NewzIntel.com

Category: Natural Disasters

  • MIL-OSI USA: Zinke and Neguse Introduce Bill to Extend Successful Forest Management Program

    Source: US Congressman Ryan Zinke (Western Montana)

    Originally authorized in 2009, the program has treated and restored 5.7 million acres of forests

    Washington, D.C. – Today, Representatives Ryan Zinke (R-MT-01) and Joe Neguse (D-CO-02) introduced the Collaborative Forest Landscape Restoration (CFLR) Program Reauthorization Act of 2025, which would extend and expand a successful program focused on reducing wildfire risk, restoring forest health, and supporting rural economies through proven, locally driven strategies. Senators Mike Crapo (R-ID) and Jeff Merkley (D-OR) introduced companion legislation in the Senate.

    Originally authorized in 2009, the CFLR program is a model of how communities, industry partners, landowners, and local governments can work together to improve forest conditions and prevent catastrophic wildfires. In its first decade, CFLR projects treated and restored 5.7 million acres of forest, improved 1,000 miles of trails, and maintained over 25,000 miles of forest roads helping keep public lands open and safe.

    The CFLR Program Reauthorization Act of 2025 will:

    • Extend the program for ten years.
    • Increase support for collaborative, science-based forest projects.
    • Expand the program’s reach to more high-risk areas.
    • Improve project flexibility and reduce bureaucratic delays.

    “Every year hundreds of thousands of acres of forest burn to the ground destroying landscapes, watersheds and homes. We can’t prevent every fire, but we can certainly manage our forests, so they are in better health and more resilient against catastrophic fires,” said Congressman Zinke. “The Collaborative Forest Landscape Restoration Program was a proven success that leverages public and private entities to grow more resilient forests. When a program works, we should extend it. Montana forests must be multi-use. Recreation, conservation, and resource development all have their place and must be part of the conversation, but none of them can exist if our forests are unhealthy or burning down. The continuation of this program will promote the collaboration needed preserve more of our forests for use by the communities around them.”

    “In Colorado and across the Rocky Mountain West, we know that protecting our forests and lands benefits our communities,” said Congressman Neguse. “The Collaborative Forest Landscape Restoration Program is a successful partnership program that bolsters community-based stewardship, supporting efforts to promote cooperative, science-based wildfire mitigation. I’m incredibly proud to lead my colleagues in the House to champion its reauthorization.”

    “The Collaborative Forest Landscape Restoration Program has a proven track record of improving forest health and reducing wildfire risk in Montana. Collaborative fuel reduction work completed as part of the Colt Summit Project in Seeley Lake protected homes and infrastructure during the 2023 Colt Fire,” said Montana Department of Natural Resources and Conservation Director Amanda Kaster. “Montana DNRC thanks Representative Zinke for his leadership in working to maintain this impactful work that directly helps communities in Montana.”

    “Wildfire doesn’t recognize state or county lines, and the Kootenai National Forest in Montana and the Panhandle National Forest in Idaho share the same fire shed, the Kootenai Complex. The 80,000-acre Kootenai Valley Resource Initiative project on the Panhandle National Forest funded under the Collaborative Forest Landscape Restoration (CFLR) Program has benefitted our residents here in neighboring Lincoln County, Montana in several ways,” said Jim Hammons, Lincoln County Commissioner. “Treatments under the project have reduced the risk of wildfire crossing into the county from Idaho and has sustained one of the few local mills vital to our timber infrastructure, while providing jobs to our local logging contractors, many that work in Idaho forests. The CFLR program addresses the values that large landscapes have in providing wildlife habitat, timber products and the large-scale wildfire threats that exist in our neck-of-the-woods.”

    “I’m grateful to Congressman Zinke for sponsoring this critical legislation,” said Beaverhead County Commissioner, Mike McGinley. “Beaverhead County has already seen a 1,500-acre wildfire this spring, a clear sign that we’ve got to get control of our forest management.” 

    The legislation is also co-led by Representatives Andrea Salinas (OR-06) and Kim Schrier, M.D. (WA-08) and the companion is additionally supported by Senators Michael Bennet (D-CO), Ron Wyden (D-OR), Jim Risch (R-ID), and Steve Daines (R-MT).

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    MIL OSI USA News –

  • MIL-OSI New Zealand: Planning underway for Hahei Beach Walk reroute

    Source: Police investigating after shots fired at Hastings house

    Date:  15 May 2025

    The track, which links Hahei to the Mautohe Cathedral Cove Track, has been closed since early 2023 due to landslide risks and land movement following severe weather events including Cyclone Gabrielle.

    “This track has been a priority for DOC since reopening walking access to Cathedral Cove,” says DOC Coromandel Operations Manager Nick Kelly.

    “This area’s incredible nature is at the heart of its tourism economy. We know this link between Hahei and Cathedral Cove is important for the community.

    “Given its cliff-side alignment through high-risk terrain, we weren’t sure a safe and affordable solution would be possible. It’s fantastic to now have a feasible design to progress.

    “The proposed reroute offers greatly improved safety and resilience, avoiding the unstable upper section of the old track altogether. It follows moderate terrain and avoids the need for complex structures like staircases or bridges.

    “Although it will still require some work including tree felling, groundwater management, and the installation of box steps, it’s been designed to keep ongoing maintenance requirements to a minimum.”

    Initial funding will come from the $5M allocated from the International Visitor Conservation and Tourism Levy in July 2024. This investment was designed to support restoring and maintaining access to Mautohe Cathedral Cove over the longer-term, says Nick Kelly.

    “Initial estimates put the cost of this work around the design and delivery costs around $140,000 and we’ll carry out more detailed planning to confirm the final budget required.”

    Construction is scheduled to begin in September and be completed by the end of November 2025.

    “As always, we’ll need the community’s patience and support in giving work crews space to get the job done,” says Nick Kelly.

    “We all have a role to play in caring for this place. We urge the community to help keep visitors safe by ensuring people stay off the track and away from the worksite until the reroute is completed.”

    The Hahei reroute will branch off midway along the existing Hahei track and connect with Grange Road near the start of the Mautohe Cathedral Cove track.

    Tourism on public conservation land is estimated to be worth $3.4 billion annually. More than 50% of international visitors and around 80% of New Zealanders visit protected natural areas a year.

    Contact

    For media enquiries contact:

    Email: media@doc.govt.nz

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: DOC ranger snaps rare footage of tuatara and takahē “having a scrap”

    Source: Police investigating after shots fired at Hastings house

    Date:  15 May 2025

    Filmed on pest-free Tiritiri Matangi Island, the video shows New Zealand’s unique nature at its quirky best and highlights the value in protecting it.

    It started with the takahē seemingly attacking the tuatara, says DOC Ranger Nick Fisentzidis – who quickly whipped out his phone to record the footage.

    “I saw them having a bit of a nip at each other; the takahē definitely had a go at the tail of the tuatara, and they had a bit of a scrap.

    “I followed them down the hill, and the tuatara got a couple of bites in, so the takahē backed off and snuck back away up the forest,” says Nick.

    Although historically both takahē and tuatara were widespread across New Zealand, they now only co-exist in two locations, Tiritiri Matangi in the Hauraki Gulf and Zealandia in Wellington.

    “It’s a neat snapshot of how these interactions may have gone in the past. It also shows what’s possible in the future if we really start to rally together to bring more of our native wildlife back,” says Nick.

    Tuatara are the last survivors of an order of reptiles known as sphenodontia, that thrived in the age of the dinosaurs, 200 million years ago, but now only survive in places where invasive mammalian predators have been eradicated.

    The endemic, flightless takahē are the world’s largest living rail are a taonga species to Ngāi Tahu. Historically thought to be extinct twice, there are now just over 500 throughout the country, with around half living at sanctuary sites and half in the wild.

    DOC Takahē Recovery Senior Ranger, Glen Greaves says takahē are often thought to be herbivorous (vegetarian), but in reality they are omnivorous.

    “This means they’ll eat almost anything. Although primarily grass feeders, they will often supplement their diet with insects, lizards, and have even been spotted taking ducklings. Protein is obviously an important part of their diet.

    “Like their cousins the pūkeko and weka, takahē can be quite predatory. Although taking on a tuatara hasn’t been seen before that I’m aware of, it is not at all surprising. Just a bit bigger than their usual snack! It’s good to see the tuatara stand up for itself,” says Glen.

    Tiritiri Matangi Island is regarded as one of the most successful community-led conservation projects in the world, where rare native birds and reptiles thrive.

    The island is open to the public and is just a 75-minute ferry ride from downtown Auckland.

    Before visiting any pest-free island you should check, clean, and seal your gear to ensure you don’t bring pests, soil, and seeds.

    Contact

    For media enquiries contact:

    Email: media@doc.govt.nz

    MIL OSI New Zealand News –

  • MIL-OSI USA: Brownley Introduces Legislation to Ensure Timely Housing Assistance for Disaster Survivors

    Source: United States House of Representatives – Julia Brownley (D-CA)

    Washington, DC – Today, Congresswoman Julia Brownley (D-CA) introduced the FEMA Temporary Housing Assistance Improvement Act, legislation to ensure that disaster survivors can access temporary housing assistance from the Federal Emergency Management Agency (FEMA) without delays caused by the determination of their insurance status.

    “From the recent wildfires in California to hurricanes and floods across the country, natural disasters are becoming more frequent and more destructive,” said Congresswoman Brownley. “When families are forced to evacuate or lose their homes, they’re already facing immense stress and uncertainty. They deserve immediate support, not bureaucratic delays while FEMA determines their insurance status.

    “Survivors should not be penalized for having insurance. They should be able to access help without unnecessary obstacles. My bill ensures that temporary housing assistance reaches people when they need it most, so they can begin to rebuild their lives as possible and get the support they need without unnecessary delays.”

    Under current law, FEMA cannot provide temporary housing assistance to individuals with insurance unless it is confirmed that their policy does not cover the same expenses. Survivors often face weeks or months of delay waiting for insurance determinations, leaving them without critical housing support.

    Brownley’s legislation addresses this problem by clarifying that pending or potential insurance coverage should not delay FEMA’s ability to provide temporary housing. The bill would ensure that assistance is provided quickly and equitably to all eligible disaster survivors, regardless of insurance status.

    Background

    FEMA’s Temporary Housing Assistance program, offered through the Individuals and Households Program, provides rental assistance and other forms of shelter to individuals impacted by Presidentially-declared disasters. However, under FEMA’s current interpretation of the Stafford Act, individuals with insurance must wait for a determination before accessing these resources.

    The FEMA Temporary Housing Assistance Improvement Act would streamline FEMA’s process, accelerate the delivery of aid, and eliminate unnecessary administrative barriers.

    Read the full text of the bill here.

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    Issues: 119th Congress, Disaster Relief

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: In Response to Deadly Port Newark Fire, Rep. Sherrill Introduces Bill To Protect Firefighters

    Source: United States House of Representatives – Congresswoman Mikie Sherrill (NJ-11)

    On Monday, Congresswoman Mikie Sherrill introduced legislation to keep firefighters safe in crisis situations by improving equipment, training, and staffing for departments’ emergency rescue teams.

    In addition to bipartisan support from Congressman Don Bacon, Sherrill’s legislation earned the endorsement of the New Jersey Firefighters Mutual Benevolent Association, International Association of Fire Chiefs, and National Fallen Firefighters Foundation.
     

    NJ Spotlight News: Help planned for fighting port fires

    By: Ben Hulac | May 12, 2025
     

    • Legislation to craft a new national strategy for fighting port fires like the 2023 blaze that killed two firefighters at the Newark port has a good shot at becoming law, according to its lead sponsor, Rep. Mikie Sherrill (D-11th).
       
    • Fighting fires on ships demands particular knowledge and skills, said Sherrill […]
       
    • The two Newark firefighters who responded to and died from the fire two years ago on an Italian cargo ship did not have special training, she said. This bill would include specific measures to better train firefighters for combat maritime fires.
       
    • “They had not been given any specialized training,” Sherrill said in an interview with NJ Spotlight News. “Had they had a lesson in maritime training, I think it would have made a big difference. I think they would be alive today.”
       
    • Experts with the National Transportation Safety Board, an independent federal agency that dispatches investigators to emergency sites, found thick smoke disoriented the two firefighters — Wayne Brooks Jr. and Augusto Acabou — who could not find their way out of the vessel as the fire burned.
       
    • Six other emergency responders were hurt. The fire burned for five days. The probable cause was a Jeep the ship crew used to push other vehicles on board, the NTSB found.
       
    • Liquids from the Jeep’s transmission boiled over and ignited the blaze, investigators said. “Also contributing to the severity of the fire was the Newark Fire Division’s lack of marine vessel firefighting training, which resulted in an ineffective response and led to the firefighter casualties,” the NTSB said in its final report, released in April.
       
    • The port of Newark and New York is the largest by volume on the East Coast and the third largest in the country, behind Los Angeles and Long Beach, Calif.
       
    • Sherrill’s Republican co-sponsor on the bill is Don Bacon, a former Air Force general from Nebraska and one of the few moderate members of his party in the House. 
       
    • The bill directs the U.S. Fire Administration, a division of the Department of Homeland Security, to establish a “comprehensive strategy to improve equipment, training, and staffing standards,” including for groups of firefighters that respond to fires at ports.
       
    • Moving around on a ship can be tricky given the tight quarters and segmented structure, Sherrill said, referencing fire training sessions she completed during her Navy career.
       
    • “When you get on ships, it can be very, very hard to get in and out. They’re compartmentalized for various reasons,” Sherrill said. “So getting throughout the ship is difficult.”
       
    • The bill contains no funding, which could make passage easier.
       
    • Bills expire at the end of each Congress, which last for two years, and must pass the House and Senate before the president can sign them into law.

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    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Available to Arkansas Small Businesses, Private Nonprofits and Residents Affected by Severe Storms and Tornadoes

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – In response to a Presidential disaster declaration issued May 8, the U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to Arkansas small businesses, private nonprofit (PNP) organizations and residents affected by severe storms and tornadoes occurring March 14-15.

    The disaster declaration covers the Arkansas counties of Greene, Hot Spring, Independence, Izard, Jackson, Lawrence, Randolph, Sharp, and Stone.

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

    SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and PNPs impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    EIDLs are for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s mitigation loans.”

    Interest rates can be as low as 4% for small businesses, 3.62% for PNPs and 2.75% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    As soon as Federal-State Disaster Recovery Centers open throughout the affected area, SBA will provide one-on-one assistance to disaster loan applicants. Additional information and details on the location of disaster recovery centers is available by calling the SBA Customer Service Center at (800) 659-2955.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

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    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI: North American Construction Group Ltd. Announces Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    ACHESON, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG”) (TSX:NOA/NYSE:NOA) today announced results for the first quarter ended March 31, 2025. Unless otherwise indicated, financial figures are expressed in Canadian dollars, and comparisons are to the prior period ended March 31, 2024.

    First Quarter 2025 Highlights:

    • Combined revenue of $391.5 million, the second-highest quarter in company history, compared favorably to $345.7 million in the same period last year and was driven equally by higher heavy equipment fleet commissioned in Australia and higher equipment utilization in Canada.
    • Reported revenue of $340.8 million, compared to $297.0 million in the same period last year, was driven primarily by increased capacity in Australia and a 68% utilization in Canada. However, lower utilization in Australia, due to the high number of rain days in February and March, far exceeding historical average, tempered overall performance.
    • Our net share of revenue from equity consolidated joint ventures was $50.7 million in 2025 Q1, compared to $48.7 million in the same period last year. While the Fargo project saw a quarter-over-quarter increase, this was offset by lower volumes within the Nuna Group of Companies and the discontinuation of the Brake Supply joint venture.
    • Adjusted EBITDA of $99.9 million was a slight increase of $2.5 million, or 3%, compared to the 2024 Q1 result of $97.4 million. However, the operational challenges of excessive rainfall in Australia and an extended bitter cold snap in Canada fully offset the 15% increase in revenue.
    • Combined gross profit of $51.6 million and margin of 13.2% declined compared to the $62.4 million and 18.1% metrics posted in the same period last year. The overall margin decrease reflects the specific impacts of rain and cold weather in Australia and Canada.
    • Cash flows generated from operating activities reached $51.4 million, exceeding the $19.0 million reported in the same period last year, primarily due to a lower working capital draw in the current quarter. Sustaining capital additions of $89.9 million reflect the front-loaded nature of our capital maintenance program in Canada.
    • Free cash flow resulted in a use of cash of $41.6 million in the quarter, driven by the consumption of $24.5 million by our working capital accounts. The working capital draw on cash remains directionally consistent to 2024 Q1 and aligns with the typical seasonal impacts of our annual business cycle.
    • Net debt was $867.5 million at March 31, 2025, an increase of $11.3 million from December 31, 2024, as free cash flow usage and growth spending required debt financing. The cash-related interest rate during the quarter on our debt was 6.2% due to Bank of Canada posted rates and the impact on equipment financing rates.
    • Additional highlights during and after the quarter: i) the Fargo-Moorhead flood diversion project passed the 65% completion mark prior to March 31; ii) successfully commenced the early development work at a copper mine in New South Wales; iii) first operational wins achieved under the new Finning parts and component supply and services agreement; iv) converted $73 million of debentures to 3.0 million common shares; and v) on May 1, completed $225 million of senior unsecured financing to increase liquidity as we advance efforts on heavy civil infrastructure and mining opportunities in Australia and North America.

    Joe Lambert, President and CEO stated, “It’s no surprise that severe weather impacts our business, and Q1 2025 proved especially challenging across both geographies. However, we remain optimistic about the more stable conditions expected for the remainder of the year. Our full-year expectations remain intact, and we are eager to execute the contracted scopes for our customers. We continue to see significant opportunities and tailwinds in the heavy civil infrastructure and mining industries in Australia and North America and are diligently advancing efforts to secure new scopes, leveraging our strong reputation in these regions.”

    Consolidated Financial Highlights

        Three months ended    
        March 31,    
    (dollars in thousands, except per share amounts)     2025     2024   Change
    Revenue   $ 340,833     $ 297,026     $ 43,807  
    Cost of sales(i)     242,228       195,670       46,558  
    Depreciation(i)     60,714       47,862       12,852  
    Gross profit(i)   $ 37,891     $ 53,494     $ (15,603 )
    Gross profit margin(i)(ii)     11.1 %     18.0 %   (6.9 )%
    General and administrative expenses (excluding stock-based compensation)(ii)     11,090       10,835       255  
    Stock-based compensation (benefit) expense     (3,408 )     3,608       (7,016 )
    Operating income(i)     30,582       38,480       (7,898 )
    Interest expense, net     13,516       15,597       (2,081 )
    Net income(i)     6,163       11,511       (5,348 )
    Comprehensive income(i)     6,641       10,818       (4,177 )
                 
    Adjusted EBITDA(i)(ii)     99,932       97,386       2,546  
    Adjusted EBITDA margin(i)(ii)(iii)     25.5 %     28.2 %   (2.7 )%
                 
    Per share information            
    Basic net income per share   $ 0.22     $ 0.43     $ (0.21 )
    Diluted net income per share   $ 0.21     $ 0.39     $ (0.18 )
    Adjusted EPS(ii)   $ 0.52     $ 0.79     $ (0.27 )

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.
    (ii)See “Non-GAAP Financial Measures”.
    (iii)Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Consolidated Statements of Cash Flows        
    Cash provided by operating activities(i)   $ 51,418     $ 18,959  
    Cash used in investing activities(i)     (93,781 )     (66,095 )
    Effect of exchange rate on changes in cash     (1,075 )     (99 )
    Add back of growth and non-cash items included in the above figures:        
    Growth capital additions(ii)     28,066       19,607  
    Capital additions financed by leases(ii)     (26,203 )     (14,156 )
    Free cash flow(i)   $ (41,575 )   $ (41,784 )

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.
    (ii)See “Non-GAAP Financial Measures”.

    Declaration of Quarterly Dividend

    On May 14th, 2025, the NACG Board of Directors declared a regular quarterly dividend (the “Dividend”) of twelve Canadian cents ($0.12) per common share, payable to common shareholders of record at the close of business on June 4, 2025. The Dividend will be paid on July 11, 2025, and is an eligible dividend for Canadian income tax purposes.

    Resignation of Vanessa Guthrie

    Effective May 14, 2025, Dr. Vanessa Guthrie, AO, resigned from her position as a director of NACG for personal reasons. Martin Ferron, Chair of the Board, stated “We wish to extend our sincerest thanks to Dr. Guthrie for the insight and perspectives she brought to the company during what was an important transitional period for us as we expanded operations into Australia. We wish her all the best in the future.”

    Results for the Three Months Ended March 31, 2025

    Revenue of $340.8 million represented a $43.8 million (or 15%) increase from 2024 Q1 as Heavy Equipment – Australia and Heavy Equipment – Canada were up 18% and 13%, respectively.

    Revenue within Heavy Equipment – Australia, which is primarily comprised of the MacKellar Group (“MacKellar”), increased $23.8 million quarter-over-quarter primarily due to a 25% increase in the large capacity heavy equipment fleet over the past twelve months. This fleet increase was offset by the 12% decrease in equipment utilization (68% versus 2024 Q1 of 80%) as the high number of rain days experienced in both February and March well exceeded historical averages and operational expectations. The Carmichael mine was significantly affected by rain, receiving over 340 mm of rainfall over the two months, nearly double the historical average and our forecast of 180 mm. Excessive rainfall caused the slowdown of mining activity and the parking of the large capacity heavy mining equipment due to flooding of the lower lying mining areas as well as certain mine, access and service roads requiring additional maintenance.

    Equipment utilization in the oil sands region of 68% drove a 13% increase from 2024 Q1 in the Heavy Equipment – Canada segment. Demand for large capacity heavy equipment was strong for the full quarter, with top-line performance constrained only by extended periods of cold weather and mechanical availability. The Millennium mine currently has approximately 40% of our fleet operating on site and is the primary driver of both equipment utilization and top-line revenue.

    Combined revenue in the quarter of $391.5 million, the second-highest quarter in company history, represented a $45.8 million (or 13%) increase from 2024 Q1. Our share of revenue generated in the quarter by joint ventures and affiliates was $50.7 million, compared to $48.7 million in 2024 Q1 (an increase of 4%) with quarter-over-quarter increases in the Fargo project offset by lower volumes within the Nuna Group of Companies (“Nuna”) as well as the termination of the Brake Supply Joint Venture which occurred in the latter half of 2024. The Fargo project progressed past the 65% completion mark during the quarter with the modest top-line revenue reflecting the expected impact of winter conditions on civil earth-moving scopes.

    Adjusted EBITDA of $99.9 million was a slight increase of $2.5 million, or 3%, from the 2024 Q1 result of $97.4 million as the operational challenges of excessive rainfall in Australia and a bitter extended cold snap in Canada fully offset the 15% increase in revenue. The adjusted EBITDA margin of 25.5% was lower compared to the previous quarter, primarily due to the challenging weather conditions in both segments, which affected operational efficiency. 2024 Q1, which experienced typical seasonal conditions, posted a 28.2% adjusted EBITDA margin with the approximate 3.0% variance being a fair reflection of the weather’s impact to 2025 Q1.

    Excessive rainfall in Australia in February and March impacted operating margins with the Carmichael mine being the most affected in terms of the sheer quantity of rainfall experienced in those two months. Steady margin performance depends on the continuous operation of the primary fleet of large capacity heavy mining equipment. When this equipment is parked due to weather or other interruptions, not only is top-line revenue constrained, but it also becomes an opportune time to perform certain maintenance activities. While these activities support longer-term equipment reliability and utilization, they can increase costs, impacting margins in the current quarter. Additionally, rain days contribute to further cost pressures, as they introduce expenses not typically incurred during normal operations, such as site cleanup, dewatering, and related weather recovery efforts.

    Based on historical precedent, gross margins at that site were over 10% lower than operational expectation and drove the decrease in gross profit margin in this segment from 24.7% in 2024 Q1 to 16.1% in 2025 Q1.

    The extreme cold snap in the oil sands region in February impacted operating margins with all five operating sites being equally affected. This segment gross profit margin of 5.5% was impacted significantly by this cold weather with the correlated high idle time and required additional cost incurred to operate at frigid temperatures for an extended period of time. Using 2024 Q1 and 2023 Q1 as reasonable benchmarks, it is estimated that the cold weather impacted gross profit margin by approximately 5.0% to 7.0%. In addition to the weather, extraordinary early component failures related to the now discontinued component supply agreement with a third-party vendor impacted margins by $4.3 million in the quarter.

    Depreciation of our equipment fleet was 17.8% of revenue in the quarter, compared to 16.1% in 2024 Q1. The Heavy Equipment – Canada fleet averaged approximately 24.0% of revenue due to required high idle time in February. This is offset by depreciation on the Heavy Equipment – Australia fleet, which averaged approximately 12.4% of revenue, largely driven by MacKellar depreciation of 13.0% of revenue in the quarter. On a combined basis, depreciation averaged 17.1% of combined revenue in the quarter, compared to 15.0% in 2024 Q1, due to high depreciation experienced in Canada during the quarter.

    General and administrative expenses (excluding stock-based compensation) were $11.1 million, or 3.3% of revenue, compared to $10.8 million, or 3.6% of revenue, in 2024 Q1. Cash related interest expense incurred on our debt for the quarter was $12.9 million at an average cost of debt of 6.2%, compared to 8.1% in 2024 Q1, as rate decreases posted by the Bank of Canada directly impact our Credit Facility and have a delayed impact on the rates for secured equipment-backed financing.

    Adjusted earnings per share (“EPS”) of $0.52 and adjusted net earnings of $14.5 million were down 34.2% and 31.0% from the prior year figures of $0.79 and $21.0 million, respectively. The $6.5 million decrease in adjusted net earnings is due to the slightly higher EBITDA being more than offset by the higher depreciation expenses, as discussed above, as well as higher interest expenses associated with the fleet acquired and debt assumed upon acquisition of MacKellar.

    Adjusted earnings per share (“EPS”) of $0.52 was down $0.27 per share from the prior year figure of $0.79 per share primarily from the factors mentioned above. Weighted-average common shares outstanding for the first quarters of 2025 and 2024 were 27,859,886 and 26,733,473, respectively.

    Between January 29 and February 28, 2025, approximately 3.0 million common shares were issued to convertible debenture holders for a value of $72.7 million and which contributed approximately $0.02 in the aforementioned quarter-over-quarter adjusted earnings per share variance of $0.27 per share.

    Free cash flow was a use of cash of $41.6 million in the quarter primarily due to the consumption of $24.5 million by our working capital accounts. The working capital draw on cash is directionally consistent to 2024 Q1 and is comparable with past seasonal impacts of our annual business cycle. Adjusted EBITDA generated $99.9 million and when factoring in sustaining capital additions ($89.9 million) and cash interest paid ($16.2 million), $6.2 million of cash was used by the overall business in the quarter.

    Business Updates

    2025 Strategic Focus Areas

    • Safety – maintain our uncompromising commitment to health and safety while elevating the standard of excellence in the field, particularly with regards to front-line leadership training;
    • Operational excellence – put into action practical and experienced-based protocols to ensure predictable high-quality project execution in Australia;
    • Execution – enhance equipment availability in Canada through improved fleet maintenance, equipment telematics and reliability programs, technical improvements and management systems;
    • Integration – utilize recently implemented ERP at MacKellar Group to optimize business processes to lower overall costs and improve working capital management;
    • Organic growth – based on strong site operating performance, leverage customer satisfaction to earn contract extensions and expansions
    • Diversification – pursue diversification of customers and resources through strategic partnerships, industry expertise and investment in Indigenous joint ventures; and
    • Sustainability – further develop and deliver into our environmental, social, and governance goals.

    Liquidity

    Our current liquidity positions us well moving forward to fund organic growth and the required correlated working capital investments. Including equipment financing availability and factoring in the amended Credit Facility agreement, total available capital liquidity of $198.5 million includes total liquidity of $147.2 million and $32.9 million of unused finance lease borrowing availability as at March 31, 2025. Liquidity is primarily provided by the terms of our $524.7 million credit facility which allows for funds availability based on a trailing twelve-month EBITDA as defined in the agreement, and is now scheduled to expire in May 2028.

        March 31,
    2025    		   December 31,
    2024
    Cash   $ 78,241     $ 77,875  
    Credit Facility borrowing limit     524,675       522,550  
    Credit Facility drawn     (421,702 )     (395,844 )
    Letters of credit outstanding     (33,998 )     (33,992 )
    Cash liquidity(i)   $ 147,216     $ 170,589  
    Finance lease borrowing limit     400,000       400,000  
    Other debt borrowing limit     20,000       20,000  
    Equipment financing drawn     (310,362 )     (253,639 )
    Guarantees provided to joint ventures     (58,314 )     (61,675 )
    Total capital liquidity(i)   $ 198,540     $ 275,275  

    (i)See “Non-GAAP Financial Measures”.

    Subsequent to the three months ended March 31, 2025, on April 25, 2025, we announced that we entered into an underwriting agreement to sell, pursuant to a private placement offering, $225 million aggregate principal amount of 7.75% Senior Unsecured Notes due May 1, 2030 (the “Notes”). The agreement closed on May 1, 2025. The Notes were issued at a price of $1,000 per $1,000 of Notes. The Notes will accrue interest at the rate of 7.75% per annum, payable in cash in equal payments semi-annually in arrears each November 1 and May 1, commencing on November 1, 2025. We intend to use the net proceeds of the Offering to repay indebtedness under our existing Credit Agreement, and for general corporate purposes.

    NACG’s outlook for 2025

    The following table provides projected key measures for 2025. These measures are predicated on contracts currently in place, including expected renewals, and the heavy equipment fleet that we own and operate.

    Key measures   2025
    Combined revenue(i)   $1.4 – $1.6B
    Adjusted EBITDA(i)   $415 – $445M
    Sustaining capital(i)   $180 – $200M
    Adjusted EPS(i)   $3.70 – $4.00
    Free cash flow(i)   $130 – $150M
         
    Capital allocation    
    Growth spending(i)   $65 – $75M
    Net debt leverage(i)   Targeting 1.7x

    (i)See “Non-GAAP Financial Measures”.

