oversight committee, the peace deal creates no specific security obligations for the US.

The relationship between the DRC and Rwanda has been marred by war and tension since the bloody First (1996-1997) and Second (1998-2003) Congo wars. At the heart of much of this conflict is the DRC’s mineral wealth. It has fuelled competition, exploitation and armed violence.

This latest peace deal introduces a resources-for-security arrangement. Such deals aren’t new in Africa. They first emerged in the early 2000s as resources-for-infrastructure transactions. Here, a foreign state would agree to build economic and social infrastructure (roads, ports, airports, hospitals) in an African state. In exchange, it would get a major stake in a government-owned mining company. Or gain preferential access to the host country’s minerals.

We have studied mineral law and governance in Africa for more than 20 years. The question that emerges now is whether a US-brokered resources-for-security agreement will help the DRC benefit from its resources.

Based on our research on mining, development and sustainability, we believe this is unlikely.

This is because resources-for-security is the latest version of a resource-bartering approach that China and Russia pioneered in countries such as Angola, the Central African Republic and the DRC.

Resource bartering in Africa has eroded the sovereignty and bargaining power of mineral-rich nations such as the DRC and Angola.

Further, resources-for-security deals are less transparent and more complicated than prior resource bartering agreements.

DRC’s security gaps

The DRC is endowed with major deposits of critical minerals like cobalt, copper, lithium, manganese and tantalum. These are the building blocks for 21st century technologies: artificial intelligence, electric vehicles, wind energy and military security hardware. Rwanda has less mineral wealth than its neighbour, but is the world’s third-largest producer of tantalum, used in electronics, aerospace and medical devices.

For almost 30 years, minerals have fuelled conflict and severe violence, especially in eastern DRC. Tungsten, tantalum and gold (referred to as 3TG) finance and drive conflict as government forces and an estimated 130 armed groups vie for control over lucrative mining sites. Several reports and studies have implicated the DRC’s neighbours – Rwanda and Uganda – in supporting the illegal extraction of 3TG in this region.

The DRC government has failed to extend security over its vast (2.3 million square kilometres) and diverse territory (109 million people, representing 250 ethnic groups). Limited resources, logistical challenges and corruption have weakened its armed forces.

This context makes the United States’ military backing enormously attractive. But our research shows there are traps.

What states risk losing

Resources-for-infrastructure and resources-for-security deals generally offer African nations short-term stability, financing or global goodwill. However, the costs are often long-term because of an erosion of sovereign control.

Here’s how this happens:

certain clauses in such contracts can freeze future regulatory reforms, limiting legislative autonomy
other clauses may lock in low prices for years, leaving resource-selling states unable to benefit when commodity prices surge
arbitration clauses often shift disputes to international forums, bypassing local courts
infrastructure loans are often secured via resource revenues used as loan security. This effectively ringfences exports and undermines sovereign fiscal control.

Examples of loss or near-loss of sovereignty from these sorts of deals abound in Africa.

For instance, Angola’s US$2 billion oil-backed loan from China Eximbank in 2004. This was repayable in monthly deliveries of oil, with revenues directed to Chinese-controlled accounts. The loan’s design deprived Angolan authorities of decision-making power over that income stream even before the oil was extracted.

These deals also fragment accountability. They often span multiple ministries (such as defence, mining and trade), avoiding robust oversight or accountability. Fragmentation makes resource sectors vulnerable to elite capture. Powerful insiders can manipulate agreements for private gain.

In the DRC, this has created a violent kleptocracy, where resource wealth is systematically diverted away from popular benefit.

Finally, there is the risk of re-entrenching extractive trauma. Communities displaced for mining and environmental degradation in many countries across Africa illustrate the long-standing harm to livelihoods, health and social cohesion.

These are not new problems. But where extraction is tied to security or infrastructure, such damage risks becoming permanent features, not temporary costs.

What needs to change

Critical minerals are “critical” because they’re hard to mine or substitute. Additionally, their supply chains are strategically vulnerable and politically exposed. Whoever controls these minerals controls the future. Africa must make sure it doesn’t trade that future away.

In a world being reshaped by global interests in critical minerals, African states must not underestimate the strategic value of their mineral resources. They hold considerable leverage.

But leverage only works if it is wielded strategically. This means:

investing in institutional strength and legal capacity to negotiate better deals
demanding local value creation and addition
requiring transparency and parliamentary oversight for minerals-related agreements
refusing deals that bypass human rights, environmental or sovereignty standards.

Africa has the resources. It must hold on to the power they wield.

Hanri Mostert receives funding from the National Research Foundation (NRF) of South Africa. She is a member of the Expropriation Expert Group and a steering committee member of the International Bar Association’s (IBA) Academic Advisory Group (AAG) in the Sector for Energy, Environmental, Resources and Infrastructure Law (SEERIL).

Tracy-Lynn Field receives funding from the Claude Leon Foundation. She is a non-executive director of the Wildlife and Environment Society of South Africa.

– ref. Africa’s minerals are being bartered for security: why it’s a bad idea – https://theconversation.com/africas-minerals-are-being-bartered-for-security-why-its-a-bad-idea-260594

MIL-Evening Report: PBS and NPR are generally unbiased, independent of government propaganda and provide key benefits to US democracy

Source: The Conversation (Au and NZ) – By Stephanie A. (Sam) Martin, Frank and Bethine Church Endowed Chair of Public Affairs, Boise State University

Congress’ cuts to public broadcasting will diminish the range and volume of the free press and the independent reporting it provides. MicroStockHub-iStock/Getty Images Plus

Champions of the almost entirely party-line vote in the U.S. Senate to erase US$1.1 billion in already approved funds for the Corporation for Public Broadcasting called their action a refusal to subsidize liberal media.

“Public broadcasting has long been overtaken by partisan activists,” said U.S. Sen. Ted Cruz of Texas, insisting there is no need for government to fund what he regards as biased media. “If you want to watch the left-wing propaganda, turn on MSNBC,” Cruz said.

Accusing the media of liberal bias has been a consistent conservative complaint since the civil rights era, when white Southerners insisted news outlets were slanting their stories against segregation. During his presidential campaign in 1964, U.S. Sen. Barry Goldwater of Arizona complained that the media was against him, an accusation that has been repeated by every Republican presidential candidate since.

But those charges of bias rarely survive empirical scrutiny.

As chair of a public policy institute devoted to strengthening deliberative democracy, I have written two books about the media and the presidency, and another about media ethics. My research traces how news institutions shape civic life and why healthy democracies rely on journalism that is independent of both market pressure and partisan talking points.

That independence in the United States – enshrined in the press freedom clause of the First Amendment – gives journalists the ability to hold government accountable, expose abuses of power and thereby support democracy.

GOP Sen. Ted Cruz speaks to reporters as Senate Republicans vote on President Donald Trump’s request to cancel about $9 billion in foreign aid and public broadcasting spending on July 16, 2025.
AP Photo/J. Scott Applewhite

Trusting independence

Ad Fontes Media, a self-described “public benefit company” whose mission is to rate media for credibility and bias, have placed the reporting of “PBS NewsHour” under 10 points left of the ideological center. They label it as both “reliable” and based in “analysis/fact.” “Fox and Friends,” by contrast, the popular morning show on Fox News, is nearly 20 points to the right. The scale starts at zero and runs 42 points to the left to measure progressive bias and 42 points to the right to measure conservative bias. Ratings are provided by three-person panels comprising left-, right- and center-leaning reviewers.

A 2020 peer-reviewed study in Science Advances that tracked more than 6,000 political reporters likewise found “no evidence of liberal media bias” in the stories they chose to cover, even though most journalists are more left-leaning than the rest of the population.

A similar 2016 study published in Public Opinion Quarterly said that media are more similar than dissimilar and, excepting political scandals, “major
news organizations present topics in a largely nonpartisan manner,
casting neither Democrats nor Republicans in a particularly favorable
or unfavorable light.”

Surveys show public media’s audiences do not see it as biased. A national poll of likely voters released July 14, 2025, found that 53% of respondents trust public media to report news “fully, accurately and fairly,” while only 35% extend that trust to “the media in general.” A majority also opposed eliminating federal support.

Contrast these numbers with attitudes about public broadcasters such as MTVA in Hungary or the TVP in Poland, where the state controls most content. Protests in Budapest October 2024 drew thousands demanding an end to “propaganda.” Oxford’s Reuters Institute for the Study of Journalism reports that TVP is the least trusted news outlet in the country.

While critics sometimes conflate American public broadcasting with state-run outlets, the structures are very different.

Safeguards for editorial freedom

In state-run media systems, a government agency hires editors, dictates coverage and provides full funding from the treasury. Public officials determine – or make up – what is newsworthy. Individual media operations survive only so long as the party in power is happy.

Public broadcasting in the U.S. works in almost exactly the opposite way: The Corporation for Public Broadcasting is a private nonprofit with a statutory “firewall” that forbids political interference.

More than 70% of the Corporation for Public Broadcasting’s federal appropriation for 2025 of US$1.1 billion flows through to roughly 1,500 independently governed local stations, most of which are NPR or PBS affiliates but some of which are unaffiliated community broadcasters. CPB headquarters retains only about 5% of that federal funding.

Stations survive by combining this modest federal grant money with listener donations, underwriting and foundation support. That creates a diversified revenue mix that further safeguards their editorial freedom.

And while stations share content, each also has latitude when it comes to programming and news coverage, especially at the local level.

As a public-private partnership, individual communities mostly own the public broadcasting system and its affiliate stations. Congress allocates funds, while community nonprofits, university boards, state authorities or other local license holders actually own and run the stations. Individual monthly donors are often called “members” and sometimes have voting rights in station-governance matters. Membership contributions make up the largest share of revenue for most stations, providing another safeguard for editorial independence.

A host and guest in July 2024 sit inside a recording studio at KMXT, the public radio station on Kodiak Island in Alaska.
Nathaniel Herz/Northern Journal

Broadly shared civic commons

And then there are public media’s critical benefits to democracy itself.

A 2021 report from the European Broadcasting Union links public broadcasting with higher voter turnout, better factual knowledge and lower susceptibility to extremist rhetoric.

Experts warn that even small cuts will exacerbate an already pernicious problem with political disinformation in the U.S., as citizens lose access to free information that fosters media literacy and encourages trust across demographics.

In many ways, public media remains the last broadly shared civic commons. It is both commercial-free and independently edited.

Another study, by the University of Pennsylvania’s Annenberg School in 2022, affirmed that “countries with independent and well-funded public broadcasting systems also consistently have stronger democracies.”