    Conference Call and Webcast

    Management will hold a conference call and webcast to discuss our financial results for the quarter ended March 31, 2025, tomorrow, Thursday, May 15, 2025, at 7:00 am Mountain Time (9:00 am Eastern Time).

    The call can be accessed by dialing:
          Toll free: 1-800-717-1738
          Conference ID: 42703

    A replay will be available through June 12, 2025, by dialing:
          Toll Free: 1-888-660-6264
          Conference ID: 42703
          Playback Passcode: 42703

    The Q1 2025 earnings presentation for the webcast will be available for download on the company’s website at www.nacg.ca/presentations/

    The live presentation and webcast can be accessed at:

    https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=5E415713-29A1-4D60-A023-BF0345BED32F

    A replay will be available until June 12, 2025, using the link provided.

    Basis of Presentation

    We have prepared our consolidated financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”). Unless otherwise specified, all dollar amounts discussed are in Canadian dollars. Please see the Management’s Discussion and Analysis (“MD&A”) for the quarter ended March 31, 2025, for further detail on the matters discussed in this release. In addition to the MD&A, please reference the dedicated Q1 2025 Results Presentation for more information on our results and projections which can be found on our website under Investors – Presentations.

    Change in significant accounting policy – Classification of multi-use tires

    Effective in the first quarter of 2025, we have changed our accounting policy for the classification of multi-life tires. These tires are now recognized as property, plant, and equipment on the Consolidated Balance Sheets and are amortized through depreciation on the Consolidated Statements of Operations and Comprehensive Income. Previously, multi-life tires were classified as inventories and expensed through cost of sales when placed into service. This change in accounting policy provides a more accurate reflection of the role of multi-life tires as components of the heavy equipment in which they are utilized, aligning the accounting treatment with the economic substance of their use.

    We have applied this change retrospectively in accordance with Accounting Standards Codification (“ASC”) 250, Accounting Changes and Error Corrections, by restating the comparative period. For further details regarding the retrospective adjustments, refer to Note 16 in the consolidated financial statements for the period ended March 31, 2025.

    Forward-Looking Information

    The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “anticipate”, “believe”, “expect”, “should” or similar expressions.

    The material factors or assumptions used to develop the above forward-looking statements include, and the risks and uncertainties to which such forward-looking statements are subject, are highlighted in the MD&A for the three months ended March 31, 2025. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. Undue reliance should not be placed upon forward-looking statements and NACG undertakes no obligation, other than those required by applicable law, to update or revise those statements. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.com.

    Non-GAAP Financial Measures

    This press release presents certain non-GAAP financial measures because management believes that they may be useful to investors in analyzing our business performance, leverage and liquidity. The non-GAAP financial measures we present include “adjusted EBIT”, “adjusted EBITDA”, “adjusted EBITDA margin”, “adjusted EPS”, “adjusted net earnings”, “capital additions”, “capital work in progress”, “cash liquidity”, “cash provided by operating activities prior to change in working capital”, “cash related interest expense”, “combined gross profit”, “combined gross profit margin”, “equity investment depreciation and amortization”, “equity investment EBIT”, “free cash flow”, “general and administrative expenses (excluding stock-based compensation)”, “gross profit margin”, “growth capital”, “margin”, “net debt”, “net debt leverage”, “sustaining capital”, “total capital liquidity”, “total combined revenue”, and “total debt”. A non-GAAP financial measure is defined by relevant regulatory authorities as a numerical measure of an issuer’s historical or future financial performance, financial position or cash flow that is not specified, defined or determined under the issuer’s GAAP and that is not presented in an issuer’s financial statements. These non-GAAP measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Each non-GAAP financial measure used in this press release is defined and reconciled to its most directly comparable GAAP measure in the “Non-GAAP Financial Measures” section of our Management’s Discussion and Analysis filed concurrently with this press release.

    Reconciliation of total reported revenue to total combined revenue

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Revenue from wholly-owned entities per financial statements   $ 340,833     $ 297,026  
    Share of revenue from investments in affiliates and joint ventures     136,237       125,838  
    Elimination of joint venture subcontract revenue     (85,566 )     (77,151 )
    Total combined revenue(i)   $ 391,504     $ 345,713  

    (i)See “Non-GAAP Financial Measures”.

    Reconciliation of reported gross profit to combined gross profit

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Gross profit from wholly-owned entities per financial statements   $ 37,891     $ 53,494  
    Share of gross profit from investments in affiliates and joint ventures     13,677       8,935  
    Combined gross profit(i)(ii)   $ 51,568     $ 62,429  

    (i)See “Non-GAAP Financial Measures”.
    (ii)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

    Reconciliation of net income to adjusted net earnings, adjusted EBIT and adjusted EBITDA

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Net income(i)   $ 6,163     $ 11,511  
    Adjustments:        
    Stock-based compensation (benefit) expense     (3,408 )     3,608  
    (Gain) loss on disposal of property, plant and equipment     (974 )     261  
    Change in fair value of contingent obligations from adjustments to estimates     (1,317 )     1,438  
    Loss on derivative financial instruments     6,912       —  
    Equity investment loss on derivative financial instruments     1,019       1,954  
    Equity investment restructuring costs     —       4,517  
    Depreciation expense relating to early component failures     4,274       —  
    Post-acquisition asset relocation and integration costs     1,640       —  
    Tax effect of the above items     208       (2,260 )
    Adjusted net earnings(i)(ii)     14,517       21,029  
    Adjustments:        
    Tax effect of the above items     (208 )     2,260  
    Interest expense, net     13,516       15,597  
    Equity investment EBIT(ii)     3,310       (3,768 )
    Equity (earnings) loss in affiliates and joint ventures     (3,283 )     1,512  
    Change in fair value of contingent obligations     4,347       3,955  
    Income tax expense     4,244       4,467  
    Adjusted EBIT(i)(ii)     36,443       45,052  
    Adjustments:        
    Depreciation(i)     60,714       47,862  
    Amortization of intangible assets     601       310  
    Depreciation expense relating to early component failures     (4,274 )     —  
    Equity investment depreciation and amortization(ii)     6,448       4,162  
    Adjusted EBITDA(i)(ii)   $ 99,932     $ 97,386  
    Adjusted EBITDA margin(i)(ii)(iii)     25.5 %     28.2 %

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.
    (ii)See “Non-GAAP Financial Measures”.
    (iii)Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.

    Reconciliation of equity earnings in affiliates and joint ventures to equity investment EBIT

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Equity (loss) earnings in affiliates and joint ventures   $ 3,283     $ (1,512 )
    Adjustments:        
    Loss (gain) on disposal of property, plant and equipment     2       (175 )
    Interest income     (29 )     (573 )
    Income tax expense (benefit)     54       (1,508 )
    Equity investment EBIT(i)   $ 3,310     $ (3,768 )

    (i)See “Non-GAAP Financial Measures”.

    About the Company

    North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

    For further information contact:

    Jason Veenstra, CPA, CA
    Chief Financial Officer
    North American Construction Group Ltd.
    (780) 960-7171
    IR@nacg.ca
    www.nacg.ca

    Interim Consolidated Balance Sheets

    (Expressed in thousands of Canadian Dollars)
    (Unaudited)

        March 31,
    2025    		   December 31,
    2024(i)
    Assets        
    Current assets        
    Cash   $ 78,241     $ 77,875  
    Accounts receivable     186,850       166,070  
    Contract assets     19,676       4,135  
    Inventories     74,242       69,027  
    Prepaid expenses and deposits     6,523       7,676  
    Assets held for sale     782       683  
          366,314       325,466  
    Property, plant and equipment, net of accumulated depreciation of $503,486 (December 31, 2024 – $500,303)     1,314,635       1,251,874  
    Operating lease right-of-use assets     11,539       12,722  
    Investments in affiliates and joint ventures     86,341       84,692  
    Intangible assets     10,072       9,901  
    Other assets     5,581       9,845  
    Total assets   $ 1,794,482     $ 1,694,500  
    Liabilities and shareholders’ equity        
    Current liabilities        
    Accounts payable   $ 138,700     $ 110,750  
    Accrued liabilities     59,454       78,010  
    Contract liabilities     6,734       1,944  
    Current portion of long-term debt     150,301       84,194  
    Current portion of contingent obligations     40,139       39,290  
    Current portion of operating lease liabilities     1,475       1,771  
          396,803       315,959  
    Long-term debt     663,622       719,399  
    Contingent obligations     91,107       88,576  
    Operating lease liabilities     10,612       11,441  
    Other long-term obligations     42,792       44,711  
    Deferred tax liabilities     127,615       125,378  
          1,332,551       1,305,464  
    Shareholders’ equity        
    Common shares (authorized – unlimited number of voting common shares; issued and outstanding – March 31, 2025 – 30,601,681 (December 31, 2024 – 27,704,450))     298,858       228,961  
    Treasury shares (March 31, 2025 – 1,004,074 (December 31, 2024 – 1,000,328))     (16,036 )     (15,913 )
    Additional paid-in capital     20,856       20,819  
    Retained earnings     158,877       156,271  
    Accumulated other comprehensive loss     (624 )     (1,102 )
    Shareholders’ equity     461,931       389,036  
    Total liabilities and shareholders’ equity   $ 1,794,482     $ 1,694,500  

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

    Interim Consolidated Statements of Operations and Comprehensive Income

    (Expressed in thousands of Canadian Dollars, except per share amounts)
    (Unaudited) 

        Three months ended
        March 31,
          2025     2024(i)  
    Revenue   $ 340,833     $ 297,026  
    Cost of sales     242,228       195,670  
    Depreciation     60,714       47,862  
    Gross profit     37,891       53,494  
    General and administrative expenses     7,682       14,443  
    Amortization of intangible assets     601       310  
    (Gain) loss on disposal of property, plant and equipment     (974 )     261  
    Operating income     30,582       38,480  
    Interest expense, net     13,516       15,597  
    Equity (earnings) loss in affiliates and joint ventures     (3,283 )     1,512  
    Loss on derivative financial instruments     6,912       —  
    Change in fair value of contingent obligations     3,030       5,393  
    Income before income taxes     10,407       15,978  
    Current income tax expense     1,777       4,296  
    Deferred income tax expense     2,467       171  
    Net income   $ 6,163     $ 11,511  
    Other comprehensive income        
    Unrealized foreign currency translation (gain) loss     (478 )     693  
    Comprehensive income   $ 6,641     $ 10,818  
    Per share information        
    Basic net income per share   $ 0.22     $ 0.43  
    Diluted net income per share   $ 0.21     $ 0.39  

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

    The MIL Network –

  • MIL-Evening Report: Can we confront cancel culture by finding common ground between moderate leftists and ‘wokists’?

    Source: The Conversation (Au and NZ) – By Hugh Breakey, Deputy Director, Institute for Ethics, Governance & Law, Griffith University

    A.C. Grayling’s new book Discriminations: Making Peace in the Culture Wars sees the renowned philosopher wading into the ethical minefields of “woke” activism, cancellation, and conservative backlash.

    Filled with thoughtful analysis, deep reflection, and fascinating historical detail, Discriminations argues the differences between leftist moderates and “woke activists” centrally concern means rather than ends.

    Review: Discriminations: Making Peace in the Culture Wars (Oneworld Publications)

    The book’s core contribution lies in Grayling’s searching examination of “othering”. This allows him to explain the core ethical concern about racism and sexism while simultaneously providing a principled basis to resist the more intolerant strategies that might be used in the struggle against such evils.

    Defining ‘woke’

    “Woke” and “wokist” now have pejorative implications and are terms used mainly by critics of progressive views. Grayling defines “wokism” in terms of the passionate advocacy of things like:

    • Critical Race Theory in history classes

    • Campaigning for same-sex marriage

    • Educating about diversity in sexuality

    • Supporting medical gender transition

    • Advocating changes in language use, such as with non-gendered pronouns

    • Encouraging Me Too avowals.

    A significant number of identity politics activists, he adds, “promote no-platforming and cancellation as weapons in the struggle”.

    This last point is critical in the way Grayling pictures the differences between moderate leftists like himself and “woke activists”. After all, the bulleted list above – apart perhaps from the reference to Critical Race Theory – includes many concerns broadly shared across the political left.


    Goodreads

    For Grayling, the differences between moderates and activists are mainly ones of strategies they employ to achieve their shared social justice goals.

    Through their justifiable anger at systemic injustice, he argues, some “woke activists” have been drawn into employing weapons like no-platforming and cancellation. These tactics can sometimes be morally mistaken, especially when driven by online mobs.

    Grayling worries that the use of these practices can “other” their targets, without any attempt at due process and constraints of proportionality.

    A contrasting view?

    Discriminations stands in stark contrast to another recent work on wokism: Yascha Mounk’s The Identity Trap. Like Grayling, Mounk is a moderate leftist. Like Grayling, he is critical of woke activism. But that is where their similarities end.

    For Mounk, wokism is not a continuation of traditional leftist civil rights struggles but a sharp deviation from them. On this view, wokism (which Mounk calls “the identity synthesis”) differs from liberal progressivism not merely in means but fundamentally in ends.

    Mounk sees wokism as committed to three foundational claims: the world must be understood through the prism of identities like sex, race and gender; supposedly universal rules merely serve to obscure how privileged groups dominate marginalised groups; and a just society requires norms and laws that explicitly treat (and require citizens to treat) different identity groups differently.

    None of these are claims about means; they concern fundamental values and goals. For Mounk, woke intolerance – in the form of cancellation and no-platforming – is a feature, not a bug. In contrast, Grayling sees online cancellations (when they go wrong) as a betrayal of the traditional leftist values he shares with the woke activists.

    Cancelling

    Grayling understands cancelling as efforts to “deprive opponents not only of a platform to state their views, but to deprive the persons and groups themselves of a presence.” This can include social ostracism and getting people fired.

    Discriminations contains no detailed discussions of contemporary cases of cancellation and their impacts. This is deliberate. Grayling worries that discussing current cases might invite an automatic identification with the cancelled target. Alternatively, it might counter-productively draw attention to victims who have already been excessively targeted.

    Granting these points, the absence of any case studies carries costs. For one thing, it’s never shown in the book that these objectionable practices are widespread enough to warrant a movement against them.

    Equally, there is no appeal to the reader’s sympathies by examining cases of cancellation through social media pile-ons and the human costs involved. Unless the reader already believes these practices to be widespread and harmful, they are unlikely to see what all the fuss is about.

    Without examination of actual cases, it also can be hard to know exactly what Grayling is recommending. Grayling believes cancelling is often justified. However, he wants to make clear the serious problems it creates in the cases where it is not justified.

    The problem is that different readers, interpreting some of his terms differently, might be led to see an act of cancellation as justified accountability where another reader would see objectionable mob justice.

    ‘Othering’

    Grayling defines “othering” as

    the practice of treating individuals and groups, typically on the basis of stereotyping and prejudice, as a ground for discriminating against them; and discrimination involves exclusion.

    Othering occurs any time one group of people decides they are different to another group (which they see as the “other”), thus treating that group in a morally different and worse way.

    Racism and sexism are examples of othering and “exclusion”. Grayling argues the goal of social justice is necessarily opposed to all such othering, especially if the exclusion is done without proportionality and safeguards, like due process. (Grayling allows that criminal punishment can be a type of justified othering.)

    Crucially, Grayling argues that acts of cancellation and no-platforming are instances of othering. These practices explicitly involve attempted punishment, shaming and ostracism and often occur without due process.

    Suppose you are a progressive activist concerned about the injustices of systemic racism and sexism. You might have strategic reasons that constrain the methods you use in fighting those injustices. However, your concerns with racism and sexism will generally not themselves restrain the methods you use.

    But suppose now you accept Grayling’s argument that the root social justice concern is not with racism or sexism specifically, but rather with the more fundamental injustices of othering and exclusion. Because cancelling and no-platforming are themselves instances of such things, you now have a deeply held reason not to cancel others (except perhaps in the most compelling cases). You do not want to become the very thing you are fighting against.

    Should we accept Grayling’s argument? There are some worries his notions of othering and exclusion are over-broad, given they capture commonplace practices like national borders and criminal justice punishments.

    Overall though, Grayling shows through his historical discussions that political othering for ideological or doctrinal reasons has caused enormous injustices and even horrifying slaughters.

    It turns out that political and ideological intolerance – Grayling recounts religious massacres and China’s Cultural Revolution – has a history every bit as awful as racially motivated massacres like the Holocaust. As he sombrely concludes: “tragedy attends entrenched positions that make mutual comprehension impossible”.

    Grayling stresses it is right to feel anger at the world’s injustices. But a wariness of being drawn into othering should incline us towards what he terms “Aristotle’s Principle”: to be “angry with the right person, in the right degree, at the right time, for the right purpose”.

    Rights versus interests

    Grayling adopts a human-rights-based approach as his moral compass, seeing it as a system that can transcend different cultures and parochial outlooks. He endorses the provisions of the Universal Declaration of Human Rights – importantly including the right to free speech.

    Cancelling can impinge on people’s free speech rights. As well as being wrong in itself, Grayling emphasises it’s also a strategic mistake. Activism itself requires free speech and it is unwise to “gift the high moral ground on free speech” to one’s political opponents. (That said, the political right in the United States is currently showing itself to be no friend of free speech either.)

    Grayling distinguishes rights and interests. He argues, “no exercise of any right can deny the fundamental rights of others.” Too often, he insists, figures on both sides of politics interpret their opponents as violating their rights when the opponents are just impacting on their interests.

    Grayling is surely correct that all sides of politics could benefit from seriously thinking through the differences between rights and interests. Setting back someone’s interests is not the same as violating their rights. Interests are inevitably in conflict and always require negotiation and compromise.

    Still, there remains something of an elephant in the room. What if an opponent’s words or actions don’t violate anyone’s rights, but nevertheless plausibly contribute to a world where such violations are more likely?

    Arguably, the problem of political intolerance isn’t driven by a conflation of rights with interests, but instead the ease with which any attack on a group’s interests can be represented as an indirect attack on their rights.

    Does Grayling get ‘woke’ right?

    It is a hard task to define an amorphous, contested and evolving concept like “wokism”. Grayling’s definition seems to map reasonably onto the original idea of being “woke to” (that is, newly aware of) structural racism and other inequities.

    John McWhorter.
    Columbia University

    But as Grayling himself observes, “woke” is now more commonly used as a pejorative term. The linguist John McWhorter argues the term has evolved from describing those with a leftist political awareness to referring to “those who believe anyone who lacks that enlightenment should be punished, shunned or ridiculed.”

    This is very different from Grayling’s understanding of the term. Most of the attributes Grayling ascribes to “the woke” are standard leftist positions. Worryingly, this sometimes seems to prevent him from engaging seriously with what many of the “woke” actually say and believe.

    For example, Grayling reflects on those who say that wokist social justice has been strongly influenced by postmodernism. Postmodernism includes the denial of things like “objective truth” and “factual knowledge” on the basis that these are constructs of power and discourse.

    But Grayling finds this confusing. After all, postmodernism seems to undercut the objective values of equality and social justice. He concludes:

    What this suggests is that those who begin with the postmodern analysis of objectivity and knowledge are not actually saying that there are no such things, but that how they have been constituted in the past should be replaced by new and better conceptions of them.

    This is simply not what the postmodernists are saying. The worry here is that Grayling takes it upon himself to stipulate what another school of thought is “actually” saying, rather than listening carefully to their ideas and arguments, and being open to the possibility that these may differ profoundly from his own.

    Given the book aims to persuade the woke activists he thinks are going too far in cancelling others, the possibility Grayling is misreading their actual position is a concerning one.

    Throughout, he appeals to the importance of democracy, free speech, human rights, the rule of law and due process, and the Enlightenment. He argues from what he sees as empirical evidence and “common knowledge”. But all these notions are wide open for criticism (from the woke perspective) that they are inventions of racist, patriarchal, and colonialist systems of oppression.

    As such, Grayling’s arguments may fall flat for the very group he is trying to persuade because he does not take their beliefs seriously enough to engage directly and critically with them.

    So who is right? Is Grayling correct that woke activists are just like him, except they have been led by their shared passions for social justice to indulge in often counter-productive and mistaken strategies of cancellation? Or is Yascha Mounk correct? Is wokism a profound departure from traditional leftist social justice goals?

    Perhaps time will tell.

    Hugh Breakey 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. Can we confront cancel culture by finding common ground between moderate leftists and ‘wokists’? – https://theconversation.com/can-we-confront-cancel-culture-by-finding-common-ground-between-moderate-leftists-and-wokists-254571

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Ranking Member Lauren Underwood Remarks at Immigration and Customs Enforcement Oversight Hearing

    Source: United States House of Representatives – Congresswoman Lauren Underwood (IL-14)

    WASHINGTON, D.C. – This morning, Representative Lauren Underwood, Ranking Member of the Homeland Security Subcommittee on Appropriations delivered the following the remarks at the subcommittee’s oversight hearing on the U.S. Immigration and Customs Enforcement Agency (ICE):

    “Thank you, Chairman Amodei, and I would like to welcome our witness Todd Lyons, the Acting Director for U.S. Immigration and Customs Enforcement (ICE).

    As the Federal agency charged with the enforcement of violations of customs and immigration laws, the scope of ICE’s investigatory and operational work is broad. ICE has an incredibly important role in preserving public safety and national security by combatting cartels and other transnational criminal organizations, investigating illicit drug trafficking, including deadly fentanyl, human trafficking and smuggling networks, and going after violations of trade and intellectual property laws that seek to undermine our economic security.

    However, since January 20 we have seen a shift in priorities by this Administration away from data-driven, security-focused approaches and toward impossible politically-driven goals, like a million removals in a year. Leadership at DHS, and ICE in particular, are operating with disrespect and disregard for the foundational constitutional principles that govern our country.

    As we endeavor to secure the homeland, we must continue to protect and defend the Constitution of the United States. As I told the Secretary last week: that is not a secondary mission.

    But under the Trump Administration, ICE’s work appears to be dominated by egregious mistakes, misuse of taxpayer funds, and flagrant violations of constitutional rights like due process.

    Let’s take last month in Oklahoma, where ICE sent 20 armed agents, with their rifles drawn, to storm the home of a mom who was home alone with her young daughters in the middle of the night.

    These American citizens who did nothing wrong were forced to wait outside their home in the rain during a midnight investigation that had nothing to do with them.

    Agents reportedly confiscated not just their phones and laptops but also their cash savings – again, these are U.S. citizens who, based on publicly available information, were never implicated in any of the crimes being investigated. It’s not even clear whether the family’s devices and savings were ever returned to them.

    Your department has issued no apology, taken no accountability, just doubled down.

    How can Americans trust an organization that operates like this – that treats them like this – with their national security?

    ICE is the second-largest law enforcement component within DHS, America’s largest federal law enforcement agency. You are charged with upholding our laws – which start with the Constitution and Bill of Rights, representing our values as Americans, and using taxpayer dollars responsibly.

    And the standard we expect from our federal law enforcement is excellence. The American people deserve nothing less.

    But instead of prioritizing the actual greatest threats facing America – because we all know the data shows encounters at the southern border started declining in March 2024 and keep hitting new lows – this Administration is cashing checks it does not have to reach questionable goals it cannot meet.

    You’re removing people so hastily and with so little care that you’re defying court orders.

    Your department is wasting millions flying the Secretary around the country for publicity stunts so she can post photos on social media from operations that are still ongoing, putting actual agents at risk.

    Let me be clear – you are roughly two months away from running out of funding and a violation of the Antidefiency Act. As I said to Secretary Noem, the reliance on funding from a reconciliation bill that has not passed Congress is an incredibly risky strategy that sets you up for failure.

    Lastly, let me remind you of Article I of the Constitution, which gives Congress, and only Congress, the power of the purse. Increases to ICE at the expense of other national security programs and initiatives that members on both sides of the aisle voted for undermine our core work and Congressional intent. And if this committee provides funding for your agency, we have every right to oversee how those taxpayer dollars are spent.

    Last week, ICE blocked members of Congress from conducting an unannounced inspection at the Delaney Hall facility in New Jersey. That too appears to be in violation of federal law, which clearly states we have the right to enter ICE facilities even if we show up unannounced.

    Mr. Lyons, you cannot accept federal funding and then shut the door on oversight from the people’s elected representatives. 

    ICE is already burning the money Congress appropriated – and frankly, right now ICE has much more work to do to justify being entrusted with even more taxpayer dollars.

    I am deeply concerned about the administration of funds by this department, but ICE in particular, and I am glad we have the opportunity to discuss this further with you today.

    Thank you, Mr. Chairman. I yield back.”

     

    ### 

    MIL OSI USA News –

  • MIL-OSI USA: RELEASE: Senator Mullin Secures Commitment on Critical Infrastructure Improvements to the Port of Catoosa

    US Senate News:

    Source: United States Senator MarkWayne Mullin (R-Oklahoma)

    RELEASE: Senator Mullin Secures Commitment on Critical Infrastructure Improvements to the Port of Catoosa

    Washington, D.C. – On Tuesday, U.S. Senator Markwayne Mullin (R-OK), a member of the Senate Armed Services Committee, participated in the hearing, “To consider the nominations of: Mr. Richard L. Anderson to be Assistant Secretary of the Air Force for Manpower and Reserve Affairs; Mr. Adam R. Telle to be Assistant Secretary of the Army for Civil Works; and Dr. Matthew C. Napoli to be Deputy Administrator for Defense Nuclear Nonproliferation National Nuclear Security Administration.” 
    In his remarks, Senator Mullin detailed the importance of the Port of Catoosa and the critical infrastructure updates that are desperately needed. Mr. Telle, Assistant Secretary of the Army for Civil Works nominee, committed to addressing the issue.

    The full committee hearing can be found here. 
    The exchange between Senator Mullin and Mr. Adam Telle, nominee to be Assistant Secretary of the Army for Civil Works, is below.  
    Sen. Mullin: “Mr. Telle, I want to talk to you about the Port of Catoosa. It’s a 445-mile channel that runs from essentially the Mississippi all the way up to the Port of Catoosa, which is the largest inland water port west of the Mississippi and on the Gulf of America. It also provides roughly 50% of all agricultural products that flow in and out of the Midwest, and it goes up to the Port of Catoosa, which is just outside of Tulsa. And from there, it gets on rails and trucks and gets trucked the rest of the way up. It was opened in 1971 and since roughly the 90s, we have talked about increasing the depth, because the amount of traffic that’s on it. Right now, it’s dredged at nine feet in depth, and it also has a critical backlog, which means that any of the levees could shut down at any given time, of increasing almost a billion dollars critical backlog needs.” 
    “The Port of Catoosa, for some reason continues to be treated like, this is not politically correct but whatever the red headed stepchild is, and other projects in Ohio or the Mississippi or other areas of waterways seem to get the most attention. However, the Midwest feeds the United States and many parts around the world, yet we’re in a critical situation here where we need to increase the depth of the channel from 9 feet to 12 feet. The study has been going on literally since the 90s. An additional study started again in 2005 and expired in roughly 2014. We could see a 40% increase in cargo influx into the port and out of the port for every foot we increase it. 40% increase cargo. Which would be drastically an improvement to what we deal with today. Not to mention the timing, the cost to get Ag products in and out of the Midwest, because as we hit the Mississippi, we actually change out of one barge to another barge that actually is obviously deeper and bigger for us to be able to navigate through the channel with.” 
    “My concern is that since the Corp has continued to overlook this, I’m looking for a commitment for you that you will actually take a hard look at this and understand that literally, the heartbeat of America, which is our Ag products, is in dire straits of being able to get products in and out. And if this navigation channel goes down, the cost is going to bring to all Americans’ tables, because it will increase in cargo. So, would you commit to helping us with this channel?”  
    Mr. Telle: “Senator Mullin, absolutely, I will. This is emblematic, the situation you described, in providing access for Oklahoma’s farmers and ranchers to the rest of the world through our waterways is emblematic of the Corp’s mission, which was originally to use our waterways for the benefit of the American public.” 
    “Your state’s so critical in getting the products from your state the world. And the opposite of that, getting the world’s products to you is critically important. I understand that this issue has been going on for a long time, affects the state of Arkansas as well. And certainly, as vessel traffic changes, the types of traffic change based on commercial patterns across the globe, we need to make sure that our infrastructure is up to date to meet it. And I look forward to doing everything we can to take a very hard look at this critical asset and make sure that we modernize it to the degree that we can.” 
    “And I would also, as you describe when we were in your office, the critical role that it plays in flood protection in that area as well. And you know, dredge material often can have a beneficial use in terms of building flood control infrastructure, levees and otherwise. So, I look forward to working with you on that and I commit to do my very best.”  
    Sen. Mullin: “Thank you. And I look forward to hosting you when we can get you there.”  

    MIL OSI USA News –

  • MIL-OSI USA: At Spotlight Forum, Warren Slams Trump, McMahon’s Attacks on Public Education, Invites Americans to Share Stories for Meeting with McMahon

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    May 14, 2025

    Warren: “At a time when college costs are already too high—when the American Dream is out of reach for too many—President Trump and Congressional Republicans are making it harder for working-class families to get ahead.”

    Forum Livestream

    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs (BHUA), delivered opening remarks at a spotlight forum entitled “Stealing the American Dream: How Trump and Republicans Are Raising Education Costs for Families.” 

    Senator Warren, in her opening statement, slammed President Trump and Education Secretary Linda McMahon’s reckless actions to dismantle the Department of Education, which will make it harder and more expensive for working- and middle-class kids to receive an education. She also highlighted how Trump’s “big, beautiful bill” will slash $351 billion in education funding, harming students and borrowers to pay for tax cuts for millionaires, billionaires, and wealthy corporations.

    Senator Warren invited Education Secretary Linda McMahon to testify at today’s hearing to defend the Trump administration’s actions to dismantle public education, including her decision to take Social Security benefits away from seniors with defaulted student loan debt. Secretary McMahon declined Senator Warren’s invitation and asked to meet with Senator Warren instead. Senator Warren closed by asking Americans to share their stories and questions for her to bring to her meeting with Secretary McMahon.

    Opening Statement
    Senate Banking, Housing, and Urban Affairs Committee Spotlight Forum: Stealing the American Dream: How Trump and Republicans Are Raising Education Costs for Families.
    May 14, 2025
    As Prepared for Delivery

    Senator Elizabeth Warren: Last month, in the face of an unprecedented attack on public education led by co-Presidents Donald Trump and Elon Musk, I launched the Save Our Schools campaign.

    Trump, Musk, and Education Secretary Linda McMahon are determined to make it harder and more expensive for working- and middle-class kids to get an education. Republicans in Congress are piling on as well. 

    So let me be clear: I will fight for public education and for all the kids, parents, teachers, grandparents and more who want better lives for themselves and the people they love. 

    That’s why I’m holding today’s forum called “Stealing the American Dream: How Trump and Republicans Are Raising Education Costs for Families.”

    At a time when college costs are already too high—when the American Dream is out of reach for too many—President Trump and Congressional Republicans are making it harder for working-class families to get ahead.

    First, they want to eliminate the Department of Education. That’s the agency that gives millions of students a chance to go to college when their families can’t just write a check for the sticker price. It’s also the agency charged with protecting students and borrowers from bad actors like shady student loan servicers and predatory for-profit colleges.

    To be clear, the money we invest in post-high school education isn’t charity. This is an investment in our people so they can get good jobs, start businesses, and help grow our economy.

    But Donald Trump has already fired half of the federal workers who help make these investments. He’s also signed an executive order to try to get rid of the Education Department altogether. And to top it off, he’s trying to dismantle the Consumer Financial Protection Bureau, taking another cop off the beat for student loan borrowers.

    And if you thought we could count on Republicans in Congress to stop this madness, think again. Nope. They are making things worse—much worse. 

    Last month, House Republicans advanced a bill to make higher education even more expensive for American families. Why? So they can pay for tax cuts for millionaires and billionaires. 

    Their bill would increase monthly student loan payments. 

    It would trap borrowers with student loan debt for even longer. 

    It would make it harder to get Pell Grants.

    It would end rules that protect students from bad schools and greedy for-profit colleges that rip them off.

    Who benefits from putting all these costs on people whose only sin is to try to get an education? Only President Trump’s billionaire and millionaire friends. They want to cut these education investments and use the money to stuff their pockets with tax giveaways. 

    Adding insult to injury? Now, they’re going after people’s Social Security checks too. We’ve already seen the Trump Administration work to gut Social Security, which Elon Musk calls a Ponzi scheme. President Trump has let DOGE run rampant at the Social Security Administration, laying off employees and closing field offices.

    Last month, the Trump Administration announced the next phase in their plans. They are getting ready to hold back Social Security checks from student loan borrowers that are in default on decades-old student loans. Almost half a million seniors could lose their Social Security benefits.

    So, I want to thank our witnesses for joining us today and helping to educate us on how these Trump policies would hurt American families.

    And I want to point out who is not here: the Secretary of Education, Linda McMahon. I invited her to join today because she has a lot to answer for. The questions are pretty straightforward:

    Why is the Secretary of Education jacking up costs for middle-class kids trying to go to college?

    Why is the Secretary of Education firing the staff who protect students from scammers?

    Why is the Secretary of Education taking away Social Security benefits from tens of thousands of seniors with student debt?

    Secretary McMahon refused to answer those questions in front of the American people. Instead, she asked for a meeting. I’m happy to sit down with her. But if Secretary McMahon won’t face parents, teachers, and students who have been hurt by her reckless actions, I’m bringing their stories straight to her. So, today I’m asking everyone to share their stories. Please send them to our Save Our Schools campaign, because there is power in sharing our stories and there is power in fighting back. That is why we are here today.

    MIL OSI USA News –

  • MIL-OSI: MATTR Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 14, 2025 (GLOBE NEWSWIRE) — Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR) reported today its operational and financial results for the three months ended March 31, 2025. This press release should be read in conjunction with the Company’s Management Discussion and Analysis (“MD&A”) and interim consolidated financial statements for the three months ended March 31, 2025, which are available on the Company’s website and at www.sedarplus.com.

    Highlights include1:

    • On January 2, 2025, the Company completed its acquisition of AmerCable® Incorporated (“AmerCable”), a U.S. manufacturer of highly engineered wire and cable solutions for the net purchase price of US$283 million, equivalent to approximately CAD $407 million based on the USD-CAD exchange rate as of December 31, 2024 which includes the contractual purchase price, initial working capital adjustments, and US$19.3 million of cash in the business. This transaction is still subject to final net working capital adjustments. AmerCable is now reported under the Company’s Connection Technologies segment;
    • On a consolidated basis (including Continuing Operations and Discontinued Operations), Mattr reported revenue of $343 million, net income of $53 million, Adjusted EBITDA2 of $54 million, diluted Earnings Per Share (“EPS”) of 0.84 and diluted Adjusted EPS2 of $0.34. Results are inclusive of Modernization, Expansion and Optimization (“MEO”)2 costs of $2.7 million incurred during the quarter;
    • During the first quarter of 2025, Mattr’s Continuing Operations (including AmerCable) delivered revenue of $320 million, operating income of $18 million and Adjusted EBITDA of $47 million, an 80% increase compared to the first quarter of 2024;
    • The Connection Technologies segment’s first quarter revenue increased by 106% to $187 million compared to $91 million in the prior year’s quarter. Operating income increased by 24% to $18 million compared to $15 million in the prior year’s quarter and Adjusted EBITDA from the segment was $30 million, a 73% increase compared to the first quarter of 2024;
    • The Composite Technologies segment’s first quarter revenue increased by 11% to $133 million compared to $119 million in the prior year’s quarter. Operating income increased by 219% to $13 million compared to $4 million in the prior year’s quarter and Adjusted EBITDA from the segment was $21 million, a 40% increase compared to the first quarter of 2024;
    • During the first quarter of 2025, Discontinued Operations generated revenue of $23 million, operating income of $7 million and Adjusted EBITDA of $7 million; and
    • During the first quarter of 2025, the Company committed $11.6 million to new capital expenditures while outlaying approximately $24.1 million in cash, including previously accrued amounts, to support long-term growth in its Composite Technologies and Connection Technologies segments. The Company also repurchased approximately 1.0 million of its common shares for a total repurchase price of $11 million under its normal course issuer bid (“NCIB”). Subsequent to the quarter and as of April 30, 2025, the Company has repurchased 313,800 shares for an aggregate repurchase price of approximately $3.0 million.

    ______________________________
    1. The Company’s consolidated financial statements for the three months ended March 31, 2025, report Continuing Operations as the Company’s Composite Technologies and Connection Technologies reporting segments and Financial and Corporate. Discontinued Operations include Company’s Thermotite business, its final remaining pipe coating business. Total consolidated figures include figures from both Continuing Operations and Discontinued Operations
    2. Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted EPS are non-GAAP measures. MEO costs is a supplementary financial measure. Non-GAAP measures and supplementary financial measures do not have standardized meanings prescribed by GAAP and are not necessarily comparable to similar measures provided by other companies. See “Section 5.0 – Reconciliation of Non-GAAP Measures” for further details and a reconciliation of these non-GAAP measures.

    “The first quarter of 2025 saw Mattr leverage its unique product portfolio to deliver strong business performance despite geopolitically driven uncertainty across many end markets,” said Mike Reeves, Mattr’s President & CEO. “With customer adoption of recently released technologies accelerating, robust performance from AmerCable in its first quarter as a Mattr brand, and newly established manufacturing facilities operating at improved levels of efficiency, Q1 saw meaningful year-over-year expansion of both revenue and Adjusted EBITDA generation within both operating segments.”

    “Mattr benefitted modestly during the first quarter from acceleration of purchasing decisions by some customers ahead of early April US tariff announcements.  While Mattr’s own USMCA compliant products were not directly impacted by these announcements, the uncertain outlook for global trade and macro-economic conditions has undoubtedly impacted customer confidence across much of the critical infrastructure landscape. Consequently, the Company currently expects demand for its products during the second quarter of 2025, and likely beyond, will be unfavorably impacted.  While the full year business impact remains unclear, we currently anticipate the second quarter of 2025 will see Mattr’s revenue and Adjusted EBITDA move lower sequentially.”

    Mr. Reeves continued, “While the Company cannot control the business environment within which it operates, in recent history the talented teams across our organization have proven nimble, resilient and cost-conscious in the face of challenging conditions.  As demonstrated by our first quarter performance, Mattr’s technology driven products, differentiated positioning in key markets, strong customer value proposition and rebalanced, modernized manufacturing footprint create the opportunity for market outperformance, regardless of prevailing conditions.”

    Mr. Reeves concluded, “Our hard-earned balance sheet strength enables Mattr to navigate market uncertainties with confidence, remaining committed to technology development, to enhancing cost and operational efficiency across the organization, to extracting commercial synergies from our newly expanded wire and cable portfolio and to creating long-term value for our shareholders, including via additional accretive acquisitions and the continued repurchase of shares under our NCIB.”

    Selected Financial Highlights    
           
        Three Months Ended
        March 31,
        2025   2024    
      (in thousands of Canadian dollars, except per share amounts and percentages) $ % $   %
      Revenue 320,120   210,039    
      Gross Profit 83,618 26% 59,768   28%
      Operating Income from Continuing Operations (a) 18,441 6% 4,029   2%
      Net Income (Loss) from Continuing Operations 48,069   (2,145 )  
      Net Income (Loss) from Discontinued Operations 4,657   (3,494 )  
      Net Income (Loss) for the period 52,726   (5,639 )  
      Earnings per share:          
      Basic 0.84   (0.09 )  
      Diluted 0.84   (0.09 )  
      Adjusted EBITDA from Continuing Operations (b) 46,554 15% 25,827   12%
      Adjusted EBITDA from Discontinued Operations (b) 7,477 32% 4,242   29%
      Total Consolidated Adjusted EBITDA from Operations (b) 54,031 16% 30,069   13%
      Total Consolidated Adjusted EPS from Operations (b)          
      Basic 0.34   0.16    
      Diluted 0.34   0.16    
    (a) Operating income for the three months ended March 31, 2025, includes no restructuring costs and other net, while operating loss for the three months ended March 31, 2024, includes $3.2 million restructuring costs and other net.
    (b) Adjusted EBITDA, adjusted EBITDA margins and Adjusted EPS are non-GAAP measures. Non-GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See “Section 5.0 – Reconciliation of Non-GAAP Measures” for further details and a reconciliation of these non-GAAP measures.
       

    1.0 FIRST QUARTER HIGHLIGHTS

    On January 2, 2025, the Company, through its subsidiary, successfully completed the acquisition of AmerCable, a U.S.-based manufacturer of highly engineered wire and cable solutions, from Nexans USA Inc. AmerCable has been incorporated into Mattr’s Connection Technologies segment, which is now the largest segment in its portfolio. The Company paid US$283 million, equivalent to approximately CAD $407 million based on the USD-CAD exchange rate as of December 31, 2024 which includes the contractual purchase price, initial working capital adjustments, and US$19.3 million of cash in the business. The final working capital adjustment is anticipated to be completed during the second half of the year.

    During the first quarter of 2025, the Company delivered $320.1 million in revenue from Continuing Operations, a $110.1 million or a 52.4% increase from the same quarter of 2024. The Company’s operating income from Continuing Operations in the first quarter of 2025 was $18.4 million, an increase of $14.4 million, or 357.7%, compared to the first quarter of 2024. Adjusted EBITDA from Continuing Operations was $46.6 million during the first quarter of 2025, an increase of $20.7 million, or 80.3%, compared to the first quarter of 2024. These favorable movements as compared to the prior year period were driven by the addition of AmerCable and strong performance across most business lines, despite the economic uncertainties arising from tariff announcements.

    The first quarter of 2025 results include $9.5 million in costs associated with the acquisition of AmerCable including the impact of $4.2 million of costs related to the non-cash inventory fair value adjustment, which was part of AmerCable purchase price allocation accounting. The Company’s financial results in the first quarter of 2025 also include the impact of $2.7 million in MEO costs related to the Company’s ongoing MEO strategy and is similar to the $2.7 million of MEO costs recorded in the first quarter of 2024. Additionally, the Company recorded a recovery of $2.2 million in share-based incentive compensation against operating income from Continuing Operations during the first quarter of 2025 driven by the change in the Company’s share price. Comparatively, operating income from Continuing Operations in the prior year’s first quarter included an expense of $7.6 million in share-based incentive compensation.

    As at March 31, 2025, the Company had cash and cash equivalents totaling $52.7 million, a decrease from $502.5 million as at December 31, 2024 which included restricted cash. The decrease in cash compared to the year-end 2024 was largely attributable to closing and funding the AmerCable acquisition during the quarter.

    Selected Segment Financial Highlights        
             
        Three Months Ended
        March 31,
        2025       2024    
      (in thousands of Canadian dollars) $     % $   %
      Revenue              
      Connection Technologies 187,346       90,757    
      Composite Technologies 132,774       119,282    
      Revenue from Continuing Operations 320,120       210,039    
      Revenue from Discontinued Operations 23,301       14,422    
      Operating Income (Loss)              
      Connection Technologies 18,041     10% 14,543   16%
      Composite Technologies 12,807     10% 4,017   3%
      Financial and Corporate (12,407 )     (14,531 )  
      Operating Income from Continuing Operations 18,441       4,029    
      Operating Income from Discontinued Operations 7,493       3,696    
      Adjusted EBITDA (a)              
      Connection Technologies 30,461     16% 17,617   19%
      Composite Technologies 21,038     16% 15,008   13%
      Financial and Corporate (4,945 )     (6,798 )  
      Adjusted EBITDA from Continuing Operations (a) 46,554     15% 25,827   12%
      Adjusted EBITDA from Discontinued Operations (a) 7,477     32% 4,242   29%
    a) Adjusted EBITDA is non-GAAP measures. Non-GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See “Section 5.0 – Reconciliation of Non-GAAP Measures” for further details and a reconciliation of these non-GAAP measures.
       

    The Connection Technologies segment now includes the Company’s Shawflex, AmerCable and DSG-Canusa business lines, and delivered revenue of $187.3 million in the first quarter of 2025, a new first quarter record and an increase of $96.6 million when compared to the first quarter of 2024. Its operating income in the first quarter of 2025 was $18.0 million compared to $14.5 million in the first quarter of 2024. The segment delivered Adjusted EBITDA of $30.5 million during the first quarter of 2025, a $12.8 million increase versus the prior year quarter. This was the first quarter the Company’s business included AmerCable’s financial results, which significantly contributed to the increased financial performance in the Connection Technologies segment as compared to the first quarter of 2024. The AmerCable business line contributed strong performance across its end markets in the first quarter of 2025, particularly the mining sector. The Connection Technologies segment results include a $4.2 million impact from non-cash inventory fair value adjustment as part of AmerCable purchase price allocation accounting, which is added back for Adjusted EBITDA purposes. The segment successfully completed all expected first-quarter AmerCable business onboarding activities.

    Consolidated revenue generation in the segment’s wire and cable businesses (Shawflex and AmerCable) was strongly favorable compared to the prior year, driven primarily by increases in the mining, energy and industrial sectors, partially offset by weaker sales into infrastructure applications, driven by customer project timing.

    DSG-Canusa revenue increased marginally compared to the prior year period, primarily driven by higher sales into automotive end markets in North America as the Company gained market share despite a backdrop of reduced global automotive production during the quarter.

    Year-over-year increases in segment operating income and Adjusted EBITDA were primarily driven by the addition of AmerCable, partially offset by $2.7 million of non-capitalizable MEO costs associated with the bifurcation and relocation of its North American footprint. This compares to $0.4 million of MEO cost recognized in the prior year period.

    The Composite Technologies segment contains the Company’s Flexpipe® and Xerxes® business lines and delivered revenue of $132.8 million in the first quarter of 2025, an increase of $13.5 million, or 11.3%, compared to the first quarter of 2024. Operating income for the segment in the first quarter of 2025 was $12.8 million, an $8.8 million increase from the $4.0 million reported in the first quarter of 2024.

    North American Flexpipe revenue increased compared to the same period in the prior year, despite significantly reduced North American completion activity, as the Company continued to secure new customers and further penetrate the large diameter product market. The business also benefitted from some customers accelerating purchases ahead of potential tariff announcements. International revenue was lower year-over-year, primarily due to the timing of orders and deliveries, with the prior-year period benefiting from a significant shipment to the Middle East.

    Within Xerxes, first-quarter revenue exceeded the prior-year period, primarily driven by increased sales of Fiberglass Reinforced Plastic (FRP) tanks for retail fuel applications and Hydrochain products for storm water management applications.

    Adjusted EBITDA for the Composite Technologies segment in the first quarter of 2025 was $21.0 million, an increase of $6.0 million from the $15.0 million reported in the first quarter of 2024. This increase was primarily driven by higher gross profit resulting from increased revenue. This was partially offset by a slight decline in gross margin, reflecting a change in product mix and increased freight expenses associated with pre-emptive relocation of inventory into the U.S. to mitigate potential tariff impacts. The segment did not incur any non-capitalizable MEO costs in the first quarter of 2025, as the new production facilities for Flexpipe and Xerxes were fully set up and operational, compared to $2.3 million of MEO costs incurred during the first quarter of 2024 for the setup of these production sites.

    Discontinued Operations generated revenue of $23.3 million and $7.5 million of Adjusted EBITDA during the first quarter of 2025 compared to $14.4 million in revenue and $4.2 million of Adjusted EBITDA during the first quarter of 2024.

    2.0 OUTLOOK

    The Company acknowledges that extreme uncertainty exists regarding the magnitude and duration of tariffs impacting the movement of goods between the US and other countries, and the business and economic consequences arising from such tariffs. The Company currently manufactures products in the US and/or Canada that are sold cross-border in all of its business units and imports raw materials and component parts for the production of its products. The Company also sources raw materials from other countries that are currently subject to or may in the future become subject to tariffs by the United States government. The Company continues to diversify its supply chain and has secured sources based in several different countries for a majority of its raw material needs. The Company remains vigilant and prepared to take additional mitigation actions as needed, including raising the selling prices of its products where necessary and permitted under its contractual arrangements. The related economic uncertainty may also cause customers to pause or cancel investment decisions, which could impact overall near-term demand for the Company’s products in certain end markets. The outlook below includes the Company’s current visibility of the potential impact of tariffs. Despite near and medium term geopolitical and macroeconomic challenges, the Company remains positive on the long-term outlook and macro drivers for its products.

    • The Company has largely completed its disposition of non-core assets and the modernization, expansion and optimization of its North American production network, with the remaining sale of its Brazilian pipe coating business expected to close around mid 2025 and the relocation of its Shawflex manufacturing site expected to be completed at the end of the second quarter of 2025.  MEO costs are expected to be $5 to $7 million in the second quarter and will mark the completion of the MEO expense recognition program by the Company. Consequently, over the course of 2025, Mattr is expected to return to more normalized operations, with a primary focus on delivering value from its restructured operational footprint while also ensuring full integration and optimization of AmerCable following its acquisition.
    • The Company currently anticipates revenue and Adjusted EBITDA from Continuing Operations in the second quarter of the year to fall below the first quarter of 2025, including the recognition of MEO costs during the second quarter within its Connection Technologies segment. The Company observed some accelerated customer purchasing activity during the first quarter – primarily in its Flexpipe business – as a result of tariff uncertainty, and amid this uncertainty, the Company currently anticipates some customer purchasing decisions in the second quarter and beyond may be delayed or reduced.
    • The Company currently anticipates sales from its Xerxes fuel and water products in the second quarter of 2025 will rise modestly compared to the first quarter as conditions become more favorable for underground installation activity. Production efficiency from the business’s recently established South Carolina site is expected to evolve favorably over the remainder of 2025.
    • The Company currently anticipates sales of its Flexpipe products in the second quarter of 2025 will be lower than the first quarter, as modestly higher international shipments and continued North American market share gains are likely offset by further reductions in North American completion activity, driven by tariff uncertainty and lower oil prices. Production efficiency from the business’s recently established Texas site is expected to evolve favorably over the remainder of 2025.
    • The Company currently anticipates sales of its DSG-Canusa products in the second quarter of 2025 will be similar to the first quarter, as lower activity from its automotive customers is expected to be offset by new customer capture and new product introduction. The production efficiency from the business’s recently established Ohio site is expected to evolve favorably over the remaining course of 2025.
    • The Company currently anticipates sales of Shawflex and AmerCable wire and cable products in the second quarter of 2025 will decline compared to the first quarter, driven primarily by lower deliveries into specific industrial, mining and energy applications, partially offset by higher deliveries into infrastructure applications. The timing of specific deliveries within the AmerCable business drove a particularly strong result during the first quarter, which is still expected to be the strongest quarter of 2025 for this business. Copper price volatility has also increased since the start of the year and is being closely monitored to ensure the impacts arising from any rapid movements are minimized.
    • The Company has successfully leveraged Shawflex resources to secure early confirmation of US and Canadian customer appetite to utilize AmerCable’s medium voltage products in specific industrial applications and continues to anticipate initial, modest benefits from these expected industrial sector commercial synergies will commence in the second half of 2025. Key AmerCable related factors impacting Connection Technology segment results to date, and going forward, include:
      • The Company incurred approximately $1 million of non-routine onboarding expenses related to the acquisition of AmerCable in the first quarter, and expects additional expenses of up to $4 million over the remainder of 2025. These costs are added back for the calculation of  Adjusted EBITDA.
      • The revaluation of AmerCable’s inventory to fair value as part of the purchase price allocation accounting is expected to temporarily lower gross margins in the first half of the year as the inventory is sold. These costs are added back for the calculation of  Adjusted EBITDA.
      • The recognition of intangible assets, including goodwill, customer relationships and trade names as part of the AmerCable purchase price allocation accounting and the corresponding amortization of these assets will impact reported earnings. However, these are non-cash expenses and do not impact the Company’s underlying operational performance or cash flow.
    • While the Company expects to maintain its “all of the above” approach to capital allocation, with the acquisition of AmerCable and the majority of its large organic MEO projects completed, the Company’s capital deployment in 2025 is expected to focus more heavily on debt repayment and activity under its NCIB.  The Company currently anticipates total full year capital expenditures will be $60-$70 million, with approximately $15 million of such amount allocated to maintenance capital, and the remaining amounts allocated to growth projects, including completion of the remaining MEO projects. Given the elevated geopolitical uncertainty, the Company continues to evaluate market conditions and remains prepared to adjust its capital program and spend as needed.
    • The Company has moved above its normal net-debt-to-Adjusted EBITDA ratio target of 2.0 times, including leases, as a result of its acquisition of AmerCable. Through prioritization of debt repayment, the Company currently expects to move back below its normal target ratio within 12 to 18 months of the acquisition date.

    3.0 CONFERENCE CALL AND ADDITIONAL INFORMATION

    Mattr will be hosting a Shareholder and Analyst Conference Call and Webcast on Thursday, May 15th, 2025 at 9:00 AM ET, which will discuss the Company’s First Quarter 2025 Financial Results. To participate via telephone, please register at https://register-conf.media-server.com/register/BI28b49f607d3649d1b1fc5343ae8247b0 and a telephone number and pin will be provided.

    Alternatively, please go to the following website address to participate via webcast: https://edge.media-server.com/mmc/p/gd2jsma9. The webcast recording will be available within 24 hours of the live presentation and will be accessible for 90 days.

    About Mattr

    Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. The Company operates through a network of fixed manufacturing facilities. Its two business segments, Composite Technologies and Connection Technologies, enable responsible renewal and enhancement of critical infrastructure.

    For further information, please contact:

    Meghan MacEachern
    VP, Investor Relations & External Communications
    Tel: 437-341-1848
    Email: meghan.maceachern@mattr.com
    Website: www.mattr.com

    Source: Mattr Corp.
    Mattr.ER

    4.0 FORWARD-LOOKING INFORMATION

    This news release includes certain statements that reflect management’s expectations and objectives for the Company’s future performance, opportunities and growth, which statements constitute “forward-looking information” and “forward-looking statements” (collectively “forward-looking information”) under applicable securities laws. Such statements, other than statements of historical fact, are predictive in nature or depend on future events or conditions. Forward-looking information involves estimates, assumptions, judgements and uncertainties. These statements may be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “anticipate”, “expect”, “believe”, “predict”, “estimate”, “continue”, “intend”, “plan” and variations of these words or other similar expressions.

    Specifically, this news release includes forward-looking in-formation in the Outlook Section and elsewhere in respect of, among other things: the ability of the Company to deliver higher returns to all shareholders; the Company’s ability to deliver customer and shareholder value expansion; the expected timing for the closing of the sale of Thermotite; the gross sale proceeds of the sale of Thermotite; the anticipated timing for the final working capital adjustment for the AmerCable acquisition; the expected timing of the relocation of the Shawflex manufacturing site; the expected amount of MEO costs to be incurred in the second quarter of 2025; the expected completion of the MEO expense recognition program; the return to more normalized operations in the remainder of 2025; the decline in consolidated revenue and Adjusted EBITDA in the second quarter of 2025; the anticipated customer purchasing decisions in the second quarter of 2025 and beyond; the impact of tariffs implemented by the U.S. administration, including on the demand for the Company’s products in the second quarter of 2025 and beyond; increased sales from Xerxes fuel and water products in the second quarter of 2025; sales of Flexpipe products in the second quarter of 2025; the volume of sales of Shawflex, AmerCable and DSG-Canusa products in the second quarter of 2025; the impact of new DSG-Canusa product introduction; the impact of lower activity of automotive customers; the level of efficiency in the Company’s recently established production facilities, including the Xerxes South Carolina facility, the Flexpipe Texas facility, and the DSG-Canusa Ohio facility; the Company’s approach to capital allocation and expected capital deployment, including debt repayment and activity under the Company’s normal course issuer bid (“NCIB”).

    Forward-looking information involves known and unknown risks and uncertainties that could cause actual results to differ materially from those predicted by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information as a number of factors could cause actual events, results and prospects to differ materially from those expressed in or implied by the forward-looking information. Significant risks facing the Company include but are not limited to the risks and uncertainties described in the Company’s Management’s Discussion and Analysis under “Risks and Uncertainties” and in the Company’s Annual Information Form (“AIF”) under “Risk Factors”.

    These statements of forward-looking information are based on assumptions, estimates and analysis made by management in light of its experience and perception of trends, current conditions and expected developments as well as other factors believed to be reasonable and relevant in the circumstances. These assumptions include those in respect of: the scale and duration of North American trade tariffs; expectations for demand for the Company’s products; sales trends for the Company’s products; North American onshore oilfield customer spending; the Company’s ability to increase efficiency in its newly established manufacturing facilities; the effectiveness of modernization, expansion and optimization efforts; the Company’s cash flow generation and growth outlook; activity levels across the Company’s business segments; the Company’s ability to manage supply chain disruptions and other business impacts caused by, among other things, current or future geopolitical events, conflicts, or disruptions, such as the conflict in Ukraine and related sanctions on Russia; the impact of the Russia and Ukraine conflict on the Company’s demand for products and the strength of its and its customers supply chains; the current Israel-Palestine conflict; the impact of changing interest rates and levels of inflation; regular, seasonal impacts on the Company’s businesses, including in the fiberglass reinforced plastic (“FRP”) tanks business and composite pipe business; expectations regarding the Company’s ability to attract new customers and develop and maintain relationships with existing customers; the continued availability of funding required to meet the Company’s anticipated operating and capital expenditure requirements over time; consistent competitive intensity in the business in which the Company operates; no significant or unexpected legal or regulatory developments, other shifts in economic conditions, or macro changes in the competitive environment affecting the Company’s business activities; key interest rates remaining relatively stable through the remainder of 2025; the accuracy of the forecast data from the Company’s North American convenience store customers; the accuracy of market indicators in determining industry health for AmerCable’s products, such as commodity prices, housing starts, and GDP; the impact of federal stimulus packages in the Connection Technologies reporting segment; heightened demand for electric and hybrid vehicles and for electronic content within those vehicles particularly in the Asia Pacific, Europe and Africa regions; heightened infrastructure spending in Canada, including in respect of commercial and municipal water projects, nuclear plant refurbishment and upgraded communication and transportation networks, communication networks and nuclear refurbishments; sustained health of oil and gas producers; the continued global need to renew and expand critical infrastructure, including energy generation and distribution, electrification, transportation network enhancement and storm management; the Company’s ability to execute projects under contract; the Company’s continuing ability to provide new and enhanced product offerings to its customers; that the Company will identify and successfully execute on opportunities for acquisitions or investments; the higher level of investment in working capital by the Company; the easing of supply chain shortages and the continued supply of and stable pricing or the ability to pass on higher prices to the Company’s customers for commodities used by the Company; the availability of personnel resources sufficient for the Company to operate its businesses; the maintenance of operations by the Company in major oil and gas producing regions; the adequacy of the Company’s existing accruals in respect of environmental compliance and in respect of litigation and tax matters and other claims generally; the impact of adoption of artificial intelligence and other machine learning on competition in the industries which the Company operates; the Company’s ability to meet its financial objectives; the ability of the Company to satisfy all covenants under its Credit Facility (as defined herein) and other debt obligations and having sufficient liquidity to fund its obligations and planned initiatives; and the availability, commercial viability and scalability of the Company’s greenhouse gas emission reduction strategies and related technology and products, and the anticipated costs and impacts on the Company’s operations and financial results of adopting these technologies or strategies. The Company believes that the expectations reflected in the forward-looking information are based on reasonable assumptions in light of currently available information. However, should one or more risks materialize, or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information included in this news release and the Company can give no assurance that such expectations will be achieved.

    When considering the forward-looking information in making decisions with respect to the Company, readers should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not assume the obligation to revise or update forward-looking information after the date of this news release or to revise it to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

    To the extent any forward-looking information in this news release constitutes future oriented financial information or financial outlooks, within the meaning of securities laws, such information is being provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. Future oriented financial information and financial outlooks, as with forward-looking information generally, are based on the assumptions and subject to the risks noted above.