The study highlighted how public media works to bridge divides and foster understanding across polarized groups. Unlike commercial media, where the profit motive often creates incentives to emphasize conflict and sensationalism, public media generally seeks to provide balanced perspectives that encourage dialogue and mutual respect. Reports are often longer and more in-depth than those by other news outlets.

Such attention to nuance provides a critical counterweight to the fragmented, often hyperpartisan news bubbles that pervade cable news and social media. And this skillful, more balanced treatment helps to ameliorate political polarization and misinformation.

In all, public media’s unique structure and mission make democracy healthier in the U.S. and across the world. Public media prioritizes education and civic enlightenment. It gives citizens important tools for navigating complex issues to make informed decisions – whether those decisions are about whom to vote for or about public policy itself. Maintaining and strengthening public broadcasting preserves media diversity and advances important principles of self-government.

Congress’ cuts to public broadcasting will diminish the range and volume of the free press and the independent reporting it provides. Ronald Reagan once described a free press as vital for the United States to succeed in its “noble experiment in self-government.” From that perspective, more independent reporting – not less – will prove the best remedy for any worry about partisan spin.

Stephanie A. (Sam) Martin does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. PBS and NPR are generally unbiased, independent of government propaganda and provide key benefits to US democracy – https://theconversation.com/pbs-and-npr-are-generally-unbiased-independent-of-government-propaganda-and-provide-key-benefits-to-us-democracy-261512

MIL-Evening Report: Could Rupert Murdoch bring down Donald Trump? A court case threatens more than just their relationship

Source: The Conversation (Au and NZ) – By Andrew Dodd, Professor of Journalism, Director of the Centre for Advancing Journalism, The University of Melbourne

If Rupert Murdoch becomes a white knight standing up to a rampantly bullying US president, the world has moved into the upside-down.

This is, after all, the media mogul whose US television network, Fox News, actively supported Donald Trump’s Big Lie about the 2020 presidential election result and paid out a US$787 million (about A$1.2 billion) lawsuit for doing so.

It is also the network that supplied several members of Trump’s inner circle, including former Fox host, now controversial Defense Secretary, Pete Hegseth.

But that is where we are after Trump filed a writ on July 18 after Murdoch’s financial newspaper, The Wall Street Journal, published an article about a hand-drawn card Trump is alleged to have sent to sex offender Jeffrey Epstein in 2003. The newspaper reported:

A pair of small arcs denotes the woman’s breasts, and the future president’s signature is a squiggly “Donald” below her waist, mimicking pubic hair.

The Journal said it has seen the letter but did not republish it. The letter allegedly concluded:

Happy Birthday – and may every day be another wonderful secret.

The card was apparently Trump’s contribution to a birthday album compiled for Epstein by the latter’s partner Ghislaine Maxwell, who is serving a 20-year sentence after being found guilty of sex trafficking in 2021.

Trump was furious. He told his Truth Social audience he had warned Murdoch the letter was fake. He wrote, “Mr Murdoch stated that he would take care of it but obviously did not have the power to do so,” referring to Murdoch handing leadership of News Corporation to his eldest son Lachlan in 2023.

Trump is being pincered. On one side, The Wall Street Journal is a respected newspaper that speaks to literate, wealthy Americans who remain deeply sceptical about Trump’s radical initiative on tariffs, which it described in an editorial as “the dumbest trade war in history”.

On the other side is the conspiracy theory-thirsty MAGA base who have been told for years that there was a massive conspiracy around Epstein’s apparent suicide in 2019 that included the so-called deep state, Democrat elites and, no doubt, the Clintons.

Trump, who loves pro wrestling as well as adopting its garish theatrics, might characterise his lawsuit against Murdoch as a smackdown to rival Hulk Hogan vs Andre the Giant in the 1980s.

To adopt wrestling argot, though, it is a rare battle between two heels.

A friendship of powerful convenience

Murdoch and Trump’s relationship is longstanding but convoluted. The key to understanding it is that both men are ruthlessly transactional.

Exposure in Murdoch’s New York Post in the 1980s and ‘90s was crucial to building Trump’s reputation.

Not that Murdoch particularly likes Trump. Yes, Murdoch attended his second inauguration, albeit in a back row behind the newly favoured big tech media moguls. He was also seen sitting in the Oval Office a few days later looking quite at home.

But this was pure power-display politics, not the behaviour of a friend.

Murdoch joined Trump in the Oval Office in February 2025.
Anna Moneymaker/Getty

Remember Murdoch’s derision on hearing Trump was considering standing for office before the 2016 election, and his promotion of Ron De Santis in the primaries before Trump’s second term. Murdoch’s political hero has always been Ronald Reagan. Trump has laid waste to the Republican Party of Reagan.

Murdoch knows what the rest of sane America knows: Trump is downright weird, if not dangerous. This, of course, only makes Murdoch’s complicity in Trump’s rise to power, and Fox News’ continued boosterism of Trump, all the more appalling.

But, in keeping with Murdoch’s relationship to power throughout his career, what he helps make, he also helps destroy. Perhaps now it’s Trump’s turn to be unmade. As a former Murdoch lieutenant told The Financial Times over the weekend:

he’s testing out: Is Trump losing his base? And where do I need to be to stay in the heart of the base?

And here is Murdoch’s great advantage, and his looming threat.

A double-edged sword

The advantage comes with the scope of Murdoch’s media empire, which operates like a federation of different mastheads, each with their own market and aspirations. While Fox News panders to the MAGA base, and The New York Post juices its New York audience, The Wall Street Journal speaks, and listens, to business. Each audience has different needs, meaning they’re often presented with the same news in very different ways, or sometimes different news entirely.

Like a federation, though, News Corp uses its various operations to drive the type of change that affects all its markets.

It might work like this. The Wall Street Journal breaks a story that’s so shocking it begins to chip away at MAGA’s unquestioning loyalty of Trump. This process is, of course, willingly aided by the rest of the media. The resulting groundswell eventually allows Fox News and the Post to tentatively follow their audiences into questioning, and then perhaps criticising, Trump.

Fox News audiences could slowly begin to question Trump, or abandon the network entirely.
NurPhoto/Getty

The threat is that before that groundswell builds, Murdoch is seriously vulnerable to criticism from a still dominant Trump, who can turn conspiracy-prone audiences away from Fox News with just a social media post. Trump has already been busy doing just that, saying he is looking forward to getting Murdoch onto the witness stand for his lawsuit.

If the Fox audience decides it’s the proprietor who’s behind this denigration of Trump, they may decide to boycott their own favoured media channel, even though Fox’s programming hasn’t yet started questioning Trump.

The Murdochs’ fear of audience backlash was a major factor in Fox’s promulgation of the Big Lie after Trump’s defeat in 2020. The fear their audience might defect to Newsmax or some other right-wing media outfit is just as real today.

History littered with fakery

We also need to consider that Trump might be right. What if the letter is a fake?

Murdoch has form when it comes to high-profile exposés that turn out to be fiction. Who can forget the Hitler Diaries in 1983, which we now know Murdoch knew were fake before he published.

Think also of the Pauline Hanson photos, allegedly of her posing in lingerie, all of which were quickly proved to be fake after they were published by Murdoch’s Australian tabloids in 2009.

There was also The Sun’s despicable and wilfully wrong campaign against Elton John in 1987 and the same paper’s continued denigration of the people of Liverpool following the Hillsborough stadium disaster in 1989.

But while Murdoch’s News Corp has a history of confection and fakery, the Wall Street Journal has a reputation for straight reportage, albeit through a conservative lens. Since Murdoch bought it in 2007, it has been engaged in its own internal battle for editorial standards.

Media rolling over

What Trump won’t get from Murdoch is the same acquiescence he’s enjoyed from America’s ABC and CBS networks, which have both handed over tens of millions of dollars in defamation settlements following dubious claims by Trump about the nature of their coverage.

In December 2024, ABC’s owner Disney settled and agreed to pay US$15 million (A$23 million) to Trump’s presidential library. The president sued after a presenter said Trump was found guilty of raping E. Jean Carroll.

Trump had actually been found guilty by a jury in a civil trial of sexually abusing and defaming Carroll and was ordered to pay her US$5 million (A$7.6 million).

CBS’ parent company, Paramount, did similarly after being sued by the president, agreeing in early July to settle and pay US$16 million (A$24.5 million) to Trump’s library. This was despite earlier saying the case was “completely without merit”.

Beware the legal microscope

From Trump’s viewpoint, two prominent media companies have been cowed. But his campaign against critical media doesn’t stop there.

Last week, congress passed a bill cancelling federal funding for the country’s two public-service media outlets, the Public Broadcasting Service (PBS) and National Public Radio (NPR).

Also last week, CBS announced the cancellation of Stephen Colbert’s stridently critical comedy show, although CBS claims this is just a cost-cutting exercise and not about appeasing a bully in the White House.

Presuming the reported birthday letter is real, Murdoch will not bend so easily. And that’s when it will be important to pay attention, because at some point Trump’s lawyers will advise him about the dangers of depositions and discovery: the legal processes that force parties to a dispute to reveal what they have and what they know.

If the Epstein files do implicate Trump, the legal fight won’t last long and the media campaign against him will only intensify.

Right now we have the spectre of Murdoch joining that other disaffected mogul, Elon Musk, in a moral crusade against Trump, the man they both helped make. The implications are head-spinning.

As global bullies, the three of them probably deserve each other. But we, the public, surely deserve better than any of them.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Could Rupert Murdoch bring down Donald Trump? A court case threatens more than just their relationship – https://theconversation.com/could-rupert-murdoch-bring-down-donald-trump-a-court-case-threatens-more-than-just-their-relationship-261532

MIL-Evening Report: The end of open-plan classrooms: how school design reflects changing ideas in education

Source: The Conversation (Au and NZ) – By Leon Benade, Professor in the School of Education of Edith Cowan University (ECU), Perth, WA, Edith Cowan University

skynesher/Getty Imaged

The end of open-plan classrooms in New Zealand, recently announced by Education Minister Erica Stanford, marks yet another swing of the pendulum in school design.

Depending on who you ask, these classrooms were an opportunity to foster collaboration and flexibility or an exercise in organised chaos.

So-called “modern learning environments” – characterised by flexible layouts, fewer walls and sometimes multiple classes and teachers in one space – were vigorously pushed by the National government in 2011.

The stated goal was to promote flexibility in the way students were taught, encourage collaboration and to accommodate new technology in classrooms.

But a 2024 ministerial inquiry into school property found complex procurement, design and authorisation processes associated with bespoke designs caused delays, budget overruns and unrealised expectations in many school communities.

Among the solutions offered by the inquiry was the development of simple but functional schools based on cookie-cutter designs constructed off-site. This recommendation was welcomed by the current National-led government.