    5.0 RECONCILIATION OF NON-GAAP MEASURES

    The Company reports on certain non-GAAP and other financial measures that are used to evaluate its performance and segments, as well as to determine compliance with debt covenants and to manage its capital structure. These non-GAAP and other financial measures do not have standardized meanings under IFRS and are not necessarily comparable to similar measures provided by other companies. The Company discloses these measures because it believes that they provide further information and assist readers in understanding the results of the Company’s operations and financial position. These measures should not be considered in isolation or used in substitution for other measures of performance prepared in accordance with GAAP. The following is a reconciliation of the non-GAAP measures reported by the Company.  

    EBITDA and Adjusted EBITDA

    EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA is also a non-GAAP measure defined as EBITDA adjusted for items which do not impact day to day operations. Adjusted EBITDA is calculated by adding back to EBITDA the sum of impairments, costs associated with refinancing of long-term debt and credit facilities, gain on sale of land and other, gain on sale of investment in associates, gain on sale of operating unit, acquisition costs, restructuring costs, share-based incentive compensation cost, foreign exchange (gain) loss and other, net, hyperinflationary adjustments and the impact of transactions that are outside the Company’s normal course of business or day to day operations. The Company believes that EBITDA and Adjusted EBITDA are useful supplemental measures that provide a meaningful indication of the Company’s results from principal business activities prior to the consideration of how these activities are financed or the tax impacts in various jurisdictions and for comparing its operating performance with the performance of other companies that have different financing, capital or tax structures. The Company presents Adjusted EBITDA as a measure of EBITDA that excludes the effect of transactions that fall outside the Company’s ordinary course of business or routine operations. Adjusted EBITDA is used by many analysts as one of several important analytical tools to evaluate financial performance and is a key metric in business valuations. It is also considered important by lenders to the Company and is included in the financial covenants of the Credit Facility.

        Three Months Ended  
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Net Income (Loss) from Continuing Operations $ 48,069   $ (2,145 )
                   
      Add:            
      Income tax expense   (38,858 )   3,948  
      Finance costs, net   9,230     2,226  
      Amortization of property, plant and equipment, intangible assets and ROU assets   16,883     8,568  
      EBITDA from Continuing Operations   35,324     12,597  
                   
      Share-based incentive compensation (recovery) cost   (2,192 )   7,632  
      Foreign exchange loss   3,907     2,397  
      Restructuring costs and other, net   —     3,201  
      Cost associated with acquisition (a)   5,320     —  
      Non-cash impact from inventory fair value adjustment (b)   4,195     —  
      Adjusted EBITDA from Continuing Operations $ 46,554   $ 25,827  
    a) Costs associated with the acquisition of AmerCable Incorporated.    
    b) Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition.   
    Connection Technologies Segment      
           
        Three Months Ended
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Operating Income $ 18,041   $ 14,543  
                   
      Add:            
      Amortization of property, plant and equipment, intangible assets and ROU assets   7,619     1,722  
      EBITDA   25,660     16,265  
                   
      Share-based incentive compensation (recovery) cost   (368 )   1,319  
      Restructuring costs and other, net   —     33  
      Cost associated with acquisition (a)   974     —  
      Non-cash impact from inventory fair value adjustment (b)   4,195     —  
      Adjusted EBITDA $ 30,461   $ 17,617  
    a) Costs associated with the acquisition of AmerCable Incorporated.    
    b) Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition. 
    Composite Technologies Segment      
             
        Three Months Ended
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Operating Income $ 12,807   $ 4,017  
                   
      Add:            
      Amortization of property, plant and equipment, intangible assets and ROU assets   8,667     6,371  
      EBITDA   21,474     10,388  
                   
      Share-based incentive compensation (recovery) cost   (436 )   1,452  
      Restructuring costs and other, net   —     3,168  
      Adjusted EBITDA $ 21,038   $ 15,008  
    Financial and Corporate      
           
        Three Months Ended  
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Operating Loss $ (12,407 ) $ (14,531 )
                   
      Add:            
      Cost associated with repayment and modification of long-term debt   —     —  
      Amortization of property, plant and equipment, intangible assets and ROU assets   597     475  
      EBITDA   (11,810 )   (14,056 )
                   
      Share-based incentive compensation (recovery) cost   (1,388 )   4,861  
      Foreign exchange loss   3,907     2,397  
      Cost associated with acquisition (a)   4,346     —  
      Adjusted EBITDA $ (4,945 ) $ (6,798 )
    a) Costs associated with the acquisition of AmerCable Incorporated.    
    Discontinued Operations      
             
        Three Months Ended  
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Net Income (Loss) from Discontinued Operations $ 4,657   $ (3,494 )
                   
      Add:            
      Income tax (recovery) expense   2,998     1,869  
      Finance costs, net recovery   (162 )   (84 )
      Amortization of property, plant and equipment, intangible assets and ROU assets   —     428  
      EBITDA from Discontinued Operations   7,493     (1,281 )
                   
      Foreign exchange (gain) loss   (16 )   118  
      Loss on sale of operating unit and subsidiary   —     5,405  
      Adjusted EBITDA from Discontinued Operations $ 7,477   $ 4,242  
    Total Consolidated Mattr (Continuing and Discontinued Operations)    
             
        Three Months Ended  
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Net Income (Loss) $ 52,726   $ (5,639 )
                   
      Add:            
      Income tax expense   (35,860 )   5,817  
      Finance costs, net   9,068     2,142  
      Amortization of property, plant and equipment, intangible assets and ROU assets   16,883     8,996  
      EBITDA   42,817     11,316  
                   
      Share-based incentive compensation (recovery) cost   (2,192 )   7,632  
      Foreign exchange loss   3,891     2,515  
      Loss on sale of operating unit and subsidiary   —     5,405  
      Restructuring costs and other, net   —     3,201  
      Cost associated with acquisition (a)   5,320     —  
      Non-cash impact from inventory fair value adjustment (b)   4,195     —  
      Adjusted EBITDA $ 54,031   $ 30,069  
    a) Costs associated with the acquisition of AmerCable Incorporated.    
    b) Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition.    
           

    Adjusted EBITDA Margin

    Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue and is a non-GAAP measure. The Company believes that Adjusted EBITDA margin is a useful supplemental measure that provides meaningful assessment of the business results of the Company and its Operating Segments from principal business activities excluding the impact of transactions that are outside of the Company’s normal course of business.

    See reconciliation above for the changes in composition of Adjusted EBITDA, as a result of which the table below reflects restated figures for the prior year quarter to align with the updated composition.

    Operating margin is defined as operating (loss) income divided by revenue and is a non-GAAP measure. The Company believes that operating margin is a useful supplemental measure that provides meaningful assessment of the business performance of the Company and its Operating Segments. The Company uses this measure as a key indicator of financial performance, operating efficiency and cost control based on volume of business generated.

    Adjusted Net Income (attributable to shareholders)

    Adjusted Net Income (attributable to shareholders) is a non-GAAP measure defined as Net Income (attributable to shareholders) adjusted for items which do not impact day to day operations. Adjusted Net Income (attributable to shareholders) is calculated by adding back to Net Income (attributable to shareholders)  the after tax impact of the sum of impairments, costs associated with refinancing of long-term debt and credit facilities, gain on sale of land and other, gain on sale of investment in associates, gain on sale of operating unit, acquisition costs, restructuring costs, share-based incentive compensation cost, foreign exchange (gain) loss and other, net and hyperinflationary adjustments. The Company believes that Adjusted Net Income (attributable to shareholders) is a useful supplemental measure that provides a meaningful indication of the Company’s results from principal business activities for comparing its operating performance with the performance of other companies that have different financing, capital or tax structures.

    Adjusted Earnings Per Share (“Adjusted EPS”)

    Adjusted EPS (basic) is a non-GAAP measure defined as Adjusted Net Income (attributable to shareholders) divided by the number of common shares outstanding. Adjusted EPS (diluted) is a non-GAAP measure defined as Adjusted Net Income (attributable to shareholders) divided by the number of common shares outstanding, further adjusted for potential dilutive impacts of outstanding securities which are convertible to common shares. The Company presents Adjusted EPS as a measure of Earning Per Share that excludes the impact of transactions that are outside the Company’s normal course of business or day to day operations. Adjusted EPS indicates the amount of Adjusted Net Income the Company makes for each share of its stock and is used by many analysts as one of several important analytical tools to evaluate financial performance and is a key metric in business valuations.

    Total Consolidated Mattr Adjusted EPS (Continuing and Discontinued Operations)      
                 
        Three Months Ended
    		  
        March 31, March 31,  
      (in thousands of Canadian dollars except for per share amounts) 2025 2024  
              Earnings Per Share       Earnings Per Share  
                                 
              Basic Diluted         Basic   Diluted  
      Total Consolidated Mattr Net Income (Loss)(a)  $ 52,726   0.84 0.84   $ (5,842 ) (0.09 ) (0.09 )
                                 
      Adjustments (before tax):                          
      Share-based incentive compensation (recovery) cost   (2,192 )         7,632          
      Foreign exchange loss   3,891           2,515          
      Loss on sale of operating unit and subsidiary   —           5,405          
      Restructuring costs and other, net   —           3,201          
      Cost associated with acquisition (b)   5,320           —          
      Non-cash impact from inventory fair value adjustment (c)   4,195           —          
      Tax effect of above adjustments   (1,499 )         (2,066 )        
      Tax impact of the AmerCable acquisition   (40,819 )         —          
      Total Consolidated Mattr Adjusted Net Income (non-GAAP) (a)  $ 21,622   0.34 0.34   $ 10,845   0.16   0.16  
    (a) Attributable to Shareholders of the Company.
    (b) One-time costs associated with the acquisition of AmerCable Incorporated.
    (c) One-time cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition.
       

    Total Net debt-to-Adjusted EBITDA

    Total Net debt-to-Adjusted EBITDA is a non-GAAP measure defined as the sum of long-term debt, current lease liabilities and long-term lease liabilities, less cash and cash equivalents (including restricted cash), divided by the Consolidated (Continuing and Discontinued Operations) Adjusted EBITDA, as defined above, for the trailing twelve-month period. The Company believes Total Net debt-to-Adjusted EBITDA is a useful supplementary measure to assess the borrowing capacity of the Company. Total Net debt-to-Adjusted EBITDA is used by many analysts as one of several important analytical tools to evaluate how long a company would need to operate at its current level to pay of all its debt. It is also considered important by credit rating agencies to determine the probability of a company defaulting on its debt.

    See discussion above for the changes into the composition of Adjusted EBITDA. The table below reflects restated figures for the prior year quarters to align with current presentation.

          March 31,   December 31  
      (in thousands of Canadian dollars except Net debt-to-EBITDA ratio)   2025     2024  
               
      Long-term debt $ 449,633   $ 471,238  
      Lease Liabilities   165,869     163,127  
      Cash and cash equivalents (and restricted cash)   (52,716 )   (502,490 )
      Total Net Debt   562,786     131,875  
               
      Q1 2024 Adjusted EBITDA   —     30,069  
      Q2 2024 Adjusted EBITDA   42,824     42,824  
      Q3 2024 Adjusted EBITDA   36,743     36,743  
      Q4 2024 Adjusted EBITDA   21,060     21,060  
      Q1 2025 Adjusted EBITDA   54,031     —  
      Trailing twelve-month Adjusted EBITDA $ 154,658   $ 130,696  
      Total Net debt-to-Adjusted EBITDA   3.64     1.01  


    Total Interest Coverage Ratio

    Total Interest Coverage Ratio is a non-GAAP measure defined as Consolidated Adjusted EBITDA (Continuing and Discontinued Operations), as defined above, for the trailing twelve-month period, divided by finance costs, net, for the trailing twelve-month period. The Company believes Total Interest Coverage Ratio is a useful supplementary measure to assess the Company’s ability to honor its debt payments. Total Interest Coverage Ratio is used by many analysts as one of several important analytical tools to judge a company’s ability to pay interest on its outstanding debt. It is also considered important by credit rating agencies to determine a company’s riskiness relative to its current debt or for future borrowing.

          March 31,   December 31  
      (in thousands of Canadian dollars except Net debt-to-EBITDA ratio)   2025     2024  
                   
      Q1 2024 Adjusted EBITDA $ —   $ 30,069  
      Q2 2024 Adjusted EBITDA   42,824     42,824  
      Q3 2024 Adjusted EBITDA   36,743     36,743  
      Q4 2024 Adjusted EBITDA   21,060     21,060  
      Q1 2025 Adjusted EBITDA   54,031     —  
      Trailing twelve-month Adjusted EBITDA $ 154,658   $ 130,696  
                   
      Q1 2024 Finance cost, net   —     2,142  
      Q2 2024 Finance cost, net   4,341     4,341  
      Q3 2024 Finance cost, net   4,804     4,804  
      Q4 2024 Finance cost, net   5,846     5,846  
      Q1 2025 Finance cost, net   9,068     —  
      Trailing twelve-month finance cost, net $ 24,059   $ 17,133  
      Total Interest Coverage Ratio   6.43     7.63  


    Modernization, Expansion and Optimization (“MEO”) Costs

    MEO costs is a supplementary financial measure. MEO costs not eligible for capitalization are reported as selling, general and administrative expenses or as cost of goods sold and incurred in support of the Company’s certain specific, planned capital investments into high-return growth and efficiency improvement opportunities. These include the following:

    • The replacement of the Company’s Rexdale facility in Toronto, Ontario and the expansion of its Connection Technologies segment’s North American manufacturing footprint through:
      • a new heat-shrink tubing production site in Fairfield, Ohio; and
      • a new wire and cable production site in Vaughan, Ontario.
    • The addition of two new manufacturing facilities and the elimination of aging manufacturing facilities within the Composite Technologies network, namely:
      • the shut-down and exit of aging production capabilities in the Xerxes FRP tank production site footprint;
      • a new Xerxes FRP tank production site in Blythewood, South Carolina;
      • a new Flexpipe composite pipe production site in Rockwall, Texas along with the co-located Hydrochain™ stormwater infiltration chamber production line.

    The Company considers these costs incremental to its normal operating base and would not have been incurred if these projects were not ongoing.

    6.0 ADDITIONAL INFORMATION

    Additional information relating to the Company, including its AIF, is available on SEDAR+ at www. sedarplus.com and on the “Investors Centre” page of the Company’s website at: https://investors.Mattr.com/Investor-Center/default.aspx.

    Dated: May 14, 2025

    The MIL Network –

  • MIL-OSI USA: Congressman Castro Statement on Director Gabbard’s Firing of Top Two Officials at the National Intelligence Council

    Source: United States House of Representatives – Congressman Joaquin Castro (20th District of Texas)

    May 14, 2025

    WASHINGTON, D.C. — Today, Congressman Joaquin Castro (TX-20), Ranking Member of the Oversight and Investigations Subcommittee on the House Permanent Select Committee on Intelligence, released the following statement:

    “Tulsi Gabbard fired the top two officials at the National Intelligence Council for telling the truth. Trump’s use of the Alien Enemies Act is built on the fiction that the Venezuelan regime controls the gang Tren De Aragua.We know this is false. I joined Intelligence Committee Ranking Member Himes in calling on Gabbard to publicly release these assessments. I also raised this with CIA Director Ratcliffe and Director Gabbard in the March Intelligence Committee hearing. In that hearing, Director Gabbard misrepresented the intelligence we have all now seen that finds no link between the Venezuelan regime and Tren de Aragua.

    “The Director of National Intelligence’s most important responsibility is to accurately represent the facts. Instead, she has fired the top two officials at the National Intelligence Council because their analysis was not politically convenient for the President. Under the Trump Administration, intelligence is being politicized and bent to the will of President Trump. That is dangerous because it intimidates intelligence analysts, undercuts the integrity of their work, and undermines our national security.” 

    MIL OSI USA News –

  • MIL-OSI USA: Pressley, Booker, Warren Unveil Bill to Suspend Garnishments for Student Loan Borrowers

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Bill Comes as Trump Admin. Set to Seize Hard-Earned Wages, Tax Refunds, and Social Security Checks for Struggling Borrowers

    The Ending Administrative Wage Garnishment Act of 2025 will also reform administration of the administrative wage garnishment program

    Bill Text (PDF)

    WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07), along with Senators Cory Booker (D-NJ) and Elizabeth Warren (D-MA), reintroduced the Ending Administrative Wage Garnishment Act of 2025, legislation that would provide borrower relief and support by suspending garnishment as a tool for student debt collection by the federal government.

    On April 22, 2025, the Department of Education announced that, starting May 5th, it will resume collections on defaulted federal student loans, including wage garnishments, tax refund interceptions, and seizure of Social Security benefits. For the nearly 5.5 million people currently in default—and soon for the projected 8 million additional people in delinquency—this means that they will face the government’s harsh collection tactics for the first time in over five years. This shift coincides with mass firings at the Department of Education and limited access to income-driven repayment plans, leaving students without critical support to navigate the repayment process.  

    “No one should have their hard-earned wages, tax refunds, and Social Security checks seized by Donald Trump—and our bill would ensure they do not,” said Representative Pressley. “The Trump Administration should not be in the business of picking the pockets of our most vulnerable borrowers, gutting the Department of Education or exacerbating the student debt crisis. I am proud to partner with Senators Booker and Warren to push back against this Administration’s shameful garnishment tactics and stand up for our student borrowers.”

    “Wage garnishment allows the government to instruct employers to withhold up to 15 percent of an individual’s hard-earned wages, as well as intercept tax refunds, and seize Social Security benefits in order to collect student loan debt,” said Senator Booker. “If resumed, this harmful practice will hurt millions of Americans already struggling to make ends meet while paying off their student loans. This legislation will put an end to the Trump’s administration’s attempt to punish vulnerable student loan borrowers.”

    “It’s cruel for the Trump administration to restart collections while it crashes the economy and fires employees that help people navigate the loan repayment system,” said Senator Warren. “Our commonsense bill stops the administration from going after working people and improperly taking a chunk of borrowers’ paychecks.”

    “Amidst unprecedented economic uncertainty and as millions of working families are struggling with the rising costs of everyday essentials, the Trump Administration’s calloused decision to unleash abusive and uncontrollable collection tools that have the power to take borrower’s hard earned wages without safeguards. Instead of helping the 5 million borrowers that have fallen into default and the millions more that are behind and now at risk of default later this year, this Administration appears set on inflicting massive economic harm on millions of Americans—a decision that will further drag down an already struggling economy,” said SBPC Policy Director Aissa Canchola Banez. “We applaud Senator Booker and Congresswoman Pressley for introducing the Ending Administrative Garnishment Act which will rein in the Secretary of Education’s authority to subject borrowers to administrative wage garnishment and ensure that critical safeguards are in place.”

    The Ending Administrative Wage Garnishment Act of 2025:

    • Suspends the Secretary of Education’s authority to garnish wages, tax refunds, Social Security checks, or other earned benefits
    • Mandates the Department of Education to:
      • Promptly refund improperly garnished wages within one week.
      • Establish the ability to independently suspend or terminate garnishment operations upon identifying errors.
      • Ensure employers verify garnishment information quarterly.
    • Prohibits garnishment on loans that have been outstanding for more than 10 years.
    • Establishes a private right of action allowing borrowers to sue employers who improperly garnish wages after a garnishment order is suspended.
    • Requires the Department to pay double damages to borrowers whose wages are improperly garnished.

    To read the full text of the bill, click here.

    Rep. Pressley has been a leading voice in Congress urging President Biden to cancel student debt. Following years of advocacy by Rep. Pressley—in partnership with colleagues, borrowers, and advocates—the Biden-Harris Administration announced a historic plan to cancel student debt that stands to benefit over 40 million people. She has consistently helped borrowers access student debt cancellation resources, including PSLF, and she was proud to welcome a union educator and PSLF recipient as her guest to President Biden’s State of the Union Address in March.

    • On October 18, 2024, Rep. Pressley applauded the Biden-Harris Administration’s approval of approximately $4.5 billion in additional student debt cancellation for approximately 60,000 workers nationwide who work in public service.
    • On October 2, 2024, Rep. Pressley joined borrowers and advocates to unveil new state-by-state data quantifying the harm that Project 2025 would have on millions of public service workers nationwide.
    • On September 10, 2024, Rep. Pressley joined Senator Warren and Rep. Jim Clyburn in urging the U.S. Department of Education to consider terminating its contract with student loan servicer MOHELA.
    • On August 29, Rep. Pressley issued a statement following the Supreme Court’s refusal to reinstate President Biden’s Saving on a Valuable Education (SAVE) student debt relief program.
    • On August 9, 2024, Rep. Pressley joined Senator Warren, Representative Dean, and their colleagues urging student loan servicer Navient to reform its flawed process to cancel the private student loans of borrowers who attended fraudulent, for-profit colleges.
    • On June 25, 2024, Rep. Pressley issued a statement on federal judges in Missouri and Kansas siding with Republican states to block portions of President Biden’s Saving on a Valuable Education (SAVE) student debt relief program. 
    • On June 25, 2024, Rep. Pressley colleagues, borrowers, and advocates urged the Biden Administration to terminate the contract of federal student loan servicer MOHELA. Their calls follow MOHELA’s repeated failure to perform basic loan servicing functions and ongoing harm caused by MOHELA to student loan borrowers.
    • On May 20, 2024, Rep. Pressley, along with Reps. Omar, Clyburn and Wilson, led their colleagues in urging the U.S. Department of Education to ensure its proposed student debt relief rule is implemented in the most effective and efficient manner possible for millions of borrowers.
    • On May 1, 2024, Rep. Pressley issued a statement applauding the Biden Administration’s approval of student loan discharge for 317,000 borrowers who attended The Art Institutes, including over 3,500 borrowers in Massachusetts.
    • On April 14, 2024, Rep. Pressley applauded President Biden’s approval of an additional $7.4 billion in student debt cancellation for 277,000 borrowers.
    • On April 8, 2024, Rep. Pressley hailed President Biden’s announcement of new plans to provide student debt relief for tens of millions of borrowers across the country.
    • On March 21, 2024, Rep. Pressley applauded the Biden-Harris Administration’s approval of $5.8 billion in additional student loan debt cancellation for 77,700 public service workers.
    • On March 20, 2024, Rep. Pressley and Senator Elizabeth Warren led their colleagues in calling on federal agencies to end the practice of offsetting Social Security benefits to pay off defaulted student loans.
    • On March 7, 2024, Rep. Pressley welcomed Priscilla Higuera Valentine, a first generation American, a proud union educator with Boston Public Schools and the Boston Teachers Union, and the daughter of a Colombian immigrant, who has received over $117,000 in student debt relief under the Biden-Harris Administration’s improved Public Service Loan Forgiveness (PSLF) Program, as her guest to President Biden’s State of the Union Address.
    • On February 23, 2024, Rep. Pressley applauded the Biden-Harris Administration’s approval of $1.2 billion in student debt cancellation for nearly 153,000 borrowers nationwide, including $19.5 million in cancellation for 2,490 Massachusetts borrowers.
    • On January 26, 2024, Rep. Pressley and Senator Elizabeth Warren (D-MA) led their colleagues in calling on the Secretary of Education Miguel Cardona to host a fourth session of the student debt negotiated rulemaking to consider relief for borrowers experiencing financial hardship. She applauded ED’s announcement that it would heed their calls.
    • On December 11, 2023, Rep. Pressley testified at the U.S. Department of Education’s final hearing on student debt cancellation.
    • On December 11, 2023, Rep. Pressley and Senator Elizabeth Warren (D-MA), along with Senators Chuck Schumer (D-NY), Bernie Sanders (I-VT), Alex Padilla (D-CA), and Representatives Ilhan Omar (MN-05) and Frederica Wilson (FL-24), sent a letter to U.S. Secretary of Education Miguel Cardona, urging him to leverage his existing and full authority under the Higher Education Act to provide expanded student debt relief to working and middle-class borrowers. 
    • On November 30, 2023, Rep. Pressley emphasized the crucial role of the Consumer Financial Protection Bureau (CFPB) in protecting student loan borrowers from incompetent and predatory student loan servicers.
    • On November 6, 2023, Rep. Pressley joined Attorney General Andrea Campbell, Mayor Michelle Wu, and Senator Elizabeth Warren (D-MA) for a clinic to help federal student loan borrowers access a temporary opportunity to get closer to Public Service Loan Forgiveness (PSLF). 
    • On September 25, 2023, Rep. Pressley hosted a policy discussion with borrowers and advocates at which they renewed their urgent call for student debt cancellation with loan payments set to resume on October 1, 2023.
    • On August 23, 2023, Rep. Pressley, Sen. Warren, and their colleagues led over 80 lawmakers in a letter to President Joe Biden, urging him to swiftly deliver on his promise to deliver student debt cancellation to working and middle class families by early 2024. 
    • On August 22, 2023 Rep. Pressley applauded Governor Maura Healey’s plan to provide student debt relief for health care workers in Massachusetts. 
    • On June 30, 2023, Rep. Pressley responded to the President’s alternative proposal to deliver relief under the Higher Education Act and called for swift and efficient implementation.
    • On June 30, 2023, Rep. Pressley issued a statement slamming the Supreme Court’s decision to block President Biden’s student debt cancellation plan and calling on the President to use other tools available to swiftly cancel student debt.
    • On May 30, 2023, Rep. Pressley filed an amendment to H.R. 3746, legislation to raise the debt ceiling, to protect student loan borrowers and preserve the Biden Administration’s pause on federal student loan payments.
    • On May 24, 2023, Rep. Pressley issued a statement slamming Republicans’ harmful effort to overturn President Biden’s student debt relief, including his debt cancellation plan, the pause on student loan payments, and the expanded Public Service Loan Forgiveness (PSLF) program.
    • On May 24, 2023, Rep. Pressley delivered a powerful speech in support of President Biden’s plan to cancel student debt, which would benefit millions of people across the country.
    • On April 5, 2023, Rep. Pressley and Senator Elizabeth Warren wrote to the CEO of SoFi Technologies and SoFi Lending Corp calling on the company to answer for its lawsuits attempting to end the student loan payment pause and force borrowers back into repayment.
    • On March 7, 2023, Rep. Pressley, along with Sens. Warren, Schumer, Sanders, Padilla and Reps. Clyburn, Omar and Wilson led a letter to the Biden Administration expressing continued support for President Biden’s student debt relief plan.
    • On February 28, 2023, Rep. Pressley rallied with borrowers and advocates outside the Supreme Court to call on the Supreme Court to affirm the legality of President Biden’s student debt cancellation plan.
    • On November 22, 2022, Rep. Pressley issued a statement applauding the extension of the student loan payment pause.
    • On October 25, 2022, Rep. Pressley and Senator Warren toured communities across Massachusetts to celebrate the Biden administration’s student debt cancellation plan and help residents sign up for student loan relief.
    • On October 12, 2022, Rep. Pressley joined parent borrowers and advocates for a discussion on the impacts of student debt cancellation on parents and families.
    • On September 29, 2022, Rep. Pressley, along with Senate Majority Leader Schumer and Reps. Omar, Jones and advocates, held a press conference to call for swift and equitable implementation of President Biden’s student debt cancellation plan.
    • On September 21, 2022, Rep. Pressley delivered a powerful speech on the House floor in which she heralded President Biden’s action to cancel student debt for millions of families in the Massachusetts 7th and across the nation. Watch the full video here.
    • On September 12, 2022, Rep. Pressley and Senator Warren wrote to the nine federal student loan servicers to inquire about how they are providing borrowers with accurate and timely information about student loan cancellation.
    • On August 24, 2022, Congresswoman Pressley issued a statement applauding President Biden’s action to cancel student debt.
    • On August 10, 2022, Congresswoman Pressley and Senator Warren Massachusetts joined Massachusetts union leaders in Dorchester for a roundtable discussion on student debt cancellation.
    • On July 18, 2022, Congresswoman Pressley delivered remarks at the American Federation of Teachers (AFT) national convention and renewed her calls for President Biden to cancel student debt by executive action.
    • On July 8, 2022, Congresswoman Pressley with The Debt Collective hosted a virtual roundtable with student debt holders from all walks of life to highlight the intersectional burden the nearly $2 trillion student debt crisis has had on individuals and families. 
    • On June 22, 2022, Congresswoman Ayanna Pressley, with Senator Elizabeth Warren and Senate Majority Leader Chuck Schumer, joined AFL-CIO and union leaders for a roundtable discussion on the importance of student debt cancellation for American workers.
    • On May 20, 2022, Congresswoman Pressley applauded the Congressional Black Caucus’ (CBC) statement calling on President Biden to cancel student loan debt.
    • On May 4, 2022, Congresswoman Pressley visited Bunker Hill Community College to celebrate the $1 million in federal community project funding she secured and continued her calls for President Biden to cancel student debt.
    • On March 17, 2022, Congresswoman Pressley and Arisha Hatch, vice president and chief of campaigns at Color of Change, published an op-ed in Grio calling on President Biden to use his executive order authority to cancel up to $50,000 in student loan debt per borrower.
    • On December 8, 2021, Congresswoman Ayanna Pressley, Senator Elizabeth Warren, and Senate Majority Leader Chuck Schumer sent a bicameral letter to President Joe Biden releasing new data about the adverse impact of restarting student loan payments and calling on him to act to cancel up to $50,000 of student debt.
    • On December 2, 2021, Congresswoman Pressley delivered remarks on the House floor in which she reiterated her calls for President Biden to cancel $50,000 in federal student loan debt by executive action.
    • On October 8, 2021, Representatives Ayanna Pressley and Ilhan Omar and their House colleagues sent a letter to President Biden and Secretary of Education Miguel Cardona urging him to release the memo to determine the extent of the administration’s authority to broadly cancel student debt through administrative action.
    • On July 29, 2021, Congresswoman Pressley issued a statement reaffirming President Biden’s authority – and the urgency – to cancel student loan debt.
    • On June 23, 2021, Congresswoman Ayanna Pressley, Senator Elizabeth Warren, Senate Majority Leader Chuck Schumer, and Congressman Joe Courtney led their colleagues on a bicameral letter to President Biden calling on him to extend the pause on federal student loan payments.
    • On April 13, 2021, Congresswoman Pressley testified at a Senate Banking, Housing, and Urban Affairs Committee’s Subcommittee on Economic Policy hearing to examine the student loan debt crisis in our country.
    • On April 1, 2021, Congresswoman Pressley, along with Senator Elizabeth Warren and Massachusetts Attorney General Maura Healey, held a press conference calling on President Biden to tackle the student loan debt crisis.
    • On February 4, 2021, Congresswoman Pressley, along with several Democratic House and Senate leaders, led their colleagues in reintroducing a bicameral resolution outlining a bold plan for President Biden to tackle the student loan debt crisis. 
    • On December 17, 2020, Representatives Ayanna Pressley, Ilhan Omar, Maxine Waters, and Alma Adams introduced a resolution outlining a bold plan for President-elect Joe Biden to cancel up to $50,000 in Federal student loan debt for student loan borrowers.
    • On December 10, 2020, Congresswoman Pressley was in Yahoo Finance urging the Biden administration to cancel student debt, stressing the impact on Black borrowers.
    • On May 8, 2020, Representatives Ayanna Pressley, Alma Adams, and Ilhan Omar, led 28 of their colleagues and sent a letter to House Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy calling for the universal, one-time, student debt cancellation of at least $30,000 per borrower in the next round of COVID-19 relief legislation.
    • On March 23, 2020, Representatives Ayanna Pressley and Ilhan Omar introduced the Student Debt Emergency Relief Act, legislation that provides immediate monthly payment relief for federal student loan borrowers.
    • On March 17, 2020, Congresswoman Ayanna Pressley and Senator Elizabeth Warren were on The Hill calling on congressional leadership to include student debt cancellation in the next coronavirus relief package.
    • On October 11, 2019, Congresswoman Pressley introduced legislation – the Ending Debt Collection Harassment Act – to protect consumers from abusive debt collection.
    • On July 17, 2019, Congresswomen Pressley introduced legislation – the Student Borrower Credit Improvement Act – to provide much needed support to private student loan borrowers with a pathway to financial stability by helping them improve their credit.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: May 9th, 2025 Heinrich, Luján, Vasquez Call on Trump Administration to Crack Down on U.S. Firearms Flowing to Latin American Drug Cartels

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), a member of the core bipartisan group of senators who negotiated and passed the Bipartisan Safer Communities Act (BSCA), joined U.S. Senator Ben Ray Luján (D-N.M.) and U.S. Representative Gabe Vasquez (D-N.M.) to urge the Trump Administration to use its recent designation of Latin American cartels as Foreign Terrorist Organizations (FTOs) to take aggressive action to stop the illegal trafficking of American firearms across the Southern Border.
    In a letter addressed to Secretary of Homeland Security Kristi Noem, Secretary of State Marco Rubio, and Attorney General Pam Bondi, the lawmakers called for a coordinated federal response to stem the flow of hundreds of thousands of American firearms that arm violent drug cartels, fuel lawlessness along the Southern Border, and bring drugs into communities across the United States.
    “We were pleased that President Trump agreed to address the outflow of hundreds of thousands of American-made firearms across the southern border when he initially postponed the implementation of tariffs on our ally Mexico. Accordingly, we urge you to utilize the FTO designation to take aggressive action to stem the flow of American guns to the cartels,” the lawmakers wrote.
    Anywhere between 200,000 and 500,000 American firearms are smuggled across U.S. borders into Mexico every year, arming Latin American criminal organizations that have used them to undermine domestic law enforcement and assert control over fentanyl and human trafficking operations back into the United States. 
    “The new FTO designation for these cartels provides additional legal tools to bolster interagency coordination, disrupt their financial networks, and impose stricter penalties on those who provide material support to these criminal enterprises. Specifically, under current statute, it is unlawful to knowingly provide material support or resources to a Foreign Terrorist Organization and those who do so can be fined or imprisoned for up to 20 years,” the lawmakers continued.
    The members urged the administration to effectively and strategically employ the full suite of legal options this new designation enables and offered their assistance to empower it to specifically address the “Iron River” of American firearms that are fueling violence and destruction in communities across the United States and Mexico. 
    “We hope that you move swiftly and use these new legal authorities to combat southbound arms trafficking. We stand ready to assist in this effort in any way we can, including through legislation that expands your programmatic authorities to address this critical issue,” the lawmakers concluded.
    The letter was led by Luján and U.S. Senator Michael Bennet (D-Colo.) in the Senate and U.S. Representatives Dan Goldman (D-N.Y.) and Rob Menendez (D-N.J.) in the House. Alongside Heinrich and Vasquez, the letter was signed by U.S. Senator Catherine Cortez Masto (D-Nev.) and U.S. Representatives Eric Swalwell (D-Calif.), J. Luis Correa (D-Calif.), Seth Magaziner (D-R.I.), Debbie Wasserman Schultz (D-Fla.), Jill Tokuda (D-Hawaii), Timothy Kennedy (D-N.Y.), and Nellie Pou (D-N.J.).
    The full text of the letter is here. 
    Background on Heinrich-Led Gun Trafficking and Straw Purchase Provisions:
    Heinrich-led provisions in the Bipartisan Safer Communities Act increased criminal penalties for straw purchasers and made it a crime, for the first time ever, to traffic firearms out of the United States. Straw purchasers are people who buy guns for those who cannot buy them directly themselves due to their age, felony criminal convictions, or other limitations. By increasing penalties for straw purchasing, Heinrich’s provision is helping to keep guns out of the hands of criminals and those who would use them against our communities. By making it illegal to traffic firearms out of the country, Heinrich’s provision gave law enforcement the tools needed to prosecute and disrupt the flow of firearms to Mexico and the Northern Triangle, fueling the violence that has driven so many to flee their home countries.  
    To date, the Department of Justice has charged more than 600 defendants using BSCA’s gun trafficking and straw purchasing laws, removing hundreds of firearms off the streets in the process. These cases are significant, often preventing and prosecuting highly dangerous activity, such as crimes linked to organized trafficking rings and transnational criminal organizations.  
    For example, in March 2024, the Justice Department charged several defendants with trafficking and straw purchasing over 100 firearms, including many military-grade weapons, that were allegedly intended to be smuggled to a Mexican drug cartel. In April 2024, a defendant was sentenced to 276 months in prison for firearms trafficking and straw purchasing, as well as distribution of fentanyl, where the evidence showed that two of the trafficked firearms had been used in gang-related shootings. In 2o23, a defendant was sentenced to two years in prison for running an illegal gun trafficking enterprise, repeatedly taking money to lie on firearm purchase forms and obtain weapons for convicted felons. 
    In New Mexico, the Office of the United States Attorney for the District of New Mexico has charged 11 defendants with BSCA violations. 
    Heinrich’s Longtime Leadership to Tackle Gun Violence:
    A gun owner and father, Heinrich has long worked to advance and pass bipartisan policies that save lives, protect public safety, and reduce gun violence.
    Heinrich recently co-sponsored the Preventing Illegal Weapons Trafficking Act, legislation to protect communities from gun violence by requiring federal law enforcement to coordinate efforts to prevent the importation and trafficking of machinegun conversion devices including ‘auto-sears’ — illegal gun modification devices that can convert semi-automatic weapons into fully-automatic weapons — and seize all profits that come from the illegal trafficking of these devices.
    Last month, Heinrich introduced his Gas-Operated Semi-Automatic Firearms Exclusion (GOSAFE) Act and bipartisan Banning Unlawful Machinegun Parts (BUMP) Act, commonsense legislation designed to protect communities from gun violence, while safeguarding Americans’ constitutional right to own a firearm for legitimate self-defense, hunting, and sporting purposes.
    Heinrich also convened a press conference in Albuquerque with New Mexicans to Prevent Gun Violence, Everytown, community leaders, and students to announce the introduction of his GOSAFE Act. For photos and videos of that event, click here.
    In October 2024, Heinrich secured critical funding for New Mexico law enforcement to purchase four new NIBIN machines for Las Cruces, Farmington, Gallup, and Roswell. This allows law enforcement to trace firearms used in crimes and hold criminals accountable, all while saving officers valuable time and resources.
    In July 2023, Heinrich cosponsored the bicameral Ghost Guns and Untraceable Firearms Act, legislation to require online and other sellers of gun-making kits to comply with federal firearm safety regulations.     
    In 2017, Heinrich cosponsored the bipartisan Fix NICS Act, which now requires federal and state authorities to produce background check implementation plans and holds federal agencies accountable for reporting relevant criminal records to the National Instant Criminal Background Check System (NICS). Heinrich also led the successful call to repeal the Dickey Amendment, which had previously prevented the Center for Disease Control and Prevention (CDC) from funding research on gun violence and its effects on public health.

    MIL OSI USA News –

  • MIL-OSI USA: Shaheen Introduces Bill to Direct Restoration and Protection Efforts of the 5-State Connecticut River Watershed Region

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) is reintroducing the Connecticut River Watershed Partnership Act (CRWPA), which would formalize a partnership between federal, state, local and private entities to promote conservation, restoration, education and recreation efforts in the Watershed and establish a voluntary grant program to facilitate these activities. This collaborative effort will benefit fish and wildlife habitats, protect drinking water sources, enhance flood resilience and help promote access to the Watershed’s public spaces, particularly for excluded and marginalized communities. U.S. Representative Jim McGovern (MA-02) leads a companion bill in the House of Representatives.
    “The Connecticut River and its watershed are a vibrant part of New England’s landscape, providing habitat for fish and wildlife, supplying safe drinking water for our communities and spurring tourism that contributes to the whole region’s economy,” said Senator Shaheen. “Only by working together at the federal, state and local level can we effectively protect and preserve this critical environmental and economic resource—and that’s just the kind of partnership this legislation would create.”
    The Connecticut River, New England’s longest river, drains a 7.2-million-acre watershed across five New England states: Connecticut, Maine, Massachusetts, New Hampshire and Vermont. The Watershed is home to 396 communities and provides multiple environmental and economic benefits to diverse stakeholders and industries, including fisheries, farming, hunting, recreation, boating and tourism. The Silvio O. Conte National Fish and Wildlife Refuge encompasses the entire Watershed and is the only refuge of its kind in the National Wildlife Refuge System.
    Specifically, the CRWPA would:
    Require the Secretary of Interior to establish a non-regulatory Watershed Partnership Program intended to identify, prioritize and implement restoration and protection activities within the Watershed in consultation with federal, state, local and non-profit stakeholders;
    Create a grant and technical assistance program for state and local governments; tribal organizations; nonprofit organizations; institutions of higher education; and other eligible entities for activities in the Watershed;
    Implement a 75% Federal cost share for the grant program, except where the Secretary determines a larger cost share is appropriate; and
    Ensure other activities conducted by the Secretary in the Watershed would supplement, not supplant activities carried out by the partnership program.
    The legislation is supported by a broad coalition of more than 50 public and private organizations throughout New England, including the Connecticut River Watershed Partnership. Along with Shaheen, the legislation is co-sponsored by U.S. Senators Richard Blumenthal (D-CT), Maggie Hassan (D-NH), Ed Markey (D-MA), Chris Murphy (D-CT), Elizabeth Warren (D-MA), Bernie Sanders (I-VT) and Peter Welch (D-VT).
    Full bill text is available here.
    Shaheen has led efforts to safeguard our natural environment and invest in climate resiliency while boosting New Hampshire’s recreation economy. Shaheen led the bipartisan Outdoor Recreation Jobs and Economic Impact Act into law to require the federal government to measure the impact of the outdoor recreation on the economy. In November 2024, Shaheen applauded the release of an annual report showing a $1.2 trillion economic contribution by the outdoor recreation sector in 2023, including $3.9 billion in New Hampshire. Shaheen also helped reintroduce the Ski Hill Resources for Economic Development (SHRED) Act to fuel investment in outdoor recreation in national forests that benefits mountain communities.
    Shaheen has also led efforts to help secure full funding and permanent authorization for the Land and Water Conservation Fund (LWCF), which has helped protect more than 2.5 million acres of land and supported tens of thousands of state and local outdoor recreation projects throughout the nation. In 2020, Shaheen helped lead the Great American Outdoors Act into law to permanently fund the LWCF and provide mandatory funding for deferred maintenance on public lands. 

    MIL OSI USA News –

  • MIL-OSI USA: Warner & Kaine on Nomination of Erik Siebert for Eastern District of Virginia

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON – U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) released the following statement on the President’s nomination of Erik Siebert to serve as the U.S. Attorney for the Eastern District (EDVA):
    “Mr. Siebert has dedicated his career to protecting public safety, from his work with the Washington DC Metropolitan Police Department to his handling of violent crimes and firearms trafficking as a line Assistant U.S. Attorney in the Eastern District of Virginia. With his experience and dedication to service, Mr. Siebert is equipped to handle the challenges and important obligations associated with this position. We look forward to voting in favor of his confirmation.”
    Earlier this year, Sens. Warner and Kaine sent a letter to the White House recommending Mr. Siebert, who currently serves as the Interim United States Attorney for the EDVA. His nomination is subject to confirmation by the full Senate.
     

    MIL OSI USA News –

  • MIL-OSI USA: “NIH Cuts Will Hurt” RFK Jr. Admits When Pressed by Senator Murray On Harm to NIH Clinical Care, Confronted with Constituent’s Personal Story

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    In response to question about Trump’s proposal to nearly halve the NIH’s budget, Kennedy concedes “I think the cuts that are now proposed by NIH are gonna hurt.”
    ICYMI: In Seattle, Senator Murray Highlights Consequences of Trump & Elon’s Cuts & Layoffs at NIH—Hears from Leading Researchers, Patients, and Early Career Scientists
    ***WATCH: Senator Murray’s remarks and questioning of Secretary Kennedy***
    ***WATCH: Senator Murray rebuts Secretary Kennedy’s claims about her constituent, Natalie***
    Washington, D.C. — Today, at a Senate Health, Education, Labor and Pensions (HELP) Committee hearing with U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy Jr., U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the HELP Committee, grilled Secretary Kennedy on how the Trump administration is endangering Americans’ health and safety by slashing staff and blocking funding at the National Institute of Health (NIH) and firing nearly 90 percent of staff at the CDC’s National Institute for Occupational Safety and Health (NIOSH), including nearly 100 staff in Spokane.
    In their unprecedented and reckless effort to gut HHS—including pushing out 20,000 HHS employees and defunding critical research—President Trump and Secretary Kennedy are creating total chaos, delaying funding and stalling research for lifesaving treatments and cures, weakening our biomedical workforce, cancelling vital ongoing studies and delaying clinical trials, and threatening to undo decades of hard-won progress.
    Senator Murray began by sharing the story of her constituent, Natalie Phelps of Washington state: “One of my constituents, Natalie Phelps—a mom of two from Bainbridge Island in Washington state. She has been fighting aggressive Stage Four colorectal cancer for nearly five years now. Her best hope now is a clinical trial at the NIH Clinical Center. She flew out to the NIH just a few weeks ago for her first appointment, and her care team wanted her to come back in four weeks to start treatment. But because of the thoughtless, mass firing of thousands of critical employees across NIH and HHS that you have carried out, Natalie’s doctors at that clinical center have told her that they have no choice but to delay her treatment by an additional four weeks. Now, an extra four weeks may not sound like a long time but, I will tell you, for Stage Four cancer patients like Natalie, this could mean the difference between life and death.”
    Senator Murray asked Secretary Kennedy, “How many staff have been cut from the NIH’s Clinical Center? I want a specific number.”
    “I can’t tell you that now, Senator Murray. What I can tell you is that if you contact my office tomorrow, I’ll look specifically into that,” replied Secretary Kennedy.
    Senator Murray pressed, “Well, that is not acceptable. I want an answer back [on] that. She deserves it. She doesn’t have much time. She deserves an answer back.”
    Secretary Kennedy demurred, again saying Murray should contact his office, and eventually stated: “I don’t think that should happen to anybody.”
    Senator Murray then pressed: “What have you—and I mean you personally—done to assess how these staff cuts are impacting patient care? She is one of many. What have you done to assess that?” Senator Murray
    Secretary Kennedy responded, “I’ve revised the guidelines and said we shouldn’t—no, no clinical trials should be affected by the cuts.”
    Senator Murray made clear: “Mr. Secretary, I just have a short amount of time. They [your cuts] are impacting clinical trials. … I want to tell you, you need to know this. Natalie, is sitting there waiting.”
    Secretary Kennedy then repeatedly interrupted. Senator Murray reclaimed her time and pressed further: “I am asking you a question and it is critical. You are here to defend cutting NIH by half. Do you genuinely believe that that won’t result in more stories like Natalie’s?”
    Secretary Kennedy responded: “I think the cuts that are now proposed by NIH are gonna hurt. I think President Trump – you know, there’s no agency head in government like myself who wants to see their budget cut.”
    After more back and forth, Senator Murray stated: “Well, I will just say that it is my job to be a voice for people like Natalie and countless other patients who are like her. So you’ve got to fix this. I want to know, and I want a personal update on Natalie’s case, and you’ve offered that, please give that to me in the next 24 hours, and I expect details and transparency about the state of NIH clinical care.”
    Senator Murray continued her questioning by pressing Secretary Kennedy on the decimation of NIOSH and mass firings, including at the NIOSH Spokane Research Laboratory in Eastern Washington, which is the largest NIOSH facility west of the Mississippi River. Senator Murray has slammed the Trump administration for eviscerating the NIOSH Laboratory in Spokane as part of their mass layoffs. “I’m alarmed by your decision to essentially eliminate the National Institute for Occupational Safety and Health,” said Senator Murray. “You have already fired nearly 90 percent of staff. That includes the staff in my state at the Spokane Research Lab. Those are experts who do essential work to protect miners and firefighters and farm workers and people who are working in dangerous conditions. I am told that after backlash, you are reinstating some of those, mainly in the West Virginia office … nobody in the Western United States, and there doesn’t seem to be any rhyme or reason as to how you’ve made these decisions. And how do you explain this to my constituents in Spokane, who are out of a job, and the workers that are being impacted by that.”
    Secretary Kennedy confirmed that he has brought back some of the workers he’d fired after facing backlash, but did not provide a rationale for the cuts in Washington, stating in part: “The work at NIOSH will not be interrupted. We’re going – I brought back 328 workers, mainly in the Cleveland office and the Morgantown office, and for the World Trade Center site. And that work will continue. The work on mine safety will continue.” However, critical mine safety research occurred at the Spokane lab—and Secretary Kennedy failed to provide any explanation for those cuts—or a commitment to rehire those workers. (Secretary Kennedy also misstated the number of fired workers that have since been rehired and where they work: 313, not 328, have been rehired, and the office in question is Cincinnati, not Cleveland.)
    Senator Murray concluded: “Mr. Chairman, I would just say you can’t fire 90 percent of the people and assume the work gets done.”
    Later in the hearing, Secretary Kennedy asserted that Natalie was ineligible for her clinical trial and called her story a “canard,” saying: “Senator Murray had raised the issue of a constituent of hers who she said had been denied a place in a clinical trial in Washington due to the RIF. We’ve been able to run down that case. The patient was medically ineligible for that trial. It had nothing to do with the RIF. And NIH has been trying to get her into another clinical trial, but none of our clinical trials have been shut down because of the RIF. That was a canard.”
    Senator Murray returned to the hearing to respond directly to Secretary Kennedy: “Secretary Kennedy came back and said my constituent, who I spoke about earlier, [her care] was not delayed by staffing cuts. First off, she is already enrolled in that clinical trial. It’s not a question of eligibility—the issue, as I stated clearly, was the delay in care that she got. And what you stated, Secretary Kennedy, is not true.”
    “I spoke with Natalie, actually, last night. She asked her NIH doctor directly why, when she was informed of the delay, and her doctor at NIH said very plainly TWICE: her care was delayed because of staffing cuts. And Mr. Chairman, I think it’s important for the record to show, my staff has put in inquiries with HHS leadership and they’ve been unresponsive so far.And, just to make clear, this is just one case of many. But those are the facts,” Senator Murray said.
    ___________________________________
    Senator Murray has been a leading voice in Congress raising the alarm over HHS’ unilateral reorganization plan and slamming the closure of the HHS Region 10 office in Seattle and the CDC’s National Institute for Occupational Safety and Health (NIOSH) Spokane Research Laboratory. Senator Murray has sent oversight letters and hosted numerous press conferences and events to lay out how the administration’s reckless gutting of HHS is risking Americans health and safety and will set our country back decades, and lifting up the voices of HHS employees who were fired for no reason and through no fault of their own.
    In particular, Senator Murray has been leading the charge against the Trump administration’s efforts to gut lifesaving research at NIH and pushed out nearly 5,000 NIH skilled scientists, grants administrators, and other employees at the agency. When the Trump administration attempted to illegally cap indirect cost rates at 15 percent, Senator Murray immediately and forcefully condemned the move, led the entire Senate Democratic caucus in a letter decrying the proposed change, and introduced amendments to Senate Republicans’ budget resolution to reverse it, which Republicans blocked. Murray has led Congressional efforts to boost biomedical research. Previously, over her years as Chair of the Labor-HHS Appropriations Subcommittee, Senator Murray secured billions of dollars in increases for biomedical research at NIH, and during her time as Chair of the HELP Committee she established the new ARPA-H research agency as part of her PREVENT Pandemics Act to advance some of the most cutting-edge research in the field. Senator Murray was also the lead Democratic negotiator of the bipartisan 21st Century Cures Act, which delivered a major federal investment to boost NIH research, among many other investments. 
    Senator Murray forcefully opposed the nomination of notorious anti-vaccine activist RFK Jr. to be Secretary of HHS, and she has long worked to combat vaccine skepticism and highlight the importance of scientific research and vaccines. Murray was also a leading voice against the nomination of Dr. Dave Weldon to lead CDC, repeatedly speaking up about her serious concerns with the nominee immediately after their meeting. In 2019, Senator Murray co-led a bipartisan hearing in the HELP Committee on vaccine hesitancy and spoke about the importance of addressing vaccine skepticism and getting people the facts they need to keep their families and communities safe and healthy. Ahead of the 2019 hearing, as multiple states were facing measles outbreaks in under-vaccinated areas, Murray sent a bipartisan letter with former HELP Committee Chair Lamar Alexander pressing Trump’s CDC Director and HHS Assistant Secretary for Health on their efforts to promote vaccination and vaccine confidence.

    MIL OSI USA News –

  • MIL-OSI: Birchcliff Energy Ltd. Announces Strong Q1 2025 Results and Declares Q2 2025 Dividend

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce its Q1 2025 financial and operational results.

    Chris Carlsen, Birchcliff’s President and Chief Executive Officer, commented: “We are pleased to report strong operational and financial results for the first quarter of 2025, driven by our continued focus on operational excellence and our high-quality asset base. We successfully executed our Q1 capital program, drilling 14 wells and bringing 8 wells onstream, resulting in first quarter average production of 77,363 boe/d. We generated adjusted funds flow(1) of $124.4 million in Q1 2025 (an 88% increase from Q1 2024), driven by increased production and a stronger average realized natural gas sales price, which benefitted from our natural gas market diversification, with approximately 78% of our natural gas volumes realizing U.S. pricing at the Dawn and NYMEX HH markets. We achieved free funds flow(1) of $12.6 million in the first quarter, notwithstanding that approximately 40%(2) of our full-year capital budget was invested in Q1 2025 prior to spring break-up. With a substantial portion of our capital program behind us, we expect to generate significant free funds flow during the remainder of the year, which will be allocated primarily towards reducing our total debt(3) by approximately 28% from year end 2024(4) , after the payment of our base dividend. Our 2025 production guidance and capital program are unchanged and we remain focused on capital efficiency improvements, driving down our costs and strengthening our balance sheet.

    This year marks a significant milestone for Birchcliff as we celebrate our 20th anniversary. We extend our gratitude to our dedicated staff, our board of directors and our shareholders for their support over the years. Together, we look forward to a promising future, leveraging our strengths to navigate the evolving market, drive profitable growth and deliver long-term shareholder value.”

    Q1 2025 FINANCIAL AND OPERATIONAL HIGHLIGHTS

    • Delivered average production of 77,363 boe/d (82% natural gas, 10% NGLs, 6% condensate and 2% light oil), a 3% increase from Q1 2024.
    • Generated adjusted funds flow of $124.4 million, or $0.46 per basic common share(5), an 88% and 84% increase, respectively, from Q1 2024. Cash flow from operating activities was $126.1 million, a 93% increase from Q1 2024.
    • Reported net income to common shareholders of $65.7 million, or $0.24 per basic common share, as compared to a net loss to common shareholders of $15.0 million and $0.06 per basic common share in Q1 2024.
    • Birchcliff’s market diversification contributed to an effective average realized natural gas sales price(5) of $4.89/Mcf in Q1 2025, which represents a 142% premium to the average benchmark AECO 7A Monthly Index price in the quarter.
    • Achieved an operating netback(5) of $17.71/boe, a 38% increase from Q1 2024.
    • Birchcliff had a very active first quarter capital program, drilling 14 (14.0 net) wells and bringing 8 (8.0 net) wells on production, with F&D capital expenditures totalling $111.8 million in Q1 2025.

    Birchcliff’s unaudited interim condensed financial statements for the three months ended March 31, 2025 and related management’s discussion and analysis will be available on its website at www.birchcliffenergy.com and on SEDAR+ at www.sedarplus.ca. Birchcliff’s updated corporate presentation will be available on its website at www.birchcliffenergy.com on May 14, 2025.

    ______________________________

    (1)  Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.

    (2)  Based on the mid-point of Birchcliff’s 2025 capital budget of $260 million to $300 million.

    (3)  Capital management measure. See “Non-GAAP and Other Financial Measures”.

    (4)  Based on the mid-point of Birchcliff’s total debt guidance range at year end 2025 of $365 million to $405 million and as compared to Birchcliff’s total debt at year end 2024 of $535.6 million.

    (5)  Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.

    DECLARATION OF Q2 2025 QUARTERLY DIVIDEND

    • Birchcliff’s board of directors (the “Board”) has declared a quarterly cash dividend of $0.03 per common share for the quarter ending June 30, 2025.
    • The dividend will be payable on June 30, 2025 to shareholders of record at the close of business on June 13, 2025. The dividend has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada).

    EXTENSION OF CREDIT FACILITIES

    • Subsequent to the end of Q1 2025, Birchcliff’s syndicate of lenders completed its regular semi-annual review of the borrowing base limit under the Corporation’s extendible revolving credit facilities (the “Credit Facilities”).
    • In connection therewith, the agreement governing the Credit Facilities was amended effective May 7, 2025 to extend the maturity dates of each of the syndicated extendible revolving term credit facility and the extendible revolving working capital facility from May 11, 2027 to May 11, 2028. In addition, the lenders confirmed the borrowing base limit at $850 million. The Credit Facilities do not contain any financial maintenance covenants.

    ANNUAL MEETING OF SHAREHOLDERS

    • Birchcliff’s annual meeting of shareholders is scheduled to take place tomorrow, Thursday, May 15, 2025, at 3:00 p.m. (Mountain Daylight Time) in the McMurray Room at the Calgary Petroleum Club, 319 – 5th Avenue S.W., Calgary, Alberta.

    This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. For further information regarding the forward-looking statements and forward-looking information contained herein, see “Advisories – Forward-Looking Statements”. With respect to the disclosure of Birchcliff’s production contained in this press release, production volumes have been disclosed on a “gross” basis, as such term is defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). For further information regarding the disclosure of Birchcliff’s production contained herein, see “Advisories – Production”. In addition, this press release uses various “non-GAAP financial measures”, “non-GAAP ratios” and “capital management measures” as such terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and might not be comparable to similar financial measures disclosed by other issuers. For further information regarding the non-GAAP and other financial measures used in this press release, see “Non-GAAP and Other Financial Measures”.

    Q1 2025 UNAUDITED FINANCIAL AND OPERATIONAL SUMMARY

      Three months ended Three months ended
      March 31, 2025 March 31, 2024
    OPERATING    
    Average production    
    Light oil (bbls/d) 1,795   1,525  
    Condensate (bbls/d) 4,238   4,765  
    NGLs (bbls/d) 7,626   7,397  
    Natural gas (Mcf/d) 382,224   370,288  
    Total (boe/d) 77,363   75,402  
    Average realized sales prices (CDN$)    
    Light oil (per bbl) 95.27   95.24  
    Condensate (per bbl) 97.98   100.26  
    NGLs (per bbl) 27.95   27.59  
    Natural gas (per Mcf) 3.64   2.61  
    Total (per boe) 28.32   23.80  
    NETBACK AND COST ($/boe)    
    Petroleum and natural gas revenue 28.32   23.80  
    Royalty expense (2.16 ) (2.11 )
    Operating expense (3.04 )(1) (3.85 )
    Transportation and other expense(2) (5.41 ) (4.99 )
    Operating netback(2) 17.71   12.85  
    G&A expense, net (1.42 ) (1.28 )
    Interest expense (1.27 ) (1.13 )
    Lease interest expense (0.33 )(1) –  
    Realized gain (loss) on financial instruments 3.18   (0.82 )
    Other cash income –   0.01  
    Adjusted funds flow(2) 17.87   9.63  
    Depletion and depreciation expense (8.99 ) (8.56 )
    Unrealized gain (loss) on financial instruments 3.53   (3.28 )
    Other expenses(3) (0.48 ) (0.52 )
    Deferred income tax (expense) recovery (2.49 ) 0.54  
    Net income (loss) to common shareholders 9.44   (2.19 )
    FINANCIAL    
    Petroleum and natural gas revenue ($000s) 197,188   163,304  
    Cash flow from operating activities ($000s) 126,097   65,255  
    Adjusted funds flow ($000s)(4) 124,413   66,081  
    Per basic common share ($)(2) 0.46   0.25  
    Free funds flow ($000s)(4) 12,594   (36,692 )
    Per basic common share ($)(2) 0.05   (0.14 )
    Net income (loss) to common shareholders ($000s) 65,727   (15,035 )
    Per basic common share ($) 0.24   (0.06 )
    End of period basic common shares (000s) 272,071   268,578  
    Weighted average basic common shares (000s) 271,614   267,905  
    Dividends on common shares ($000s) 8,151   26,857  
    F&D capital expenditures ($000s)(5) 111,819   102,773  
    Total capital expenditures ($000s)(4) 112,473   103,484  
    Revolving term credit facilities ($000s) 518,581   428,566  
    Total debt ($000s)(6) 534,710   443,380  

    (1)  Effective July 1, 2024, Birchcliff assumed operatorship of a third-party natural gas processing facility that resulted in the take-or-pay commitment associated with the underlying processing arrangement (the “Gas Processing Lease”) being classified as a lease under IFRS Accounting Standards. Birchcliff’s operating expense and lease interest expense for the three months ended March 31, 2025 include the financial effects of the Gas Processing Lease.