Design influenced by ideology

The modern, bespoke designs of the past two decades represented a response to technological developments, such as the introduction of digital devices, that changed how students learned.

This resulted in the steady replacement of traditional school designs from the industrial age with spaces designed for flexibility.

Those industrial age schools were themselves products of changes in the second half of the 20th century. Since the first school opened in 1843, school architecture in New Zealand had evolved significantly. Early schools featured cramped six-metre by four-metre classrooms which could accommodate more than 30 students.

By the 1920s, the “Taranaki” and “Canterbury” models included a more generous minimum classroom size of eight metres by seven metres. There was a greater emphasis on light and ventilation. Their larger spaces also recognised changes in teaching styles that encouraged more active and participatory learning.

By the 1950s, classroom size had grown to ten metres by seven metres. The “Nelson” and “S68” blocks of the 1950s and 1960s provided small self-contained blocks of classrooms that reduced student movement and corridor noise.

Changes to New Zealand school buildings also reflected global trends. Open-plan schools emerged in North America after 1960. At the same time, there were signs English schools would replace their traditional Victorian-style buildings with classrooms considered more child-centred.

The goal was to achieve flexible, connected designs to support evolving education philosophies. England’s 1966 Plowden Report on primary education significantly aided this evolution towards progressive styles of teaching and learning, leading to the creation of schools that featured flexibility, connectivity and external-internal flow.

These schools were the forerunners of “innovative learning environments” and were considered cutting-edge at the time.

In 2004, the ambitious Building Schools for the Future programme was launched in the United Kingdom. It was designed to replace outdated school facilities considered unfit for preparing students for the 21st century.

But in 2011, the James Review of Education Capital highlighted a number of issues with the way schools were being built, putting an end to the infrastructure programme.

That report, like the 2024 New Zealand report, suggested replacing government investment in bespoke school infrastructure with a focus on standardised designs.

A swing back

In New Zealand, “modern learning environments” became part of education policy with the Ministry of Education’s School Property Strategy 2011-2021, published in 2011. But the pendulum started to swing back after Labour came to power in 2017.

Departing from the 2011 strategy, the language of “modern learning environments”, “innovative learning environments” and “flexible learning spaces” largely disappeared. It was replaced in policy documents with “quality learning environments”.

This shift emphasised physical characteristics such as heating, lighting and acoustics, rather than innovative approaches to teaching and learning.

Since coming to power, the current National-led coalition has focused on embedding a standardised approach to foundational skills in reading, writing, maths and science.

While not directly scapegoating open-plan designs for educational underachievement, Erica Stanford said the reforms would ensure learning spaces were “designed to improve student outcomes”.

But as New Zealand moves back to standardised designs, it is worth considering why modern learning environments were introduced in the first place – the flexibility for new technology and space for collaboration – and what students may lose by a swing back towards the separate classrooms of the past.

Leon Benade is affiliated with Learning Environments Australasia, Philosophy of Education Society of Australasia (PESA) and The Australian Association for Research in Education (AARE).

Chris Bradbeer is affiliated with Learning Environments New Zealand/Aotearoa (LENZ), and Learning Environments Australasia (LEA).

Alastair Wells 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. The end of open-plan classrooms: how school design reflects changing ideas in education – https://theconversation.com/the-end-of-open-plan-classrooms-how-school-design-reflects-changing-ideas-in-education-261359

MIL-OSI Africa: Minister of State and Ministry of Foreign Affairs: Responsibility for Implementing DRC Peace Agreement Lies with Both Parties

Source: Government of Qatar

Doha, July 19, 2025

HE Minister of State at the Ministry of Foreign Affairs, Dr. Mohammed bin Abdulaziz bin Saleh Al Khulaifi, affirmed that the responsibility for implementing the agreement between the Government of the Democratic Republic of the Congo (DRC) and the Congo River Alliance/March 23 Movement lies with both parties. His Excellency emphasized that this achievement represents a firm foundation upon which to build a more secure and stable future for the region.

Speaking at a press conference following the signing of the Declaration of Principles between the Government of the DRC and the Congo River Alliance/March 23 Movement in Doha today, His Excellency described the declaration as a critical step toward strengthening peace and stability in eastern DRC. It marks the beginning of direct negotiations aimed at achieving a comprehensive peace that addresses the root causes of the conflict. He expressed confidence in the commitment of both parties to uphold the agreement.

HE Dr. Al Khulaifi underscored the State of Qatar’s role as a neutral and effective mediator, highlighting its efforts to bring the parties closer together and build bridges of understanding. He praised the sense of responsibility demonstrated by both sides in reaching this declaration and expressed appreciation for the trust placed in Qatar to facilitate the process.

His Excellency commended the substantial support of HE President of the Democratic Republic of the Congo, Felix Tshisekedi, for the peace process, as well as the constructive approach of the Congolese government’s negotiating delegation. He also acknowledged the cooperation of Bernard Bisimwa, Vice President of the Congo River Alliance/M23 Movement, and the movement’s delegation during the talks.

HE Dr. Al Khulaifi noted that Qatari mediation efforts began in March, when HH the Amir Sheikh Tamim bin Hamad Al-Thani hosted HE President Tshisekedi and HE President of the Republic of Rwanda, Paul Kagame, in Doha. During that meeting, President Tshisekedi expressed his readiness to engage in dialogue with the Congo River Alliance/March 23 Movement.

Since then, Qatar has hosted direct negotiations between the parties, which were marked by a positive and responsible spirit, grounded in a shared belief in dialogue as the primary path to conflict resolution. These efforts culminated in the signing of the Declaration of Principles.

Dr. Al Khulaifi stated that the leaders’ meeting in March served as a launching point for this process, leading to a series of positive developments, including the signing of the Washington Agreement between the DRC and Rwanda on June 27, 2025, an agreement that paved the way for today’s declaration.

He emphasized that the Declaration of Principles is not solely focused on ending violence but also provides a practical roadmap for national reconciliation. It marks the beginning of a new phase of cooperation among various societal components in the DRC, including armed groups that have chosen the path of peace. The declaration also outlines a significant role for the international community in supporting peacebuilding and sustainable development.

His Excellency noted that the two parties demonstrated a genuine determination to break the cycle of violence and build mutual trust through concrete actions, such as the exchange of prisoners and detainees, the restoration of state authority, and the dignified return of displaced persons and refugees.

HE Dr. Al Khulaifi expressed the State of Qatar’s gratitude to the African Union and acknowledged the support of the United States of America, particularly the efforts of HE US Presidential Envoy and Senior Advisor for African Affairs, Massad Boulos. He also commended the contributions of HE Chairperson of the African Union Commission, Mahmoud Ali Youssouf.

Additionally, His Excellency recognized the constructive roles played by the Republic of Rwanda, the French Republic, the United Kingdom, and the Consultative Dialogue Group, as well as the engagement of all regional and international partners backing the process.

HE Dr. Al Khulaifi affirmed that this initiative reflects Qatar’s steadfast commitment to mediation as a cornerstone of its foreign policy. The State of Qatar remains dedicated to supporting peacemaking efforts, advancing sustainable development, and empowering communities to achieve long-term stability grounded in justice, inclusiveness, and mutual respect.

He expressed hope that the Declaration of Principles will represent a meaningful step toward lasting peace and sustainable development in the Democratic Republic of the Congo and the wider region.

For his part, HE Massad Boulos, the US Presidential Envoy and Senior Advisor for African Affairs, praised Qatar’s vital role in facilitating the agreement, stating: “The State of Qatar is known for its pioneering role in resolving conflicts around the world, and we thank it for its essential efforts in this matter.”

HE Boulos noted that the conflict in the DRC has displaced more than eight million people, and that past initiatives have largely failed to yield results, making the Doha agreement a rare and valuable opportunity to achieve peace.

He further highlighted Qatar’s diplomatic leadership over the past two decades in facilitating complex peace processes, from Darfur in Sudan, to the Lebanese crisis, the Afghanistan negotiations, and now the DRC.

HE Boulos emphasized that while the Declaration of Principles marks only the first step, it is a critical one. It addresses core issues such as the immediate and permanent cessation of violence, prisoner exchanges, the restoration of full state authority, and the safe, dignified return of displaced persons and refugees. He called for the launch of direct negotiations to address the roots of the conflict and reach a comprehensive peace agreement, while urging international support for national reconciliation and development in conflict-affected areas.

MIL OSI Africa –

MIL-OSI New Zealand: Pharmac continues to engage with consumers

Source: New Zealand Government

Associate Education Minister David Seymour welcomes the establishment of Pharmac’s new consumer working group to help Pharmac help reset how it works with health consumers.

“For many New Zealanders, funding for pharmaceuticals is life or death, or the difference between a life of pain and suffering or living freely,” Mr Seymour says.

“My expectation is that Pharmac should have good processes to ensure that people with an illness, their carers and family, can provide input to decision-making processes. This is part of the ACT-National Coalition Agreement.

“Pharmac hosted a Consumer Engagement Workshop in March. Patients and advocates voiced their hopes at resetting the patient – Pharmac relationship. Pharmac published a report on the findings from the workshop.

“The report recommended that the Board invite workshop participants, in association with the wider consumer-patient representative community, to select a working group. The group would work with Pharmac’s Board and management to reset the relationship between Pharmac and the consumer/representative community.

“The patient advocacy community selected Dr Malcolm Mulholland to lead the consumer working group. He has worked with consumers to select the other members of the working group. These members represent patients with a wide range of health conditions. They are named at the end of this release.”

“We’ve waited a long time for this opportunity. The work that Pharmac does is vitally important for the health of patients and their families, and this is why getting Pharmac to work as well as it can, will be the focus of the working group,” Dr Mulholland says.

“The consumer working group met for the first time yesterday to confirm the approach for the reset programme and agree the first set of actions. I look forward to hearing about their progress,” Mr Seymour says.

“I’m pleased to see the Board take the opportunity to continue to prioritise expanding opportunities and access for patients and their families by expanding access to more medicines for more groups.

“The working group reflects our commitment to a more adaptable and patient-centred approach. It follows my letters of expectations, the consumer engagement workshop, last year’s Medicines Summit, and the acceptance of Patient Voice Aotearoa’s White Paper as actions to achieve this.

“The Government is doing its part. Last year we allocated Pharmac its largest ever budget of $6.294 billion over four years, and a $604 million uplift to give Pharmac the financial support it needs to carry out its functions – negotiating the best deals for medicine for New Zealanders.”