    (2)  Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.

    (3)  Includes non-cash items such as compensation, accretion, amortization of deferred financing fees and other gains and losses.

    (4)  Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.

    (5)  See “Advisories – F&D Capital Expenditures”.

    (6)  Capital management measure. See “Non-GAAP and Other Financial Measures”.

    2025 GUIDANCE

    • Birchcliff is reaffirming its 2025 annual average production guidance of 76,000 to 79,000 boe/d and F&D capital expenditures guidance of $260 million to $300 million.
    • As a result of the continued volatility in commodity prices driven by the uncertainties surrounding tariffs, global trade tensions and OPEC+ production increases, Birchcliff has lowered its commodity price assumptions for the remainder of 2025 and revised its guidance for adjusted funds flow, free funds flow and total debt accordingly. In addition, the Corporation has lowered its royalty expense guidance for 2025, primarily due to lower oil prices forecasted for the remainder of the year.
    • Birchcliff expects to significantly strengthen its balance sheet in 2025, with free funds flow (after the payment of dividends) anticipated to be allocated primarily towards debt reduction. Based on its current commodity price assumptions, Birchcliff expects to exit 2025 with total debt of $365 million to $405 million, which represents a 28% reduction from its total debt at year end 2024 of $535.6 million.
    • The following tables set forth Birchcliff’s updated and previous guidance and commodity price assumptions for 2025, as well as its free funds flow sensitivity:
      Updated 2025 guidance and
    assumptions – May 14, 2025    (1)    		   Previous 2025 guidance and
    assumptions – March 12, 2025
    Production      
    Annual average production (boe/d) 76,000 – 79,000   76,000 – 79,000
    % Light oil 3%   3%
    % Condensate 6%   6%
    % NGLs 9%   9%
    % Natural gas 82%   82%
           
    Average Expenses ($/boe)      
    Royalty $1.90 – $2.10   $2.10 – $2.30
    Operating $2.90 – $3.10   $2.90 – $3.10
    Transportation and other(2) $5.55 – $5.75   $5.55 – $5.75
           
    Adjusted Funds Flow (millions)(3) $480   $580
           
    F&D Capital Expenditures (millions) $260 – $300   $260 – $300
           
    Free Funds Flow (millions)(3) $180 – $220   $280 – $320
           
    Total Debt at Year End (millions)(4) $365 – $405   $265 – $305
           
    Natural Gas Market Exposure      
    AECO exposure as a % of total natural gas production 23%   23%
    Dawn exposure as a % of total natural gas production 41%   41%
    NYMEX HH exposure as a % of total natural gas production 35%   35%
    Alliance exposure as a % of total natural gas production 1%   1%
           
    Commodity Prices      
    Average WTI price (US$/bbl) $61.75(5)   $67.00
    Average WTI-MSW differential (CDN$/bbl) $5.60(5)   $8.80
    Average AECO price (CDN$/GJ) $2.30(5)   $2.20
    Average Dawn price (US$/MMBtu) $3.65(5)   $4.20
    Average NYMEX HH price (US$/MMBtu) $3.95(5)   $4.50
    Exchange rate (CDN$ to US$1) 1.41(5)   1.44
    Forward eight months’ free funds flow sensitivity(5)(6) Estimated change to
    2025 free funds flow (millions)
    Change in WTI US$1.00/bbl $2.6
    Change in NYMEX HH US$0.10/MMBtu $4.5
    Change in Dawn US$0.10/MMBtu $5.5
    Change in AECO CDN$0.10/GJ $2.4
    Change in CDN/US exchange rate CDN$0.01 $3.5

    (1)  Birchcliff’s guidance for its production commodity mix, adjusted funds flow, free funds flow, total debt and natural gas market exposure in 2025 is based on an annual average production rate of 77,500 boe/d in 2025, which is the mid-point of Birchcliff’s annual average production guidance range for 2025. Changes in assumed commodity prices and variances in production forecasts can have an impact on the Corporation’s forecasts of adjusted funds flow and free funds flow and the Corporation’s other guidance, which impact could be material. In addition, any acquisitions or dispositions completed over the course of 2025 could have an impact on Birchcliff’s 2025 guidance and assumptions set forth herein, which impact could be material. For further information regarding the risks and assumptions relating to the Corporation’s guidance, see “Advisories – Forward-Looking Statements”.

    (2)  Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.

    (3)  Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.

    (4)  Capital management measure. See “Non-GAAP and Other Financial Measures”.

    (5)  Birchcliff’s updated commodity price and exchange rate assumptions and free funds flow sensitivity for 2025 are based on anticipated full-year averages using the Corporation’s anticipated forward benchmark commodity prices and the CDN/US exchange rate as of May 5, 2025, which include settled benchmark commodity prices and the CDN/US exchange rate for the period from January 1, 2025 to April 30, 2025.

    (6)  Illustrates the expected impact of changes in commodity prices and the CDN/US exchange rate on the Corporation’s updated forecast of free funds flow for 2025, holding all other variables constant. The sensitivity is based on the updated commodity price and exchange rate assumptions set forth in the table above. The calculated impact on free funds flow is only applicable within the limited range of change indicated. Calculations are performed independently and may not be indicative of actual results. Actual results may vary materially when multiple variables change at the same time and/or when the magnitude of the change increases.

    • The oil and natural gas industry in Canada, along with other industries, has faced considerable uncertainty in respect of the United States’ evolving trade policy. Although Birchcliff currently anticipates that U.S. tariffs will not have a material impact on its business, this considerable uncertainty makes it impossible to predict what, if any, impacts there might be on the Corporation’s business. Birchcliff will continue to monitor developments in U.S. trade policy, assess any potential impacts on the Corporation’s business and will update its guidance if, as and when appropriate.

    Q1 2025 FINANCIAL AND OPERATIONAL RESULTS

    Production

    • Birchcliff’s production averaged 77,363 boe/d in Q1 2025, a 3% increase from Q1 2024. The increase was primarily due to the strong performance of the Corporation’s capital program and the successful drilling of new Montney/Doig wells brought on production since Q1 2024, specifically high-rate natural gas wells in liquids-rich zones in Pouce Coupe and light oil and liquids-rich natural gas wells in Gordondale, partially offset by natural production declines.
    • Liquids accounted for 18% of Birchcliff’s total production in both Q1 2025 and Q1 2024.

    Adjusted Funds Flow and Cash Flow From Operating Activities

    • Birchcliff’s adjusted funds flow was $124.4 million in Q1 2025, or $0.46 per basic common share, an 88% and 84% increase, respectively, from Q1 2024.
    • Birchcliff’s cash flow from operating activities was $126.1 million in Q1 2025, a 93% increase from Q1 2024.
    • The increases were primarily due to higher natural gas revenue, which largely resulted from higher natural gas production in Q1 2025 and a 39% increase in the average realized natural gas sales price Birchcliff received for such production as compared to Q1 2024. Adjusted funds flow and cash flow from operating activities were also positively impacted by a realized gain on financial instruments of $22.2 million in Q1 2025 as compared to a realized loss on financial instruments of $5.6 million in Q1 2024.

    Net Income (Loss) to Common Shareholders

    • Birchcliff reported net income to common shareholders of $65.7 million in Q1 2025, or $0.24 per basic common share, as compared to a net loss to common shareholders of $15.0 million and $0.06 per basic common share in Q1 2024.
    • The change to a net income position was primarily due to higher adjusted funds flow and an unrealized gain on financial instruments of $24.6 million in Q1 2025 as compared to an unrealized loss on financial instruments of $22.5 million in Q1 2024, partially offset by a deferred income tax expense of $17.3 million in Q1 2025 as compared to a deferred income tax recovery of $3.7 million in Q1 2024.

    Capital Activities and Investment

    • Birchcliff had a very active first quarter capital program, drilling 14 (14.0 net) wells and bringing 8 (8.0 net) wells on production, with F&D capital expenditures totalling $111.8 million in Q1 2025.

    Debt and Credit Facilities

    • Total debt at March 31, 2025 was $534.7 million, a 21% increase from March 31, 2024.
    • At March 31, 2025, Birchcliff had a balance outstanding under its Credit Facilities of $522.3 million (March 31, 2024: $430.2 million) from available Credit Facilities of $850.0 million (March 31, 2024: $850.0 million), leaving the Corporation with $327.7 million (39%) of unutilized credit capacity after adjusting for outstanding letters of credit and unamortized deferred financing fees.

    Natural Gas Market Diversification

    • Birchcliff’s physical natural gas sales exposure primarily consists of the AECO, Dawn and Alliance markets. In addition, the Corporation has various financial instruments outstanding that provide it with exposure to NYMEX HH pricing.
    • The following table sets forth Birchcliff’s effective sales, production and average realized sales price for its natural gas and liquids for Q1 2025, after taking into account the Corporation’s financial instruments:
    Three months ended March 31, 2025
      Effective
    sales
    (CDN$000s)    		 Percentage
    of total sales
    (%)    		 Effective
    production
    (per day)    		 Percentage of
    total natural gas
    production
    (%)    		 Percentage of
    total corporate
    production
    (%)    		 Effective average
    realized
    sales price
    (CDN$)
    Market            
    AECO(1)(2) 16,210 7 82,553 Mcf 22 18 2.18/Mcf
    Dawn(3) 82,094 34 162,982 Mcf 43 35 5.60/Mcf
    NYMEX HH(1)(4) 69,988 29 136,689 Mcf 35 29 5.69/Mcf
    Total natural gas(1) 168,292 70 382,224 Mcf 100 82 4.89/Mcf
    Light oil 15,391 6 1,795 bbls   2 95.27/bbl
    Condensate 37,371 16 4,238 bbls   6 97.98/bbl
    NGLs 19,183 8 7,626 bbls   10 27.95/bbl
    Total liquids 17,945 30 13,659 bbls   18 58.52/bbl
    Total corporate(1) 240,237 100 77,363 boe   100 34.50/boe

    (1)  Effective sales and effective average realized sales price on a total natural gas and total corporate basis and for the AECO and NYMEX HH markets are non-GAAP financial measures and non-GAAP ratios, respectively. See “Non-GAAP and Other Financial Measures”.

    (2)  Birchcliff has short-term physical sales agreements with third-party marketers to sell and deliver into the Alliance pipeline system. All of Birchcliff’s short-term physical Alliance sales and production during Q1 2025 received AECO premium pricing and have therefore been included as effective sales and production in the AECO market.

    (3)  Birchcliff has agreements for the firm service transportation of an aggregate of 175,000 GJ/d of natural gas on TransCanada PipeLines’ Canadian Mainline, whereby natural gas is transported to the Dawn trading hub in Southern Ontario.

    (4)  NYMEX HH effective sales and production include financial NYMEX HH/AECO 7A basis swap contracts for an aggregate of 147,500 MMBtu/d at an average contract price of NYMEX HH less US$1.088/MMBtu during Q1 2025.

    Birchcliff’s effective average realized sales price for NYMEX HH of CDN$5.69/Mcf (US$3.65/MMBtu) was determined on a gross basis before giving effect to the average NYMEX HH/AECO 7A fixed contract basis differential price of CDN$1.70/Mcf (US$1.088/MMBtu) and includes any realized gains and losses on financial NYMEX HH/AECO 7A basis swap contracts during Q1 2025.

    After giving effect to the NYMEX HH/AECO 7A fixed contract basis differential price and including any realized gains and losses on financial NYMEX HH/AECO 7A basis swap contracts during Q1 2025, Birchcliff’s effective average realized net sales price for NYMEX HH was CDN$3.99/Mcf (US$2.56/MMBtu) in Q1 2025.

    • The following table sets forth Birchcliff’s physical sales, production, average realized sales price, transportation costs and natural gas sales netback by natural gas market for the periods indicated, before taking into account the Corporation’s financial instruments:
    Three months ended March 31, 2025
    Natural
    gas
    market    		 Natural gas
    sales
    (CDN$000s)    		 Percentage of
    natural gas
    sales
    (%)    		 Natural gas
    production
    (Mcf/d)    		 Percentage of
    natural gas
    production
    (%)    		 Average realized
    natural gas sales
    price
    (CDN$/Mcf)    		 Natural gas
    transportation
    costs    (1)
    (CDN$/Mcf)    		 Natural gas
    sales
    netback    (2)
    (CDN$/Mcf)
    AECO 42,368 34 215,026 56 2.19 0.46 1.73
    Dawn 82,094 65 162,982 43 5.60 1.55 4.05
    Alliance(3) 769 1 4,216 1 2.03 – 2.03
    Total 125,231 100 382,224 100 3.64 0.92 2.72
    Three months ended March 31, 2024
    Natural
    gas
    market    		 Natural gas
    sales
    (CDN$000s)    		 Percentage of
    natural gas
    sales
    (%)    		 Natural gas
    production
    (Mcf/d)    		 Percentage of
    natural gas
    production
    (%)    		 Average realized
    natural gas sales
    price
    (CDN$/Mcf)    		 Natural gas
    transportation
    costs    (1)
    (CDN$/Mcf)    		 Natural gas
    sales
    netback    (2)
    (CDN$/Mcf)
    AECO 38,639 44 195,141 53 2.19 0.40 1.79
    Dawn 45,198 51 161,667 44 3.07 1.41 1.66
    Alliance(3) 4,185 5 13,480 3 3.41 – 3.41
    Total 88,022 100 370,288 100 2.61 0.83 1.78

    (1)  Reflects costs to transport natural gas from the field receipt point to the delivery sales trading hub.

    (2)  Natural gas sales netback denotes the average realized natural gas sales price less natural gas transportation costs.

    (3)  Birchcliff has short-term physical sales agreements with third-party marketers to sell and deliver into the Alliance pipeline system. Alliance sales are indexed to the AECO 5A benchmark index price and are recorded net of transportation tolls.

    OPERATIONAL UPDATE

    • Birchcliff’s 2025 capital budget of $260 million to $300 million includes the drilling of 25 (25.0 net) wells and the bringing on production of 26 (26.0 net) wells in 2025. Year-to-date, the Corporation has drilled 15 (15.0 net) wells and brought 12 (12.0 net) wells on production.
    • In the first quarter of 2025, Birchcliff delivered strong execution metrics, building on the operational momentum and key learnings from a successful capital program in 2024. Birchcliff’s teams continue to demonstrate a steadfast focus on execution, operational efficiency and disciplined cost management. Birchcliff’s purposeful execution is helping to strengthen its performance and position the business for sustainable growth through the remainder of the year and in the long-term.

    Pouce Coupe

    • Birchcliff completed the drilling of its 5-well 04-05 pad in December 2024 and the wells were turned over to production through Birchcliff’s permanent facilities in early March 2025. This pad targeted high-rate natural gas wells in the Lower Montney. The wells have shown strong production rates exhibiting low declines as highlighted in the table below, which summarizes the aggregate and average production rates for the wells from the pad:

    5-Well 04-05 Pad IP Rates

      Wells: IP 30(1) Wells: IP 60(1)
    Aggregate production rate (boe/d) 6,130 5,578
      Aggregate natural gas production rate (Mcf/d) 34,691 31,864
      Aggregate condensate production rate (bbls/d) 348 267
    Average per well production rate (boe/d) 1,226 1,116
      Average per well natural gas production rate (Mcf/d) 6,938 6,373
      Average per well condensate production rate (bbls/d) 70 53
    Condensate-to-gas ratio (bbls/MMcf) 10 8

    (1)  Represents the cumulative volumes for each well measured at the wellhead separator for the 30 or 60 days (as applicable) of production immediately after each well was considered stabilized after producing fracture treatment fluid back to surface in an amount such that flow rates of hydrocarbons became reliable. The natural gas volumes represent raw natural gas volumes as opposed to sales gas volumes. See “Advisories – Initial Production Rates”.

    • Completions operations on Birchcliff’s 3-well 07-10 pad were finished in March 2025 and the wells were turned over to production through the Corporation’s permanent facilities in April 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
    • Completions operations on Birchcliff’s 4-well 05-19 pad were finished in April 2025 and flowback operations were recently completed. The wells are currently scheduled to be turned over to production through the Corporation’s permanent facilities later in May 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
    • Completions operations are underway on Birchcliff’s 4-well 03-06 pad and the wells are currently scheduled to be turned over to production through the Corporation’s permanent facilities in June 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
    • In the second half of April 2025, Birchcliff successfully completed the first phase of its planned turnaround at its Pouce Coupe gas plant. The second phase of the turnaround is well underway and is expected to be completed shortly.

    Gordondale

    • Completions operations on Birchcliff’s 4-well 02-27 pad were finished in March 2025 and the wells were turned over to production through the Corporation’s permanent facilities in May 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.

    Elmworth

    • As previously disclosed in its March 12, 2025 press release, Birchcliff completed a horizontal Montney land retention well in February 2025 and performed a 10.5 day flow test on the well.
    • Birchcliff continues to progress the formal planning for the construction of a proposed 100% owned and operated 80 MMcf/d natural gas processing plant in Elmworth. In the second half of March 2025, Birchcliff held an open house in the area to discuss its proposed plans for the area with community residents.

    ABBREVIATIONS

    AECO benchmark price for natural gas determined at the AECO ‘C’ hub in southeast Alberta
    bbl barrel
    bbls barrels
    bbls/d barrels per day
    boe barrel of oil equivalent
    boe/d barrel of oil equivalent per day
    condensate pentanes plus (C5+)
    F&D finding and development
    G&A general and administrative
    GAAP generally accepted accounting principles for Canadian public companies, which are currently IFRS Accounting Standards
    GJ gigajoule
    GJ/d gigajoules per day
    HH Henry Hub
    IFRS International Financial Reporting Standards as issued by the International Accounting Standards Board
    IP initial production
    Mcf thousand cubic feet
    Mcf/d thousand cubic feet per day
    MMBtu million British thermal units
    MMBtu/d million British thermal units per day
    MMcf million cubic feet
    MMcf/d million cubic feet per day
    MSW price for mixed sweet crude oil at Edmonton, Alberta
    NGLs natural gas liquids consisting of ethane (C2), propane (C3) and butane (C4) and specifically excluding condensate
    NYMEX New York Mercantile Exchange
    OPEC Organization of the Petroleum Exporting Countries
    OPEC+ OPEC plus certain other oil-producing countries
    Q quarter
    WTI West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma, for crude oil of standard grade
    000s thousands
    $000s thousands of dollars
       

    NON-GAAP AND OTHER FINANCIAL MEASURES

    This press release uses various “non-GAAP financial measures”, “non-GAAP ratios” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below.

    Non-GAAP Financial Measures

    NI 52-112 defines a non-GAAP financial measure as a financial measure that: (i) depicts the historical or expected future financial performance, financial position or cash flow of an entity; (ii) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity; (iii) is not disclosed in the financial statements of the entity; and (iv) is not a ratio, fraction, percentage or similar representation. The non-GAAP financial measures used in this press release are not standardized financial measures under GAAP and might not be comparable to similar measures presented by other companies. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP financial measures as indicators of Birchcliff’s performance. Set forth below is a description of the non-GAAP financial measures used in this press release.

    Adjusted Funds Flow and Free Funds Flow

    Birchcliff defines “adjusted funds flow” as cash flow from operating activities before the effects of decommissioning expenditures, retirement benefit payments and changes in non-cash operating working capital. Birchcliff eliminates settlements of decommissioning expenditures from cash flow from operating activities as the amounts can be discretionary and may vary from period to period depending on its capital programs and the maturity of its operating areas. The settlement of decommissioning expenditures is managed with Birchcliff’s capital budgeting process which considers available adjusted funds flow. Birchcliff eliminates retirement benefit payments from cash flow from operating activities as such payments reflect costs for past service and contributions made by eligible executives under the Corporation’s post-employment benefit plan, which are not indicative of the current period. Changes in non-cash operating working capital are eliminated in the determination of adjusted funds flow as the timing of collection and payment are variable and by excluding them from the calculation, the Corporation believes that it is able to provide a more meaningful measure of its operations and ability to generate cash on a continuing basis. Management believes that adjusted funds flow assists management and investors in assessing Birchcliff’s financial performance after deducting all operating and corporate cash costs, as well as its ability to generate the cash necessary to fund sustaining and/or growth capital expenditures, repay debt, settle decommissioning obligations, buy back common shares and pay dividends.

    Birchcliff defines “free funds flow” as adjusted funds flow less F&D capital expenditures. Management believes that free funds flow assists management and investors in assessing Birchcliff’s ability to generate shareholder value and returns through a number of initiatives, including, but not limited to, debt repayment, common share buybacks, the payment of common share dividends, acquisitions and other opportunities that would complement or otherwise improve the Corporation’s business and enhance long-term shareholder value.

    The most directly comparable GAAP financial measure to adjusted funds flow and free funds flow is cash flow from operating activities. The following table provides a reconciliation of cash flow from operating activities to adjusted funds flow and free funds flow for the periods indicated:

      Three months ended
    		   Twelve months ended  
      March 31,
    		   December 31,  
    ($000s) 2025   2024   2024  
    Cash flow from operating activities 126,097   65,255   203,710  
    Change in non-cash operating working capital (2,194 ) (13,163 ) 17,269  
    Decommissioning expenditures 510   138   1,964  
    Retirement benefit payments –   13,851   13,851  
    Adjusted funds flow 124,413   66,081   236,794  
    F&D capital expenditures (111,819 ) (102,773 ) (273,084 )
    Free funds flow 12,594   (36,692 ) (36,290 )

    Birchcliff has disclosed in this press release forecasts of adjusted funds flow and free funds flow for 2025, which are forward-looking non-GAAP financial measures. See “2025 Guidance”. The equivalent historical non-GAAP financial measures are adjusted funds flow and free funds flow for the twelve months ended December 31, 2024. Birchcliff anticipates the forward-looking non-GAAP financial measures for adjusted funds flow and free funds flow disclosed herein will be higher than their respective historical amounts, primarily due to higher anticipated benchmark natural gas prices in 2025 as compared to 2024. The commodity price assumptions on which the Corporation’s guidance is based are set forth under the heading “2025 Guidance”.

    Transportation and Other Expense

    Birchcliff defines “transportation and other expense” as transportation expense plus marketing purchases less marketing revenue. Birchcliff may enter into certain marketing purchase and sales arrangements with the objective of reducing any unused transportation or fractionation fees associated with its take-or-pay commitments and/or increasing the value of its production through value-added downstream initiatives. Management believes that transportation and other expense assists management and investors in assessing Birchcliff’s total cost structure related to transportation and marketing activities. The most directly comparable GAAP financial measure to transportation and other expense is transportation expense. The following table provides a reconciliation of transportation expense to transportation and other expense for the periods indicated:

      Three months ended
    		   Twelve months ended  
      March 31,
    		   December 31,  
    ($000s) 2025   2024   2024  
    Transportation expense 37,519   36,625   149,534  
    Marketing purchases 14,910   7,111   51,496  
    Marketing revenue (14,748 ) (9,468 ) (54,069 )
    Transportation and other expense 37,681   34,268   146,961  


    Operating Netback

    Birchcliff defines “operating netback” as petroleum and natural gas revenue less royalty expense, operating expense and transportation and other expense. Operating netback is a key industry performance indicator and one that provides investors with information that is commonly presented by other oil and natural gas producers. Management believes that operating netback assists management and investors in assessing Birchcliff’s operating profits after deducting the cash costs that are directly associated with the sale of its production, which can then be used to pay other corporate cash costs or satisfy other obligations. The following table provides a breakdown of Birchcliff’s operating netback for the periods indicated:

    Three months ended ($000s) March 31, 2025   March 31, 2024  
    P&NG revenue 197,188   163,304  
    Royalty expense (15,039 ) (14,467 )
    Operating expense (21,133 ) (26,427 )
    Transportation and other expense (37,681 ) (34,268 )
    Operating netback 123,335   88,142  


    Total Capital Expenditures

    Birchcliff defines “total capital expenditures” as exploration and development expenditures less dispositions plus acquisitions (if any) and plus administrative assets. Management believes that total capital expenditures assists management and investors in assessing Birchcliff’s overall capital cost structure associated with its petroleum and natural gas activities. The most directly comparable GAAP financial measure to total capital expenditures is exploration and development expenditures. The following table provides a reconciliation of exploration and development expenditures to total capital expenditures for the periods indicated:

    Three months ended ($000s) March 31, 2025 March 31, 2024  
    Exploration and development expenditures(1) 111,819 102,773  
    Dispositions – (109 )
    Administrative assets 654 820  
    Total capital expenditures 112,473 103,484  

    (1)  Disclosed as F&D capital expenditures elsewhere in this press release. See “Advisories – F&D Capital Expenditures”.

    Effective Sales – Total Corporate, Total Natural Gas, AECO Market and NYMEX HH Market

    Birchcliff defines “effective sales” in the AECO market and NYMEX HH market as the sales amount received from the production of natural gas that is effectively attributed to the AECO and NYMEX HH market pricing, respectively, and does not consider the physical sales delivery point in each case. Effective sales in the NYMEX HH market includes realized gains and losses on financial instruments and excludes the notional fixed basis costs associated with the underlying financial contract in the period. Birchcliff defines “effective total natural gas sales” as the aggregate of the effective sales amount received in each natural gas market. Birchcliff defines “effective total corporate sales” as the aggregate of the effective total natural gas sales and the sales amount received from the production of light oil, condensate and NGLs. Management believes that disclosing the effective sales for each natural gas market assists management and investors in assessing Birchcliff’s natural gas diversification and commodity price exposure to each market. The most directly comparable GAAP financial measure to effective total natural gas sales and effective total corporate sales is natural gas sales. The following table provides a reconciliation of natural gas sales to effective total natural gas sales and effective total corporate sales for the periods indicated:

    Three months ended ($000s)  March 31, 2025 March 31, 2024  
    Natural gas sales 125,231 88,022  
    Realized gain (loss) on financial instruments 22,167 (5,628 )
    Notional fixed basis costs(1) 20,894 18,477  
    Effective total natural gas sales 168,292 100,871  
    Light oil sales 15,391 13,219  
    Condensate sales 37,371 43,477  
    NGLs sales 19,183 18,568  
    Effective total corporate sales 240,237 176,135  

    (1)  Reflects the aggregate notional fixed basis cost associated with Birchcliff’s financial NYMEX HH/AECO 7A basis swap contracts in the period.

    Non-GAAP Ratios

    NI 52-112 defines a non-GAAP ratio as a financial measure that: (i) is in the form of a ratio, fraction, percentage or similar representation; (ii) has a non-GAAP financial measure as one or more of its components; and (iii) is not disclosed in the financial statements of the entity. The non-GAAP ratios used in this press release are not standardized financial measures under GAAP and might not be comparable to similar measures presented by other companies. Set forth below is a description of the non-GAAP ratios used in this press release.

    Adjusted Funds Flow Per Boe and Adjusted Funds Flow Per Basic Common Share

    Birchcliff calculates “adjusted funds flow per boe” as aggregate adjusted funds flow in the period divided by the production (boe) in the period. Management believes that adjusted funds flow per boe assists management and investors in assessing Birchcliff’s financial profitability and sustainability on a cash basis by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

    Birchcliff calculates “adjusted funds flow per basic common share” as aggregate adjusted funds flow in the period divided by the weighted average basic common shares outstanding at the end of the period. Management believes that adjusted funds flow per basic common share assists management and investors in assessing Birchcliff’s financial strength on a per common share basis.

    Free Funds Flow Per Basic Common Share

    Birchcliff calculates “free funds flow per basic common share” as aggregate free funds flow in the period divided by the weighted average basic common shares outstanding at the end of the period. Management believes that free funds flow per basic common share assists management and investors in assessing Birchcliff’s financial strength and its ability to deliver shareholder returns on a per common share basis.

    Transportation and Other Expense Per Boe

    Birchcliff calculates “transportation and other expense per boe” as aggregate transportation and other expense in the period divided by the production (boe) in the period. Management believes that transportation and other expense per boe assists management and investors in assessing Birchcliff’s cost structure as it relates to its transportation and marketing activities by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

    Operating Netback Per Boe

    Birchcliff calculates “operating netback per boe” as aggregate operating netback in the period divided by the production (boe) in the period. Operating netback per boe is a key industry performance indicator and one that provides investors with information that is commonly presented by other oil and natural gas producers. Management believes that operating netback per boe assists management and investors in assessing Birchcliff’s operating profitability and sustainability by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

    Effective Average Realized Sales Price – Total Corporate, Total Natural Gas, AECO Market and NYMEX HH Market

    Birchcliff calculates “effective average realized sales price” as effective sales, in each of total corporate, total natural gas, AECO market and NYMEX HH market, as the case may be, divided by the effective production in each of the markets during the period. Management believes that disclosing the effective average realized sales price for each natural gas market assists management and investors in comparing Birchcliff’s commodity price realizations in each natural gas market on a per unit basis.

    Capital Management Measures

    NI 52-112 defines a capital management measure as a financial measure that: (i) is intended to enable an individual to evaluate an entity’s objectives, policies and processes for managing the entity’s capital; (ii) is not a component of a line item disclosed in the primary financial statements of the entity; (iii) is disclosed in the notes to the financial statements of the entity; and (iv) is not disclosed in the primary financial statements of the entity. Set forth below is a description of the capital management measure used in this press release.

    Total Debt

    Birchcliff calculates “total debt” at the end of the period as the amount outstanding under the Corporation’s Credit Facilities plus working capital deficit (less working capital surplus) plus the fair value of the current asset portion of financial instruments less the fair value of the current liability portion of financial instruments and less the current portion of other liabilities discounted to the end of the period. The current portion of other liabilities has been excluded from total debt as these amounts have not been incurred and reflect future commitments in the normal course of operations. Management believes that total debt assists management and investors in assessing Birchcliff’s overall liquidity and financial position at the end of the period. The following table provides a reconciliation of the amount outstanding under the Corporation’s Credit Facilities, as determined in accordance with GAAP, to total debt for the periods indicated:

    As at ($000s) March 31, 2025   December 31, 2024   March 31, 2024  
    Revolving term credit facilities 518,581   566,857   428,566  
    Working capital (surplus) deficit(1) (67,109 ) (88,953 ) 34,261  
    Fair value of financial instruments – asset(2) 96,623   71,038   240  
    Fair value of financial instruments – liability(2) –   –   (14,550 )
    Other liabilities(2) (13,385 ) (13,385 ) (5,137 )
    Total debt 534,710   535,557   443,380  

    (1)  Current liabilities less current assets.

    (2)  Reflects the current portion only.

    ADVISORIES

    Unaudited Information

    All financial and operational information contained in this press release for the three months ended March 31, 2025 and 2024 is unaudited.

    Currency

    Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars, all references to “$” and “CDN$” are to Canadian dollars and all references to “US$” are to United States dollars.

    Boe Conversions

    Boe amounts have been calculated by using the conversion ratio of 6 Mcf of natural gas to 1 bbl of oil. Boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

    MMBtu Pricing Conversions

    $1.00 per MMBtu equals $1.00 per Mcf based on a standard heat value Mcf.

    Oil and Gas Metrics

    This press release contains metrics commonly used in the oil and natural gas industry, including operating netback. These oil and gas metrics do not have any standardized meanings or standard methods of calculation and therefore may not be comparable to similar measures presented by other companies. As such, they should not be used to make comparisons. Management uses these oil and gas metrics for its own performance measurements and to provide investors with measures to compare Birchcliff’s performance over time; however, such measures are not reliable indicators of Birchcliff’s future performance, which may not compare to Birchcliff’s performance in previous periods, and therefore should not be unduly relied upon. For additional information regarding operating netback and how such metric is calculated, see “Non-GAAP and Other Financial Measures”.

    Production

    With respect to the disclosure of Birchcliff’s production contained in this press release: (i) references to “light oil” mean “light crude oil and medium crude oil” as such term is defined in NI 51-101; (ii) references to “liquids” mean “light crude oil and medium crude oil” and “natural gas liquids” (including condensate) as such terms are defined in NI 51-101; and (iii) references to “natural gas” mean “shale gas”, which also includes an immaterial amount of “conventional natural gas”, as such terms are defined in NI 51-101. In addition, NI 51-101 includes condensate within the product type of natural gas liquids. Birchcliff has disclosed condensate separately from other natural gas liquids as the price of condensate as compared to other natural gas liquids is currently significantly higher and Birchcliff believes presenting the two commodities separately provides a more accurate description of its operations and results therefrom.

    With respect to the disclosure of Birchcliff’s production contained in this press release, all production volumes have been disclosed on a “gross” basis as such term is defined in NI 51-101, meaning Birchcliff’s working interest (operating or non-operating) share before the deduction of royalties and without including any royalty interests of Birchcliff.

    Initial Production Rates

    Any references in this press release to initial production rates or other short-term production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue to produce and decline thereafter and are not indicative of the long-term performance or the ultimate recovery of such wells. In addition, such rates may also include recovered “load oil” or “load water” fluids used in well completion stimulation. Readers are cautioned not to place undue reliance on such rates in calculating the aggregate production for Birchcliff. Such rates are based on field estimates and may be based on limited data available at this time.

    With respect to the production rates for the Corporation’s 5-well 04-05 pad disclosed herein, such rates represent the cumulative volumes for each well measured at the wellhead separator for the 30 and 60 days (as applicable) of production immediately after each well was considered stabilized after producing fracture treatment fluid back to surface in an amount such that flow rates of hydrocarbons became reliable, divided by 30 or 60 (as applicable), which were then added together to determine the aggregate production rates for the 5-well pad and then divided by 5 to determine the per well average production rates. The production rates excluded the hours and days when the wells did not produce. To-date, no pressure transient or well-test interpretation has been carried out on any of the wells. The natural gas volumes represent raw natural gas volumes as opposed to sales gas volumes.

    Finding and Development (F&D) Capital Expenditures

    References in this press release to “F&D capital expenditures” denotes exploration and development expenditures as disclosed in the Corporation’s financial statements in accordance with GAAP, and is primarily comprised of capital for land, seismic, workovers, drilling and completions, well equipment and facilities and capitalized G&A costs and excludes any acquisitions, dispositions, administrative assets and the capitalized portion of cash incentive payments that have not been approved by the Board. Management believes that F&D capital expenditures assists management and investors in assessing Birchcliff’s capital cost outlay associated with its exploration and development activities for the purposes of finding and developing its reserves.

    Forward-Looking Statements

    Certain statements contained in this press release constitute forward‐looking statements and forward-looking information (collectively referred to as “forward‐looking statements”) within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this press release relate to future events or Birchcliff’s future plans, strategy, operations, performance or financial position and are based on Birchcliff’s current expectations, estimates, projections, beliefs and assumptions. Such forward-looking statements have been made by Birchcliff in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be forward‐looking statements. Such forward‐looking statements are often, but not always, identified by the use of words such as “seek, “plan”, “focus”, “future”, “outlook”, “position”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “forecast”, “guidance”, “potential”, “proposed”, “predict”, “budget”, “continue”, “targeting”, “may”, “will”, “could”, “might”, “should”, “would”, “on track”, “maintain”, “deliver” and other similar words and expressions.

    By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking statements. Accordingly, readers are cautioned not to place undue reliance on such forward-looking statements. Although Birchcliff believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and Birchcliff makes no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.

    In particular, this press release contains forward‐looking statements relating to:

    • Birchcliff’s plans and other aspects of its anticipated future financial performance, results, operations, focus, objectives, strategies, opportunities, priorities and goals, including: Birchcliff’s continued focus on operational excellence; that with a substantial portion of its capital program behind it, Birchcliff expects to generate significant free funds flow during the remainder of the year, which will be allocated primarily towards reducing its total debt by approximately 28% from year end 2024, after the payment of its base dividend; that Birchcliff’s 2025 production guidance and capital program are unchanged and it remains focused on capital efficiency improvements, driving down its costs and strengthening its balance sheet; and that Birchcliff looks forward to a promising future, leveraging its strengths to navigate the evolving market, drive profitable growth and deliver long-term shareholder value;
    • the information set forth under the heading “2025 Guidance” and elsewhere in this press release as it relates to Birchcliff’s guidance for 2025, including: that as a result of the continued volatility in commodity prices driven by the uncertainties surrounding tariffs, global trade tensions and OPEC+ production increases, Birchcliff has lowered its commodity price assumptions for the remainder of 2025; that lower oil prices are forecasted for the remainder of the year; that Birchcliff expects to significantly strengthen its balance sheet in 2025, with free funds flow (after the payment of dividends) anticipated to be allocated primarily towards debt reduction; that based on its current commodity price assumptions, Birchcliff expects to exit 2025 with total debt of $365 million to $405 million, which represents a 28% reduction from its total debt at year end 2024 of $535.6 million; forecasts of annual average production, production commodity mix, average expenses, adjusted funds flow, F&D capital expenditures, free funds flow, total debt at year end, natural gas market exposure and the expected impact of changes in commodity prices and the CDN/US exchange rate on Birchcliff’s forecast of free funds flow; and that Birchcliff currently anticipates that U.S. tariffs will not have a material impact on its business;
    • the information set forth under the heading “Operational Update” and elsewhere in this press release regarding Birchcliff’s 2025 capital program and its exploration, production and development activities and plans (including its plans for Elmworth) and the timing thereof, including: that Birchcliff’s 2025 capital budget of $260 million to $300 million includes the drilling of 25 (25.0 net) wells and the bringing on production of 26 (26.0 net) wells in 2025; that Birchcliff’s teams continue to demonstrate a steadfast focus on execution, operational efficiency and disciplined cost management; that Birchcliff’s purposeful execution is helping to strengthen its performance and position the business for sustainable growth through the remainder of the year and in the long-term; the expected timing for wells to be brought on production and the completion of the turnaround at Birchcliff’s Pouce Coupe gas plant; targeted product types; and that Birchcliff is progressing the formal planning for the construction of a proposed 100% owned and operated 80 MMcf/d natural gas processing plant in Elmworth; and
    • that Birchcliff anticipates the forward-looking non-GAAP financial measures for adjusted funds flow and free funds flow disclosed herein will be higher than their respective historical amounts, primarily due to higher anticipated benchmark natural gas prices in 2025 as compared to 2024.

    With respect to the forward-looking statements contained in this press release, assumptions have been made regarding, among other things: prevailing and future commodity prices and differentials, exchange rates, interest rates, inflation rates, royalty rates and tax rates; the state of the economy, financial markets and the exploration, development and production business; the political environment in which Birchcliff operates; tariffs and trade policies; the regulatory framework regarding royalties, taxes, environmental, climate change and other laws; the Corporation’s ability to comply with existing and future laws; future cash flow, debt and dividend levels; future operating, transportation, G&A and other expenses; Birchcliff’s ability to access capital and obtain financing on acceptable terms; the timing and amount of capital expenditures and the sources of funding for capital expenditures and other activities; the sufficiency of budgeted capital expenditures to carry out planned operations; the successful and timely implementation of capital projects and the timing, location and extent of future drilling and other operations; results of operations; Birchcliff’s ability to continue to develop its assets and obtain the anticipated benefits therefrom; the performance of existing and future wells; reserves volumes and Birchcliff’s ability to replace and expand reserves through acquisition, development or exploration; the impact of competition on Birchcliff; the availability of, demand for and cost of labour, services and materials; the approval of the Board of future dividends; the ability to obtain any necessary regulatory or other approvals in a timely manner; the satisfaction by third parties of their obligations to Birchcliff; the ability of Birchcliff to secure adequate processing and transportation for its products; Birchcliff’s ability to successfully market natural gas and liquids; the results of the Corporation’s risk management and market diversification activities; and Birchcliff’s natural gas market exposure. In addition to the foregoing assumptions, Birchcliff has made the following assumptions with respect to certain forward-looking statements contained in this press release:

    • With respect to Birchcliff’s 2025 guidance (as updated on May 14, 2025), such guidance is based on the commodity price, exchange rate and other assumptions set forth under the heading “2025 Guidance”. In addition:
      • Birchcliff’s production guidance assumes that: the 2025 capital program will be carried out as currently contemplated; no unexpected outages occur in the infrastructure that Birchcliff relies on to produce its wells and that any transportation service curtailments or unplanned outages that occur will be short in duration or otherwise insignificant; the construction of new infrastructure meets timing and operational expectations; existing wells continue to meet production expectations; and future wells scheduled to come on production meet timing, production and capital expenditure expectations.
      • Birchcliff’s forecast of F&D capital expenditures assumes that the 2025 capital program will be carried out as currently contemplated and excludes any potential acquisitions, dispositions and the capitalized portion of cash incentive payments that have not been approved by the Board. The amount and allocation of capital expenditures for exploration and development activities by area and the number and types of wells to be drilled and brought on production is dependent upon results achieved and is subject to review and modification by management on an ongoing basis throughout the year. Actual spending may vary due to a variety of factors, including commodity prices, economic conditions, results of operations and costs of labour, services and materials.
      • Birchcliff’s forecasts of adjusted funds flow and free funds flow assume that: the 2025 capital program will be carried out as currently contemplated and the level of capital spending for 2025 set forth herein is met; and the forecasts of production, production commodity mix, expenses and natural gas market exposure and the commodity price and exchange rate assumptions set forth herein are met. Birchcliff’s forecast of adjusted funds flow takes into account its financial basis swap contracts outstanding as at May 5, 2025 and excludes cash incentive payments that have not been approved by the Board.
      • Birchcliff’s forecast of year end total debt assumes that: (i) the forecasts of adjusted funds flow and free funds flow are achieved, with the level of capital spending for 2025 met and the payment of an annual base dividend of approximately $33 million; (ii) any free funds flow remaining after the payment of dividends, asset retirement obligations and other amounts for administrative assets, financing fees and capital lease obligations is allocated towards debt reduction; and (iii) there are no buybacks of common shares, no equity issuances, no further exercises of stock options and no significant acquisitions or dispositions completed by the Corporation during 2025. The forecast of total debt excludes cash incentive payments that have not been approved by the Board.
      • Birchcliff’s forecast of its natural gas market exposure assumes: (i) 175,000 GJ/d being sold on a physical basis at the Dawn price; (ii) 147,500 MMBtu/d being contracted on a financial basis at an average fixed basis differential price between AECO 7A and NYMEX HH of US$1.088/MMBtu; and (iii) 1,200 GJ/d being sold at Alliance on a physical basis at the AECO 5A price plus a premium. Birchcliff’s natural gas market exposure takes into account its financial basis swap contracts outstanding as at May 5, 2025.
    • With respect to statements regarding future wells to be drilled or brought on production, such statements assume: the continuing validity of the geological and other technical interpretations performed by Birchcliff’s technical staff, which indicate that commercially economic volumes can be recovered from Birchcliff’s lands as a result of drilling future wells; and that commodity prices and general economic conditions will warrant proceeding with the drilling of such wells.

    Birchcliff’s actual results, performance or achievements could differ materially from those anticipated in the forward-looking statements as a result of both known and unknown risks and uncertainties including, but not limited to: general economic, market and business conditions which will, among other things, impact the demand for and market prices of Birchcliff’s products and Birchcliff’s access to capital; volatility of crude oil and natural gas prices; fluctuations in commodity prices and exchange, interest and inflation rates; risks associated with increasing costs, whether due to high inflation rates, supply chain disruptions or other factors; an inability of Birchcliff to generate sufficient cash flow from operations to meet its current and future obligations; an inability to access sufficient capital from internal and external sources on terms acceptable to the Corporation; risks associated with Birchcliff’s Credit Facilities, including a failure to comply with covenants under the agreement governing the Credit Facilities and the risk that the borrowing base limit may be redetermined; fluctuations in the costs of borrowing; operational risks and liabilities inherent in oil and natural gas operations; the risk that weather events such as wildfires, flooding, droughts or extreme hot or cold temperatures forces the Corporation to shut-in production or otherwise adversely affects the Corporation’s operations; the occurrence of unexpected events such as fires, explosions, blow-outs, equipment failures, transportation incidents and other similar events; an inability to access sufficient water or other fluids needed for operations; the risks associated with supply chain disruptions; uncertainty that development activities in connection with Birchcliff’s assets will be economic; an inability to access or implement some or all of the technology necessary to operate its assets and achieve expected future results; geological, technical, drilling, construction and processing problems; uncertainty of geological and technical data; horizontal drilling and completions techniques and the failure of drilling results to meet expectations for reserves or production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to production, revenue, costs and reserves; the accuracy of cost estimates and variances in Birchcliff’s actual costs and economic returns from those anticipated; incorrect assessments of the value of acquisitions and exploration and development programs; the risks posed by pandemics, epidemics, geopolitical events and global conflict and their impacts on supply and demand and commodity prices; actions taken by OPEC and other major oil producers and the impact such actions may have on supply and demand and commodity prices; stock market volatility; loss of market demand; changes to the regulatory framework in the locations where the Corporation operates, including changes to tax laws, Crown royalty rates, environmental and climate change laws (including emissions and “greenwashing”), carbon tax regimes, incentive programs and other regulations that affect the oil and natural gas industry; political uncertainty and uncertainty associated with government policy changes; actions by government authorities; the risk that: (i) the U.S. tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased or new tariffs are imposed, including on oil and natural gas; (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S. will trigger a broader global trade war, which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Corporation, including by decreasing the demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets and limiting access to financing; an inability of the Corporation to comply with existing and future laws and the cost of compliance with such laws; dependence on facilities, gathering lines and pipelines; uncertainties and risks associated with pipeline restrictions and outages to third-party infrastructure that could cause disruptions to production; the lack of available pipeline capacity and an inability to secure adequate and cost-effective processing and transportation for Birchcliff’s products; an inability to satisfy obligations under Birchcliff’s firm marketing and transportation arrangements; shortages in equipment and skilled personnel; the absence or loss of key employees; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, equipment and skilled personnel; management of Birchcliff’s growth; environmental and climate change risks, claims and liabilities; potential litigation; default under or breach of agreements by counterparties and potential enforceability issues in contracts; claims by Indigenous peoples; the reassessment by taxing or regulatory authorities of the Corporation’s prior transactions and filings; unforeseen title defects; third-party claims regarding the Corporation’s right to use technology and equipment; uncertainties associated with the outcome of litigation or other proceedings involving Birchcliff; uncertainties associated with counterparty credit risk; risks associated with Birchcliff’s risk management and market diversification activities; risks associated with the declaration and payment of future dividends, including the discretion of the Board to declare dividends and change the Corporation’s dividend policy and the risk that the amount of dividends may be less than currently forecast; the failure to obtain any required approvals in a timely manner or at all; the failure to complete or realize the anticipated benefits of acquisitions and dispositions and the risk of unforeseen difficulties in integrating acquired assets into Birchcliff’s operations; negative public perception of the oil and natural gas industry; the Corporation’s reliance on hydraulic fracturing; market competition, including from alternative energy sources; changing demand for petroleum products; the availability of insurance and the risk that certain losses may not be insured; breaches or failure of information systems and security (including risks associated with cyber-attacks); risks associated with artificial intelligence; risks associated with the ownership of the Corporation’s securities; the accuracy of the Corporation’s accounting estimates and judgments; and the risk that any of the Corporation’s material assumptions prove to be materially inaccurate (including the Corporation’s commodity price and exchange rate assumptions for 2025).

    Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other risk factors that could affect Birchcliff’s results of operations, financial performance or financial results are included in the Corporation’s annual information form and annual management’s discussion and analysis for the financial year ended December 31, 2024 under the heading “Risk Factors” and in other reports filed with Canadian securities regulatory authorities.

    This press release contains information that may constitute future-oriented financial information or financial outlook information (collectively, “FOFI”) about Birchcliff’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. Birchcliff’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. Birchcliff has included FOFI in order to provide readers with a more complete perspective on Birchcliff’s future operations and management’s current expectations relating to Birchcliff’s future performance. Readers are cautioned that such information may not be appropriate for other purposes.

    Management has included the above summary of assumptions and risks related to forward-looking statements provided in this press release in order to provide readers with a more complete perspective on Birchcliff’s future operations and management’s current expectations relating to Birchcliff’s future performance. Readers are cautioned that this information may not be appropriate for other purposes.

    The forward-looking statements and FOFI contained in this press release are expressly qualified by the foregoing cautionary statements. The forward-looking statements and FOFI contained herein are made as of the date of this press release. Unless required by applicable laws, Birchcliff does not undertake any obligation to publicly update or revise any forward-looking statements or FOFI, whether as a result of new information, future events or otherwise.

    ABOUT BIRCHCLIFF:

    Birchcliff is an intermediate oil and natural gas company based in Calgary, Alberta with operations focused on the exploration and development of the Montney/Doig Resource Play in Alberta. Birchcliff’s common shares are listed for trading on the Toronto Stock Exchange under the symbol “BIR”.

    For further information, please contact:
     
    Birchcliff Energy Ltd.
    Suite 1000, 600 – 3rd Avenue S.W.
    Calgary, Alberta T2P 0G5
    Telephone: (403) 261-6401
    Email: birinfo@birchcliffenergy.com
    www.birchcliffenergy.com    		 Chris Carlsen – President and Chief Executive Officer

    Bruno Geremia – Executive Vice President and Chief Financial Officer

    The MIL Network –

  • MIL-OSI: Conifer Holdings Reports 2025 First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TROY, Mich., May 14, 2025 (GLOBE NEWSWIRE) — Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer” or the “Company”) today announced results for the first quarter ended March 31, 2025.

    First Quarter 2025 Financial Highlights

    • Personal Lines production was up 22% for the period
    • Net income allocable to common shareholders of $522,000, or $0.04 per share
    • Book value increased to $2.09 per common share outstanding

    Management Comments

    Brian Roney, CEO of Conifer, commented, “While we were pleased to see continued growth in our Personal lines production, overall, Conifer had an up and down quarter, netting to a small gain. Of note for the period, book value did increase, but largely due to GAAP treatment of an expected earn-out payment.”

    2025 First Quarter Financial Results Overview

       
      At and for the
    Three Months Ended March 31,
      2025   2024   % Change
      (dollars in thousands, except share and per share amounts)
               
    Gross written premiums $ 16,173     $ 24,313     -33.5 %
    Net written premiums   10,840       15,391     -29.6 %
    Net earned premiums   10,315       16,887     -38.9 %
               
    Net investment income   1,289       1,546     -16.6 %
    Net realized investment gains (losses)   3       –     **
    Change in fair value of equity investments   (192 )     43     **
               
    Net income (loss) allocable to common shareholders   522       74     **
    Net income (loss) allocable to common shareholders per share, diluted $ 0.04     $ 0.01     **
               
    Adjusted operating income (loss)*   (3,684 )     1,314     **
    Adjusted operating income (loss) per share, diluted* $ (0.30 )   $ 0.11     **
               
    Book value per common share outstanding $ 2.09     $ 0.21      
               
    Weighted average shares outstanding, basic and diluted   12,222,881       12,222,881      
               
    Underwriting ratios:          
    Loss ratio (1)   89.7 %     62.0 %    
    Expense ratio (2)   50.8 %     34.7 %    
    Combined ratio (3)   140.5 %     96.7 %    
               
    * The “Definitions of Non-GAAP Measures” section of this release defines and reconciles data that are not based on generally accepted accounting principles.
    ** Percentage is not meaningful          
    (1) The loss ratio is the ratio, expressed as a percentage, of net losses and loss adjustment expenses to net earned premiums and other income from underwriting operations.
    (2) The expense ratio is the ratio, expressed as a percentage, of policy acquisition costs and other underwriting expenses to net earned premiums and other income from underwriting operations.
    (3) The combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.
               

    2025 First Quarter Gross Written Premium

    Gross written premiums decreased 33.5% in the first quarter of 2025 to $16.2 million, compared to
    $24.3 million in the prior year period. This decrease reflects the Company’s strategic shift away from Commercial Lines premium following the sale of our agency group in 2024.

    Commercial Lines Financial and Operational Review

     
    Commercial Lines Financial Review
      Three Months Ended March 31,
      2025   2024   % Change
      (dollars in thousands)
               
    Gross written premiums $ 2,047     $ 12,762     -84.0 %
    Net written premiums   (1,604 )     8,287     -119.4 %
    Net earned premiums   1,331       8,797     -84.9 %
               
    Underwriting ratios:          
    Loss ratio   113.1 %     76.5 %    
    Expense ratio   25.3 %     32.7 %    
    Combined ratio   138.4 %     109.2 %    
               
    Contribution to combined ratio from net (favorable) adverse prior year development   -46.6 %     0.5 %    
               
    Accident year combined ratio (1)   185.0 %     108.7 %    
               
    (1) The accident year combined ratio is the sum of the loss ratio and the expense ratio, less changes in net ultimate loss estimates from prior accident year loss reserves. The accident year combined ratio provides management with an assessment of the specific policy year’s profitability and assists management in their evaluation of product pricing levels and quality of business written.
               

    The Company’s commercial lines of business represented 12.6% of total gross written premium in the first quarter of 2025. As noted above, premium decreased considerably year over year as Conifer continued to focus its underwriting efforts on Personal Lines business, notably our homeowner’s insurance portfolio in Texas and the Midwest.

    Personal Lines Financial and Operational Review

               
    Personal Lines Financial Review
      Three Months Ended March 31,
      2025   2024   % Change
      (dollars in thousands)
               
    Gross written premiums $ 14,126     $ 11,551     22.3 %
    Net written premiums   12,444       7,104     75.2 %
    Net earned premiums   8,984       8,090     11.1 %
               
    Underwriting ratios:          
    Loss ratio   86.3 %     46.2 %    
    Expense ratio   54.6 %     36.8 %    
    Combined ratio   140.9 %     83.0 %    
               
    Contribution to combined ratio from net (favorable) adverse prior year development   8.6 %     -6.3 %    
               
    Accident year combined ratio   132.3 %     89.3 %    
               

    Personal lines, representing 87.4% of total gross written premium for the quarter, consists primarily of low-value dwelling homeowner’s insurance in Texas and the Midwest.

    Personal lines gross written premium increased 22.3% from the prior year period to $14.1 million for the first quarter of 2025, led by growth in the Company’s low-value dwelling line of business in Texas.

    For the quarter, the loss ratio was impacted by ordinary seasonal storms, largely in Texas. As per the expected norm, we believe that the loss ratio should moderate as the year progresses.

    Combined Ratio Analysis

       
      Three Months Ended
    March 31,
      2025   2024
       
           
    Underwriting ratios:      
    Loss ratio 89.7 %   62.0 %
    Expense ratio 50.8 %   34.7 %
    Combined ratio 140.5 %   96.7 %
           
    Contribution to combined ratio from net (favorable) adverse prior year development 1.4 %   -2.7 %
           
    Accident year combined ratio 139.1 %   99.4 %
           

    Net Investment Income
    Net investment income was $1.3 million for the quarter ended March 31, 2025, compared to $1.5 million in the prior year period.

    Change in Fair Value of Equity Securities
    During the quarter, the Company reported a loss from the change in fair value of equity investments of $192,000, compared to a $43,000 gain in the prior year period.

    Net Income (Loss) allocable to common shareholders
    The Company reported net income allocable to common shareholders of $522,000, or $0.04 per share, for the first quarter of 2025.

    Adjusted Operating Income (Loss)
    There was an adjusted operating loss of $3.7 million, or $0.30 per share, for the first quarter ended March 31, 2025. See Definitions of Non-GAAP Measures.

    About Conifer Holdings
    Conifer Holdings, Inc. is a Michigan-based property and casualty holding company. Through its subsidiaries, Conifer offers specialty insurance coverage for largely personal lines, marketing through independent agents. The Company trades on the Nasdaq Capital Market under the symbol CNFR. Additional information is available on the Company’s website at www.ir.cnfrh.com.

    Definitions of Non-GAAP Measures
    Conifer prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.

    We believe that investors’ understanding of Conifer’s performance is enhanced by our disclosure of adjusted operating income. Our method for calculating this measure may differ from that used by other companies and therefore comparability may be limited. We define adjusted operating income (loss), a non-GAAP measure, as net income (loss) excluding: 1) net realized investment gains and losses, 2) change in fair value of equity securities 3) change in fair value of contingent considerations and 4) net income (loss) from discontinued operations. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance.

    Forward-Looking Statement

    This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and include Conifer’s expectations regarding premiums, earnings, its capital position, expansion, and growth strategies. The forward-looking statements contained in this press release are based on management’s good-faith belief and reasonable judgment based on current information. The forward-looking statements are qualified by important factors, risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those in the forward-looking statements, including those described in our form 10-K (“Item 1A Risk Factors”) filed with the SEC on March 28, 2025 and subsequent reports filed with or furnished to the SEC. Any forward-looking statement made by us in this report speaks only as of the date hereof or as of the date specified herein. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws or regulations.

    Reconciliations of adjusted operating income (loss) and adjusted operating income (loss) per share:

       
      Three Months Ended
    March 31,
      2025   2024
      (dollar in thousands, except share and per share amounts)
           
    Net income (loss) $ 522     $ 231  
    Less:      
    Net realized investment gains (losses)   3       –  
    Change in fair value of equity securities   (192 )     43  
    Change in fair value of contingent considerations   4,395       –  
    Net income (loss) from discontinued operations   –       (1,126 )
    Impact of income tax expense (benefit) from adjustments *   –       –  
    Adjusted operating income (loss) $ (3,684 )   $ 1,314  
           
    Weighted average common shares, diluted   12,222,881       12,222,881  
           
    Diluted income (loss) per common share:      
    Net income (loss) $ 0.04     $ 0.02  
    Less:      
    Net realized investment gains (losses)   –       –  
    Change in fair value of equity securities   (0.02 )     0.01  
    Change in fair value of contingent considerations   0.36       –  
    Net income (loss) from discontinued operations   –       (0.10 )
    Impact of income tax expense (benefit) from adjustments *   –       –  
    Adjusted operating income (loss), per share $ (0.30 )   $ 0.11  
           

    * The Company has recorded a full valuation allowance against its deferred tax assets as of March 31, 2025 and March 31, 2024, respectively. As a result, there were no taxable impacts to adjusted operating income from the adjustments to net income (loss) in the table above after taking into account the use of NOLs and the change in the valuation allowance.

             
    Conifer Holdings, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (dollars in thousands)
             
        March 31,   December 31,
        2025   2024
    Assets   (Unaudited)    
    Investment securities:        
    Debt securities, at fair value (amortized cost of $106,636 and $117,827, respectively)   $ 96,023     $ 105,665  
    Equity securities, at fair value (cost of $1,838 and $1,836, respectively)     1,411       1,603  
    Short-term investments, at fair value     42,066       21,151  
    Total investments     139,500       128,419  
             
    Cash and cash equivalents     10,281       27,654  
    Premiums and agents’ balances receivable, net     9,568       9,901  
    Reinsurance recoverables on unpaid losses     77,872       84,490  
    Reinsurance recoverables on paid losses     11,666       6,919  
    Prepaid reinsurance premiums     5,403       6,088  
    Deferred policy acquisition costs     6,647       6,380  
    Receivable from contingent considerations     12,465       8,070  
    Other assets     3,672       3,735  
    Total assets   $ 277,074     $ 281,656  
             
    Liabilities and Shareholders’ Equity        
    Liabilities:        
    Unpaid losses and loss adjustment expenses   $ 176,362     $ 189,285  
    Unearned premiums     30,645       30,590  
    Reinsurance premiums payable     2,488       1  
    Debt     11,996       11,932  
    Mandatorily redeemable preferred stock     5,651       –  
    Funds held under reinsurance agreements     20,964       25,829  
    Accounts payable and accrued expenses     3,383       2,494  
    Total liabilities     251,489       260,131  
             
    Commitments and contingencies     –       –  
             
    Shareholders’ equity:        
    Common stock, no par value (100,000,000 shares authorized; 12,222,881 issued and outstanding, respectively)     100,117       98,178  
    Accumulated deficit     (62,631 )     (63,153 )
    Accumulated other comprehensive income (loss)     (11,901 )     (13,500 )
    Total shareholders’ equity     25,585       21,525  
    Total liabilities and shareholders’ equity   $ 277,074     $ 281,656  
             
    Conifer Holdings, Inc. and Subsidiaries
    Consolidated Statements of Operations (Unaudited)
    (dollars in thousands, except share and per share data)
             
        Three Months Ended
        March 31
        2025   2024
             
    Revenue and Other Income        
    Premiums        
    Gross earned premiums   $ 16,118     $ 34,232  
    Ceded earned premiums     (5,803 )     (17,345 )
    Net earned premiums     10,315       16,887  
    Net investment income     1,289       1,546  
    Net realized investment gains (losses)     3       –  
    Change in fair value of equity securities     (192 )     43  
    Other income     65       149  
    Change in fair value of contingent considerations     4,395       –  
    Total revenue and other income     15,875       18,625  
             
    Expenses        
    Losses and loss adjustment expenses, net     9,274       10,520  
    Policy acquisition costs     2,677       3,160  
    Operating expenses     2,861       2,862  
    Interest expense     541       877  
    Total expenses     15,353       17,419  
             
    Income (loss) from continuing operations before income taxes     522       1,206  
    Income tax expense (benefit)     –       (151 )
             
    Net income (loss) from continuing operations   $ 522     $ 1,357  
    Net income (loss) from discontinued operations     –       (1,126 )
    Net income (loss)     522       231  
    Series A Preferred Stock dividends     –       157  
    Net income (loss) allocable to common shareholders   $ 522     $ 74  
             
    Earnings (loss) per common share, basic and diluted        
    Net income (loss) from continuing operations   $ 0.04     $ 0.11  
    Net income (loss) from discontinued operations   $ –     $ (0.10 )
    Net income (loss) allocable to common shareholders   $ 0.04     $ 0.01  
             
    Weighted average common shares outstanding, basic and diluted     12,222,881       12,222,881  
             

    For Further Information:
    Jessica Gulis, 248.559.0840
    ir@cnfrh.com

    The MIL Network –

  • MIL-OSI USA: FEMA’s National Flood Insurance Program Pays Tennesseans More Than $15 Million

    Source: US Federal Emergency Management Agency 2

    FEMA’s National Flood Insurance Program Pays Tennesseans More Than $15 Million

    FEMA’s National Flood Insurance Program has paid $15.1 million to Tennessee policyholders to repair flood damage from Tropical Storm Helene. More than 83% of these claims came from areas at high risk for flooding.National Flood Insurance Program policyholders with flood damage from the storm can submit a claim even if they do not live in one of the eight Tennessee counties eligible for federal disaster assistance. While tropical storms like Helene can bring significant flooding far inland, anywhere it rains can experience overflowing rivers, flash flooding and dam or levee failures. Just an inch of water can cause $25,000 in damage and most homeowners and renters insurance policies do not cover flood damage.The National Flood Insurance Program was created to provide financial protection from flood damage to property owners, renters and businesses through government-backed flood insurance policies. Federal assistance can only provide a small amount of funding, so having flood insurance can help you recover more quickly after a flood.In Tennessee, to buy a flood insurance policy, your community must participate in the National Flood Insurance Program. Visit FEMA’s Community Status page for a list of participating communities. If your community is on the list, you can call the National Flood Insurance Program Direct Helpline at 877-336-2627, visit FloodSmart.gov and follow the prompt to get a quote or call your insurance agent to find out how much coverage may cost.
    kwei.nwaogu
    Wed, 05/14/2025 – 18:44

    MIL OSI USA News –

  • MIL-OSI USA: NASA’s Magellan Mission Reveals Possible Tectonic Activity on Venus

    Source: NASA

    Using archival data from the mission, launched in 1989, researchers have uncovered new evidence that tectonic activity may be deforming the planet’s surface.
    Vast, quasi-circular features on Venus’ surface may reveal that the planet has ongoing tectonics, according to new research based on data gathered more than 30 years ago by NASA’s Magellan mission. On Earth, the planet’s surface is continually renewed by the constant shifting and recycling of massive sections of crust, called tectonic plates, that float atop a viscous interior. Venus doesn’t have tectonic plates, but its surface is still being deformed by molten material from below.
    Seeking to better understand the underlying processes driving these deformations, the researchers studied a type of feature called a corona. Ranging in size from dozens to hundreds of miles across, a corona is most often thought to be the location where a plume of hot, buoyant material from the planet’s mantle rises, pushing against the lithosphere above. (The lithosphere includes the planet’s crust and the uppermost part of its mantle.) These structures are usually oval, with a concentric fracture system surrounding them. Hundreds of coronae are known to exist on Venus.
    Published in the journal Science Advances, the new study details newly discovered signs of activity at or beneath the surface shaping many of Venus’ coronae, features that may also provide a unique window into Earth’s past. The researchers found the evidence of this tectonic activity within data from NASA’s Magellan mission, which orbited Venus in the 1990s and gathered the most detailed gravity and topography data on the planet currently available.
    “Coronae are not found on Earth today; however, they may have existed when our planet was young and before plate tectonics had been established,” said the study’s lead author, Gael Cascioli, assistant research scientist at the University of Maryland, Baltimore County, and NASA’s Goddard Space Flight Center in Greenbelt, Maryland. “By combining gravity and topography data, this research has provided a new and important insight into the possible subsurface processes currently shaping the surface of Venus.”

    As members of NASA’s forthcoming VERITAS (Venus Emissivity, Radio science, InSAR, Topography, and Spectroscopy) mission, Cascioli and his team are particularly interested in the high-resolution gravity data the spacecraft will provide. Study coauthor Erwan Mazarico, also at Goddard, will co-lead the VERITAS gravity experiment when the mission launches no earlier than 2031.
    Mystery Coronae
    Managed by NASA’s Jet Propulsion Laboratory in Southern California, Magellan used its radar system to see through Venus’ thick atmosphere and map the topography of its mountains and plains. Of the geological features the spacecraft mapped, coronae were perhaps the most enigmatic: It wasn’t clear how they formed. In the years since, scientists have found many coronae in locations where the planet’s lithosphere is thin and heat flow is high.
    “Coronae are abundant on Venus. They are very large features, and people have proposed different theories over the years as to how they formed,” said coauthor Anna Gülcher, Earth and planetary scientist at the University of Bern in Switzerland. “The most exciting thing for our study is that we can now say there are most likely various and ongoing active processes driving their formation. We believe these same processes may have occurred early in Earth’s history.”
    The researchers developed sophisticated 3D geodynamic models that demonstrate various formation scenarios for plume-induced coronae and compared them with the combined gravity and topography data from Magellan. The gravity data proved crucial in helping the researchers detect less dense, hot, and buoyant plumes under the surface — information that couldn’t be discerned from topography data alone. Of the 75 coronae studied, 52 appear to have buoyant mantle material beneath them that is likely driving tectonic processes.
    One key process is subduction: On Earth, it happens when the edge of one tectonic plate is driven beneath the adjacent plate. Friction between the plates can generate earthquakes, and as the old rocky material dives into the hot mantle, the rock melts and is recycled back to the surface via volcanic vents.

    On Venus, a different kind of subduction is thought to occur around the perimeter of some coronae. In this scenario, as a buoyant plume of hot rock in the mantle pushes upward into the lithosphere, surface material rises and spreads outward, colliding with surrounding surface material and pushing that material downward into the mantle.
    Another tectonic process known as lithospheric dripping could also be present, where dense accumulations of comparatively cool material sink from the lithosphere into the hot mantle. The researchers also identify several places where a third process may be taking place: A plume of molten rock beneath a thicker part of the lithosphere potentially drives volcanism above it.
    Deciphering Venus
    This work marks the latest instance of scientists returning to Magellan data to find that Venus exhibits geologic processes that are more Earth-like than originally thought. Recently, researchers were able to spot erupting volcanoes, including vast lava flows that vented from Maat Mons, Sif Mons, and Eistla Regio in radar images from the orbiter.
    While those images provided direct evidence of volcanic action, the authors of the new study will need sharper resolution to draw a complete picture about the tectonic processes driving corona formation. “The VERITAS gravity maps of Venus will boost the resolution by at least a factor of two to four, depending on location — a level of detail that could revolutionize our understanding of Venus’ geology and implications for early Earth,” said study coauthor Suzanne Smrekar, a planetary scientist at JPL and principal investigator for VERITAS.
    Managed by JPL, VERITAS will use a synthetic aperture radar to create 3D global maps and a near-infrared spectrometer to figure out what the surface of Venus is made of.  Using its radio tracking system, the spacecraft will also measure the planet’s gravitational field to determine the structure of Venus’ interior. All of these instruments will help pinpoint areas of activity on the surface.
    For more information about NASA’s VERITAS mission, visit:

    VERITAS

    News Media Contacts
    Ian J. O’NeillJet Propulsion Laboratory, Pasadena, Calif.818-354-2649ian.j.oneill@jpl.nasa.gov
    Karen Fox / Molly WasserNASA Headquarters, Washington202-358-1600karen.c.fox@nasa.gov / molly.l.wasser@nasa.gov
    2025-068

    MIL OSI USA News –

  • MIL-OSI USA: Understanding Your FEMA Determination Letter

    Source: US Federal Emergency Management Agency

    Headline: Understanding Your FEMA Determination Letter

    Understanding Your FEMA Determination Letter

    FRANKFORT, Ky

    – If you applied for FEMA assistance after the April severe storms, straight-line winds, flooding, landslides and mudslides, you’ll receive a letter from FEMA in the mail or by email

    This is your determination letter

    The letter will explain your application status and how to respond

    It is important to read the letter carefully because it will include the amount of any assistance FEMA may provide and information on the appropriate use of disaster assistance funds

     If your letter says you are not currently eligible for assistance, this is not a denial

    There are things you can do that may change that decision

    Eligibility and Missing InformationYou may need to submit additional information or supporting documentation for FEMA to continue to process an application for financial assistance

    Examples of missing documentation may include: Proof of insurance coverage

    Settlement of insurance claims or denial letter from insurance provider

    Proof of identity

    Proof of occupancy

    Proof of ownership

    Proof that the damaged property was the applicant’s primary residence at the time of the disaster

    How Can I Appeal FEMA’s Decision? The letter from FEMA will provide information on the types of documents or information that FEMA needs

    It will also include an optional appeal form that you can use

     Every applicant has the right to appeal a FEMA determination

    If you feel the amount or type of assistance is incorrect, you may submit an appeal letter and any documents supporting your claim

     You have 60 days from the date on your FEMA determination letter to send your appeal

    You can submit your appeal and supporting documentation:Online at DisasterAssistance

    gov, where you can create an account and upload documents

    In-person at a Disaster Recovery Center

    By mail: FEMA National Processing Service Center, P

    O

    Box 10055, Hyattsville MD 20782-7055

    If you have questions about your letter, or disagree with the initial decision, call the disaster assistance helpline at 800-621-3362 to find out what information FEMA needs

     You can also get help at a Disaster Recovery Center

    Find the center nearest you: fema

    gov/DRCRead more about your FEMA letter here

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860 and www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Wed, 05/14/2025 – 13:12

    MIL OSI USA News –

  • MIL-OSI USA: President Donald J. Trump Approves Major Disaster Declaration for Arkansas

    Source: US Federal Emergency Management Agency 2

    ASHINGTON — FEMA announced that federal disaster assistance is available to the state of Arkansas to supplement recovery efforts in the areas affected by severe storms and tornadoes from March 14–15, 2025. 
    The President’s action makes federal funding available to affected individuals in Greene, Hot Spring, Independence, Izard, Jackson, Lawrence, Randolph, Sharp and Stone counties.
    Assistance can include grants for temporary housing and home repairs, low-interest loans to cover uninsured property losses and other programs to help individuals and business owners recover from the effects of the disaster.
    Roland W. Jackson has been named the Federal Coordinating Officer for federal recovery operations in the affected areas. Additional designations may be made at a later date if requested by the state and warranted by the results of further assessments.
    Individuals and business owners who sustained losses in the designated areas can begin applying for assistance by registering online at www.DisasterAssistance.gov, by calling 1-800-621-3362 or by using the FEMA App. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, provide FEMA the number for that service.

    MIL OSI USA News –

  • MIL-OSI Security: Armed Career Criminal Sentenced to 30 Years in Federal Prison for Being a Felon in Possession of a Firearm and Possession with Intent to Distribute Marinjuana

    Source: Office of United States Attorneys

          LITTLE ROCK—Trevion Dickson, a multi-convicted felon who again illegally possessed guns and drugs, will spend the next 30 years in federal prison for being a felon in possession of a firearm and possession with intent to distribute marijuana. Jonathan D. Ross, United States Attorney for the Eastern District of Arkansas, announced the 360-month total sentence, which was handed down today by United States District Judge Brian S. Miller.

          A federal grand jury indicted Dickson, 43, of Pine Bluff, in an indictment on December 5, 2023. On February 6, 2025, Johnson pleaded guilty to being a felon in possession of a firearm and possession with intent to distribute marijuana. Judge Miller sentenced Dickson to 30 years on the firearm charge and five years on the drug charge, with the sentences to run concurrently.

          On January 6, 2023, law enforcement officers from the White Hall Police Department were dispatched to an immobile vehicle revving its engine in the roadway. Dickson was standing next to the vehicle and upon questioning, Dickson fled from police on foot. He was later apprehended in a shed hiding behind a lawn mower and had to be physically restrained when officers attempted to take him into custody. At the time, Dickson had active felony warrants pending and was a parolee with a search waiver on file. Officers searched Dickson’s person and located methamphetamine, synthetic marijuana, marijuana, and alprazolam. During a search of Dickson’s vehicle officers located two sets of digital scales, marijuana, and a Smith & Wesson 9mm firearm.

          Dickson has five previous felony cocaine convictions and two prior felony firearm convictions, as well as numerous other convictions. His criminal history classified him as an armed career criminal and enhanced his sentence.

          Judge Miller also sentenced Dickson to three years’ supervised release. There is no parole in the federal system.

          This case was investigated by DEA with assistance from the White Hall Police Department. This case was prosecuted by Assistant United States Attorney Stacy Williams.

    # # #

    Additional information about the office of the

    United States Attorney for the Eastern District of Arkansas, is available online at

    https://www.justice.gov/edar

    X (formerly known as Twitter):

    @USAO_EDAR 

    MIL Security OSI –

  • MIL-OSI USA: Organizing for our future

    Source: US International Brotherhood of Boilermakers

    We organize so that individual workers, through union representation, can bring their voices together and be heard.

     Tim Simmons, International President

    Unions exist to organize. Unions work because we organize. And unions organize, because it’s the only way for workers to hold companies’ feet to the fire and ensure safety, fair treatment, living wages and decent working conditions. 

    We organize so that individual workers, through union representation, can bring their voices together and be heard—so that through a collectively bargained, negotiated contract, management cannot ignore our voices. 

    Organizing is why workers at Doppelmayr OAC, who are now Local 549 Boilermakers, have a contract that includes yearly pay increases, medical premium payments and specifications on how reprimands are handled. Workers didn’t have those guarantees before. Organizing is why union Boilermakers at any industrial facility in the United States and Canada get a fair shake through defined and regimented grievance processes. 

    Organizing is why, in our Construction Sector Operations, all Boilermakers, no matter if they’re a man, woman or the best friend of a supervisor, go to work knowing their wages are fair and equal and knowing exactly what to expect on the job from the legally-binding contract that was agreed upon by our union and the contractors who employ them.

    We like to think we’re a long way from the grim days before unions existed; when children as young as 10 years old labored in textile mills; when worn-to-the-bones men and women worked grueling hours in sweatshops for mere pennies. We like to think horrors like the disgusting working conditions in the 1900’s Chicago stockyards or New York City’s tragic Triangle Shirtwaist fire are a faraway past. But even today, left to their own moral standards, companies unfortunately continue to prove they’ll put greed and profit above human decency, let alone simply doing the right thing. 

    Just a year ago at Siemens Mobility in Sacramento, California, workers endured high temperatures and poor ventilation that was so extreme, some became ill. Siemens’ welders were paid less than the hourly wage of California McDonald’s workers.

    The California Labor Federation reported revenue of $3 billion for Siemens Mobility.Yet, the company didn’t care about the inhumane working conditions, and they didn’t care that their workers—the very people they depend upon for the profits they enjoy—cannot afford the company-provided health insurance and sometimes work multiple jobs just to pay rent.

    How does this happen in 2025 in the United States of America? Because the workers aren’t unionized. They don’t have a voice. You can read on page 12 about our efforts to organize Siemens workers. We didn’t win the votes this time—this time—but we’ve set a solid path for success, and we will not give up on the future these hard-working men and women deserve. 

    Organizing is a top priority in the work we do as a union. We know there are workers, like those at Siemens, who desperately need a union. It’s our duty as part of the labor movement and as Boilermakers to help them organize. 

    Even as we build power for the workers we represent, we also build our union’s power by joining more and more workers to amplify our unified Boilermaker voice. And as we make our Boilermaker voice louder, we make our Boilermaker future brighter.

    MIL OSI USA News –

  • MIL-OSI USA: NASA Observes First Visible-light Auroras at Mars

    Source: NASA

    On March 15, 2024, near the peak of the current solar cycle, the Sun produced a solar flare and an accompanying coronal mass ejection (CME), a massive explosion of gas and magnetic energy that carries with it large amounts of solar energetic particles. This solar activity led to stunning auroras across the solar system, including at Mars, where NASA’s Perseverance Mars rover made history by detecting them for the first time from the surface of another planet.

    “This exciting discovery opens up new possibilities for auroral research and confirms that auroras could be visible to future astronauts on Mars’ surface.” said Elise Knutsen, a postdoctoral researcher at the University of Oslo in Norway and lead author of the Science Advances study, which reported the detection.
    Picking the right aurora
    On Earth, auroras form when solar particles interact with the global magnetic field, funneling them to the poles where they collide with atmospheric gases and emit light. The most common color, green, is caused by excited oxygen atoms emitting light at a wavelength of 557.7 nanometers. For years, scientists have theorized that green light auroras could also exist on Mars but suggested they would be much fainter and harder to capture than the green auroras we see on Earth.
    Due to the Red Planet’s lack of a global magnetic field, Mars has different types of auroras than those we have on Earth. One of these is solar energetic particle (SEP) auroras, which NASA’s MAVEN (Mars Atmosphere and Volatile EvolutioN) mission discovered in 2014. These occur when super-energetic particles from the Sun hit the Martian atmosphere, causing a reaction that makes the atmosphere glow across the whole night sky.
    While MAVEN had observed SEP auroras in ultraviolet light from orbit, this phenomenon had never been observed in visible light from the ground. Since SEPs typically occur during solar storms, which increase during solar maximum, Knutsen and her team set their sights on capturing visible images and spectra of SEP aurora from Mars’ surface at the peak of the Sun’s current solar cycle.
    Coordinating the picture-perfect moment
    Through modeling, Knutsen and her team determined the optimal angle for the Perseverance rover’s SuperCam spectrometer and Mastcam-Z camera to successfully observe the SEP aurora in visible light. With this observation strategy in place, it all came down to the timing and understanding of CMEs.
    “The trick was to pick a good CME, one that would accelerate and inject many charged particles into Mars’ atmosphere,” said Knutsen.
    That is where the teams at NASA’s Moon to Mars (M2M) Space Weather Analysis Office and the Community Coordinated Modeling Center (CCMC), both located at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, came in. The M2M team provides real-time analysis of solar eruptions to the CCMC for initiating simulations of CMEs to determine if they might impact current NASA missions. When the simulations suggest potential impacts, the team sends out an alert.
    At the University of California, Berkeley, space physicist Christina Lee received an alert from the M2M office about the March 15, 2024, CME. Lee, a member of the MAVEN mission team who serves as the space weather lead, determined there was a notable solar storm heading toward the Red Planet,which could arrive in a few days. She immediately issued the Mars Space Weather Alert Notification to currently operating Mars missions.
    “This allows the science teams of Perseverance and MAVEN to anticipate impacts of interplanetary CMEs and the associated SEPs,” said Lee.
    “When we saw the strength of this one,” Knutsen said, “we estimated it could trigger aurora bright enough for our instruments to detect.”
    A few days later, the CME impacted Mars, providing a lightshow for the rover to capture, showing the aurora to be nearly uniform across the sky at an emission wavelength of exactly 557.7 nm. To confirm the presence of SEPs during the aurora observation, the team looked to MAVEN’s SEP instrument, which was additionally corroborated by data from ESA’s (European Space Agency) Mars Express mission. Data from both missions confirmed that the rover team had managed to successfully catch a glimpse of the phenomenon in the very narrow time window available.
    “This was a fantastic example of cross-mission coordination. We all worked together quickly to facilitate this observation and are thrilled to have finally gotten a sneak peek of what astronauts will be able to see there some day,” said Shannon Curry, MAVEN principal investigator and research scientist at the Laboratory for Atmospheric and Space Physics (LASP) at the University of Colorado Boulder (CU Boulder).
    The future of aurora on Mars
    By coordinating the Perseverance observations with measurements from MAVEN’s SEP instrument, the teams could help each other determine that the observed 557.7 nm emission came from solar energetic particles. Since this is the same emission line as the green aurora on Earth, it is likely that future Martian astronauts would be able to see this type of aurora.
    “Perseverance’s observations of the visible-light aurora confirm a new way to study these phenomena that’s complementary to what we can observe with our Mars orbiters,” said Katie Stack Morgan, acting project scientist for Perseverance at NASA’s Jet Propulsion Laboratory in Southern California. “A better understanding of auroras and the conditions around Mars that lead to their formation are especially important as we prepare to send human explorers there safely.”

    More About Perseverance and MAVEN
    The Mars 2020 Perseverance mission is part of NASA’s Mars Exploration Program portfolio and NASA’s Moon to Mars exploration approach, which includes Artemis missions to the Moon that will help prepare for human exploration of the Red Planet. NASA’s Jet Propulsion Laboratory, which is managed for the agency by Caltech, built and manages operations of the Perseverance rover.
    The MAVEN mission, also part of NASA’s Mars Exploration Program portfolio, is led by LASP at CU Boulder. It’s managed by NASA’s Goddard Space Flight Center and was built and operated by Lockheed Martin Space, with navigation and network support from NASA’s JPL.
    —
    By Willow ReedLaboratory for Atmospheric and Space Physics (LASP), University of Colorado Boulder
    Media Contact: 
    Karen Fox / Molly Wasser
    Headquarters, Washington
    202-358-1600
    karen.c.fox@nasa.gov / molly.l.wasser@nasa.gov  
    Nancy N. JonesNASA’s Goddard Space Flight Center, Greenbelt, Md.
    DC AgleJet Propulsion Laboratory, Pasadena, Calif.818-393-9011agle@jpl.nasa.gov

    MIL OSI USA News –

  • MIL-OSI Security: From the Top End to the Philippines: MRF-D 25.3 bolsters U.S.-Philippine alliance

    Source: United States INDO PACIFIC COMMAND

    PUERTO PRINCESA, Philippines — From the northern coast of Australia to the southern edge of the Philippine archipelago, U.S. Marines with the Marine Rotational Force – Darwin (MRF-D) 25.3 Marine Air-Ground Task Force (MAGTF) spent the last month executing rapid maneuver, joint and combined integrated fires, and combined exercises alongside Philippine and Australian allies across one of the world’s most complex and challenging maritime regions.

    MIL Security OSI –

  • MIL-OSI Security: Canadian Man Illegally In The United States Pleads Guilty To Conspiracy To Smuggle Handguns Into Canada

    Source: Office of United States Attorneys

    HARRISBURG – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Durante King-Mclean, age 26, of Cambridge, Ontario, Canada, pled guilty today before United States District Judge Jennifer P. Wilson to a single count of a multi-count indictment charging him with conspiring with others to illegally traffic in firearms.

    According to Acting United States Attorney John C. Gurganus, the charges stem from a September 2, 2023, traffic stop by the Pennsylvania State Police in Franklin County of a rental vehicle operated by King-Mclean who was the only occupant of the vehicle. During the stop King-Mclean fled on foot and was apprehended after a brief foot chase. A subsequent search of the rental vehicle led to the recovery of 65 handguns in the vehicle’s trunk that were all individually concealed in socks. Of the 65 handguns that were recovered, two were fully automatic, 11 were stolen, and one had an obliterated serial number. King-Mclean had been in communication with his co-conspirators from April of 2023 until his arrest on September 2, 2023, and had been staying at an Airbnb in Ft. Lauderdale, Florida, until he rented the vehicle at the end of August 2023 and headed north towards Canada with the illegally purchased handguns. Sometime after his arrest and incarceration on September 2, 2023, King-Mclean was charged by Canadian authorities for his alleged participation in the April 17, 2023, heist of approximately $22.5 million dollars in gold bars and foreign currency from the Air Canada cargo terminal at Toronto’s Pearson International Airport. It was shortly after this heist that King-Mclean illegally entered the United States where he remained until his arrest on September 2, 2023, as he was headed back to Canada with the 65 handguns.

    “King-Mclean’s international firearms trafficking scheme had 65 guns destined for the hands of violent criminals and other prohibited people who threaten their communities,” said Eric J. DeGree, Special Agent in Charge (SAC) for the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Philadelphia Field Division. “ATF’s highest priority is reducing violent gun crime, and thanks to our cooperative efforts, this action kept dozens of crime guns off the street — preventing them from being used in any number of killings and other crimes.”

    “This guilty plea highlights the serious consequences of international arms trafficking and the dangers it poses to public safety. By illegally moving firearms across borders, criminal networks fuel violence and threaten communities,” said Special Agent in Charge of HSI Philadelphia Edward V. Owens. “HSI remains dedicated to working with our domestic and international partners to disrupt these illicit operations and ensure that those who engage in trafficking are held accountable.”

    King-Mclean faces a potential sentence of 15 years’ imprisonment, a $250,000.00 fine, and a three-year term of supervised release.

    The case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives – Harrisburg Office, the Pennsylvania State Police, and Homeland Security Investigations (HSI).  Assistant United States Attorney William A. Behe is prosecuting the case.

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

    This prosecution is also part of an extensive investigation by the Organized Crime Drug Enforcement Task Force (OCDETF).  OCDETF is a joint federal, state, and local cooperative approach to combat drug trafficking and is the nation’s primary tool for disrupting and dismantling major drug trafficking organizations, targeting national and regional level drug trafficking organizations and coordinating the necessary law enforcement entities and resources to disrupt or dismantle the targeted criminal organization and seize their assets.

    All persons charged are presumed to be innocent unless and until found guilty in court.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Baltimore Man Pleads Guilty in Federal Court to Fentanyl, Firearm, and Unemployment Insurance Fraud Charges

    Source: Office of United States Attorneys

    Greenbelt, Maryland – Today, Vincent Ford, 22, of Baltimore, Maryland, pled guilty in federal court to possession with intent to distribute fentanyl and oxycodone; possession of a firearm and ammunition by a convicted felon; and wire fraud, in connection with fraudulently obtaining COVID-19 unemployment insurance (UI) benefits.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the plea with Special Agent in Charge Toni M. Crosby, Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); Special Agent in Charge Troy W. Springer, National Capital Region, U.S. Department of Labor – Office of Inspector General (DOL-OIG); and Chief Malik Aziz, Prince George’s County Police Department (PGPD).

    According to the guilty plea, on February 17, 2023, PGPD officers conducted a traffic stop on a vehicle with heavily tinted windows.  During the traffic stop, officers detected the odor of marijuana coming from the vehicle. The driver acknowledged there was marijuana in the car. 

    Ford was the passenger in the vehicle and officers noticed that he was wearing an unzipped gray satchel.  After searching the vehicle, officers found a loaded Taurus G3C semi-automatic firearm under the passenger seat where Ford had been sitting. It was loaded with 13 rounds of 9mm ammunition in the magazine and one round of 9mm ammunition in the chamber ready to be fired.  The firearm was previously reported stolen from a vehicle in Baltimore County.

    Law enforcement also searched Ford’s satchel and person, recovering 46 30mg blue pills that contained fentanyl, a 20mg white pill that contained oxycodone, three 15mg green pills that contained oxycodone, and more than $1,000 in cash.

    Ford admitted to possessing the fentanyl and oxycodone pills with the intent to distribute them.  He also acknowledged that he possessed the loaded Taurus firearm in furtherance of his drug trafficking. Due to a previous felony conviction, Ford is prohibited from possessing firearms and ammunition.

    Additionally, a subsequent investigation revealed that Ford also engaged in COVID-19 UI fraud.  According to the plea, between at least June 13, 2020, and November 19, 2020, Ford participated in a scheme to defraud the Maryland Department of Labor of at least $17,000 in UI benefits during the COVID-19 pandemic.  In response to the COVID-19 pandemic, several federal programs expanded UI eligibility and increased UI benefits to provide emergency assistance to struggling Americans.  Ford fraudulently took advantage of that program and filed at least six false UI claims, using stolen identities of real persons.  Two of the fraudulent claims resulted in the disbursement of $17,000 in funds in the names of two of the identity theft victims.  He obtained $2,580 of that amount from a bank card in the name of one of the victims.

    Ford faces a maximum sentence of 15 years for the felon in possession of a firearm and ammunition charge; a maximum of 20 years for possession with intent to distribute fentanyl and oxycodone; and a maximum of 20 years for wire fraud in connection with his fraudulent COVID-19 unemployment insurance scheme.  Judge Deborah L. Boardman scheduled sentencing for Monday, November 3, at 2 p.m.

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

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud.  The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts.  For more information on the Department’s response to the pandemic, visit https://www.justice.gov/coronavirus.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    U.S. Attorney Hayes commended the ATF, DOL-OIG, and PGPD for their work in the investigation.  Ms. Hayes also thanked Assistant U.S. Attorneys Patrick D. Kibbe and Nicholas F. Potter who are prosecuting the case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

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