The consumer working group members are:

Dr Malcolm Mulholland MNZM – Patient Voice Aotearoa
Libby Burgess MNZM – Breast Cancer Aotearoa Coalition
Tim Edmonds – Leukaemia and Blood Cancer NZ
Chris Higgins – Rare Disorders NZ
Francesca Holloway – Arthritis NZ
Trent Lash – Heartbeats Charitable Trust
Gerard Rushton – The Meningitis Foundation
Rachel Smalley MNZM – The Medicine Gap
Tracy Tierney – Epilepsy NZ
Deon York – Haemophilia NZ

MIL OSI New Zealand News –

MIL-OSI USA: Press Release: Federal Bank Regulatory Agencies Seek Further Comment on Interagency Effort to Reduce Regulatory Burden

Source: US Federal Deposit Insurance Corporation FDIC

WASHINGTON – The federal bank regulatory agencies today announced their fourth notice requesting public comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act requires the agencies to review their regulations at least once every 10 years to identify outdated, unnecessary, or unduly burdensome regulatory requirements for their supervised institutions.

To facilitate this review, the agencies divided their regulations into 12 categories and are now soliciting comments on their regulations for the three remaining categories: Banking Operations, Capital, and the Community Reinvestment Act. The public has 90 days from publication in the Federal Register to comment on the relevant regulations.

The agencies will hold outreach meetings where interested parties may comment on applicable regulatory requirements directly to the agencies. Information about the outreach meetings will be publicized as details are finalized.

ATTACHMENTS:

# # #

MEDIA CONTACT:
Federal Deposit Insurance Corporation
Carroll Kim
(202) 898-7389

Federal Reserve Board
Chelsea Grate
(202) 452-2955

Office of the Comptroller of the Currency
Andrea Cox
(202) 649-6870

The FDIC does not send unsolicited email. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe.

MIL OSI USA News –

MIL-OSI USA: ICE Buffalo removes several violent criminal aliens from US

Source: US Immigration and Customs Enforcement

July 21, 2025Buffalo, NY, United StatesEnforcement and Removal

BUFFALO, N.Y. — U.S. Immigration and Customs Enforcement Buffalo officers are on the streets every day, bravely executing the agency’s mission to locate, arrest and remove egregious criminal aliens from the United States in line with the president’s policy of “worst first.”

“I’m extraordinarily proud of our officers who, despite a record increase in assaults against them, continue to selflessly dedicate themselves to protecting public safety and national security,” said ICE Enforcement and Removal Operations Buffalo acting Deputy Field Office Director James T. Bausch. “These violent criminals can no longer pose a threat to anyone in our country.”

Between July 11 and July 17, ICE Buffalo removed the following criminal aliens with felony convictions and pending charges:

Jesus Flores-Flores, a 49-year-old citizen of Mexico convicted of manslaughter, assault and criminal mischief.
Gerber Rosil-Galdamez, a 41-year-old citizen of Guatemala convicted of rape and sexual abuse.
Ivan Fidencio Juarez-Rivera, a 42-year-old citizen of Mexico with convictions for domestic violence, assault, burglary, driving while intoxicated and illegal reentry.
Cristian Josue Pena-Contreras, a 21-year-old citizen of Honduras whose criminal history includes 13 convictions for receiving stolen property, larceny and larceny of a motor vehicle.
Jostin Javier Cabrera-Ruiz, an 18-year-old citizen of Ecuador whose criminal history includes pending charges for robbery, criminal mischief, criminal possession stolen property, possession of credit card, grand larceny, menacing, criminal possession of weapon and petit larceny.
Marlon Ganesh Beerbhajan, a 48-year-old citizen of Guyana pending charges for unlawful imprisonment and forcible touching.

Learn more about ERO Buffalo’s mission to preserve public safety on X at @EROBuffalo.

MIL OSI USA News –

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Veritex Holdings, Inc. (NASDAQ: VBTX)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Veritex Holdings, Inc. (NASDAQ: VBTX) related to its sale to Huntington Bancshares Inc. Upon completion of the proposed transaction, Huntington will issue 1.95 shares for each outstanding share of Veritex. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/veritex-holdings-inc/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Veritex Holdings, Inc. (NASDAQ: VBTX)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Veritex Holdings, Inc. (NASDAQ: VBTX) related to its sale to Huntington Bancshares Inc. Upon completion of the proposed transaction, Huntington will issue 1.95 shares for each outstanding share of Veritex. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/veritex-holdings-inc/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Goldenstone Acquisition Limited (OTCMKTS: GDST)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Goldenstone Acquisition Limited (OTCMKTS: GDST) related to its merger with Infintium Fuel Cell Systems, Inc. Upon completion of the proposed transaction, Infinitum Class A and Class B common stock will be converted into shares of Goldenstone common stock. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/goldenstone-acquisition-limited/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Goldenstone Acquisition Limited (OTCMKTS: GDST)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Goldenstone Acquisition Limited (OTCMKTS: GDST) related to its merger with Infintium Fuel Cell Systems, Inc. Upon completion of the proposed transaction, Infinitum Class A and Class B common stock will be converted into shares of Goldenstone common stock. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/goldenstone-acquisition-limited/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Colombier Acquisition Corp. II (NYSE: CLBR)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Colombier Acquisition Corp. II (NYSE: CLBR) related to its merger with Metroplex Trading Company (“GrabAGun”). The proposed transaction is valued at $150 million with the current equity holders of GrabAGun receiving $100 million of stock in the combined company and $50 million of cash. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/colombier-acquisition-corp-ii/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Colombier Acquisition Corp. II (NYSE: CLBR)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Colombier Acquisition Corp. II (NYSE: CLBR) related to its merger with Metroplex Trading Company (“GrabAGun”). The proposed transaction is valued at $150 million with the current equity holders of GrabAGun receiving $100 million of stock in the combined company and $50 million of cash. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/colombier-acquisition-corp-ii/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of iTeos Therapeutics, Inc. (NASDAQ: ITOS)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating iTeos Therapeutics, Inc. (NASDAQ: ITOS) related to its sale to Concentra Biosciences, LLC. Under the terms of the proposed transaction, Concentra will acquire iTeos for $10.047 in cash per share, plus one non-transferable contingent value right, representing the right to receive: (i) 100% of the closing net cash of iTeos in excess of $475 million; and (ii) 80% of any net proceeds received from any disposition of certain iTeos product candidates that occurs within six months following the closing. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/iteos-therapeutics-inc/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of iTeos Therapeutics, Inc. (NASDAQ: ITOS)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating iTeos Therapeutics, Inc. (NASDAQ: ITOS) related to its sale to Concentra Biosciences, LLC. Under the terms of the proposed transaction, Concentra will acquire iTeos for $10.047 in cash per share, plus one non-transferable contingent value right, representing the right to receive: (i) 100% of the closing net cash of iTeos in excess of $475 million; and (ii) 80% of any net proceeds received from any disposition of certain iTeos product candidates that occurs within six months following the closing. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/iteos-therapeutics-inc/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of ZimVie Inc. (NASDAQ: ZIMV)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating ZimVie Inc. (NASDAQ: ZIMV) related to its sale to an affiliate of ARCHIMED. Under the terms of the proposed transaction, ZimVie shareholders will receive $19.00 in cash per share. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/zimvie-inc/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of ZimVie Inc. (NASDAQ: ZIMV)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating ZimVie Inc. (NASDAQ: ZIMV) related to its sale to an affiliate of ARCHIMED. Under the terms of the proposed transaction, ZimVie shareholders will receive $19.00 in cash per share. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/zimvie-inc/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

MIL-OSI: Skillful Application of Fundamental Principles Yields Standout Results: TrustCo Announces Net Income Up 19.8%; Net Interest Income up 10.5%

Source: GlobeNewswire (MIL-OSI)

Executive Snapshot:

Bank-wide financial results:
- Key metrics for the second quarter 2025:
  - Net income of $15.0 million, or $0.79 diluted earnings per share, increased 19.8% compared to $12.6 million, or $0.66 diluted earnings per share for the second quarter 2024
  - Net interest income of $41.7 million, up 10.5% from $37.8 million for the second quarter 2024
  - Net interest margin of 2.71%, up 18 basis points from 2.53% in second quarter of 2024
  - Average loans were up $115.6 million for the second quarter 2025 compared to the second quarter 2024
  - Average deposits were up $173.4 million for the second quarter 2025 compared to the second quarter 2024
Capital position and key ratios:
- Consolidated equity to assets increased to 10.91% as of June 30, 2025 from 10.73% as of June 30, 2024
- Book value per share as of June 30, 2025 was $36.75, up from $34.46 as of June 30, 2024
- 169 thousand shares of TrustCo common stock were purchased under the stock repurchase program during the second quarter 2025

Trustco Financial Services and Wealth Management income:
- Fees increased to $1.8 million, or by 13.0%, compared to second quarter 2024
- Assets under management increased to $1.19 billion, or by 8.2%, compared to second quarter 2024

GLENVILLE, N.Y., July 21, 2025 (GLOBE NEWSWIRE) — TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced strong financial results for the second quarter of 2025 underscored by rising net interest income, continued margin expansion, and accelerated loan growth across key portfolios. Net interest income increased 10.5% year over year to $41.7 million, driven by the ongoing repricing of the loan portfolio at higher yields and disciplined management of deposit costs, which remained well-controlled despite sustained competitive pressures. Net interest margin expanded to 2.71% from 2.53% in the prior year period, reflecting improved asset yields and prudent deposit pricing strategies. This resulted in second quarter 2025 net income of $15.0 million or $0.79 diluted earnings per share, compared to net income of $12.6 million or $0.66 diluted earnings per share for the second quarter 2024. Loan growth gained momentum during the quarter, with total average loans increasing $115.6 million or 2.3% for the second quarter 2025 over the same period in 2024. This growth signals increasing borrower confidence and supports the Bank’s strategic focus on high quality relationship lending.

Overview

Chairman, President, and CEO, Robert J. McCormick said “Part of our long-term strategy is having the right mix of products available so that we can sell the right thing, to the right customer, at the right time. It is our ability to do this with agility and skill that has produced the standout results announced today. We saw double digit growth in our return metrics year over year, as return on average assets improved 17%, and return on average equity grew 12.5%. Our margin improved 7% year over year, in tandem with a 12% year over year improvement in adjusted efficiency ratio. Our ability to sell home equity products at a time of high market demand for the flexibility they offer has been key to this success. Home equity credit lines are up 18% year over year. Likewise, we strategically grew commercial loans 11% year over year – which we have done without exposure to risky multi-family loans or other industry-specific concentrations. We lowered non-performing loans to total loans by 7% year over year, and booked a second consecutive quarter of net recoveries. These exceptional results in the first half of 2025 provide a foundation for positive momentum moving into 2026.”

Details

As the year continues to progress, we are seeing increased opportunities to deploy our resources effectively. Some efforts include loan originations, targeted investments in technology and digital banking infrastructure, and strategic growth in key markets. Average loans were up $115.6 million, or 2.3%, in the second quarter 2025 over the same period in 2024. Average residential loans and HECLs, our primary lending focus, were up $27.9 million, or 0.6%, and $64.7 million, or 17.8%, respectively, in the second quarter 2025 over the same period in 2024. Average commercial loans also increased $25.8 million, or 9.2%, in the second quarter 2025 over the same period in 2024. We believe that this upward trend reflects improving economic confidence among borrowers, strong credit quality, and the Bank’s focus on relationship lending. The sustained growth in the loan portfolio will likely enhance net interest income in the quarters ahead. Average deposits were up $173.4 million, or 3.3%, for the second quarter 2025 over the same period in 2024, primarily as a result of an increase in time deposits, interest bearing checking accounts, and demand deposits. The Bank’s continued emphasis on relationship banking, combined with competitive product offerings and digital capabilities, has contributed to a stable deposit base that supports ongoing loan growth and expansion.

During the second quarter of 2025, we remained committed to returning value to shareholders through a disciplined share repurchase program, which reflects our confidence in the long-term strength of the franchise and our focus on capital optimization. TrustCo purchased 169 thousand, or 0.9%, of total shares outstanding of TrustCo common stock under the previously announced stock repurchase program during the second quarter of 2025. Our approach ensures every dollar of capital is working to generate solid returns, strengthen customer relationships, and enhance shareholder value. As of June 30, 2025, our equity to asset ratio was 10.91%, compared to 10.73% as of June 30, 2024. Book value per share as of June 30, 2025 was $36.75, up 6.6% compared to $34.46 a year earlier.

Net interest income was $41.7 million for the second quarter 2025, an increase of $4.0 million, or 10.5%, compared to the second quarter of 2024, driven by loan growth at higher interest rates, increase in interest on federal funds sold and other short-term investments, and less interest expense on deposit products, partially offset by lower investment interest income. The net interest margin for the second quarter 2025 was 2.71%, up 18 basis points from 2.53% in the second quarter of 2024. The yield on interest earnings assets increased to 4.19% in the second quarter of 2025, up 13 basis points from 4.06% in the second quarter of 2024. The cost of interest bearing liabilities decreased to 1.91% in the second quarter 2025, down from 1.97% in the second quarter 2024. The Bank is well positioned to continue delivering strong net interest income performance even as the Federal Reserve signals a potential easing cycle in the months ahead. Our balance sheet is built for resilience and flexibility, with a favorable asset mix and a stable deposit base that we believe positions us to thrive across interest rate environments. In addition to new loan originations, we are seeing ongoing opportunities to reprice portions of our existing loan book as higher-rate loans replace paydowns and early payoffs, helping us maintain attractive yields. With loan demand accelerating and funding costs stabilizing, we believe there is meaningful upside to net interest income in the coming quarters. Our proactive asset-liability management strategy gives us confidence in sustaining margin strength and driving consistent profitable growth.

Non-interest income, net of net gains on equity securities, increased to $4.9 million as compared to $4.3 million for the second quarter of 2024. This increase was primarily attributable to wealth management and financial services fees, which increased by 13.0% to $1.8 million, driven by strong client demand and higher assets under management. These revenues represent 37.5% of non-interest income for the second quarter of 2025. The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Non-interest expense increased $236 thousand over the second quarter of 2024.

Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses on loans of $650 thousand in the second quarter of 2025. The ratio of allowance for credit losses on loans to total loans was 0.99% as of both June 30, 2025 and 2024. The allowance for credit losses on loans was $51.3 million as of June 30, 2025, compared to $49.8 million as of June 30, 2024. Nonperforming loans (NPLs) were $17.9 million as of June 30, 2025, compared to $19.2 million as of June 30, 2024. NPLs were 0.35% and 0.38% of total loans as of June 30, 2025 and 2024, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 286.2% as of June 30, 2025, compared to 259.4% as of June 30, 2024. Nonperforming assets (NPAs) were $19.0 million as of June 30, 2025, compared to $21.5 million as of June 30, 2024.

A conference call to discuss second quarter 2025 results will be held at 9:00 a.m. Eastern Time on July 22, 2025. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 258501. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 410483. The call will also be audio webcast at https://events.q4inc.com/attendee/979003710, and will be available for one year.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.3 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 136 offices in New York, New Jersey, Vermont, Massachusetts, and Florida as of June 30, 2025.

In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

Forward-Looking Statements

All statements in this news release and the related earnings call that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the impact of our loan portfolio’s growth, loan demand and funding cost on net interest income, and the anticipated effects of our capital management strategy, including our stock repurchase program. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, changes in United States and foreign trade policy, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; external economic factors, such as changes in monetary policy, ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; the risk of weakness in residential real estate markets; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; the enforcement of federal cannabis laws and regulations and its impact on our ability to provide services in the cannabis industry; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; an increase in the prevalence of fraud and other financial crimes; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; environmental, social and governance risks, as well as diversity, equity, and inclusion-related risks, and their impact on our reputation and relationships; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the development and use of artificial intelligence; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties set forth in our public filings made with the Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 to be filed with the SEC. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

TRUSTCO BANK CORP NY
GLENVILLE, NY

FINANCIAL HIGHLIGHTS

(dollars in thousands, except per share data)
(Unaudited)
	Three months ended
	6/30/2025			3/31/2025			6/30/2024
Summary of operations
Net interest income	$	41,746		$	40,373		$	37,788
Provision for credit losses		650			300			500
Net gains on equity securities		–			–			1,360
Noninterest income, excluding net gains on equity securities		4,852			4,974			4,291
Noninterest expense		26,223			26,329			26,459
Net income		15,039			14,275			12,551

Per share
Net income per share:
– Basic	$	0.79		$	0.75		$	0.66
– Diluted		0.79			0.75			0.66
Cash dividends		0.36			0.36			0.36
Book value at period end		36.75			36.16			34.46
Market price at period end		33.42			30.48			28.77

At period end
Full time equivalent employees		733			740			753
Full service banking offices		136			136			138

Performance ratios
Return on average assets		0.96	%		0.93	%		0.82	%
Return on average equity		8.73			8.49			7.76
Efficiency ratio (GAAP)		56.27			58.06			60.91
Adjusted Efficiency ratio (1)		55.15			58.00			62.84
Net interest spread		2.28			2.21			2.09
Net interest margin		2.71			2.64			2.53
Dividend payout ratio		45.27			47.97			54.57

Capital ratios at period end
Consolidated equity to assets		10.91	%		10.85	%		10.73	%
Consolidated tangible equity to tangible assets (1)		10.91	%		10.84	%		10.72	%

Asset quality analysis at period end
Nonperforming loans to total loans		0.35	%		0.37	%		0.38	%
Nonperforming assets to total assets		0.30			0.33			0.35
Allowance for credit losses on loans to total loans		0.99			0.99			0.99
Coverage ratio (2)		2.9x			2.7x			2.6x


(1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.
(2) Calculated as allowance for credit losses on loans divided by total nonperforming loans.

FINANCIAL HIGHLIGHTS, Continued

(dollars in thousands, except per share data)
(Unaudited)
	Six Months Ended
	06/30/25			06/30/24
Summary of operations
Net interest income	$	82,119			74,366
Provision for credit losses		950			1,100
Net gains on equity securities		–			1,360
Noninterest income, excluding net gains on equity securities		9,826			9,134
Noninterest expense		52,552			51,362
Net income		29,314			24,677

Per share
Net income per share:
– Basic	$	1.54			1.30
– Diluted		1.54			1.30
Cash dividends		0.72			0.72
Book value at period end		36.75			34.46
Market price at period end		33.42			28.77

Performance ratios
Return on average assets		0.94	%		0.81
Return on average equity		8.61			7.65
Efficiency ratio (GAAP)		57.16			60.53
Adjusted Efficiency ratio (1)		56.56			61.40
Net interest spread		2.24			2.05
Net interest margin		2.68			2.48
Dividend payout ratio		46.58			55.51

(1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)
(Unaudited)
	Three months ended
	6/30/2025		3/31/2025		12/31/2024		9/30/2024			6/30/2024
Interest and dividend income:
Interest and fees on loans	$	54,557	$	53,450	$	53,024	$	52,112	$	50,660
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises		614		596		680		718		909
State and political subdivisions		–		–		–		–		1
Mortgage-backed securities and collateralized mortgage
obligations – residential		1,613		1,483		1,418		1,397		1,451
Corporate bonds		210		260		358		361		362
Small Business Administration – guaranteed
participation securities		75		81		84		90		94
Other securities		8		7		6		2		2
Total interest and dividends on securities available for sale		2,520		2,427		2,546		2,568		2,819

Interest on held to maturity securities:
obligations – residential		54		57		59		62		65
Total interest on held to maturity securities		54		57		59		62		65

Federal Home Loan Bank stock		129		151		152		153		147

Interest on federal funds sold and other short-term investments		7,212		6,732		6,128		6,174		6,894
Total interest income		64,472		62,817		61,909		61,069		60,585

Interest expense:
Interest on deposits:
Interest-bearing checking		536		558		397		311		288
Savings		733		734		719		770		675
Money market deposit accounts		2,086		1,989		2,024		2,154		2,228
Time deposits		19,195		18,983		19,680		18,969		19,400
Interest on short-term borrowings		176		180		187		194		206
Total interest expense		22,726		22,444		23,007		22,398		22,797

Net interest income		41,746		40,373		38,902		38,671		37,788

Less: Provision for credit losses		650		300		400		500		500
Net interest income after provision for credit losses		41,096		40,073		38,502		38,171		37,288

Noninterest income:
Trustco Financial Services income		1,818		2,120		1,778		2,044		1,609
Fees for services to customers		2,266		2,645		2,226		2,482		2,399
Net gains on equity securities		–		–		–		23		1,360
Other		768		209		405		382		283
Total noninterest income		4,852		4,974		4,409		4,931		5,651

Noninterest expenses:
Salaries and employee benefits		11,876		11,894		12,068		12,134		12,520
Net occupancy expense		4,518		4,554		4,563		4,271		4,375
Equipment expense		1,918		1,944		2,404		1,757		1,990
Professional services		1,886		1,726		1,782		1,863		1,570
Outsourced services		2,460		2,700		3,051		2,551		2,755
Advertising expense		304		361		590		339		466
FDIC and other insurance		1,136		1,188		1,113		1,112		797
Other real estate expense, net		522		28		476		204		16
Other		1,603		1,934		2,118		1,969		1,970
Total noninterest expenses		26,223		26,329		28,165		26,200		26,459

Income before taxes		19,725		18,718		14,746		16,902		16,480
Income taxes		4,686		4,443		3,465		4,027		3,929

Net income	$	15,039	$	14,275	$	11,281	$	12,875	$	12,551

Net income per common share:
– Basic	$	0.79	$	0.75	$	0.59	$	0.68	$	0.66

– Diluted		0.79		0.75		0.59		0.68		0.66

Average basic shares (in thousands)		18,965		19,020		19,015		19,010		19,022
Average diluted shares (in thousands)		18,994		19,044		19,045		19,036		19,033

CONSOLIDATED STATEMENTS OF INCOME, Continued

(dollars in thousands, except per share data)
(Unaudited)
	Six Months Ended
	06/30/25		06/30/24
Interest and dividend income:
Interest and fees on loans	$	108,007		100,464
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises		1,210		1,815
State and political subdivisions		–		1
Mortgage-backed securities and collateralized mortgage
obligations – residential		3,096		2,945
Corporate bonds		470		838
Small Business Administration – guaranteed
participation securities		156		194
Other securities		15		5
Total interest and dividends on securities available for sale		4,947		5,798

Interest on held to maturity securities:
Mortgage-backed securities-residential		111		133
Total interest on held to maturity securities		111		133

Federal Home Loan Bank stock		280		299

Interest on federal funds sold and other short-term investments		13,944		13,644
Total interest income		127,289		120,338

Interest expense:
Interest on deposits:
Interest-bearing checking		1,094		528
Savings		1,467		1,387
Money market deposit accounts		4,075		4,570
Time deposits		38,178		39,077
Interest on short-term borrowings		356		410
Total interest expense		45,170		45,972

Net interest income		82,119		74,366

Less: Provision for credit losses		950		1,100
Net interest income after provision for credit losses		81,169		73,266

Noninterest income:
Trustco Financial Services income		3,938		3,425
Fees for services to customers		4,911		5,144
Net gains on equity securities		–		1,360
Other		977		565
Total noninterest income		9,826		10,494

Noninterest expenses:
Salaries and employee benefits		23,770		23,947
Net occupancy expense		9,072		8,986
Equipment expense		3,862		3,728
Professional services		3,612		3,030
Outsourced services		5,160		5,256
Advertising expense		665		874
FDIC and other insurance		2,324		1,891
Other real estate expense, net		550		90
Other		3,537		3,560
Total noninterest expenses		52,552		51,362

Income before taxes		38,443		32,398
Income taxes		9,129		7,721

Net income	$	29,314		24,677

Net income per common share:
– Basic	$	1.54		1.30

– Diluted		1.54		1.30

Average basic shares (in thousands)		18,992		19,023
Average diluted shares (in thousands)		19,019		19,033

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands)
(Unaudited)
	6/30/2025			3/31/2025			12/31/2024			9/30/2024			6/30/2024
ASSETS:

Cash and due from banks	$	45,218		$	48,782		$	47,364		$	49,659		$	42,193
Federal funds sold and other short term investments		668,373			707,355			594,448			473,306			493,920
Total cash and cash equivalents		713,591			756,137			641,812			522,965			536,113

Securities available for sale:
U. S. government sponsored enterprises		71,241			65,942			85,617			90,588			106,796
States and political subdivisions		18			18			18			26			26
Mortgage-backed securities and collateralized mortgage
obligations – residential		221,721			219,333			213,128			222,841			218,311
Small Business Administration – guaranteed
participation securities		12,945			13,683			14,141			15,171			15,592
Corporate bonds		29,943			24,779			44,581			54,327			53,764
Other securities		698			698			700			701			688
Total securities available for sale		336,566			324,453			358,185			383,654			395,177

Held to maturity securities:
Mortgage-backed securities and collateralized mortgage
obligations-residential		4,836			5,090			5,365			5,636			5,921
Total held to maturity securities		4,836			5,090			5,365			5,636			5,921

Federal Reserve Bank and Federal Home Loan Bank stock		6,601			6,507			6,507			6,507			6,507

Loans:
Commercial		314,273			302,753			286,857			280,261			282,441
Residential mortgage loans		4,394,317			4,380,561			4,388,302			4,382,674			4,370,640
Home equity line of credit		435,433			419,806			409,261			393,418			370,063
Installment loans		12,678			13,017			13,638			14,503			15,168
Loans, net of deferred net costs		5,156,701			5,116,137			5,098,058			5,070,856			5,038,312

Less: Allowance for credit losses on loans		51,265			50,606			50,248			49,950			49,772
Net loans		5,105,436			5,065,531			5,047,810			5,020,906			4,988,540

Bank premises and equipment, net		38,129			37,178			33,782			33,324			33,466
Operating lease right-of-use assets		36,322			34,968			36,627			37,958			38,376
Other assets		106,894			108,681			108,656			98,730			102,544

Total assets	$	6,348,375		$	6,338,545		$	6,238,744		$	6,109,680		$	6,106,644

LIABILITIES:
Deposits:
Demand	$	784,351		$	793,306		$	762,101		$	753,878		$	745,227
Interest-bearing checking		1,045,043			1,067,948			1,027,540			988,527			1,029,606
Savings accounts		1,082,489			1,094,968			1,086,534			1,092,038			1,144,427
Money market deposit accounts		467,087			478,872			465,049			477,113			517,445
Time deposits		2,111,344			2,061,576			2,049,759			1,952,635			1,840,262
Total deposits		5,490,314			5,496,670			5,390,983			5,264,191			5,276,967

Short-term borrowings		82,370			82,275			84,781			91,450			89,720
Operating lease liabilities		39,350			38,324			40,159			41,469			42,026
Accrued expenses and other liabilities		43,536			33,468			46,478			43,549			42,763

Total liabilities		5,655,570			5,650,737			5,562,401			5,440,659			5,451,476

SHAREHOLDERS’ EQUITY:
Capital stock		20,097			20,097			20,097			20,058			20,058
Surplus		259,490			259,182			258,874			257,644			257,490
Undivided profits		462,158			453,931			446,503			442,079			436,048
Accumulated other comprehensive income (loss), net of tax		1,663			(132	)		(3,861	)		(6,600	)		(14,268	)
Treasury stock at cost		(50,603	)		(45,270	)		(45,270	)		(44,160	)		(44,160	)

Total shareholders’ equity		692,805			687,808			676,343			669,021			655,168

Total liabilities and shareholders’ equity	$	6,348,375		$	6,338,545		$	6,238,744		$	6,109,680		$	6,106,644

Outstanding shares (in thousands)		18,851			19,020			19,020			19,010			19,010

NONPERFORMING ASSETS

(dollars in thousands)
(Unaudited)
	6/30/2025			3/31/2025			12/31/2024			9/30/2024			6/30/2024
Nonperforming Assets

New York and other states*
Loans in nonaccrual status:
Commercial	$	684		$	688		$	343		$	466		$	741
Real estate mortgage – 1 to 4 family		14,048			14,795			14,671			15,320			14,992
Installment		34			139			108			163			131
Total nonperforming loans		14,766			15,622			15,122			15,949			15,864
Other real estate owned		1,136			2,107			2,175			2,503			2,334
Total nonperforming assets	$	15,902		$	17,729		$	17,297		$	18,452		$	18,198

Florida
Loans in nonaccrual status:
Commercial	$	–		$	–		$	–		$	314		$	314
Real estate mortgage – 1 to 4 family		3,132			3,135			3,656			3,176			2,985
Installment		12			3			22			5			22
Total nonperforming loans		3,144			3,138			3,678			3,495			3,321
Other real estate owned		–			–			–			–			–
Total nonperforming assets	$	3,144		$	3,138		$	3,678		$	3,495		$	3,321

Total
Loans in nonaccrual status:
Commercial	$	684		$	688		$	343		$	780		$	1,055
Real estate mortgage – 1 to 4 family		17,180			17,930			18,327			18,496			17,977
Installment		46			142			130			168			153
Total nonperforming loans		17,910			18,760			18,800			19,444			19,185
Other real estate owned		1,136			2,107			2,175			2,503			2,334
Total nonperforming assets	$	19,046		$	20,867		$	20,975		$	21,947		$	21,519


Quarterly Net (Recoveries) Chargeoffs

New York and other states*
Commercial	$	–		$	(3	)	$	62		$	65		$	–
Real estate mortgage – 1 to 4 family		(121	)		41			(316	)		104			(74	)
Installment		18			4			41			11			(2	)
Total net chargeoffs (recoveries)	$	(103	)	$	42		$	(213	)	$	180		$	(76	)

Florida
Commercial	$	–		$	(315	)	$	314		$	–		$	–
Real estate mortgage – 1 to 4 family		–			–			–			–			17
Installment		94			15			1			42			7
Total net (recoveries) chargeoffs	$	94		$	(300	)	$	315		$	42		$	24

Total
Commercial	$	–		$	(318	)	$	376		$	65		$	–
Real estate mortgage – 1 to 4 family		(121	)		41			(316	)		104			(57	)
Installment		112			19			42			53			5
Total net (recoveries) chargeoffs	$	(9	)	$	(258	)	$	102		$	222		$	(52	)


Asset Quality Ratios

Total nonperforming loans (1)	$	17,910		$	18,760		$	18,800		$	19,444		$	19,185
Total nonperforming assets (1)		19,046			20,867			20,975			21,947			21,519
Total net (recoveries) chargeoffs (2)		(9	)		(258	)		102			222			(52	)

Allowance for credit losses on loans (1)		51,265			50,606			50,248			49,950			49,772

Nonperforming loans to total loans		0.35	%		0.37	%		0.37	%		0.38	%		0.38	%
Nonperforming assets to total assets		0.30	%		0.33	%		0.34	%		0.36	%		0.35	%
Allowance for credit losses on loans to total loans		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Coverage ratio (1)		286.2	%		269.8	%		267.3	%		256.9	%		259.4	%
Annualized net (recoveries) chargeoffs to average loans (2)		0.00	%		-0.02	%		0.01	%		0.02	%		0.00	%
Allowance for credit losses on loans to annualized net chargeoffs (2)	N/A			N/A			123.2x			56.3x			N/A

* Includes New York, New Jersey, Vermont and Massachusetts.
(1) At period-end
(2) For the three-month period ended

DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
INTEREST RATES AND INTEREST DIFFERENTIAL

(dollars in thousands)
(Unaudited)	Three months ended							Three months ended
	June 30, 2025							June 30, 2024
	Average			Interest		Average		Average			Interest		Average
	Balance					Rate		Balance					Rate
Assets

Securities available for sale:
U. S. government sponsored enterprises	$	73,468		$	614	3.34	%	$	113,844		$	909	3.20	%
Mortgage backed securities and collateralized mortgage
obligations – residential		244,628			1,613	2.62			250,517			1,451	2.30
State and political subdivisions		18			0	6.77			26			1	6.75
Corporate bonds		25,707			210	3.26			55,065			362	2.63
Small Business Administration – guaranteed
participation securities		14,083			75	2.14			17,436			94	2.15
Other		697			8	4.59			694			2	1.15

Total securities available for sale		358,601			2,520	2.81			437,582			2,819	2.58

Federal funds sold and other short-term Investments		648,457			7,212	4.46			506,493			6,894	5.48

Held to maturity securities:
Mortgage backed securities and collateralized mortgage
obligations – residential		4,970			54	4.37			6,054			65	4.28

Total held to maturity securities		4,970			54	4.37			6,054			65	4.28

Federal Home Loan Bank stock		6,591			129	7.83			6,340			147	9.27

Commercial loans		306,373			4,261	5.56			280,559			3,765	5.37
Residential mortgage loans		4,387,181			43,236	3.94			4,359,232			40,819	3.75
Home equity lines of credit		428,933			6,830	6.39			364,210			5,814	6.42
Installment loans		12,523			230	7.35			15,395			262	6.86

Loans, net of unearned income		5,135,010			54,557	4.25			5,019,396			50,660	4.04

Total interest earning assets		6,153,629		$	64,472	4.19			5,975,865		$	60,585	4.06

Allowance for credit losses on loans		(50,777	)						(49,454	)
Cash & non-interest earning assets		204,006							181,688


Total assets	$	6,306,858						$	6,108,099


Liabilities and shareholders’ equity

Deposits:
Interest bearing checking accounts	$	1,039,242		$	536	0.21	%	$	1,009,048		$	288	0.11	%
Money market accounts		470,824			2,086	1.78			524,068			2,228	1.71
Savings		1,087,467			733	0.27			1,145,922			675	0.24
Time deposits		2,085,329			19,195	3.69			1,873,139			19,400	4.17

Total interest bearing deposits		4,682,862			22,550	1.93			4,552,177			22,591	2.00
Short-term borrowings		81,055			176	0.87			93,703			206	0.89

Total interest bearing liabilities		4,763,917		$	22,726	1.91			4,645,880		$	22,797	1.97

Demand deposits		777,956							735,262
Other liabilities		73,903							76,258
Shareholders’ equity		691,082							650,699

Total liabilities and shareholders’ equity	$	6,306,858						$	6,108,099

Net interest income				$	41,746						$	37,788

Net interest spread						2.28	%						2.09	%


Net interest margin (net interest income to
total interest earning assets)						2.71	%						2.53	%

DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
INTEREST RATES AND INTEREST DIFFERENTIAL, Continued

(dollars in thousands)
(Unaudited)	Six Months Ended							Six Months Ended
	June 30, 2025							June 30, 2024
	Average			Interest		Average		Average			Interest		Average
	Balance					Rate		Balance					Rate
Assets

Securities available for sale:
U. S. government sponsored enterprises	$	74,071			1,210	3.27	%	$	119,908			1,815	3.03	%
Mortgage backed securities and collateralized mortgage
obligations – residential		242,083			3,096	2.56			254,665			2,945	2.31
State and political subdivisions		18			–	6.77			26			1	6.82
Corporate bonds		32,823			470	2.86			64,345			838	2.60
Small Business Administration – guaranteed
participation securities		14,540			156	2.15			17,830			194	2.18
Mortgage backed securities and collateralized mortgage
obligations – commercial		–							–			–	–
Other		698			15	4.30			695			5	1.44

Total securities available for sale		364,233			4,947	2.72			457,469			5,798	2.53

Federal funds sold and other short-term Investments		631,148			13,944	4.46			502,072			13,644	5.47

Held to maturity securities:
Mortgage backed securities and collateralized mortgage
obligations – residential		5,101			111	4.35			6,192			133	4.29

Total held to maturity securities		5,101			111	4.35			6,192			133	4.29

Federal Home Loan Bank stock		6,549			280	8.55			6,271			299	9.54

Commercial loans		302,173			8,426	5.58			278,871			7,425	5.33
Residential mortgage loans		4,386,418			85,851	3.92			4,359,351			81,236	3.73
Home equity lines of credit		421,498			13,265	6.35			358,607			11,277	6.32
Installment loans		12,744			465	7.36			15,761			526	6.72

Loans, net of unearned income		5,122,833			108,007	4.22			5,012,590			100,464	4.01

Total interest earning assets		6,129,864			127,289	4.16			5,984,594			120,338	4.03

Allowance for credit losses on loans		(50,627	)						(49,139	)
Cash & non-interest earning assets		202,590							188,364


Total assets	$	6,281,827						$	6,123,819


Liabilities and shareholders’ equity

Deposits:
Interest bearing checking accounts	$	1,038,733			1,094	0.21	%	$	999,589			528	0.11	%
Money market accounts		469,952			4,075	1.75			534,378			4,570	1.72
Savings		1,088,408			1,467	0.27			1,152,241			1,387	0.24
Time deposits		2,069,998			38,178	3.72			1,881,535			39,077	4.18

Total interest bearing deposits		4,667,091			44,814	1.94			4,567,743			45,562	2.01
Short-term borrowings		82,125			356	0.87			93,510			410	0.88

Total interest bearing liabilities		4,749,216			45,170	1.92			4,661,253			45,972	1.98

Demand deposits		769,923							730,781
Other liabilities		76,308							83,105
Shareholders’ equity		686,380							648,680

Total liabilities and shareholders’ equity	$	6,281,827						$	6,123,819

Net interest income					82,119							74,366

Net interest spread						2.24	%						2.05	%


Net interest margin (net interest income to
total interest earning assets)						2.68	%						2.48	%

Non-GAAP Financial Measures Reconciliation

Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

Adjusted efficiency ratio is a non-GAAP measures of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total non-interest expense by the sum of net interest income and total non-interest income. We calculate the adjusted efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income and total noninterest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible book value to shares outstanding, tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

(dollars in thousands)
(Unaudited)
		6/30/2025				3/31/2025				6/30/2024
Tangible Book Value Per Share

Equity (GAAP)		$	692,805			$	687,808			$	655,168
Less: Intangible assets			553				553				553
Tangible equity (Non-GAAP)		$	692,252			$	687,255			$	654,615

Shares outstanding			18,851				19,020				19,010
Tangible book value per share			36.72				36.13				34.44
Book value per share			36.75				36.16				34.46

Tangible Equity to Tangible Assets
Total Assets (GAAP)		$	6,348,375			$	6,338,545			$	6,106,644
Less: Intangible assets			553				553				553
Tangible assets (Non-GAAP)		$	6,347,822			$	6,337,992			$	6,106,091

Consolidated Equity to Assets (GAAP)			10.91	%			10.85	%			10.73	%
Consolidated Tangible Equity to Tangible Assets (Non-GAAP)			10.91	%			10.84	%			10.72	%

		Three months ended											Six Months Ended
Efficiency and Adjusted Efficiency Ratios		6/30/2025			3/31/2025				6/30/2024				6/30/2025				6/30/2024
Net interest income (GAAP)	A	$	41,746			$	40,373			$	37,788		$	82,119		$	74,366
Non-interest income (GAAP)	B		4,852				4,974				5,651			9,826			10,494
Less: Net gains on equity securities			–				–				1,360			–			1,360
Revenue used for efficiency ratio (Non-GAAP)	C	$	46,598			$	45,347			$	42,079		$	91,945		$	83,500

Total noninterest expense (GAAP)	D	$	26,223			$	26,329			$	26,459		$	52,552		$	51,362
Less: Other real estate expense, net	E		522				28				16			550			90
Expense used for efficiency ratio (Non-GAAP)	F	$	25,701			$	26,301			$	26,443		$	52,002		$	51,272

Efficiency Ratio (GAAP)	D/(A+B)		56.27	%			58.06	%			60.91	%		57.16	%		60.53	%
Adjusted Efficiency Ratio (Non-GAAP)	F/C		55.15	%			58.00	%			62.84	%		56.56	%		61.40	%

Subsidiary: Trustco Bank

Contact:	Robert Leonard
	Executive Vice President
	(518) 381-3693

MIL-OSI: A new era for Ripple XRP: PBK Miner launches zero-hardware XRP cloud mining, offering a new way to make money

Source: GlobeNewswire (MIL-OSI)

Sydney,Australia, July 21, 2025 (GLOBE NEWSWIRE) — As Ripple’s XRP ecosystem flourishes around the world, PBKMiner is proud to introduce a breakthrough in cryptocurrency mining: XRP-specific cloud mining contracts. These short-term, flexible contracts are now available on desktop and mobile platforms, allowing users to mine XRP remotely and receive daily XRP rewards – no mining hardware, technical expertise, or experience required. This is the first time that retail users can seamlessly participate in the XRP economy through an integrated and easy-to-use platform.

XRP Cloud Mining Now Available—Easy, Smart, and Profitable
XRP has long been recognized for its role in cross-border payments and institutional financing, and now PBKMiner’s latest innovation – user-friendly cloud mining, takes XRP to the next level.
Users can mine XRP directly or take advantage of PBKMiner’s intelligent AI engine, which automatically transfers mining power to the highest-yielding assets, including BTC, ETH, DOGE, USDC, and more. Earnings will be paid daily in the cryptocurrency of your choice, providing a reliable source of income regardless of market fluctuations.
Whether you are a novice or an experienced investor, the PBKMiner platform allows you to earn continuous cryptocurrency income anytime, anywhere.
Why does PBKMiner’s XRP mining stand out?
– Available to Everyone: No technical skills, no hardware, no complications — just click to earn.
– XRP Native: Handle XRP from deposits to withdrawals in one ecosystem.
– Smart, Stable Returns: AI Mining Strategies Deliver Stable Yields Across Assets.
– Built-in Flexibility: Choose to mine XRP or diversify into other top cryptocurrencies — all from one contract.
– Global Instant Access: Start mining securely from anywhere in the world via your browser or app.
Start earning income in just three easy steps:
1.Register – Create an account and receive a $10 welcome bonus.
2. Choose a plan – Select a short-term or long-term contract (1-55 days available).
3. Start earning – Track your daily rewards and withdraw them in your preferred token.

Main features of PBKMiner’s XRP cloud mining contract
– Full XRP Ecosystem Integration: Deposit, mine, and withdraw XRP seamlessly on the platform.
– Multi-currency mining support: Earn XRP, BTC, ETH, DOGE, USDC, USDT, SOL, LTC, BCH, and more.
– AI Revenue Optimization: Proprietary algorithms optimize mining allocations for peak profitability.
– 100% Remote Access: No hardware required – fully accessible via the PBKMiner app or browser.
– Capital Protection: All contracts return full principal at expiration, minimizing risk while maximizing potential.
Flexible mining contracts to meet various budget needs
PBKMiner offers a variety of XRP-based cloud mining contracts designed for flexibility, predictable income, and effective risk management:
$10 contract – 1 day – earn $0.6
$100 contract – 2 days – earn $3.5 per day
$500 contract – 5 days – earn $6.5 per day
$5,000 contract – 30 days – earn $77.50 per day
$30,000 contract – 50 days – earn $525.00 per day
Whether you are investing for the first time or building a long-term portfolio, PBKMiner offers transparent, low-risk contracts that bring a steady daily XRP income.
Click here to explore all XRP contracts.

About PBKMiner
Founded in 2019, it represents a new generation of AI-driven cloud mining technology, with data, performance, and trust as the pillars. The platform supports cloud mining of XRP, BTC, ETH, LTC, DOGE, and SOL. It has helped millions of users around the world earn passive crypto income through secure, AI-driven cloud mining. With the launch of XRP mining, the platform now combines retail-level accessibility with institutional-grade technology. Users can choose to mine XRP directly, or invest in the best performing digital assets – all in a secure, fully remote environment.
A PBKMiner spokesperson said:
“XRP has always been fast, efficient, and scalable. Now, it can also be mined securely, remotely, and profitably. We have removed all barriers so that anyone can participate in the future of XRP.”
The market may go up and down, but your mining income can remain stable. Especially suitable for investors who seek sustainable long-term returns rather than speculative gains.
For full details and participation options please visit: https://pbkminer.com
Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or a trading recommendation. Cryptocurrency mining and staking involve risks and may result in the loss of funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

MIL-OSI: Arizona Sonoran to Present at the Metals & Mining Virtual Investor Conference July 23

Source: GlobeNewswire (MIL-OSI)

CASA GRANDE, Ariz. and TORONTO, July 21, 2025 (GLOBE NEWSWIRE) — Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”), an emerging US-based copper developer, today announces that George Ogilvie, President, CEO and Director, will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com on July 23, 2025.

DATE: July 23
TIME: 12:30 pm ET
LINK: REGISTER HERE
Available for 1×1 meetings: July 28

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Recent Company Highlights:

Well-funded with recent C$57.6 million financings (June 20, 2025, July 10, 2025)
Advancing to PFS in 2025
Brownfield open pit project with significant in place infrastructure
Lower-risk copper cathode developer on private land in Arizona

Neither the TSX nor the regulating authority has approved or disproved the information contained in this press release.

About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)
ASCU is a copper exploration and development company with a 100% interest in the brownfield Cactus Project. The Project, on privately held land, contains a large-scale porphyry copper resource and a recent 2024 PEA proposes a generational open pit copper mine with robust economic returns. Cactus is a lower risk copper developer benefitting from a State-led permitting process, in place infrastructure, highways and rail lines at its doorstep and onsite permitted water access. The Company objective is to develop Cactus and become a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.

About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors. Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

For more information:
Alison Dwoskin, Director, Investor Relations
647-233-4348
adwoskin@arizonasonoran.com

George Ogilvie, President, CEO and Director
416-723-0458
gogilvie@arizonasonoran.com

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

Cautionary Statements regarding Forward-Looking Statements and Other Matters
Forward-Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and ” “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipated”, “become”, “believe”, “continuing”, “developer”, “emerging”, “forward”, “generational”, “long-term”, “looking”, “may”, “objective”, “ongoing”, “PEA”, “PFS”, “potential”, “pre-feasibility”, “preliminary”, “project”, “projected”, “proposes”, “provide”, “risk”, “study”, ”subject to”, and “will”, “or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, would, will (or not) be achieved, occur, provide, result or support in the future, or which, by their nature, refer to future events. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include those relating to the Company’s presentation at the Metals & Mining Virtual Investor Conference on July 23, 2025; the Company being well-funded, the ongoing pre-feasibility study (or PFS) in respect of the Cactus Project and the timing thereof); the 2024 PEA and results thereof (including risk, economic returns, operating costs, production, and proposal of a generational open pit copper mine); and the Company’s strategic and other objectives (including development of the Cactus Project, becoming a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders, and any other continuing or future successes). Although the Company believes that such statements are reasonable, there can be no assurance that those forward-looking statements will prove to be correct, and any forward-looking statements by the Company are not guarantees of future actions, results or performance. Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this press release which may prove to be incorrect include those set forth or referenced in this press release, as well as those stated in the technical report for the Cactus Project filed on August 27, 2024 (the “2024 PEA Technical Report”), the Company’s Annual Information Form dated March 27, 2025 (the “AIF”), Management’s Discussion and Analysis (together with the accompanying financial statements) disclosed for the year ended December 31, 2024 and filed for quarter(s) already ended in 2025 (collectively, the “2024-25 Financial Disclosure”), and the Company’s other applicable public disclosure (collectively, “Company Disclosure”), all available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others, the “Risk Factors” in the AIF, and the risks, uncertainties, contingencies and other factors identified in the 2024 PEA Technical Report and the 2024-25 Financial Disclosure. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company’s business, financial condition and prospects that is provided in the AIF, the 2024-25 Financial Disclosure and other Company Disclosure. Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this press release (or as otherwise expressly specified) and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements referenced or contained in this press release are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the AIF, the 2024 PEA Technical Report and the 2024-25 Financial Disclosure, all available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca.

Preliminary Economic Assessments
The Preliminary Economic Assessment (or “2024 PEA”) referenced in this press release and summarized in the 2024 PEA Technical Report is only a conceptual study of the potential viability of the Cactus Project and the economic and technical viability of the Cactus Project has not been demonstrated. The 2024 PEA is preliminary in nature and provides only an initial, high-level review of the Cactus Project’s potential and design options; there is no certainty that the 2024 PEA will be realized. For further detail on the Cactus Project and the 2024 PEA, including applicable technical notes and cautionary statements, please refer to the Company’s press release dated August 7, 2024 and the 2024 PEA Technical Report, both available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca.

MIL-OSI: Arizona Sonoran to Present at the Metals & Mining Virtual Investor Conference July 23

Source: GlobeNewswire (MIL-OSI)

CASA GRANDE, Ariz. and TORONTO, July 21, 2025 (GLOBE NEWSWIRE) — Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”), an emerging US-based copper developer, today announces that George Ogilvie, President, CEO and Director, will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com on July 23, 2025.

DATE: July 23
TIME: 12:30 pm ET
LINK: REGISTER HERE
Available for 1×1 meetings: July 28

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Recent Company Highlights:

Well-funded with recent C$57.6 million financings (June 20, 2025, July 10, 2025)
Advancing to PFS in 2025
Brownfield open pit project with significant in place infrastructure
Lower-risk copper cathode developer on private land in Arizona

Neither the TSX nor the regulating authority has approved or disproved the information contained in this press release.

About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)
ASCU is a copper exploration and development company with a 100% interest in the brownfield Cactus Project. The Project, on privately held land, contains a large-scale porphyry copper resource and a recent 2024 PEA proposes a generational open pit copper mine with robust economic returns. Cactus is a lower risk copper developer benefitting from a State-led permitting process, in place infrastructure, highways and rail lines at its doorstep and onsite permitted water access. The Company objective is to develop Cactus and become a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.

About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors. Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

For more information:
Alison Dwoskin, Director, Investor Relations
647-233-4348
adwoskin@arizonasonoran.com

George Ogilvie, President, CEO and Director
416-723-0458
gogilvie@arizonasonoran.com

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

Cautionary Statements regarding Forward-Looking Statements and Other Matters
Forward-Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and ” “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipated”, “become”, “believe”, “continuing”, “developer”, “emerging”, “forward”, “generational”, “long-term”, “looking”, “may”, “objective”, “ongoing”, “PEA”, “PFS”, “potential”, “pre-feasibility”, “preliminary”, “project”, “projected”, “proposes”, “provide”, “risk”, “study”, ”subject to”, and “will”, “or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, would, will (or not) be achieved, occur, provide, result or support in the future, or which, by their nature, refer to future events. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include those relating to the Company’s presentation at the Metals & Mining Virtual Investor Conference on July 23, 2025; the Company being well-funded, the ongoing pre-feasibility study (or PFS) in respect of the Cactus Project and the timing thereof); the 2024 PEA and results thereof (including risk, economic returns, operating costs, production, and proposal of a generational open pit copper mine); and the Company’s strategic and other objectives (including development of the Cactus Project, becoming a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders, and any other continuing or future successes). Although the Company believes that such statements are reasonable, there can be no assurance that those forward-looking statements will prove to be correct, and any forward-looking statements by the Company are not guarantees of future actions, results or performance. Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this press release which may prove to be incorrect include those set forth or referenced in this press release, as well as those stated in the technical report for the Cactus Project filed on August 27, 2024 (the “2024 PEA Technical Report”), the Company’s Annual Information Form dated March 27, 2025 (the “AIF”), Management’s Discussion and Analysis (together with the accompanying financial statements) disclosed for the year ended December 31, 2024 and filed for quarter(s) already ended in 2025 (collectively, the “2024-25 Financial Disclosure”), and the Company’s other applicable public disclosure (collectively, “Company Disclosure”), all available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others, the “Risk Factors” in the AIF, and the risks, uncertainties, contingencies and other factors identified in the 2024 PEA Technical Report and the 2024-25 Financial Disclosure. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company’s business, financial condition and prospects that is provided in the AIF, the 2024-25 Financial Disclosure and other Company Disclosure. Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this press release (or as otherwise expressly specified) and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements referenced or contained in this press release are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the AIF, the 2024 PEA Technical Report and the 2024-25 Financial Disclosure, all available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca.

Preliminary Economic Assessments
The Preliminary Economic Assessment (or “2024 PEA”) referenced in this press release and summarized in the 2024 PEA Technical Report is only a conceptual study of the potential viability of the Cactus Project and the economic and technical viability of the Cactus Project has not been demonstrated. The 2024 PEA is preliminary in nature and provides only an initial, high-level review of the Cactus Project’s potential and design options; there is no certainty that the 2024 PEA will be realized. For further detail on the Cactus Project and the 2024 PEA, including applicable technical notes and cautionary statements, please refer to the Company’s press release dated August 7, 2024 and the 2024 PEA Technical Report, both available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca.