Category: Politics

MIL-OSI USA: Chairman Capito Opening Statement at Hearing on Nominations of Fotouhi, Szabo to Leadership Roles at the Environmental Protection Agency

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito
To watch Chairman Capito’s opening statement, click here or the image above.
WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, led ahearing on the nominations of David Fotouhi to be Deputy Administrator of the Environmental Protection Agency (EPA) and Aaron Szabo to be Assistant Administrator for the Office of Air and Radiation of the EPA.
In her opening remarks, Chairman Capito recognized the deep environmental experience that both nominees have gained through roles in both the public and private sectors. Additionally, Chairman Capito highlighted the importance of the nominees’ roles in returning the EPA to its core mission of protecting our nation’s air, land, and water, without inhibiting economic development in accordance with laws established by Congress.
Below is the opening statement of Chairman Shelley Moore Capito (R-W.Va.) as delivered.
“Today we will receive testimony from David Fotouhi, the nominee to serve as the Environmental Protection Agency’s Deputy Administrator and from Aaron Szabo, to serve as the EPA Assistant Administrator for Air and Radiation. These are two very important positions in the Agency.
“So, I’m looking forward to this productive conversation about how Mr. Fotouhi and Mr. Szabo will ensure President Trump’s agenda to get the Agency back to its core mission and reestablish American energy dominance.
“Mr. Fotouhi currently is a partner at Gibson Dunn and Crutcher, where he has represented clients on matters relating to environmental law. He previously served as the Acting General Counsel and Principal Deputy General Counsel at the EPA. He is no stranger to EPA. Mr. Fotouhi has been recognized by multiple national law publications for his work in environmental and energy law, and as a leader on those issues.
“Mr. Fotouhi’s previous experience at the EPA provides him a wealth of perspective on the Agency’s critical role in protecting our nation’s air, land, and water while doing so within the boundaries of the legal authority that Congress has established.
“The EPA Deputy Administrator is generally tasked with overseeing the day-to-day operations of the Agency. In this role, Mr. Fotouhi will coordinate the work of the EPA’s important air, water, and chemicals offices, in addition to the EPA’s Regional offices research, enforcement, and General Counsel teams. Effectively integrating the Agency’s work will be at the top of Mr. Fotouhi’s list of responsibilities.
“Facilitating economic growth while protecting public health and the environment requires the Agency to establish consistent and legally defensible regulations, fairly and clearly enforce those rules, and communicate with the states, communities, and entities impacted by these regulations.
“Mr. Szabo, President Trump’s nominee to serve as the Assistant Administrator for the Office of Air and Radiation, is currently serving as a Senior Advisor to the EPA Administrator after representing a wide variety of clients in the private sector on energy and environmental matters. For more than ten years, Mr. Szabo worked as a career civil servant, first for the Nuclear Regulatory Commission, then the Office of Information and Regulatory Affairs, known as OIRA, and then the Council on Environmental Quality.
“As an NRC career staff member, Mr. Szabo was repeatedly recognized with awards for his excellent performance in the Office of Nuclear Reactor Regulation. In June of 2016, during Mr. Szabo’s tenure working for the Obama Administration’s OIRA, he received the Special Achievement Award. Mr. Szabo’s nomination to lead the Office of Air and Radiation will place him in a central role to roll back the Biden administration’s extreme attack on reliable, baseload energy sources.
“Under the Biden EPA, American energy producers were subject to a barrage of legally suspect regulations that were intended to bankrupt oil, gas, and coal companies. These attacks led to increased energy costs on American families, reduced electric reliability, and undermined our energy security.
“In contrast to the Biden administration’s agenda, President Trump’s agenda will right size our environmental regulations within the bounds of the laws passed by this Congress and past Congresses, while in turn increase energy production, enable innovation, and unleash economic growth while protecting the environment. As Administrator Zeldin stated during his confirmation hearing, the EPA has far too often exceeded the legal authority Congress has provided in law.
“This pattern, repeated during the Obama and then Biden Administrations, forced American businesses to pay for costly compliance requirements, even though the underlying regulation was ultimately struck down by the courts. Today’s nominees understand the impact of the Obama-Biden regulatory strategy.
“Mr. Fotouhi and Mr. Szabo have represented a wide range of energy and environmental clients in legal and regulatory proceedings, as well as counseled clients on environmental compliance and due diligence. While some might suggest that representing regulated entities, particularly ones they don’t like or agree with in private practice, should bar attorneys like Mr. Fotouhi and Mr. Szabo from serving in these roles. But I believe that view misses the extensive value of both of the nominees’ public and private experiences.
“It is important for all of the EPA’s staff, especially senior leadership, to understand how the Agency’s use of statutory authority and enforcement tools affect states and regulated entities, as well as how that regulatory action can best achieve compliance and maximize positive environmental outcomes.
“I am confident our witnesses’ legal training, previous government experience, and professional experience will serve them well in the positions for which they have been nominated.
“The EPA must get back to what it does best, facilitating cleanup of polluted sites in communities across America, establishing scientific sound and achievable regulations, and fulfilling the ‘cooperative federalism’ model of working with states to meet national environmental standards.
“I look forward to exploring these issues in more detail with our witnesses.”

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Chairman Capito Asks Fotouhi, Szabo about Importance of Cooperative Federalism, Energy Reliability in Nominations Hearing

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito
To watch Chairman Capito’s questions, click here or the image above.
WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, led ahearing on the nominations of David Fotouhi to be Deputy Administrator of the Environmental Protection Agency (EPA) and Aaron Szabo to be Assistant Administrator for the Office of Air and Radiation of the EPA. During the hearing, Chairman Capito asked the nominees about the importance of cooperative federalism and addressing America’s energy reliability concerns, as well as establishing EPA rules consistent with laws passed by Congress.
HIGHLIGHTS:
COOPERATIVE FEDERALISM:
CHAIRMAN CAPITO:
“The environmental laws are based on the principle of which states are co-regulatory partners with the federal government. Rather than considering them, the states, as partners, the previous Administration has sort of overlooked and treated the states as subordinates. State and local environmental agencies are dedicated to working together with federal regulators, and a lot of times, certainly understand the areas, their own regions, a lot better. State agencies are best suited to understand the diversity in their geographic, economic, and social elements…will you commit to engaging with states under the cooperative federalism framework to establish workable rules and implementation strategies, this is for both of you, to protect public health and the environment?”
DAVID FOTOUHI:
“Yes, absolutely. The environmental statutes, as you said, broadly speaking, are drafted in a way that the federal government, and states, and tribes, and others work in partnership to achieve the results that Congress intended when those statutes were promulgated, doing so in a way that empowers states through cooperative federalism, as you mentioned, providing the technical assistance that states need to understand their resources best. Also to encourage states and tribes to assume the responsibility for federal permitting programs will be a priority of mine if confirmed.”
AARON SZABO:
“The importance of cooperative federalism, as David mentioned, it is important that states have the primary role in regulating. They know what’s best for their states. It’s something I believe, and it’s something the Clean Air Act requires. States know how to regulate their entities the best, and it’s important to allow them to do that under the Clean Air Act. Additionally, it’s also important not to punish those states for emissions that are not the fault of their own state. I think that we can work better, in a cooperative manner with the states, and provide those environmental protections faster.”
ENERGY RELIABILITY:
CHAIRMAN CAPITO:
“We know that the Clean Power Plan, and certainly you have a lot of experience with this, intentionally designed to impose unattainable requirements to cause the early retirement of a lot of our coal and natural gas plants. But, during the same time, prices have skyrocketed and our reliability has been called into question. The North American Electric Reliability Corporation forecast that well over half of the U.S. will face potential electricity shortages and blackout risks, and this is a largely result of reduced supply baseload power….as you oversee and implement the Clean Air Act, statutory obligations to protect public health and environment, will you ensure that the Agency takes into account electric reliability and energy affordability on the impacts on American families?”
AARON SZABO:
“If confirmed, we are bound by what is stated in the Clean Air Act, and that includes the consideration of costs and impacts on the country. With respect to any action within section 111 that the Clean Power Plan was, or the Clean Power Plan 2.0, whichever version you want to call it, was established under, we must follow the law and that includes the consideration of impacts on electricity reliability.”
DAVID FOTOUHI:
“I think the Agency needs to heed the decision of the Supreme Court in the West Virginia case. In particular, that was very clear that EPA is not a grid-wide energy regulator. It is not an entity that is responsible for determining whether generation shifting should occur between different sources. EPA should always, when implementing the Clean Air Act or any other program, abide by its statutory authority that Congress has delegated to it.”
DURABLE RULE MAKING:
CHAIRMAN CAPITO:
“Mr. Fotouhi, you have served as an attorney who has advised and litigated on behalf of both private clients and the EPA for almost 15 years. How would that experience guide your approach to ensuring that EPA’s rules are consistent with statute and durable for the long term?
DAVID FOTOUHI:
“Rule of law is my touchstone. It’s extremely important to me as a professional, as an environmental lawyer, as it was the case when I served at EPA in my role there, advising the administrator on options and legal issues. The critical touchstone has to be in every occasion, ensuring that we are following the congressional authorization and statutory language that’s been drafted by Congress. The Supreme Court has been very clear on this point, repeatedly. In the Biden administration alone, the Biden EPA lost every Supreme Court case that it had in front of the court over the last four years. We need to restore trust in EPA’s actions, and part of that is to ensure that those actions are done consistently with the law, and that we are not over reading our statutory authority and exceeding the boundaries that this Congress has placed on the agency.”
Click HERE to watch Chairman Capito’s questions.
Click HERE to watch Chairman Capito’s opening statement.

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Trump Touts Alaska LNG as a Top Priority of New Administration

US Senate News:

Source: United States Senator for Alaska Dan Sullivan
03.05.25
WASHINGTON—U.S. Senator Dan Sullivan (R-Alaska) today celebrated President Donald Trump’s endorsement of the Alaska Liquefied Natural Gas (LNG) Project as a top priority of his new administration in the President’s joint address to Congress last night.
Sen. Sullivan has been a relentless advocate for the Alaska LNG Project as an opportunity to provide abundant, clean-burning, low-cost energy to Alaskans, promote American energy security, and deepen America’s alliances with its Indo-Pacific partners, particularly Japan and South Korea. Following Russia’s invasion of Ukraine, Sen. Sullivan has taken four trips to Japan and South Korea to promote the project, talking to numerous potential investors and the senior-most government and private sector officials in each country. More recently, he has spoken directly with President Trump on several occasions about the project and gave him the comprehensive document called, “America’s Gasline.” The senator has also had extensive conversations with nearly all of President Trump’s cabinet officials about the Alaska LNG Project, garnering their support.
“My administration is also working on a gigantic natural gas pipeline in Alaska, among the largest in the world, where Japan, South Korea and other nations want to be our partner with investments of trillions of dollars each,” President Trump said. “There’s never been anything like that one. It will be truly spectacular. It’s all set to go. The permitting is gotten.”
[embedded content]
“The fact that the President of the United States was highlighting the Alaska LNG Project as one of the biggest things he wants to get done for America was huge for our state and huge for our country,” Sullivan said in an interview following the address. “It’s not going to happen overnight, but the fact that we have the President and his entire cabinet fully putting their shoulder into this was quite remarkable…Governor Dunleavy and I pitched the Trump administration on having the President mention this in his State of the Union…I hope a lot of Alaskans saw that we have been working this really hard, because we have a great opportunity—the private sector elements of this are coming together, the foreign government elements of this giant project are coming together. But when you get the President and his entire cabinet saying, we’re going to get this done, and he tells the American people that, I don’t think that’s ever happened before for Alaska…It was a big night for us, and I’m really excited.”
The Alaska LNG Project will be capable of providing more than three billion cubic feet of low-cost, low-emission natural gas to Alaskans, Americans, and to allied nations around the world each day. It is also projected to create up to 10,000 construction and 1,000 operations jobs.
Below is a timeline of Sen. Sullivan’s recent work on advancing the Alaska LNG Project and deepening the energy security ties between the U.S. and America’s Japanese and Korean allies.
On February 24, 2025, Sen. Sullivan had an Alaska LNG focused meeting with Interior Secretary Doug Burgum at the Department of the Interior.
On February 7, 2025, President Trump announced a “joint venture” on Alaska oil and gas between the United States and Japan.
On January 8, 2025, Sen. Sullivan personally pitched President Trump on the Alaska LNG Project.
On December 17, 2024, Sen. Sullivan focused on the Alaska LNG Project in his meeting with now-Secretary of Energy Chris Wright.
In August of 2024, Sen. Sullivan participated in a bipartisan Senate delegation visit to Japan and South Korea, and discussed the Alaska LNG Project with numerous senior government and business leaders in both countries.
In February 2024, Sen. Sullivan and seven of his Senate colleagues introduced a Senate resolution recognizing the importance of trilateral cooperation among the United States, Japan, and South Korea.
On October 8, 2023, Sen. Sullivan penned an op-ed in the Anchorage Daily News urging Alaskans to unite in advancing the Alaska LNG Project as a critical solution to Alaska’s energy needs.
In June 2023, Sen. Sullivan visited South Korea and Japan, where he met with senior government and private sector officials about the Alaska LNG Project. Similar to his October 2022 visit to Tokyo, Sen. Sullivan convened an Alaska LNG Summit of U.S. and Korean energy and policy leaders with the U.S. Embassy in Seoul. Following the visit, the U.S. Embassy in Seoul established an Alaska LNG Task Force.
On May 18, 2023, Sen. Sullivan introduced the Indo-Pacific Strategic Energy Initiative Act, legislation to promote the financing and development of new energy infrastructure projects in the Indo-Pacific region—with a focus on natural gas—in order to end U.S. allies’ dependance on Russian natural gas in the wake of Russia’s invasion of Ukraine.
In May 2023, Sen. Sullivan spoke at the Alaska Sustainable Energy Conference about the Alaska LNG Project and opportunities to deliver clean-burning, low-cost gas to Alaskans and to America’s Indo-Pacific allies.
In May 2023, Sen. Sullivan, Sen. Lisa Murkowski (R-Alaska), and Rep. Mary Peltola (D-Alaska) welcomed a ruling from the U.S. Court of Appeals for the D.C. Circuit upholding the Federal Energy Regulatory Commission’s (FERC) approval of the Alaska LNG Project.
On March 6, 2023, Sen. Sullivan led a letter with his Senate colleagues to U.S. Ambassador to Japan Rahm Emanuel urging the Biden administration to publicly support the export of abundant U.S. natural gas to America’s allies in Europe and Asia, particularly Japan, which has prioritized energy security in its term leading the G7.
On December 16, 2022, Sen. Sullivan welcomed a new national security strategy and related documents released by Japanese Prime Minister Fumio Kishida that focuses on deepening Japan and the U.S.’s national security cooperation.
In October 2022, Sen. Sullivan visited Japan and South Korea to advocate for the Alaska LNG Project. In Tokyo, Sen. Sullivan and Ambassador Emanuel convened an Alaska LNG Summit of U.S. and Japanese energy and policy leaders. Prior to the summit, the U.S. Embassy in Tokyo established an Alaska LNG Task Force.
In June 2022, Sen. Sullivan and Gov. Mike Dunleavy (R-Alaska) visited Japan to meet with Japanese companies, utilities, and government ministries about the Alaska LNG Project.
In August 2021, Sens. Murkowski and Sullivan secured a provision in the Infrastructure Investment and Jobs Act making the Alaska LNG Project eligible for a federal loan guarantee of roughly $30 billion that is indexed to inflation.
In August 2020, the Department of Energy (DOE) issued a final, unconditional order authorizing the Alaska LNG Project to export LNG.
In May 2020, FERC granted the Alaska Gasline Development Corporation (AGDC) authorization to construct and operate the Alaska LNG Project.
Between 2014 and 2022, the Alaska LNG Project secured all of its necessary federal permits and authorizations.

MIL OSI USA News –

March 6, 2025
MIL-OSI New Zealand: Recycling Sector – Widespread support to start a Container Return Scheme in NZ

Source: Zero Waste Network

A coalition of 84 companies, councils and not for profit organisations have written to the NZ Government asking them to modernise how we handle waste and litter in New Zealand by starting a Container Return Scheme.

Organisations as diverse and significant as Woolworths, Foodstuffs NZ, Coca Cola, BP, The Warehouse, The University of Auckland, the NZ Beverage Council, the Zero Waste Network and 24 councils, spanning from the Far North to Dunedin, have signed the request and offered to help the Government set up a successful scheme.

“It is great to see retailers, drink producers, councils, recyclers and community organisations coming together to ask the government to start a Container Return Scheme in New Zealand.” said Zero Waste Network Spokesperson Sue Coutts. “We have a common interest in increasing recycling rates and reducing litter and pollution.”

The 84 signatories are asking the Government to prioritise a Container Return Scheme because they are proven to increase recycling rates, create new jobs, and provide fundraising mechanisms for community groups, and the charity sector. A Container Return Scheme lines up with the government’s waste objectives and climate goals, as well as being supported by more than 80% of New Zealanders. (Reloop 2022; Kantar, 2023)

“A 2023 survey showed that 89% New Zealanders like the idea of a Container Return Scheme. Paying a deposit when you buy a drink and getting it back when you drop off the empty bottle or can makes sense to people.” said Sue Coutts. “Communities, clubs and charities could use the scheme to raise funds for sports gear, local projects, school trips and other activities. I know a lot of organisations who would love to be able to do that.”

2.6 billion drink bottles, cans and cartons get sold in New Zealand each year. Less than half of these are collected for recycling, but overseas Container Return Schemes achieve 90% recycling rates.

“We know from the international evidence that Container Return Schemes work. A well-designed scheme would double the return rate for drink bottles and cans from 45% to 90%. These schemes are working well in 57 countries and states around the world from Canada to Europe. It’s time for New Zealand to start a Container Return Scheme so we can create good jobs in the recycling industry and in our regions, and feel proud of our clean green reputation.”

A copy of the full letter to the Minister can be found here: https://44104809.fs1.hubspotusercontent-na1.net/hubfs/44104809/Documents/Advocacy%20documents/2422025%20CRS%20-%20Broad%20Advocacy%20Letter_FINAL.pdf?utm_medium=email&_hsmi=350289176&utm_content=350289176&utm_source=hs_email

MIL OSI New Zealand News –

March 6, 2025
MIL-OSI USA: Attorney General Bonta Secures Nationwide Preliminary Injunction Blocking Trump Administration’s NIH Funding Cuts

Source: US State of California

Wednesday, March 5, 2025

Contact: (916) 210-6000, agpressoffice@doj.ca.gov

OAKLAND – California Attorney General Rob Bonta today issued the following statement in response to the U.S. District Court for Massachusetts issuing a preliminary injunction that continues blocking the Trump Administration’s unlawful and drastic National Institutes of Health (NIH) funding cuts from taking effect. The preliminary injunction is in effect with respect to institutions nationwide until further order by the court.

“Last month, my fellow attorneys general and I secured a temporary restraining order, which blocked the Trump Administration from eviscerating funding for life-saving medical research. Now, we have secured a preliminary injunction that continues barring the Trump Administration from implementing the NIH funding cuts,” said Attorney General Bonta. “The court’s order also notes that we are likely to succeed on the merits of our claims. As we have said before, we will not allow President Trump to play politics with our public health or to break the law.”

On February 10, 2025, Attorney General Bonta, as part of a coalition of 22 attorneys general, announced suing the Trump Administration over the NIH funding cuts and sought a temporary restraining order. Less than six hours later, the U.S. District Court for Massachusetts granted the temporary restraining order. On February 21, 2025, the court held a preliminary injunction hearing, and in advance of the hearing, Attorney General Bonta and his fellow attorneys general released a joint statement.

A copy of the court’s order granting the preliminary injunction can be found here.

# # #

MIL OSI USA News –

March 6, 2025
MIL-OSI United Kingdom: Delivering on affordable homes

Source: Scottish Government

Funding to support housing infrastructure.

A significant project to regenerate the Granton area of Edinburgh has received a grant of almost £16 million to enable the provision of new affordable, energy efficient homes.

Part of the Scottish Government’s Housing Infrastructure Fund, the grant will allow the City of Edinburgh Council to undertake crucial infrastructure works in preparation for building 847 new homes, including 387 affordable homes. It is part of a wider package of financial support being developed by the Scottish Government at Granton Waterfront, reflecting the commitment to support seven strategic sites as part of the Edinburgh and South East Scotland City Region Deal.

First Minister John Swinney visited the development to announce the funding and learn about how the project is progressing. He also had the opportunity to meet apprentices working on the construction site.

The First Minister said:

“This impressive development is transforming the Granton area of Edinburgh – through the development of new homes, improved infrastructure and low-carbon district heating solutions.

“Public sector investment in the first phase of Granton Waterfront is estimated to leverage a further £200 million of private sector investment in private housing and the low carbon heat network.

“The 2025-26 Budget has allocated more than £7 billion for infrastructure and £768 million to ramp up action on delivering affordable homes.

“This development at Granton Waterfront is an excellent example of how Scottish Government investment is already delivering across my government’s four priorities – to eradicate child poverty, grow the economy, improve public services and protect the planet.”

Leader of the City of Edinburgh Council Jane Meagher said:

“We’re making significant progress at Granton Waterfront, with hundreds of affordable homes underway at both Western Villages and Silverlea. I welcome today’s announcement which comes at a critical time, as our city faces an ongoing housing emergency and a severe shortage of homes.

“This funding forms part of a wider funding package that the Council and Scottish Government continue to develop, allowing the next phase of development in Granton to get underway later this year. This will see further development of much needed new homes, alongside improved infrastructure, and an innovative low-carbon district heating system.

“The regeneration of Granton will not only help to address the housing shortage but also contribute to our broader goal to become net zero by 2030 and by incorporating cutting-edge technologies, residents will benefit from modern, comfortable, energy efficient homes.

“We’re working hard to make Granton somewhere people will want to call home, and this is a great example of the success we can have when governments work together in partnership. I look forward to seeing this progress continue.”

Background

The 2024-25 Programme for Government expresses a commitment to working with local authorities to accelerate the development of strategic sites such as Granton, unlocking opportunities for investment and economic growth and the provision of new homes of all tenures.

MIL OSI United Kingdom –

March 6, 2025
MIL-OSI Australia: Next step taken to better protect Australians from SMS scams

Source: Australia Government Ministerial Statements

The Albanese Government has taken the next formal step to commence the SMS Sender ID Register to make it easier for Australian consumers to identify potential scams.

Minister for Communications, Michelle Rowland, has directed the Australian Communications and Media Authority (ACMA) to implement an industry standard which telcos must follow regarding messages sent using sender IDs.

The new standard will place rules on telcos requiring them to check whether messages being sent using a sender ID correspond with the legitimate registered sender.

All messages with unregistered sender IDs will be disrupted, with telcos to be required to either block or flag as scams SMS and MMS messages that do not comply with Register rules.

With SMS a lucrative option for criminals to take advantage of unsuspecting consumers, the Register will help by identifying messages which cannot be verified as from a trusted source, and stop scammers using names of well-known brands to defraud consumers.

Consultation will be undertaken with industry representatives, regulators and consumer advocacy groups on this direction.

The ACMA anticipates the Register will be open for registration of Sender IDs from late 2025.

The Albanese Government is committed to protecting consumers by ensuring it fosters an environment which frustrates and disrupts criminal operations like SMS scams, and incentivises telcos to comply with the rules and provide protection to consumers.

This direction follows the Government’s commitment to introduce reforms to ensure the ACMA has the necessary powers to swiftly and proportionately hold telcos to account for breaches of industry codes and standards bringing penalties in line with other sectors like banking and energy.

The new standard underpinning the SMS Sender ID Register rules will form part of those industry standards enforceable by the ACMA.

Quotes attributable to the Minister for Communications, the Hon Michelle Rowland MP:

“This direction is an important step in protecting consumers from SMS scams, which costs every day Australians millions each year.

“We’re ensuring the ACMA has the tools it needs to protect consumers and hold industry to account if telcos don’t do their part.

“We want Australia to be the toughest landscape in the world for scammers to make a living – so we’re implementing measures to frustrate their attempts to defraud Australians at every step of the way.”

Quotes attributable to the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP:

“Australians are sick of being bombarded by scam texts and our government is working to stamp them out.

“Cutting off the avenues scammers use to reach their victims is a key strategy in our fight against scammers.

“The register will keep us one step ahead of scammers and is part of our comprehensive plan to make Australia the toughest target for scammers.”

MIL OSI News –

March 6, 2025

MIL-OSI: Athabasca Oil Announces 2024 Year-end Results including Record Cash Flow, Strong Return of Capital and Significant Reserves Growth

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to report its audited 2024 year-end results and reserves. Athabasca provides investors unique positioning to top tier liquids weighted assets (Thermal Oil and Duvernay) with a focus on maximizing cash flow per share growth by investing in competitive projects alongside a return of capital framework that will continue to direct 100% of Free Cash Flow to share buybacks in 2025.

Year-end 2024 Consolidated Corporate Results

Production: Annual production of 36,815 boe/d (98% Liquids), representing 7% (14% per share) growth year over year. Strong production performance across all assets supported the Company achieving its upwardly revised annual guidance of 36,000 – 37,000 boe/d (July 2024).
Record Cash Flow: Adjusted Funds Flow of $561 million ($1.02 per share), representing 102% per share growth year over year. Cash Flow from Operating Activities of $558 million. Free Cash Flow of $322 million from Athabasca (Thermal Oil).
Capital Program: $268 million, within annual guidance of $270 million, highlighted by $164 million invested at Leismer for completing the 28,000 bbl/d expansion and advancing the 40,000 bbl/d expansion project and $73 million in Duvernay development.
Pristine Balance Sheet: Net Cash position of $123 million; Liquidity of $481 million ($345 million of cash). Athabasca has $2.3 billion of tax pools (~80% high-value and immediately deductible).

Return of Capital Strategy

Achieved Return of Capital Commitment in 2024: Athabasca (Thermal Oil) allocated ~100% of its Free Cash Flow (“FCF”) to return of capital in 2024 completing $317 million in share repurchases.
Cumulative Return of Capital of ~$900 million: Since 2021, the Company has delivered a deliberate return of capital strategy, prioritizing ~$400 million of debt reduction followed by share buybacks of ~$500 million to date. The Company has reduced its fully diluted share count by ~18% since Q1 2023.
Continued 100% of Free Cash Flow (Thermal Oil) Return to Shareholders through buybacks in 2025: The Company expects to utilize ~100% of its Normal Course Issuer Bid (“NCIB”) for the second straight year. Following the expiry of its current NCIB on March 17, 2025 the Company will renew a third annual NCIB with the Toronto Stock Exchange.

2024 Year-end Consolidated Reserves¹

Differentiated Long-life Reserves: Athabasca holds 1.3 billion boe of Proved Plus Probable (“2P”) reserves and ~1 billion barrels of Contingent Resource (Best Estimate). This represents $6.4 billion² NPV10 of 2P reserves ($12.44 per share), an increase of 35% per share from 2023, and includes $3.8 billion² of Total Proved (“1P”) reserves ($7.28 per share), an increase of 34% per share from 2023.
Thermal Oil Underpins Deep Value: An $813 million increase in 2P NPV10² to $5.8 billion is supported by well design driving improved capital efficiencies, lower operating costs at both producing projects and constructive heavy oil pricing. These reserves represent a ~30 year 1P and ~90 year 2P reserve life.
Duvernay Value Capture: Duvernay Energy Corporation (“DEC”) 2P reserves increased by 170% to 73 mmboe, representing a NPV10² value of $614 million. Strong growth is attributed to establishing development on the newly operated lands and accelerated development on previous land positions. DEC has an estimated 444 gross drilling locations (204 net) across its ~200,000 acre (gross) land base.

2025 Guidance Maintained

Athabasca (Thermal Oil): The Thermal Oil division underpins the Company’s strong Free Cash Flow outlook, with unchanged production guidance of 33,500 – 35,500 bbl/d and an unchanged ~$250 million capital budget. The program at Leismer includes the tie-in of six redrills and four new sustaining well pairs on Pad 10 early in 2025, along with continued pad and facility expansion work for the progressive expansion to 40,000 bbl/d. At Hangingstone two extended reach sustaining well pairs (~1,400 meter average laterals) that were drilled in 2024 will be placed on production in March.
Duvernay Energy Corporation: The 2025 capital program of ~$85 million includes the completion of a 100% working interest (“WI”) three-well pad that was drilled in 2024 and the drilling and completion of a 30% WI four-well pad. Activity will also include spudding two additional multi-well pads in H2 2025 (one operated 100% WI pad and one 30% WI pad) with completions to follow in 2026. DEC is constructing gathering system infrastructure on its operated assets that will support exit production of ~5,500 boe/d this year and momentum into 2026.
Significant Free Cash Flow: The Company forecasts consolidated Adjusted Funds Flow between $525 – $550 million³, including $475 – $500 million from its Thermal Oil assets. Every +US$1/bbl move in West Texas Intermediate (“WTI”) and Western Canadian Select (“WCS”) heavy oil impacts annual Adjusted Funds Flow by ~$10 million and ~$17 million, respectively. Athabasca forecasts generating ~$1.8 billion of Free Cash Flow³ from its Thermal Oil assets over five years (2025-29), representing ~70% of its current equity market capitalization.
Competitive and Resilient Break-evens. Thermal Oil is competitively positioned with sustaining capital to hold production flat funded within cash flow at ~US$50/bbl WTI¹ and growth initiatives fully funded within cash flow below US$60/bbl WTI¹. The Company’s operating break-even is estimated at ~US$40/bbl WTI³. Every $0.01 change in the Canada/US exchange rate is ~$10 million in annual Adjusted Funds Flow, and a weakened Canadian dollar would help cushion the impact that any potential US tariffs may have on commodity pricing.
Steadfast Focus on Cash Flow Per Share Growth: The Company forecasts ~20% compounded annual cash flow per share³ growth between 2025 – 2029 driven by investing in attractive capital projects and prioritizing share buybacks with Free Cash Flow.

Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Net Cash, Liquidity) and production disclosure.

¹Consolidated reserves reflect gross reserves and financial metrics before taking into account Athabasca’s 70% equity interest in Duvernay Energy.
²Net present value of future net revenue before tax at a 10% discount rate (NPV 10 before tax) for 2024 is based on an average of McDaniel, Sproule and GLJ pricing as at January 1, 2025.
³Pricing Assumptions: 2025 US$70 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.725 C$/US$ FX; 2026-29 US$70 WTI, US$12.50 WCS heavy differential, C$3 AECO, and 0.725 C$/US$ FX.

Financial and Operational Highlights

	Three months ended December 31,						Year ended December 31,
($ Thousands, unless otherwise noted)	2024			2023			2024				2023
CORPORATE CONSOLIDATED⁽¹⁾
Petroleum and natural gas production (boe/d)⁽²⁾		37,236			33,127			36,815			34,490
Petroleum, natural gas and midstream sales	$	352,456		$	315,929		$	1,442,091		$	1,268,525
Operating Income⁽²⁾	$	155,022		$	96,960		$	620,092		$	417,023
Operating Income Net of Realized Hedging⁽²⁾⁽³⁾	$	153,119		$	91,443		$	613,630		$	381,088
Operating Netback ($/boe)⁽²⁾	$	45.53		$	30.44		$	46.14		$	32.57
Operating Netback Net of Realized Hedging ($/boe)⁽²⁾⁽³⁾	$	44.97		$	28.71		$	45.66		$	29.76
Capital expenditures	$	92,944		$	38,752		$	268,042		$	139,832
Cash flow from operating activities	$	158,677		$	103,196		$	557,541		$	305,526
per share – basic	$	0.30		$	0.18		$	1.02		$	0.52
Adjusted Funds Flow⁽²⁾	$	143,737		$	81,830		$	560,935		$	295,236
per share – basic	$	0.27		$	0.14		$	1.02		$	0.51
ATHABASCA (THERMAL OIL)
Bitumen production (bbl/d)⁽²⁾		33,849			31,059			33,505			30,246
Petroleum, natural gas and midstream sales	$	346,716		$	309,078		$	1,419,670		$	1,204,245
Operating Income⁽²⁾	$	143,246		$	92,199		$	569,083		$	370,732
Operating Netback ($/bbl)⁽²⁾	$	46.30		$	30.78		$	46.54		$	32.93
Capital expenditures	$	74,268		$	29,371		$	194,902		$	118,975
Adjusted Funds Flow⁽²⁾	$	133,398					$	516,612
Free Cash Flow⁽²⁾	$	59,130					$	321,710
DUVERNAY ENERGY⁽¹⁾
Petroleum and natural gas production (boe/d)⁽²⁾		3,387			2,068			3,310			4,244
Percentage Liquids (%)⁽²⁾	75		%	71		%	76		%	58		%
Petroleum, natural gas and midstream sales	$	20,179		$	12,659		$	83,194		$	91,062
Operating Income⁽²⁾	$	11,776		$	4,761		$	51,009		$	46,291
Operating Netback ($/boe)⁽²⁾	$	37.79		$	25.02		$	42.10		$	29.89
Capital expenditures	$	18,676		$	9,381		$	73,140		$	20,857
Adjusted Funds Flow⁽²⁾	$	10,339					$	44,323
Free Cash Flow⁽²⁾	$	(8,337	)				$	(28,817	)
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
Net income (loss) and comprehensive income (loss)⁽⁴⁾	$	264,336		$	27,506		$	467,743		$	(51,220	)
per share – basic⁽⁴⁾	$	0.50		$	0.05		$	0.85		$	(0.09	)
per share – diluted⁽⁴⁾	$	0.50		$	0.03		$	0.85		$	(0.09	)
COMMON SHARES OUTSTANDING
Weighted average shares outstanding – basic		526,233,362			574,412,564			547,795,407			583,757,575
Weighted average shares outstanding – diluted		530,796,068			588,498,448			553,382,675			583,757,575

	December 31,		December 31,
As at ($ Thousands)	2024		2023
LIQUIDITY AND BALANCE SHEET
Cash and cash equivalents	$	344,836	$	343,309
Available credit facilities⁽⁵⁾	$	136,324	$	85,488
Face value of term debt⁽⁶⁾	$	200,000	$	207,648

^{(1)    Corporate Consolidated and Duvernay Energy reflect gross production and financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.}
^{(2)    Refer to the “Advisories and Other Guidance” section within this News Release for additional information on Non-GAAP Financial Measures and production disclosure.}
^{(3) Includes realized commodity risk management loss of $1.9 million and $6.5 million for the three months and year ended December 31, 2024 (three months and year ended December 31, 2023 – loss of $5.5 million and $35.9 million).}
^{(4)    Net income (loss) and comprehensive income (loss) per share amounts are based on net income (loss) and comprehensive income (loss) attributable to shareholders of the Parent Company. In the calculation of diluted earnings per share for the three months ended December 31, 2023 earnings were reduced by $11.3 million to account for the impact to net income had the outstanding warrants been converted to equity.}
^{(5)    Includes available credit under Athabasca’s and Duvernay Energy’s Credit Facilities and Athabasca’s Unsecured Letter of Credit Facility.}
^{(6)    The face value of the term debt at December 31, 2023 was US$157.0 million translated into Canadian dollars at the December 31, 2023 exchange rate of US$1.00 = C$1.3226.}

Athabasca (Thermal Oil) Year-end 2024 Highlights and Operations Update

Production: Bitumen production averaged 33,505 bbl/d in 2024 representing 11% growth year over year (18% per share) supported by the Leismer facility expansion mid-year and Hangingstone’s resilient production base.
Record Cash Flow: Adjusted Funds Flow of $517 million with an Operating Netback of $46.54/bbl. Operating Income of $569 million.
Capital Program: $195 million of capital expenditures in 2024 focused on expansion projects at Leismer and sustaining operations at Hangingstone.
Free Cash Flow: $322 million of Free Cash Flow supporting 100% return of capital commitment.

Leismer

Bitumen production for 2024 averaged 26,103 bbl/d, up 16% year over year (18% per share).

In Q4 2024, the Company completed drilling six extended redrills on Pad L1 and four well pairs at Pad L10. The redrills were placed onstream in February and support production of ~28,000 bbl/d. Steaming of the Pad L10 well pairs is expected to start in April with first production mid-year. Another six well pairs will be drilled in H2 2025.

Activity at Leismer continues to be focused on advancing progressive growth to 40,000 bbl/d by the end of 2027. The project cost is estimated at $300 million generating a capital efficiency of approximately $25,000/bbl/d. The $300 million includes an estimated $190 million for facility capital (majority spread over 2025 and 2026) and an estimated $110 million for growth wells. To date the Company has procured ~80% of the project and remains on budget and on schedule with the original sanction plans announced in July 2024. This winter the Company completed regional infrastructure to Pad L10 and L11 including lease site construction, delineation drilling and pipeline looping. Major facility equipment has been purchased and the Company is preparing to install two previously acquired steam generators in 2027.

Leismer is forecasted to remain pre-payout from a crown royalty perspective until late 2027³.

Hangingstone

Bitumen production for 2024 averaged 7,402 bbl/d and experienced no decline during the year. Non-condensable gas co-injection has aided in pressure support and reduced energy usage. Hangingstone’s steam oil ratio averaged 3.4 for 2024.

At Hangingstone two extended reach sustaining well pairs (~1,400 meter average laterals) were drilled in 2024. These wells commenced steaming in December and will be placed on production in March. These well pairs are expected to enhance the current production level and support base production long term.

Hangingstone continues to deliver meaningful cash flow contributions with minimal capital to the Company and also has a pre-payout crown royalty structure to beyond 2030³.

Corner

The Company’s Corner asset is a large de-risked top-tier oil sands asset adjacent to Leismer with 351 million barrels of 2P reserves and 520 million barrels of Contingent Resource (Best Estimate Unrisked). There are over 300 delineation wells and ~80% seismic coverage with reservoir qualities similar or better than Leismer. The asset has a 40,000 bbl/d regulatory approval for development with the existing pipeline corridor passing through the Corner lease. The Company is updating its development plans and is finalizing facility cost estimates, including modular optionality. Athabasca intends to explore external funding options and does not plan to fund an expansion utilizing existing cash flow or balance sheet resources.

Duvernay Energy Corporation Year-end 2024 Highlights and Operations Update

Production: Production averaged 3,310 boe/d (76% Liquids) in 2024, supported by two pads (5 gross, 2.9 net wells) placed on production.
Cash Flow: Adjusted Funds Flow of $44 million in 2024 with an Operating Netback of $42.10/boe. Operating Income was $51 million in 2024. DEC has no long-term debt and ended the year with a cash position of $26 million.
Capital Program: $73 million of capital, fully funded within cash flow and cash on hand in DEC.

Production from wells drilled in 2024 continue to validate DEC’s type curve expectations. The five new wells placed on production have average IP30’s of ~1,200 boe/d per well (86% liquids) and IP90s of ~940 boe/d (86% Liquids) per well.

DEC drilled a three-well 100% working interest pad at 4-18-64-16W5 in Q4 2024. The wells were cased with average laterals of ~4,100 meters per well. This operated pad of wells is expected to be completed post-breakup in 2025. Winter activity has been focused on strategic gathering system investments connecting its newly operated assets with its existing operated infrastructure on the joint venture acreage supporting near-term development plans. DEC has secured a regional term water license and is commencing water sourcing in advance of the completion activities this summer.

Marketing Access Strategy and Resilience to United States (“US”) Trade Tariffs

Long Term Market Access: Athabasca has diversified its long term end market access which includes ~7,200 bbl/d of capacity on the Keystone pipeline by 2028, providing direct exposure to the US Gulf Coast. The Company has recently contracted, through an intermediary, 10,000 bbl/d of capacity on the Enbridge Express system, providing capacity to PADD II with no associated balance sheet commitments. The start-up of the Trans Mountain pipeline expansion has provided excess egress capacity out of Canada, driving tighter and less volatile WCS heavy differentials. Industry market access is expected to be further supported by expansions on the Enbridge and Trans Mountain Pipeline systems along with the possible revival of new pipeline projects.
Athabasca is Resilient: The Company is well positioned to withstand macro volatility including proposed US Trade Tariffs with operational flexibility, financial durability and a robust cash flow outlook. Athabasca’s capital program is designed to provide flexible growth at Leismer and DEC has no near-term land expiries with flexible development plans. The Company’s balance sheet is in a $123 million Net Cash position with tenure on Canadian denominated term debt until 2029. Every $0.01 change in the Canada/US exchange rate is ~$10 million in annual Adjusted Funds Flow, and a weakened Canadian dollar would help cushion the impact that any potential US tariffs may have on commodity pricing.

Differentiated Long-life Reserves¹

Strong Reserve Growth: 22% increase year over year in 2P reserve value to $6.4 billion NPV10² ($12.44 per share, 35% increase) and 21% increase in 1P reserves to $3.8 billion² ($7.28 per share, 34% increase). Athabasca maintains a deep inventory with a ~30 year 1P and ~90 year 2P reserve life.
Massive Resource Base: 1.3 billion boe of 2P reserves, anchored by 1.2 billion barrels of 2P Thermal Reserves, plus an additional ~1 billion barrels of Contingent Resources (best estimate).
Duvernay Energy: Significant reserve additions from ~46,000 acres of 100% working interest land, driving a 128% year over year increase in 2P reserve value to $614 million NPV10².

Athabasca’s independent reserves evaluator, McDaniel & Associates Consultants Ltd. (“McDaniel”), prepared the year-end reserves evaluation effective December 31, 2024. Reserves are reported on a consolidated basis and reflecting gross reserves and financial metrics before taking into account Athabasca’s 70% equity interest in Duvernay Energy.

	Duvernay Energy¹				Thermal Oil					Corporate
	2023			2024			2023		2024			2023		2024
Reserves (mmboe)
Proved Developed Producing		4		6			77		74			82		80
Total Proved		11		41			404		404			415		445
Proved Plus Probable		27		73			1,216		1,209			1,243		1,282

NPV10 BT ($million)²
Proved Developed Producing	$58		$81			$1,713		$1,749			$1,771		$1,830
Total Proved	$142		$345			$2,969		$3,421			$3,111		$3,766
Proved Plus Probable	$269		$614			$5,011		$5,824			$5,280		$6,438

Numbers in the table may not add precisely due to rounding.

For additional information regarding Athabasca’s reserves and resources estimates, please see “Independent Reserve and Resource Evaluations” in the Company’s 2024 Annual Information Form which is available on the Company’s website or on SEDAR at www.sedarplus.ca.

About Athabasca Oil Corporation

Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

For more information, please contact:

Reader Advisory:

This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “may”, “estimate”, “expect”, “will”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves 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 information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: our strategic plans; the allocation of future capital; timing and quantum for shareholder returns including share buybacks; the terms of our NCIB program; our drilling plans and capital efficiencies; production growth to expected production rates and estimated sustaining capital amounts; timing of Leismer’s and Hangingstone’s pre-payout royalty status; applicability of tax pools and the timing of tax payments; Adjusted Funds Flow and Free Cash Flow over various periods; type well economic metrics; number of drilling locations; forecasted daily production and the composition of production; our outlook in respect of the Company’s business environment, including in respect of commodity pricing; and other matters.

In addition, information and statements in this News Release relating to “Reserves” and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca’s cash flow break-even commodity price; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; the Company’s future debt levels; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2024 (which is respectively referred to herein as the “McDaniel Report”).

Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated March 5, 2025 available on SEDAR at www.sedarplus.ca, including, but not limited to: weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; trade relations and tariffs; climate change and carbon pricing risk; statutes and regulations regarding the environment including deceptive marketing provisions; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; reputation and public perception of the oil and gas sector; environment, social and governance goals; political uncertainty; state of capital markets; ability to finance capital requirements; access to capital and insurance; abandonment and reclamation costs; changing demand for oil and natural gas products; anticipated benefits of acquisitions and dispositions; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; supply chain disruption; financial assurances; diluent supply; third party credit risk; indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; limitations and insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; water use restrictions and/or limited access to water; relationship with Duvernay Energy Corporation; management estimates and assumptions; third-party claims; conflicts of interest; inflation and cost management; credit ratings; growth management; impact of pandemics; ability of investors resident in the United States to enforce civil remedies in Canada; and risks related to our debt and securities. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

Also included in this News Release are estimates of Athabasca’s 2025 outlook which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The outlook and forward-looking information contained in this New Release was made as of the date of this News release and the Company disclaims any intention or obligations to update or revise such outlook and/or forward-looking information, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

Oil and Gas Information

“BOEs” may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (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. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil 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.

Initial Production Rates

Test Results and Initial Production Rates: The well test results and initial production rates provided herein should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery.

Reserves Information

The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2024. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF.

Reserve Values (i.e. Net Asset Value) is calculated using the estimated net present value of all future net revenue from our reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2024 and based on average pricing of McDaniel, Sproule and GLJ as of January 1, 2025.

The 444 gross Duvernay drilling locations referenced include: 87 proved undeveloped locations and 85 probable undeveloped locations for a total of 172 booked locations with the balance being unbooked locations. Proved undeveloped locations and probable undeveloped locations are booked and derived from the Company’s most recent independent reserves evaluation as prepared by McDaniel as of December 31, 2024 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal management estimates. Unbooked locations do not have attributed reserves or resources (including contingent or prospective). Unbooked locations have been identified by management as an estimation of Athabasca’s multi-year drilling activities expected to occur over the next two decades based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, commodity prices, provincial fiscal and royalty policies, costs, actual drilling results, additional reservoir information that is obtained and other factors.

Non-GAAP and Other Financial Measures, and Production Disclosure

The “Corporate Consolidated Adjusted Funds Flow”, “Corporate Consolidated Adjusted Funds Flow per Share”, “Athabasca (Thermal Oil) Adjusted Funds Flow”, “Duvernay Energy Adjusted Funds Flow”, “Corporate Consolidated Free Cash Flow”, “Athabasca (Thermal Oil) Free Cash Flow”, “Duvernay Energy Free Cash Flow”, “Corporate Consolidated Operating Income”, “Corporate Consolidated Operating Income Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Income”, “Duvernay Energy Operating Income”, “Corporate Consolidated Operating Netback”, “Corporate Consolidated Operating Netback Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Netback”, “Duvernay Energy Operating Netback” and “Cash Transportation and Marketing Expense” financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non-GAAP financial measures or ratios. These measures may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS. Net Cash and Liquidity are supplementary financial measures. The Leismer and Hangingstone operating results are supplementary financial measures that when aggregated, combine to the Athabasca (Thermal Oil) segment results.

Adjusted Funds Flow, Adjusted Funds Flow Per Share and Free Cash Flow

Adjusted Funds Flow and Free Cash Flow are non-GAAP financial measures and are not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Adjusted Funds Flow and Free Cash Flow measures allow management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. Adjusted Funds Flow per share is a non-GAAP financial ratio calculated as Adjusted Funds Flow divided by the applicable number of weighted average shares outstanding. Adjusted Funds Flow and Free Cash Flow are calculated as follows:

	Three months ended December 31, 2024											Three months ended December 31, 2023
($ Thousands)	Athabasca (Thermal Oil)			Duvernay Energy⁽¹⁾				Corporate Consolidated⁽¹⁾				Corporate Consolidated
Cash flow from operating activities	$	144,810			$	13,867			$	158,677			$	103,196
Changes in non-cash working capital		(11,504	)			(3,675	)			(15,179	)			(21,973	)
Settlement of provisions		92				147				239				607
ADJUSTED FUNDS FLOW		133,398				10,339				143,737				81,830
Capital expenditures		(74,268	)			(18,676	)			(92,944	)			(38,752	)
FREE CASH FLOW	$	59,130			$	(8,337	)		$	50,793			$	43,078

^{(1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.}

	Year ended December 31, 2024											Year ended December 31, 2023
($ Thousands)	Athabasca (Thermal Oil)			Duvernay Energy⁽¹⁾				Corporate Consolidated⁽¹⁾				Corporate Consolidated
Cash flow from operating activities	$	511,828			$	45,713			$	557,541			$	305,526
Changes in non-cash working capital		3,056				(1,541	)			1,515				525
Settlement of provisions		1,728				151				1,879				1,762
Long-term deposit		—				—				—				(12,577	)
ADJUSTED FUNDS FLOW		516,612				44,323				560,935				295,236
Capital expenditures		(194,902	)			(73,140	)			(268,042	)			(139,832	)
FREE CASH FLOW	$	321,710			$	(28,817	)		$	292,893			$	155,404

^{(1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.}

Duvernay Energy Operating Income and Operating Netback

The non-GAAP measure Duvernay Energy Operating Income in this News Release is calculated by subtracting the Duvernay Energy royalties, operating expenses and transportation & marketing expenses from petroleum and natural gas sales which is the most directly comparable GAAP measure. The Duvernay Energy Operating Netback per boe is a non-GAAP financial ratio calculated by dividing the Duvernay Energy Operating Income by the Duvernay Energy production. The Duvernay Energy Operating Income and the Duvernay Energy Operating Netback measures allow management and others to evaluate the production results from the Company’s Duvernay Energy assets.

The Duvernay Energy Operating Income is calculated using the Duvernay Energy Segments GAAP results, as follows:

	Three months ended December 31,						Year ended December 31,
($ Thousands, unless otherwise noted)	2024			2023			2024			2023
Petroleum and natural gas sales	$	20,179		$	12,659		$	83,194		$	91,062
Royalties		(2,753	)		(2,180	)		(11,035	)		(12,583	)
Operating expenses		(4,729	)		(5,009	)		(17,116	)		(24,997	)
Transportation and marketing		(921	)		(709	)		(4,034	)		(7,191	)
DUVERNAY ENERGY OPERATING INCOME	$	11,776		$	4,761		$	51,009		$	46,291

Athabasca (Thermal Oil) Operating Income and Operating Netback

The non-GAAP measure Athabasca (Thermal Oil) Operating Income in this News Release is calculated by subtracting the Athabasca (Thermal Oil) segments cost of diluent blending, royalties, operating expenses and cash transportation & marketing expenses from heavy oil (blended bitumen) and midstream sales which is the most directly comparable GAAP measure. The Athabasca (Thermal Oil) Operating Netback per bbl is a non-GAAP financial ratio calculated by dividing the respective projects Operating Income by its respective bitumen sales volumes. The Athabasca (Thermal Oil) Operating Income and the Athabasca (Thermal Oil) Operating Netback measures allow management and others to evaluate the production results from the Athabasca (Thermal Oil) assets. The Athabasca (Thermal Oil) Operating Income is calculated using the Athabasca (Thermal Oil) Segments GAAP results, as follows:

	Three months ended December 31,						Year ended December 31,
($ Thousands, unless otherwise noted)	2024			2023			2024			2023
Heavy oil (blended bitumen) and midstream sales	$	346,716		$	309,078		$	1,419,670		$	1,204,245
Cost of diluent		(137,817	)		(137,438	)		(549,808	)		(518,219	)
Total bitumen and midstream sales		208,899			171,640			869,862			686,026
Royalties		(12,413	)		(15,695	)		(75,064	)		(60,865	)
Operating expenses – non-energy		(20,699	)		(23,767	)		(93,144	)		(87,116	)
Operating expenses – energy		(11,526	)		(17,651	)		(49,713	)		(81,769	)
Transportation and marketing⁽¹⁾		(21,015	)		(22,328	)		(82,858	)		(85,544	)
ATHABASCA (THERMAL OIL) OPERATING INCOME	$	143,246		$	92,199		$	569,083		$	370,732

^{(1) Transportation and marketing excludes non-cash costs of $0.6 million and $2.2 million for the three months and year ended December 31, 2024 (three months and year ended December 31, 2023 – $0.6 million and $2.2 million).}

Corporate Consolidated Operating Income and Corporate Consolidated Operating Income Net of Realized Hedging and Operating Netbacks

The non-GAAP measures of Corporate Consolidated Operating Income including or excluding realized hedging in this News Release are calculated by adding or subtracting realized gains (losses) on commodity risk management contracts (as applicable), royalties, the cost of diluent blending, operating expenses and cash transportation & marketing expenses from petroleum, natural gas and midstream sales which is the most directly comparable GAAP measure. The Corporate Consolidated Operating Netbacks including or excluding realized hedging per boe are non-GAAP ratios calculated by dividing Corporate Consolidated Operating Income including or excluding hedging by the total sales volumes and are presented on a per boe basis. The Corporate Consolidated Operating Income and Corporate Consolidated Operating Netbacks including or excluding realized hedging measures allow management and others to evaluate the production results from the Company’s Duvernay Energy and Athabasca (Thermal Oil) assets combined together including the impact of realized commodity risk management gains or losses (as applicable).

	Three months ended December 31,						Year ended December 31,
($ Thousands, unless otherwise noted)	2024			2023			2024			2023
Petroleum, natural gas and midstream sales⁽¹⁾	$	366,895		$	321,737		$	1,502,864		$	1,295,307
Royalties		(15,166	)		(17,875	)		(86,099	)		(73,448	)
Cost of diluent⁽¹⁾		(137,817	)		(137,438	)		(549,808	)		(518,219	)
Operating expenses		(36,954	)		(46,427	)		(159,973	)		(193,882	)
Transportation and marketing⁽²⁾		(21,936	)		(23,037	)		(86,892	)		(92,735	)
Operating Income		155,022			96,960			620,092			417,023
Realized loss on commodity risk mgmt. contracts		(1,903	)		(5,517	)		(6,462	)		(35,935	)
OPERATING INCOME NET OF REALIZED HEDGING	$	153,119		$	91,443		$	613,630		$	381,088

^{(1) Non-GAAP measure includes intercompany NGLs (i.e. condensate) sold by the Duvernay Energy segment to the Athabasca (Thermal Oil) segment for use as diluent that is eliminated on consolidation.}
^{(2) Transportation and marketing excludes non-cash costs of $0.6 million and $2.2 million for the three months and year ended December 31, 2024 (three months and year ended December 31, 2023 – $0.6 million and $2.2 million).}

Cash Transportation and Marketing Expense

The Cash Transportation and Marketing Expense financial measures contained in this News Release are calculated by subtracting the non-cash transportation and marketing expense as reported in the Consolidated Statement of Cash Flows from the transportation and marketing expense as reported in the Consolidated Statement of Income (Loss) and are considered to be non-GAAP financial measures.

Net Cash

Net Cash is defined as the face value of term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and other liabilities plus income tax payable less current assets, excluding risk management contracts.

Liquidity

Liquidity is defined as cash and cash equivalents plus available credit capacity.

Production volumes details

		Three months ended December 31,				Year ended December 31,
Production		2024		2023		2024		2023
Duvernay Energy:
Oil⁽¹⁾	bbl/d		2,103		1,208		2,202		1,396
Condensate NGLs	bbl/d		—		—		—		528
Oil and condensate NGLs	bbl/d		2,103		1,208		2,202		1,924
Other NGLs	bbl/d		422		258		329		525
Natural gas⁽²⁾	mcf/d		5,172		3,612		4,677		10,769
Total Duvernay Energy	boe/d		3,387		2,068		3,310		4,244
Total Thermal Oil bitumen	bbl/d		33,849		31,059		33,505		30,246
Total Company production	boe/d		37,236		33,127		36,815		34,490

^{(1) Comprised of 99% or greater of tight oil, with the remaining being light and medium crude oil.}
^{(2) Comprised of 99% or greater of shale gas, with the remaining being conventional natural gas.}

This News Release also makes reference to Athabasca’s forecasted average daily Thermal Oil production of 33,500 ‐ 35,500 bbl/d for 2025. Athabasca expects that 100% of that production will be comprised of bitumen. Duvernay Energy’s forecasted total average daily production of ~4,000 boe/d for 2025 is expected to be comprised of approximately 68% tight oil, 23% shale gas and 9% NGLs.

Liquids is defined as bitumen, light crude oil, medium crude oil and natural gas liquids.

Reserve Life Index is calculated as year-end reserves divided by Q4 2024 production.

Break Even is an operating metric that calculates the US$WTI oil price required to fund operating costs (Operating Break-even), sustaining capital (Sustaining Break-even), or growth capital (Total Capital) within Adjusted Funds Flow.

The MIL Network –

March 6, 2025

MIL-OSI: Prairie Provident Announces Closing of Final Tranche of Equity Financing and Basal Quartz Operational Update

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“Prairie Provident” or the “Company“) (TSX:PPR) is pleased to announce the closing of the second and final tranche of its previously announced equity financing, for additional gross proceeds of $3.87 million. Together with the $4.8 million of gross proceeds from the first tranche closing completed on February 19, 2025, the Company raised $8.67 million in aggregate gross proceeds from the financing, through the issuance of, in aggregate:

(i)		86,267,672 units (“Units“) at a price of $0.0425 per Unit, for gross proceeds of $3,666,376, in an offering made pursuant to the ‘listed issuer financing exemption’ (LIFE) under applicable Canadian securities laws (the “LIFE Offering“), with each Unit consisting of one common share (“Common Share“) and one Common Share purchase warrant (“Warrant“), and each Warrant exercisable for one Common Share at price of $0.05 per share until March 5, 2028; and

(ii)		117,647,059 Common Shares at a price of $0.0425 per Common Share, for gross proceeds of $5,000,000, in a private placement pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws (the “Private Placement” and, together with the LIFE Offering, the “Offerings“).

The Offerings were led by Research Capital Corporation as the lead agent and sole bookrunner, on behalf of a syndicate of agents including Haywood Securities Inc. (collectively, the “Agents“).

Prairie Provident intends to use the net proceeds from the Offerings to drill two additional Basal Quartz horizontal wells in the first quarter of 2025 and for working capital and general corporate purposes, including expenses related to the Offerings.

The Common Shares issued under the Private Placement are subject to a restricted 4-month hold period under applicable Canadian securities laws, and cannot be traded before July 6, 2025 unless otherwise permitted under securities legislation. The Common Shares and Warrants comprising the Units sold under the LIFE Offering are not subject to the same hold period restriction.

In connection with the Offerings, the Company paid to the Agents total cash compensation of $180,247 and issued to the Agents a total of 2,508,704 non-transferable broker warrants (the “Broker Warrants“). Each Broker Warrant entitles the holder thereof to acquire one Unit at a price of $0.0425 per Unit until March 5, 2028.

Insider Participation

The Company’s principal shareholder, PCEP Canadian Holdco, LLC (“PCEP“), and certain directors and officers of the Company, participated in the Offerings for a final aggregate investment of $7.32 million after converting USD-denominated commitments to Canadian dollars, of which $5.0 million was completed under the Private Placement (acquiring 117,647,029 Common Shares in total, for 100% of the Private Placement) and $2.32 million was completed under the LIFE Offering (acquiring 54,508,872 million Units in total, for 63.2% of the LIFE Offering) (collectively, the “Insider Participation“).

Basal Quartz Operational Update

The Company is pleased to announce rig release at the Basal Quartz horizontal well 100/14-32-29-18W4M on March 3, 2025. The drilling rig was moved to the Basal Quartz horizontal well 102/13-32-29-18W4M which was spud on March 4, 2025. Completion operations for both wells are expected to commence in the next two weeks.

Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions

The Insider Participation constitutes ‘related party transactions’ for the Company within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), which are exempt from the formal valuation and minority approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(a) thereof on the basis that neither the fair market value of the subject matter of the transactions, nor the fair market value of the consideration for the transactions, insofar as they involve interested parties, exceeds 25% of the Company’s market capitalization as calculated for purposes of MI 61-101. Prairie Provident did not file a material change report 21 days before completion of the initial closing under the Offering completed on February 19, 2025, which was less than 21 days from commencement and it was commercially impracticable to delay the process.

This news release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of, any securities in the United States or to or for the account or benefit of U.S. persons or persons in the United States, or in any other jurisdiction in which, or to or for the account or benefit of any other person to whom, any such offer, solicitation or sale would be unlawful. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons or persons in the United States except in compliance with, or pursuant to an available exemption from, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. “United States” and “U.S. person” have the meanings ascribed to them in Regulation S under the U.S. Securities Act.

ABOUT PRAIRIE PROVIDENT

Prairie Provident is a Calgary-based company engaged in the exploration and development of oil and natural gas properties in Alberta, including a position in the emerging Basal Quartz trend in the Michichi area of Central Alberta.

For further information, please contact:

Dale Miller, Executive Chairman
Phone: (403) 292-8150
Email: info@ppr.ca

Forward-Looking Information

This news release contains certain statements (“forward-looking statements”) that constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future performance, events or circumstances, are based upon internal assumptions, plans, intentions, expectations and beliefs, and are subject to risks and uncertainties that may cause actual results or events to differ materially from those indicated or suggested therein. All statements other than statements of current or historical fact constitute forward-looking statements. Forward-looking statements are typically, but not always, identified by words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “budget”, “forecast”, “target”, “estimate”, “propose”, “potential”, “project”, “seek”, “continue”, “may”, “will”, “should” or similar words suggesting future outcomes or events or statements regarding an outlook.

Without limiting the foregoing, this news release contains forward-looking statements pertaining to: the intended use of proceeds from the Offerings; the intended number of Basal Quartz wells that are anticipated to be drilled by the Company in the first quarter of 2025 and the intended timing of drilling and completion of the Basal Quartz wells.

Forward-looking statements are based on a number of material factors, expectations or assumptions of Prairie Provident which have been used to develop such statements, but which may prove to be incorrect. Although the Company believes that the expectations and assumptions reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements, which are inherently uncertain and depend upon the accuracy of such expectations and assumptions. Prairie Provident can give no assurance that the forward-looking statements contained herein will prove to be correct or that the expectations and assumptions upon which they are based will occur or be realized. Actual results or events will differ, and the differences may be material and adverse to the Company. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from drilling and development activities; consistency with past operations; the quality of the reservoirs in which Prairie Provident operates and continued performance from existing wells (including with respect to production profile, decline rate and product type mix); the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Prairie Provident’s reserves volumes; future commodity prices; future operating and other costs; future USD/CAD exchange rates; future interest rates; continued availability of external financing and internally generated cash flow to fund Prairie Provident’s current and future plans and expenditures, with external financing on acceptable terms; the impact of competition; the general stability of the economic and political environment in which Prairie Provident operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Prairie Provident to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Prairie Provident has an interest in to operate the field in a safe, efficient and effective manner; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Prairie Provident to secure adequate product transportation; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Prairie Provident operates; and the ability of Prairie Provident to successfully market its oil and natural gas production.

The forward-looking statements included in this news release are not guarantees of future performance or promises of future outcomes and should not be relied upon. Such statements, including the assumptions made in respect thereof, 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 including, without limitation: reduced access to external debt financing; higher interest costs or other restrictive terms of debt financing; changes in realized commodity prices; changes in the demand for or supply of Prairie Provident’s products; the early stage of development of some of the evaluated areas and zones; the potential for variation in the quality of the geologic formations targeted by Prairie Provident’s operations; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; the imposition of any tariffs or other restrictive trade measures or countermeasures affecting trade between Canada and the United States; changes in development plans of Prairie Provident or by third party operators; increased debt levels or debt service requirements; inaccurate estimation of Prairie Provident’s oil and reserves volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and such other risks as may be detailed from time-to-time in Prairie Provident’s public disclosure documents (including, without limitation, those risks identified in this news release and Prairie Provident’s current Annual Information Form dated April 1, 2024 as filed with Canadian securities regulators and available from the SEDAR+ website (www.sedarplus.ca) under Prairie Provident’s issuer profile).

The forward-looking statements contained in this news release speak only as of the date of this news release, and Prairie Provident assumes no obligation to publicly update or revise them to reflect new events or circumstances, or otherwise, except as may be required pursuant to applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

The MIL Network –

March 6, 2025

MIL-OSI China: Britain to require electronic travel authorization for European visitors

Source: China State Council Information Office

The British government announced on Wednesday that European visitors will need to apply for an Electronic Travel Authorization (ETA) starting April 2, as part of the final phase of a global rollout aimed at enhancing border security and streamlining entry processes.

According to the Home Office, eligible people can apply for the ETA – a digital travel permit linked to their passports – starting on Wednesday. This replaces traditional visa requirements for short-term visits.

The policy follows the system’s implementation for non-European travelers, including those from the United States, Canada, and Australia. To date, more than 1.1 million ETAs have been issued globally.

“Expanding the ETA worldwide underscores our commitment to a secure, contactless border system while ensuring a seamless travel experience,” Minister for Migration and Citizenship Seema Malhotra said. She added that the digital approach strengthens immigration controls and aligns with Britain’s broader strategy to innovate through technology.

Applicants can obtain an ETA via the British government’s official website or mobile application by submitting biometric and biographic details, along with responses to eligibility questions. The government is working with airlines, ferry operators, and rail carriers to ensure smooth compliance with the new requirements, the Home Office said in a statement.

MIL OSI China News –

March 6, 2025
MIL-OSI USA: Duckworth Reacts to Trump’s Plan to Fire More Than 80,000 VA Employees Which Would Further Jeopardize Veterans’ Access to Care

US Senate News:

Source: United States Senator for Illinois Tammy Duckworth

March 05, 2025

[WASHINGTON, D.C.] – Today, combat Veteran and U.S. Senator Tammy Duckworth (D-IL)—a member of the Senate Veterans’ Affairs Committee (SVAC)—issued the following statement in response to reporting on an internal memo from senior Trump Administration officials at the Department of Veterans Affairs (VA) detailing their plans to fire more than 80,000 VA employees this year, after the VA already fired over 2,400 VA employees last month:

“Since the bipartisan PACT Act overhauled our VA to better care for our nation’s heroes, the VA has approved over one million claims from Veterans suffering from toxic-exposure—helping more Veterans than ever receive the care they’ve earned. And yet, by planning to fire more than 80,000 VA employees, Donald Trump is dooming not only our VA’s ability to handle the influx of claims, but also brave Veterans who will wait even longer to get the quality care they need. Let’s call this what it is: Republicans’ plan to dismantle the VA so they can justify privatizing the Department.

“Trump’s all-out assault on the VA is a complete betrayal of our Veterans and has absolutely nothing to do with making our government more efficient. No, Trump and Elon Musk are kicking tens of thousands of devoted public servants to the curb—many of whom are Veterans themselves—in order to carve out tax cuts for billionaires. And it is our Veterans who will pay the price.”

In the wake of Trump and Elon Musk’s mass federal layoffs, Duckworth has repeatedly expressed her outrage that many Veterans have been left jobless. After the first VA purge laid off workers with the Veterans Crisis Line—including several Veterans—Duckworth successfully pushed the Trump Administration to reinstate these devoted public servants that work to support our Veterans in their darkest moments.

Additionally, at an emergency national town hall hosted by VoteVets, Duckworth called out Trump and Musk for inflicting needless pain and chaos on our nation’s Veterans. During the town hall, Veterans who have been fired by Musk’s DOGE bravely came forward to share how Trump’s cuts and layoffs have uprooted their lives.

Additionally, Duckworth joined U.S. Senator and SVAC Ranking Member Richard Blumenthal (D-CT) and a group of 34 Democratic Senators calling on VA Secretary Collins to immediately reinstate the more than 1,000 VA employees terminated last month who serve Veterans and their families nationwide.

If you are a VA employee or Veteran impacted by Trump and Musk’s mass layoffs, please reach out to the Senate Veteran Affairs Committee by filling out this form.

-30-

MIL OSI USA News –

March 6, 2025
MIL-OSI Canada: Ratification vote upcoming on K’ómoks Treaty, Constitution
Source: Government of Canada regional news

Eligible voters are voting whether to ratify the K’ómoks Treaty and Constitution on Saturday, March 8, 2025.

In July 2024, the chief negotiators from all three parties — K’ómoks First Nation (K’ómoks), the Government of Canada (Canada) and the Government of British Columbia (B.C.) — initialed the K’ómoks Treaty. This milestone in the treaty negotiations process signalled the conclusion of substantive negotiations subject to certain caveats, such as ongoing legal and technical review, and consultation with neighbouring First Nations. The legal and technical review of the treaty concluded in November 2024, resulting in the ratification version of the K’ómoks Treaty.

Ratification follows initialling of the treaty and is the approval process that treaties must go through before they can come into effect. The first step in this process is the K’ómoks ratification vote. To ratify, the treaty and constitution require a double majority vote outcome by K’ómoks eligible voters. This means more than 50% of eligible voters on the voters list cast a ballot, and more than 50% of those voters cast a ballot in favour of the treaty and constitution.

Should eligible voters vote in favour of ratifying the K’ómoks Treaty and Constitution, B.C. and Canada will undergo their own respective ratification approval processes. This includes introducing provincial, then federal treaty implementation legislation to bring the K’ómoks Treaty into law. If ratified by all three parties, the treaty is anticipated to have an effective date in 2028.

K’ómoks entered treaty negotiations in the early 1990s. Working closely with the BC Treaty Commission, an independent facilitator of the made-in-B.C. treaty negotiations framework, negotiators for K’ómoks, Canada and B.C. reached an agreement-in-principle (AIP) in 2012. The AIP established agreement on the substantive elements to be detailed in the completed treaty.

In the years since, K’ómoks, B.C. and Canada have engaged with all levels of government, industry, interest holders and people in the region about various elements of the proposed treaty. K’ómoks has worked closely with its local government partners to invest in shared services and regional economic development. B.C. and Canada are also continuing Crown consultation with neighbouring and overlapping First Nations.

Engagement has provided opportunities for people to share their needs and shape treaty provisions. As a result, the ratification version of the K’ómoks Treaty reflects work together on shared regional priorities established in the 2012 AIP.

If ratified, the proposed treaty would:
- ensure Aboriginal rights are recognized, and not extinguished, for K’ómoks, and describe the parties’ agreement on the exercise of rights;
- clarify that the treaty does not infringe or extinguish the rights of neighbouring First Nations;
- lay out negotiated approaches to self-governance and confirm land parcels to be owned and governed by K’ómoks;
- address existing interests and tenures on proposed treaty lands (interest holders have been engaged on the proposed approach to their tenure or interest); and
- formalize consultation and opportunities for co-management of resources within the First Nations’ traditional territory.
Once the ratification vote is complete, there will be further opportunities for regional and public engagement, as well as ongoing consultation with neighbouring First Nations.

Learn More:

More information, including the ratification version of the K’ómoks Treaty, is available here: https://engage.gov.bc.ca/govtogetherbc/engagement/komoks-treaty

Treaty and enrolment information for eligible voters is available here: https://komoks.ca/treaty/

MIL OSI Canada News –
March 6, 2025
MIL-OSI Australia: Disaster support for fifteen Northern NSW LGAs ahead of TC Alfred
Source: New South Wales Premiere

Published: 6 March 2025

Released by: Minister for Emergency Services

The Albanese and Minns Governments have activated disaster assistance to communities in 15 Local Government Areas (LGAs) in Northern NSW in anticipation of the impacts of Tropical Cyclone Alfred.
The NSW Government’s Natural Disaster Declaration applies to the LGAs of: Ballina, Bellingen, Byron, Clarence Valley, Coffs Harbour, Dungog, Kempsey, Kyogle, Lismore, Lord Howe Island, MidCoast, Nambucca Valley, Port Macquarie-Hastings, Richmond Valley and Tweed.

Support has been made available under the joint Commonwealth-state Disaster Recovery Funding Arrangements (DRFA).

Assistance measures that may be provided to communities include:
- Assistance for eligible residents to help meet immediate needs like emergency accommodation and essential items generally provided from evacuation or recovery centres.
- Grants for eligible low-income residents to replace lost essential household items to maintain basic standard of living.
- Grants for eligible low-income residents to undertake essential structural repairs to restore their homes to a basic, safe and habitable condition.
- Support for affected local councils to help with the costs of cleaning up and restoring damaged essential public assets.
- Concessional interest rate loans for small businesses, primary producers, and non-profit organisations and grants to sporting and recreation clubs to repair or replace damaged or destroyed property.
- Freight subsidies for primary producers to help transport livestock and fodder.
- Financial support towards counter disaster activity undertaken by emergency service organisations to keep communities safe
Federal Minister for Emergency Management Jenny McAllister said it’s a challenging time as communities are already experiencing the impacts of Tropical Cyclone Alfred.

“We are activating a range of support to assist flood impacted residents begin their recovery as soon as possible,” Minister McAllister said.

“As we understand the full extent of damage from this event, we will move quickly to activate appropriate support for these communities.”

“We are working closely with Premier Minns and his government as we prepare and respond to this event.”

“Our message to community is clear. Know your local risk, have a plan and prepare your home now.”

NSW Minister for Emergency Services Jihad Dib said natural disaster declarations are a vital step in unlocking joint assistance so communities can begin the clean-up, rebuilding and recovery process.

“We are rolling out support measures for communities we know are likely to be impacted by Tropical Cyclone Alfred. As the event unfolds and impacts are known, further measures will be considered in response to community need,” Minister Dib said.

“The NSW State Emergency Service and other emergency services along with the NSW Reconstruction Authority are on the ground in Northern NSW, preparing for the impact of the cyclone and working to keep the community safe.

“For a region already in recovery from the devastating 2022 floods, we understand this latest disaster will be difficult for many people, and we are committed to continuing to support this resilient community through these challenges.

“We are thankful for the dedication of our emergency services – including the incredible volunteers from the local area and across the state – who are already working around the clock to support communities in Northern NSW.”

More information on disaster assistance can be found at NSW Government and Disaster Assist websites.
MIL OSI News –
March 6, 2025
MIL-OSI USA: Peters Reintroduces Bipartisan Bill to Reduce U.S. Dependence on China and Other Adversaries for Critical Minerals

US Senate News:

Source: United States Senator for Michigan Gary Peters
Published: 03.05.2025

WASHINGTON, DC – U.S. Senator Gary Peters (MI), Ranking Member of the Homeland Security and Governmental Affairs Committee reintroduced bipartisan legislation to decrease the United States’ reliance on adversarial nations like China for critical minerals. China is currently the dominant supplier for more than half of America’s critical mineral imports. These minerals are essential for the manufacturing of electric vehicle batteries, military equipment, and other technology crucial to American economic competitiveness and homeland security. The Senators’ bill would address this threat to our manufacturing supply chains by creating an intergovernmental task force to find opportunities for increased domestic production and recycling of critical minerals.
“America’s economic and national security interests are at risk when we depend on foreign adversaries like China for materials that are vital to our manufacturing and defense industries,” said Senator Peters.“This task force will coordinate efforts across federal, state, and local governments to develop a unified approach to producing and recycling critical minerals here at home, creating American jobs while ensuring our manufacturers have reliable access to these important materials.”
The bipartisan Intergovernmental Critical Minerals Taskforce Act requires the President to create a task force and appoint representatives from federal agencies who must consult with state, local, and Tribal governments. The task force will work to determine how to address national security risks associated with America’s critical mineral supply chains and identify new domestic opportunities for mining, processing, refinement, reuse, and recycling of critical minerals. The legislation would also require the task force to publish a report to Congress and publish findings, guidelines, and recommendations to combat the United States’ reliance on China and other foreign nations for critical minerals.
The bill is endorsed by leaders from the Sierra Club, General Motors, Ford, and the American Automotive Policy Council.

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Peters Reintroduces Bipartisan Legislation to Help Prevent Foreign Influence in U.S. Policy

US Senate News:

Source: United States Senator for Michigan Gary Peters

Published: 03.06.2025

WASHINGTON, DC – U.S. Senator Gary Peters (MI), Ranking Member of the Homeland Security and Governmental Affairs Committee, reintroduced two bipartisan bills to improve our nation’s ability to prevent foreign governments, including adversaries like the Chinese and Russian governments, from attempting to influence U.S. policy without making appropriate disclosures. The legislation would help close loopholes that foreign governments could exploit to conceal their roles in lobbying efforts.

“The American people deserve complete transparency about who is trying to influence our political process,” said Senator Peters. “These bipartisan bills will help ensure foreign actors can’t exploit loopholes to hide their activities while attempting to shape policy in the United States. It’s a commonsense step to protect our national security and ensure our government is working in the best interests of the American people.”

The Lobbying Disclosure Improvement Act would improve transparency of the activities of lobbyists who represent foreign persons or organizations by requiring them to indicate whether they are taking advantage of an exemption under the Foreign Agent Registration Act (FARA) when they register under the Lobbying Disclosure Act. This would help the Department of Justice narrow the pool of registrants they are examining for potential violations, while not imposing any meaningful additional burden on registrants.

The Disclosing Foreign Influence in Lobbying Act closes a loophole in the Lobbying Disclosure Act that foreign adversaries – including the Chinese government – can exploit to conceal their roles in lobbying efforts. Think tanks and law enforcement agencies have identified instances in which foreign adversaries exploited this loophole by using closely connected organizations and businesses to push their interests when lobbying the U.S. government. The bill makes clear that lobbying organizations must disclose when foreign governments and political parties participate in their lobbying efforts, regardless of any financial contribution to the lobbying effort.

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Murray, Colleagues Reintroduce Legislation to Protect Workers’ Right to Organize, Blast Trump and Musk for Attacks on Workers

US Senate News:

Source: United States Senator for Washington State Patty Murray
Murray helped author and introduce the PRO Act in the 116th Congress
Murray: “Reintroducing the PRO Act is more important now than ever. This is about making sure we are not just pushing back—but also pushing forward, charting a positive vision for workers, and daring Republicans to make their actions match their words.”
***VIDEO HERE***
Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, joined a bipartisan group of lawmakers to reintroduce the Protecting the Right to Organize (PRO) Act, comprehensive legislation to protect workers’ right to come together and bargain for fairer wages, better benefits, and safer workplaces. Joining Senator Murray at the press conference for the bill reintroduction today were Senate Democratic Leader Chuck Schumer (D-NY), House Democratic Leader Hakeem Jeffries (D, NY-08), House Democratic Whip Katherine Clark (D-MA), HELP Committee Ranking Member Bernie Sanders (I-VT), House Education Committee Ranking Member Bobby Scott (D, VA-03), Rep. Brian Fitzpatrick (R, PA-01), and union worker Kieran Cuadras.
Large corporations and the wealthy continue to capture the rewards of a growing economy while working families and middle-class Americans are left behind. From 1979 to 2023, annual wages for the bottom 90 percent of households increased just 44 percent, while average incomes for the wealthiest one percent increased more than 180 percent. Unions are critical to increasing wages and creating a strong economy that rewards hardworking people. Through the power of bargaining, the typical union worker earns 16 percent more than the typical non-union worker. According to a 2024 Gallup poll, 70 percent of Americans approve of labor unions—near record highs. But despite growing support for unions, billionaire- and special interest-funded attacks on workers’ unions and labor laws have eroded union density and made it harder for workers to organize. The share of American workers who are union members has fallen from roughly one in three workers in 1956 to a new low of 9.9 percent in 2024. The PRO Act restores fairness to the economy by strengthening the federal law that protects workers’ right to join a union and bargain for higher pay, better benefits, and safer workplaces.
“Right now, Donald Trump and Elon Musk are attacking workers, including mass firing people by the tens of thousands, left and right, regardless of how important that work is,” said Senator Murray. “Reintroducing the PRO Act is more important now than ever. This is about making sure we are not just pushing back—but also pushing forward: charting a positive vision for workers, and daring Republicans to make their actions match their words. Who do you stand with—the billionaires like Elon Musk and Donald Trump—whose favorite two words are ‘you’re fired?’ Or, do you stand with hard working American women and men. People who just want fair pay, decent treatment, and a government that works to make their lives better, not worse? That should not be too much to ask! I’m going to keep fighting, come hell or high water, to make it easier for workers to join together and fight for the better pay and working conditions they deserve.”
The PRO Act protects the basic right to join a union and:
Holds employers accountable for violating workers’ rights by authorizing meaningful penalties, facilitating initial collective bargaining agreements, and closing loopholes that allow employers to misclassify their employees as supervisors and independent contractors.
Empowers workers to exercise their right to organize by strengthening support for workers who suffer retaliation for exercising their rights, protecting workers’ right to support secondary boycotts, ensuring workers’ unions can collect “fair share” fees, and authorizing a private right of action for violation of workers’ rights.
Secures free, fair, and safe union elections by preventing employers from interfering in union elections, prohibiting captive audience meetings, and requiring employers to be transparent with their workers.
The PRO Act is supported by: AFL-CIO, American Federation of Musicians (AFM), American Federation of Teachers (AFT), Communications Workers of America (CWA), Department of Professional Employees, AFL-CIO (DPE), International Alliance of Theatrical Stage Employees (IATSE), International Association of Machinists and Aerospace Workers (IAM), International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART), International Brotherhood of Electrical Workers (IBEW), International Union of Bricklayers and Allied Craftworkers (BAC), International Union of Painters and Allied Trades (IUPAT), Laborers’ International Union of North America (LiUNA), National Nurses United (NNU), National Postal Mail Handlers Union (NPMHU), Service Employees International Union (SEIU), Transport Workers Union of America, AFL-CIO (TWU), United Automobile, Aerospace and Agricultural Implement Workers of America (UAW), and United Steelworkers (USW).
Throughout her career, Senator Murray has championed workers’ rights and fought to protect their right to join and form a union in order to stand together and demand better pay, benefits, and working conditions. Senator Murray first introduced the PRO Act in the 116th Congress and she also leads the Wage Theft Prevention and Wage Recovery Act, comprehensive legislation to put hard-earned wages back in workers’ pockets and crack down on employers who unfairly withhold wages from their employees. Murray also introduced the CHILD Labor Act last Congress, new legislation to protect children from exploitative child labor practices and hold the companies and individuals who take advantage of them accountable. Among many other pieces of pro-worker legislation, Murray also leads the Paycheck Fairness Act to combat wage discrimination and help close the wage gap, and has helped lead the fight for paid family and medical leave since she first joined Congress.
The full text of the PRO Act is HERE.
A fact sheet on the PRO Act is HERE.
A section-by-section summary of the PRO Act is HERE.
Senator Murray’s full remarks, as delivered at today’s press conference, are below and video is HERE:
“The difference in values between Democrats and Republicans, the difference in who we are fighting for, could not be more clear, or more stark.
“Right now, Donald Trump and Elon Musk are attacking workers—including mass firing people by tens of thousands, left and right—regardless of how important their work is or the skill and pride with which they are doing it.
“In fact, he fired NLRB Member Gwynne Wilcox—leaving workers in limbo simply due to President Trump’s unprecedented and illegal firing!
“Meanwhile, I want you to know, Democrats are fighting for workers—we’re fighting to protect those who are being attacked by Trump and Musk and fighting to empower workers across our country to better advocate for themselves and wield their rights at this pivotal moment.
“That is why reintroducing the PRO Act is more important now than ever. This is about making sure that we are not just pushing back—but also pushing forward, charting a positive vision for workers, and daring Republicans to make their actions match their words.
“Who do you stand with—the billionaires like Elon Musk and Donald Trump—whose favorite two words are ‘You’re fired?’
“Or do you stand with hard working American women and men—people who just want fair pay, decent treatment, and a government that actually works to make their lives better, not worse? That should not be too much to ask!
“I’m very proud to be a leader of this bill, and I want you to know, I will keep fighting—come hell or high water—to make it easier for workers to join together and fight for the better pay and working conditions they deserve. Thank you.”

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Murray Statement on Trump & Elon Plans to Decimate the VA, Firing 80,000 Employees and Putting Veterans’ Care in Grave Danger
US Senate News:
Source: United States Senator for Washington State Patty Murray

Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate Veterans’ Affairs Committee, issued the following statement on the Trump administration’s plans to fire 80,000 employees at the Department of Veterans Affairs (VA), seriously risking the medical care and benefits that veterans have earned and deserve.More than 25 percent of VA’s workforce are veterans themselves.

“Donald Trump and Elon Musk are escalating their full-scale, no-holds-barred assault on veterans–and putting the health care and benefits they have earned in grave danger. It’s infuriating that two billionaires think they can fire tens of thousands of people responsible for administering the services and care that over nine million veterans across the country count on. It’s flat-out immoral and a breach of the sacred commitment we make to our veterans to take care of them when they return home.

“Just yesterday, I spoke with a disabled veteran who worked at the Seattle VA helping homeless veterans. He told me how devastating it was when, without warning, without cause, and without explanation, he was suddenly terminated from a role that meant everything to him and was cast aside by the very system he had fought in combat to defend. Now, there will be thousands more stories like his and millions more veterans who will pay the price. Trump’s own attorney has said that this administration thinks veterans they laid off for NO REASON may not be ‘fit to have a job at this moment’ —it’s an astounding level of contempt for our veterans that’s reflected throughout this administration’s thoughtless mass firings.

“These arbitrary mass layoffs, at the very least, are going to mean longer processing times for disability or education claims veterans are desperately waiting on, and longer wait times for veterans to see a doctor–to say nothing of the serious threat to patient safety or the threat of VA medical centers closing. Make no mistake: this will only empower Elon to privatize VA by breaking it first. The consequences of Trump and Elon’s sheer recklessness will reverberate for generations—in more veterans sick and unable to get their benefits, more veterans out of a job, and fewer men and women willing to sign up to serve a nation that shows it will not keep their promises to them.”

ENDANGERING VETERANS’ ACCESS TO BENEFITS AND CARE—AND PATIENT SAFETY

Firing VA employees will–among much else–likely force veterans to wait longer:
- To see health care providers;
- To have their disability claims adjudicated;
- To have someone to pick up their calls at the Veterans Crisis Line;
- To have burial and funeral expense reimbursement requests processed;
- And much more.
A number of staff supporting the Veterans Crisis Line–which provides 24/7, confidential crisis support for veterans and their loved ones–were among those fired by Trump and Musk.

In 2022, Congress also passed the PACT Act, the largest expansion of veterans’ benefits in two decades, which requires a significant influx of resources and staff to deliver the benefits and care under the law. Trump and Musk’s firings–and hiring freeze–badly undercut VA’s ability to process claims under the law. The mass firings and the ongoing hiring freeze, which prohibits new disability claims raters from coming on board, will force the backlog of unprocessed claims to grow above 254,000.

Firing long-time VA researchers also puts clinical trials that veterans are enrolled in at risk and jeopardizes research that could yield critical breakthroughs for veterans.
- Ongoing VA research is examining treatment options for PTSD and opioid addiction, as well as for cancer that was caused by veterans’ exposure to toxic chemicals, among much else.
- According to VA, in fiscal year 2024, there were 102 active research sites nationwide, with 3,685 active principal investigators who led 7,278 active funded research projects involving teams of researchers. In addition, VA investigators authored or coauthored 11,732 published research articles.
Recent dangerous directives from VA last week, which they have already begun to walk back, cause more harmful chaos and confusion and also have detrimental impacts on the ability of veterans to receive their care and benefits.
- VA issued a blanket cancellation last Tuesday of nearly 900 contracts–supporting patient safety efforts like chemical waste disposal and monitoring of hospital air quality, systems providing secure storage of veterans’ private records, clinical recruitment efforts, and more.
- VA also implemented a decision to reduce purchase card limits to $1–curbing VA medical centers’ ability to purchase supplies and equipment they need to serve veterans or to provide lodging for transplant patients.
While the Trump administration tries to rehire clinical staff they have already fired and may ultimately walk back the purchase card limits and contract cancellations, it is clear that they are acting before thinking–and the people paying the price are veterans.

BETRAYING VETERANS WITH ZERO JUSTIFICATION

Beyond indiscriminately firing workers who help get veterans the benefits and care they have earned, Trump and Musk have also already indiscriminately fired thousands of veterans who have served our country in uniform. In firing probationary and other federal workers across government, Trump and Musk have fired scores of veterans.
- Veterans make up 30% of the federal workforce, and the federal government is the largest single employer of veterans in the country.
- Trump and Musk have already fired nearly 6,000 veterans, by one recent estimate.
- Federal agencies uniquely work to hire and accommodate veterans with service-related disabilities. Longstanding law requires, for example, that veterans who are disabled or who serve on active duty in the Armed Forces in military campaigns are entitled to preference over others in hiring from a list of eligible, competitive applicants. In 2021, there were 337,000 disabled Veterans serving in the federal government, making up 16% of the federal workforce.
As veterans working at VA in Washington state who were recently laid off through no fault of their own have told Senator Murray:

“I swore an oath to serve our country—first in the U.S. Army and then at the VA—only to be abruptly terminated by the very institution that promised to care for those who have served. My termination isn’t just a personal tragedy; it’s a stark reminder that our federal government is dismantling essential support systems for veterans and vulnerable communities. When cost-cutting means sacrificing dedicated, disabled service members and committed federal employees, it isn’t about efficiency—it’s about eroding the trust and dignity that our nation owes to those who answer the call to serve.” — Raphael Garcia, former Management Analyst for VA, Seattle

“Working at the VA gave me purpose. I understood the struggles veterans faced, whether physical, mental, or emotional. I took pride in being part of something bigger than myself, in continuing to serve even after taking off the uniform… The next chapter in my service led me to working with unhoused Veterans. Limiting roles like mine, means other VA employees will have to take on more and cutting into valuable clinical time directly serving veterans. That’s why it was so devastating when, without warning, without cause, I was terminated. No explanation, no justification just a cold dismissal from a role that meant everything to me. It felt like a betrayal, not just of my dedication but of the values I thought the VA stood for. I had fought through war, through cancer, and through every challenge life had thrown at me only to be cast aside by the very system I had believed in.” — Scott Olson, former Program Support for VA’s Community Housing Program, Seattle
MIL OSI USA News –
March 6, 2025
MIL-OSI Canada: First Ministers’ statement on eliminating internal trade barriers in Canada
Source: Government of Canada – Prime Minister

“In the face of the United States’ unjustified decision to impose tariffs on Canadian goods, Canada’s First Ministers recognize this is a pivotal moment for Canada to take bold and united action. We must increase our economic resilience, reduce dependence on one market, and strengthen our domestic economy for the benefit of Canadian workers and businesses now and in the future. One key step is to make it easier for Canadians to do business with each other from coast to coast to coast.

“At their meeting yesterday, the Prime Minister and Canada’s premiers agreed to build on the foundational work of the Committee on Internal Trade and strengthen Canada’s domestic economy by reducing barriers to internal trade and labour mobility across the country. All First Ministers agreed that now is the time to take meaningful action to further liberalize and support the Canadian market so that goods, services, and workers can move freely.

“First Ministers agreed that certified professionals with credentials in one jurisdiction should be able to work anywhere in Canada. Whether relocating for family reasons or pursuing job opportunities elsewhere, workers should be free to do what they are trained to do and contribute to the Canadian economy. Due to its linguistic specificity among other things, Quebec, while adhering to the overall goal of increasing workforce mobility, intends to implement measures for credentials recognition when it deems it in line with its own objectives.

“The Prime Minister and premiers directed the Committee on Internal Trade to work with the Forum of Labour Market Ministers, to develop a service standard of 30 days or better to get people working faster, and provide a plan for Canada-wide credential recognition, while taking into account jurisdictional specificities such as language provisions, by June 1.

“First Ministers also agreed that now is the time to choose Canada. We must ensure that all Canadians have access to Canadian-made goods, no matter where they are in the country. The Prime Minister and premiers applauded Internal Trade Ministers for undertaking a review of exceptions under the Canadian Free Trade Agreement by June 1 in addition to those removed by governments in recent years, and for their efforts to reconcile and reduce regulatory differences between jurisdictions, particularly through the negotiation of mutual recognition requirements in the trucking sector and the movement of consumer goods. Most First Ministers also committed to allowing direct-to-consumer alcohol sales for Canadian products. These efforts will benefit Canadian businesses and citizens by opening new domestic markets, reducing the cost of consumer goods at a time when U.S. tariffs will impact affordability.

“First Ministers recognized that removing these barriers will make it easier for businesses in Canada to access new revenue and market opportunities here at home, while attracting greater foreign investment and trade.

“The Prime Minister and the premiers agreed to continue working together as they implement the shared plan to strengthen internal trade in Canada. Team Canada stands firm, united, resolute, and ready to face this challenge, and any others that come our way.”

Quick Facts
- Last year, more than $530 billion worth of goods and services moved across provincial and territorial borders, representing almost 20 per cent of Canada’s gross domestic product.
- Trade within Canada is an essential driver of the Canadian economy, and eliminating barriers to internal trade will lower prices, increase productivity, and add up to $200 billion to the Canadian economy. Internal trade without barriers means more affordable everyday items and a greater choice for Canadians.
- The Canadian Free Trade Agreement (CFTA) came into force on July 1, 2017, to reduce and eliminate barriers to the free movement of persons, goods, services, and investments within Canada and to establish an open, efficient, and stable domestic market.
- The Committee on Internal Trade (CIT) consists of all federal, provincial, and territorial ministers responsible for internal trade, and is responsible for supervising the implementation of the CFTA, including providing oversight over a number of CFTA working groups; assisting in the resolution of disputes; approving the annual operating budget of the Internal Trade Secretariat (ITS); and considering any other matter that may affect the operation of the CFTA.
- Committee on Internal Trade (CIT): On February 28, 2025, the Federal, Provincial, Territorial Committee on Internal Trade was convened and agreed to the following actions:
  - Enhancing the commitments under the Canadian Free Trade Agreement (CFTA): All governments committed to conducting a rapid review of all remaining party-specific exceptions in the CFTA and swiftly conclude negotiations for incorporating the financial services Sector into the Agreement. This will ensure a free and open internal market for Canadian businesses and workers. Building on removals some governments have completed since 2017, to date, a minimum of 40 exceptions have been identified for removal by five governments, with all exception reviews to be completed by June 1, 2025.
  - Reducing regulatory and administrative burden through mutual recognition: A strong domestic market starts with goods freely moving between provinces and territories. Building on the pilot project on mutual recognition in trucking, all governments have now agreed to immediately launch negotiations for mutual recognition of all consumer goods (excluding food). This would guarantee that a good certified in one province can be bought and sold in any other, without additional red tape. Parties may also pursue a broader mutual recognition agreement covering most or all sectors of the economy through unilateral, bilateral, or multilateral initiatives. The CIT committed to tabling an Action Plan for Mutual Recognition of Consumer Goods by March 31, 2025.
  - Facilitating labour mobility: Internal trade and labour market ministers will prioritize efforts to further improve transparency and reduce administrative burden for labour mobility applicants to support the timely and seamless mobility of workers to fill jobs wherever they are available, including by adopting a service standard of 30 days or better to process applications.
  - Launching pan-Canadian direct-to-consumer alcohol sales for Canadian products: The Governments of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, and Canada have committed to improve the trade of alcohol products between participating jurisdictions by advancing direct-to-consumer sales for Canadian products. Currently, British Columbia allows for direct-to-consumer sales for wine, while Manitoba is already open to direct-to-consumer sales on all alcoholic beverages. The Yukon is exploring options for direct-to-consumer alcohol sales within the territory.
  - Employing a Team Canada approach to promote the domestic economy: All governments committed to working together to promote growth and resiliency in the domestic market by helping Canadian businesses identify and access new opportunities in other provinces and territories including through domestic trade missions.
MIL OSI Canada News –
March 6, 2025
MIL-OSI Australia: NAB support for customers and colleagues impacted by Tropical Cyclone Alfred
Source: National Australia Bank
- NAB announces assistance for customers and colleagues affected by Tropical Cyclone Alfred
- Customers encouraged to contact bank when ready to discuss available financial assistance
- Temporary closures of select branches to ensure customer and colleague safety
NAB has today announced disaster relief assistance for customers and colleagues affected by Tropical Cyclone Alfred.

NAB encourages affected customers to contact the bank when they’re ready to discuss a range of financial relief measures, including:
- Credit card and personal loan relief
- Waiving the establishment fee for restructuring business facilities
- Concessional loans to customers seeking support to restructure existing facilities to assist in repairs, restocking and re-opening for business
- Reducing and moratorium on home and personal loan repayments
- Wellbeing support for colleagues and customers
NAB’s Local Personal Banking Executive Tony Story said the measures provide customers with peace of mind, and access to immediate financial support.

“We want our customers and colleagues to know we’re here to help,” Mr Story said.

“The number one priority here is their safety. In the coming days, our teams will be on standby to support impacted customers. We are committed to providing extra care and support during these difficult times.

“Anyone who needs assistance or advice can contact us by calling us or choosing the chat option in the app.

“When it’s safe to reopen our branches, we’ll also be happy to welcome you back for face to face service.”

To access financial assistance please call NAB Assist on:
- 1300 661 114 for personal customers
- 1300 881 661 for business customers
Additional help is available via:
- NAB messaging in the App and on Internet Banking
- At nab.com.au/disaster
- Agri customers who need help can contact their banker.
- For NAB insurance claims (damaged homes, contents, and vehicles), please call Allianz on 1300 555 013
Be aware of Frauds and Scams

During this time, customers are reminded to stay alert to potential scams. Criminals may use events like this natural disaster as an opportunity to impersonate well-known organisations including banks, insurance or telecommuication providers and government agencies. NAB will never send customers links in unexpected text messages, or ask customers for personal information like passwords or pins.
Environment

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Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

MIL OSI News –
March 6, 2025

MIL-OSI: South Bow Reports Fourth-quarter and Year-end 2024 Results, Provides 2025 Outlook, and Declares Dividend

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) reports its fourth-quarter and year-end 2024 financial and operational results and provides its 2025 outlook. Unless otherwise noted, all financial figures in this news release are in U.S. dollars.

Highlights

Spinoff transaction

Launched as an independent company on Oct. 1, 2024, completing the planned separation (the Spinoff) from TC Energy Corp. (TC Energy).
Completed an initial notes offering on Aug. 28, 2024, raising approximately $5.8 billion, in aggregate, of U.S. and Canadian dollar-denominated senior unsecured notes and U.S. dollar-denominated junior subordinated notes. As part of the Spinoff, South Bow repaid the outstanding long-term debt owed to affiliates of TC Energy on Oct. 1, 2024.

Safety and operational performance

Demonstrated safety excellence in 2024, achieving record occupational and process safety performance during a transformative period.
Delivered record system availability in 2024, with an annual System Operating Factor (SOF) of 95% for the Keystone Pipeline due to continued improvements in system reliability.
Recorded annual average throughput on the Keystone Pipeline of approximately 626,000 barrels per day (bbl/d) in 2024, an increase of 5% relative to 2023. Throughput on the U.S. Gulf Coast segment of the Keystone Pipeline System averaged approximately 795,000 bbl/d, increasing by 15% relative to 2023.
- Fourth-quarter 2024 throughput on the Keystone Pipeline and the U.S. Gulf Coast segment of the Keystone Pipeline System averaged approximately 621,000 bbl/d and approximately 784,000 bbl/d, respectively.
Advanced the Blackrod Connection Project in Alberta, anticipated to be ready for in-service in early 2026. South Bow is in the final stages of completing construction of the project’s 25-km crude oil and natural gas pipeline segments, with welding complete and hydrostatic testing activities underway. Facility construction, including the tank terminal, is expected to be completed in late 2025.
Received approval from the Pipeline and Hazardous Materials Safety Administration (PHMSA) in Jan. 2025 of South Bow’s remedial work plan, substantially completing the conditions in the Amended Corrective Action Order (ACAO) related to the Milepost 14 incident (MP-14). In early March 2025, South Bow received approval from PHMSA to lift the pressure restriction on the affected segment to 72% of the specified minimum yield strength of the pipeline. The affected segment includes the section of the pipeline where the MP-14 incident occurred.

Financial performance

Delivered strong financial performance in 2024, underscored by the highly contracted nature of South Bow’s assets. Revenue and normalized earnings before interest, income taxes, depreciation, and amortization (normalized EBITDA) increased relative to 2023 due to significant demand for uncommitted capacity on the Keystone Pipeline in the first quarter of 2024, and strong demand for capacity on the U.S. Gulf Coast segment of the Keystone Pipeline System throughout the year.
- Generated revenue of $488 million and $2,120 million for the three months and year ended Dec. 31, 2024, respectively.
- Recognized net income of $55 million ($0.26/share) and $316 million ($1.52/share) during the three months and year ended Dec. 31, 2024, respectively.
- Recorded normalized EBITDA¹ of $290 million for the three months ended Dec. 31, 2024, an increase of 11% from the three months ended Sept. 30, 2024, primarily due to the timing of trade settlements within South Bow’s Marketing segment. Normalized EBITDA for the year ended Dec. 31, 2024 was $1,091 million, an increase of 2% from 2023.
- Delivered distributable cash flow¹ of $183 million and $608 million for the three months and year ended Dec. 31, 2024, respectively.
Exited 2024 with total long-term debt and net debt¹ outstanding of $5.7 billion and $4.9 billion, respectively. South Bow’s net debt-to-normalized EBITDA ratio¹ was 4.5 times at Dec. 31, 2024, supported by the Company’s starting working capital balances and strong normalized EBITDA generated in 2024.
- South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.

Returns to shareholders

Committed to paying a strong and sustainable dividend, declared South Bow’s inaugural quarterly dividend of $104 million ($0.50/share) on Nov. 7, 2024. The dividend was paid on Jan. 31, 2025 to shareholders of record on Dec. 31, 2024.
South Bow’s board of directors (the Board) has approved a quarterly dividend of $0.50/share, payable on April 15, 2025 to shareholders of record at the close of business on March 31, 2025. The dividends will be designated as eligible dividends for Canadian income tax purposes.

South Bow’s audited consolidated financial statements and notes (the financial statements), management’s discussion and analysis (MD&A), and annual information form (AIF) as at and for the year ended Dec. 31, 2024 are available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the U.S. Securities and Exchange Commission (SEC) at www.sec.gov. The disclosure under the section “Non-GAAP Financial Measures” in South Bow’s MD&A as at and for the year ended Dec. 31, 2024 is incorporated by reference into this news release.

South Bow’s standalone financial statements were prepared using information derived from the consolidated financial statements and accounting records of TC Energy, including the historical cost basis of assets and liabilities comprising the Company, as well as the historical revenues, direct costs, and allocations of indirect costs attributable to the operations of the Company, using the historical accounting policies applied by TC Energy. The presentation of certain prior period comparatives have been updated for consistency with current year presentation.

_________________________

¹ Non-GAAP financial measure or ratio that do not have standardized meanings under generally accepted accounting principles (GAAP) and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.

Financial and operational results

$ millions, unless otherwise noted	Three Months Ended					Year Ended
$ millions, unless otherwise noted	Sept. 30, 2024		Dec. 31, 2024	Dec. 31, 2023		Dec. 31, 2024	Dec. 31, 2023
FINANCIAL RESULTS
Revenue	534		488	540		2,120	2,005
Income from equity investments	12		12	13		49	50
Net income	61		55	103		316	442
Per share¹	0.29		0.26	0.50		1.52	2.13
Normalized net income²	86		112	94		383	504
Per share^{1 2}	0.41		0.54	0.45		1.84	2.43
Normalized EBITDA²	262		290	278		1,091	1,074
Keystone Pipeline System	257		250	264		1,028	981
Marketing	(7	)	24	(2	)	12	42
Intra-Alberta & Other	12		16	16		51	51
Distributable cash flow²	163		183	161		608	785
Dividends declared	—		104	—		104	—
Per share¹	—		0.50	—		0.50	—
Capital expenditures³	61		28	11		122	37
Total long-term debt	10,452		5,716	5,967		5,716	5,967
Net debt^{2 4}	4,827		4,901	5,715		4,901	5,715
Net debt-to-normalized EBITDA (ratio)²	4.5		4.5⁵	5.3		4.5⁵	5.3
Common shares outstanding, weighted average diluted (millions)⁶	207.6		208.4	207.6		208.2	207.6
Common shares outstanding (millions)⁶	207.6		208.0	207.6		208.0	207.6

OPERATIONAL RESULTS
Keystone Pipeline SOF (%)	95		96	92		95	93
Keystone Pipeline throughput (Mbbl/d)	616		621	612		626	595
U.S. Gulf Coast segment of Keystone Pipeline System throughput (Mbbl/d)⁷	815		784	783		795	694
Marketlink throughput (Mbbl/d)	636		615	610		614	537

Per share amounts, with the exception of dividends, are based on weighted average diluted common shares outstanding.
Non-GAAP financial measure or non-GAAP ratio that do not have standardized meanings and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.
Capital expenditures per the investing activities of the consolidated statements of cash flows of the financial statements.
Includes 50% equity treatment of South Bow’s junior subordinated notes.
South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.
The common shares issued on Oct. 1, 2024 have been used for comparative periods, as the Company had no common shares outstanding prior to the Spinoff. For periods prior to Oct. 1, 2024, it is assumed there were no dilutive equity instruments, as there were no equity awards of South Bow outstanding prior to the Spinoff.
Comprises throughput originating in Hardisty, Alta. transported on the Keystone Pipeline, and throughput originating in Cushing, Okla. transported on Marketlink for destination in the U.S. Gulf Coast.

Outlook

Capital allocation priorities

South Bow takes a disciplined approach to capital allocation to preserve optionality and maximize total shareholder returns over the long term. The Company’s capital allocation priorities are built on a foundation of financial strength and supported by South Bow’s stable, predictable cash flows. South Bow’s capital allocation priorities include:
- paying a sustainable base dividend;
- strengthening the Company’s investment-grade financial position; and
- leveraging existing infrastructure within South Bow’s strategic corridor to offer customers competitive connections and enhanced optionality.

Market outlook

Every day, South Bow safely and reliably transports crude oil to key demand and refining markets in the U.S. Midwest and Gulf Coast. With substantially all of the crude oil imported into the U.S. Midwest originating from Canada, and refining facilities in the U.S. Gulf Coast set up to process heavy crude oil, these markets rely heavily on Canadian crude oil supplies to meet their energy needs.
While approximately 90% of South Bow’s normalized EBITDA is contracted through committed arrangements, which carry minimal commodity price or volumetric risk, demand for uncommitted capacity on the Keystone System is anticipated to remain subdued in 2025 as Western Canadian Sedimentary Basin (WCSB) crude oil pipeline capacity exceeds supply.
The potential for, and continuation of, tariffs on energy imposed by the U.S. government and counter-tariffs imposed by the Canadian government have created economic and geopolitical uncertainty, resulting in volatility in pricing differentials. Persistence of this uncertainty may create additional headwinds for uncommitted capacity on South Bow’s pipeline systems and impact South Bow’s Marketing segment results. Given the uncertainty, South Bow’s guidance for 2025 does not account for the future potential impact of sustained tariffs.

2025 guidance

South Bow’s guidance aims to inform readers about Management’s expectations for financial and operational results in 2025. Readers are cautioned that these estimates may not be suitable for any other purpose. See “Forward-looking information and statements” of this news release for additional information regarding factors that could cause actual events to be significantly different from those expected.
The financial outlook for South Bow in 2025 is supported by the Company’s highly contracted cash flows and strong structural demand for services. Normalized EBITDA is projected to be approximately $1.01 billion, within a range of 3%, with approximately 90% secured through committed arrangements. South Bow reaffirms its long-term normalized EBITDA growth outlook of 2% to 3%.
South Bow has reduced its outlook for normalized EBITDA for its Marketing segment by approximately $30 million relative to 2024, due to continued impacts of WCSB crude oil pipeline capacity exceeding supply and South Bow’s response to market uncertainty caused by the potential for, and continuation of, tariffs, including the unwinding of certain positions to minimize South Bow’s exposure to further pricing volatility.
South Bow anticipates that its interest expense for 2025 will be approximately $325 million, within a range of 2%, and that the Company’s current tax rate will range from 23% to 24%.
Distributable cash flow is expected to be approximately $535 million, within a range of 3%, which South Bow will use to fund its expected annual dividend of $416 million ($2.00/share), subject to approval and declaration by the Board, and investments required to continue advancing the Blackrod Connection Project.
South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.
South Bow plans to invest approximately $110 million, within a range of 3%, in growth capital expenditures for the Blackrod Connection Project in 2025. The total expected capital cost of the project is estimated to be $180 million, targeted to be ready for in-service in early 2026. As of Dec. 31, 2024, South Bow has invested $62 million in the project.
Maintenance capital expenditures are estimated to be approximately $65 million, within a range of 3%, in 2025, as South Bow proactively completes maintenance activities while demand for uncommitted capacity is expected to be subdued, and invests in information services infrastructure. These expenditures are generally recoverable through South Bow’s tolling arrangements.

South Bow’s 2025 annual guidance and a review of 2024 actual results are outlined below:

$ millions, except percentages ¹	2024 Actuals	2025 Guidance
Normalized EBITDA	1,091	1,010 ± 3%
Interest expense	388	325 ± 2%
Current tax rate (%)	23%	23% – 24%
Distributable cash flow	608	535 ± 3%
Capital expenditures
Growth	73	110 ± 3%
Maintenance ²	61	65 ± 3%

Assumes average foreign exchange rate of C$/U.S.1.4286.
Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.

Refer to the section entitled “Guidance” in South Bow’s MD&A as at and for the year ended Dec. 31, 2024, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.

Conference call and webcast details

South Bow’s senior leadership will host a conference call and webcast to discuss the Company’s fourth-quarter and year-end 2024 results and 2025 outlook on March 6, 2025 at 8 a.m. MT (10 a.m. ET).


Date	March 6, 2025
Time	8 a.m. MT (10 a.m. ET)
Webcast link	https://edge.media-server.com/mmc/p/fqe5oacv
Conference call link	https://register.vevent.com/register/BIbb6663202d26443895983db438ccaf6e

Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

Visit www.southbow.com/investors for the replay following the event.

Non-GAAP financial measures

In this news release, South Bow references certain non-GAAP financial measures and non-GAAP ratios that do not have standardized meanings under GAAP and may not be comparable to similar measures presented by other entities. These non-GAAP measures include or exclude adjustments to the composition of the most directly comparable GAAP measures. Management considers these non-GAAP financial measures and non-GAAP ratios to be important in evaluating and understanding the operational performance and liquidity of South Bow. These non-GAAP measures and non-GAAP ratios should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.

South Bow’s non-GAAP financial measures and non-GAAP ratios include:

normalized EBITDA;
normalized net income;
normalized net income per share;
distributable cash flow;
net debt; and
net debt-to-normalized EBITDA ratio.

These measures and ratios are further described below, with a reconciliation to their most directly comparable GAAP measure.

Normalizing items

Normalized measures are, or include, non-GAAP financial measures and ratios and include normalized EBITDA, normalized net income, normalized net income per share, distributable cash flow, and net debt-to-normalized EBITDA ratio. Management uses these normalized measures to assess the financial performance of South Bow’s operations and compare period-over-period results. During certain reporting periods, the Company may incur costs that are not indicative of core operations or results. These normalized measures represent income (losses), adjusted for specific normalizing items that are believed to be significant; however, they are not reflective of South Bow’s underlying operations in the period.

These specific items include gains or losses on sales of assets or assets held for sale, unrealized fair value adjustments related to risk management activities, acquisition, integration, and restructuring costs, and other charges, including but not limited to, impairment, contractual costs, and settlements.

South Bow excludes the unrealized fair value adjustments related to risk management activities, as these represent the changes in the fair value of derivatives, but do not accurately reflect the gains and losses that will be realized at settlement and impact income. Therefore, South Bow does not consider them reflective of the Company’s underlying operations, despite providing effective economic hedges. Realized gains and losses on grade financial contracts are adjusted to improve comparability, as they settle in a subsequent period to the underlying transaction they are hedged against.

Separation costs relate to internal costs and external fees incurred specific to the Spinoff. These items have been excluded from normalized measures, as Management does not consider them reflective of ongoing operations and they are non-recurring in nature.

Normalized EBITDA

Normalized EBITDA is used as a measure of earnings from ongoing operations. Management uses this measure to monitor and evaluate the financial performance of the Company’s operations and to identify and evaluate trends. This measure is useful for investors as it allows for a more accurate comparison of financial performance of the Company across periods for ongoing operations. Normalized EBITDA represents income before income taxes, adjusted for the normalizing items, in addition to excluding charges for depreciation and amortization, interest expense, and interest income.

The following table reconciles income (loss) before income taxes to normalized EBITDA for the indicated periods:

$ millions	Three Months Ended						Year Ended
$ millions	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Income before income taxes	90		72		131		418		562
Adjusted for specific items:
Depreciation and amortization	61		62		61		246		244
Interest expense	115		84		105		388		220
Interest income and other	(27	)	28		(7	)	(12	)	(32	)
Risk management instruments	(23	)	57		(15	)	8		25
Keystone variable toll disputes	11		(3	)	—		8		42
MP-14 costs	—		4		—		4		—
Separation costs	20		(1	)	3		29		3
Keystone XL costs and other	15		(13	)	—		2		10
Normalized EBITDA	262		290		278		1,091		1,074

The following table reconciles income (loss) before income taxes to normalized EBITDA by operating segment for the indicated periods:

$ millions	Three Months Ended Sept. 30, 2024
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	173		17		(100	)	90
Adjusted for specific items:
Depreciation and amortization	59		—		2		61
Interest expense	(1	)	—		116		115
Interest income and other	—		(1	)	(26	)	(27	)
Risk management instruments	—		(23	)	—		(23	)
Keystone variable toll disputes	11		—		—		11
MP-14 costs	—		—		—		—
Separation costs	—		—		20		20
Keystone XL costs and other	15		—		—		15
Normalized EBITDA	257		(7	)	12		262

$ millions	Three Months Ended Dec. 31, 2024
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	205		(32	)	(101	)	72
Adjusted for specific items:
Depreciation and amortization	59		—		3		62
Interest expense	(1	)	—		85		84
Interest income and other	(1	)	(1	)	30		28
Risk management instruments	—		57		—		57
Keystone variable toll disputes	(3	)	—		—		(3	)
MP-14 costs	4		—		—		4
Separation costs	—		—		(1	)	(1	)
Keystone XL costs and other	(13	)	—		—		(13	)
Normalized EBITDA	250		24		16		290

$ millions	Three Months Ended Dec. 31, 2023
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	203		14		(86	)	131
Adjusted for specific items:
Depreciation and amortization	60		—		1		61
Interest expense	3		1		101		105
Interest income and other	(2	)	(2	)	(3	)	(7	)
Risk management instruments	—		(15	)	—		(15	)
Keystone variable toll disputes	—		—		—		—
MP-14 costs	—		—		—		—
Separation costs	—		—		3		3
Keystone XL costs and other	—		—		—		—
Normalized EBITDA	264		(2	)	16		278

$ millions	Year Ended Dec. 31, 2024
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	778		6		(366	)	418
Adjusted for specific items:
Depreciation and amortization	238		—		8		246
Interest expense	1		1		386		388
Interest income and other	(3	)	(3	)	(6	)	(12	)
Risk management instruments	—		8		—		8
Keystone variable toll disputes	8		—		—		8
MP-14 costs	4		—		—		4
Separation costs	—		—		29		29
Keystone XL costs and other	2		—		—		2
Normalized EBITDA	1,028		12		51		1,091

$ millions	Year Ended Dec. 31, 2023
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	687		19		(144	)	562
Adjusted for specific items:
Depreciation and amortization	239		—		5		244
Interest expense	7		2		211		220
Interest income and other	(4	)	(4	)	(24	)	(32	)
Risk management instruments	—		25		—		25
Keystone variable toll disputes	42		—		—		42
MP-14 costs	—		—		—		—
Separation costs	—		—		3		3
Keystone XL costs and other	10		—		—		10
Normalized EBITDA	981		42		51		1,074

Normalized net income and normalized net income per share

Normalized net income represents net income adjusted for the normalizing items described above and is used by Management to assess the earnings that are representative of South Bow’s operations. By adjusting for non-recurring items and other factors that do not reflect the Company’s ongoing performance, normalized net income provides a clearer picture of the Company’s continuing operations. This measure is particularly useful for investors as it allows for a more accurate comparison of financial performance and trends across different periods. On a per share basis, normalized net income is derived by dividing the normalized net income by the weighted average common shares outstanding at the end of the period. This per share measure is valuable for investors as it provides insight into South Bow’s profitability on a per share basis, assisting in evaluating the Company’s performance.

The following table reconciles net income to normalized net income for the indicated periods:

$ millions, except common shares outstanding and per share amounts	Three Months Ended						Year Ended
	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Net income	61		55		103		316		442
Adjusted for specific items:
Risk management instruments	(23	)	57		(15	)	8		25
Keystone variable toll disputes	11		(3	)	—		8		42
MP-14 settlement	—		4		—		4		—
Separation costs	20		27		3		67		3
Keystone XL costs and other	15		(13	)	3		2		17
Tax effect of the above adjustments	(8	)	(15	)	—		(22	)	(25	)
Normalized net income	76		112		94		383		504
Common shares outstanding, weighted average diluted (millions)	207.6		208.4		207.6		208.2		207.6
Normalized net income per share	0.41		0.54		0.45		1.84		2.43

Distributable cash flow

Distributable cash flow is used to assess the cash generated through business operations that can be used for South Bow’s capital allocation decisions, helping investors understand the Company’s cash-generating capabilities and its potential for returning value to shareholders. Distributable cash flow is based on income before income taxes, adjusted for depreciation and amortization, interest income and other, the normalizing items discussed above, and further adjusted for specific items, including income and distributions from the Company’s equity investments, maintenance capital expenditures, which are capitalized and generally recoverable through South Bow’s tolling arrangements, and current income taxes.

The following table reconciles income before income taxes to distributable cash flow for the indicated periods:

$ millions	Three Months Ended						Year Ended
$ millions	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Income before income taxes	90		72		131		418		562
Adjusted for specific items:
Depreciation and amortization	61		62		61		246		244
Interest income and other	(27	)	28		(7	)	(12	)	(32	)
Normalizing items, net of tax¹	18		34		(9	)	39		62
Income from equity investments	(12	)	(12	)	(13	)	(49	)	(50	)
Distributions from equity investments	17		20		15		70		71
Maintenance capital expenditures²	(22	)	(15	)	(2	)	(61	)	(19	)
Current income tax recovery (expense)	38		(6	)	(15	)	(43	)	(53	)
Distributable cash flow	163		183		161		608		785

Normalizing items per normalized EBITDA reconciliation, net of tax.
Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.

Net debt and net debt-to-normalized EBITDA ratio

Net debt is used as a key leverage measure to assess and monitor South Bow’s financing structure, providing an overview of the Company’s long-term debt obligations, net of cash and cash equivalents. This measure is useful for investors as it offers insights into the Company’s financial health and its ability to manage and service its debt obligations. Net debt is defined as the sum of total long-term debt with 50% treatment of the Company’s junior subordinated notes, operating lease liabilities, and dividends payable, less cash and cash equivalents, per the Company’s consolidated balance sheets.

Net debt-to-normalized EBITDA ratio is used to monitor the South Bow’s leverage position relative to its normalized EBITDA for the trailing four quarters. This ratio provides investors with insight into the Company’s ability to service its long-term debt obligations relative to its operational performance. A lower ratio indicates stronger financial health and greater capacity to meet its debt obligations.

$ millions, except ratios	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023
Current portion of long-term debt to affiliates of TC Energy	4,677		—		—
Senior unsecured notes	4,686		4,629		5,967
Junior subordinated notes	1,089		1,087		—
Total long-term debt	10,452		5,716		5,967
Adjusted for:
Hybrid treatment for junior subordinated notes¹	(545	)	(544	)	—
Operating lease liabilities	22		22		10
Dividends payable	—		104		—
Cash and cash equivalents	(622	)	(397	)	(262	)
Restricted cash held in escrow²	(4,480	)	—		—
Net debt	4,827		4,901		5,715
Normalized EBITDA	1,079		1,091		1,074
Net debt-to-normalized EBITDA (ratio)	4.5		4.5		5.3

Includes 50% equity treatment of South Bow’s junior subordinated notes.
Senior unsecured notes and junior subordinated notes were issued on Aug. 28, 2024, of which $1.25 billion was used to repay long-term debt to affiliates of TC Energy; the remaining proceeds were held in escrow until completion of the Spinoff on Oct. 1, 2024.

Forward-looking information and statements

This news release contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements), including forward-looking statements within the meaning of the “safe harbor” provisions of applicable securities legislation, that are based on South Bow’s current expectations, estimates, projections, and assumptions in light of its experience and its perception of historical trends. All statements other than statements of historical facts may constitute forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as, “anticipate”, “will”, “expect”, “estimate”, “potential”, “future”, “outlook”, “strategy”, “maintain”, “ongoing”, “intend”, and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: South Bow’s corporate vision and strategy, including its strategic priorities and outlook; the Blackrod Connection Project, including completion of crude oil and natural gas pipeline segments, testing activities, in-service dates, and costs thereof; expected in-service dates and costs related to announced projects and projects under construction; PHMSA approvals and completion of the ACAO; expected interest expense and tax rate; expected capital expenditures; expected dividends; expected one-time costs relating to the Spinoff; expected shareholder returns and asset returns; demand for uncommitted capacity on the Keystone System; treatment under current and future regulatory regimes, including those relating to taxes, tariffs, and the environment; South Bow’s financial guidance for 2025 and beyond, including 2025 normalized EBITDA and long-term normalized EBITDA growth, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures; and South Bow’s financial strength and flexibility.

The forward-looking statements are based on certain assumptions that South Bow has made in respect thereof as of the date of this news release regarding, among other things: oil and gas industry development activity levels and the geographic region of such activity; that favourable market conditions exist and that South Bow has and will have available capital to fund its capital expenditures and other planned spending; prevailing commodity prices, interest rates, inflation levels, carbon prices, tax rates, and exchange rates; the ability of South Bow to maintain current credit ratings; the availability of capital to fund future capital requirements; future operating costs; asset integrity costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; and prevailing regulatory, tax, and environmental laws and regulations.

Although South Bow believes the assumptions and other factors reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking statements are not guarantees of future performance. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and related decisions and requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the energy industry; weakness or volatility in commodity prices; non-performance or default by counterparties; actions taken by governmental or regulatory authorities; the ability of South Bow to acquire or develop and maintain necessary infrastructure; fluctuations in operating results; adverse general economic and market conditions; the ability to access various sources of debt and equity capital on acceptable terms; and adverse changes in credit. The foregoing list of assumptions and risk factors should not be construed as exhaustive. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the results implied by forward-looking statements, refer to South Bow’s AIF dated March 5, 2025, available under South Bow’s SEDAR+ profile at www.sedarplus.ca and, from time to time, in South Bow’s public disclosure documents, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.

Management approved the financial outlooks contained in this news release, including 2025 normalized EBITDA and long-term normalized EBITDA growth, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures as of the date of this news release. The purpose of these financial outlooks is to inform readers about Management’s expectations for the Company’s financial and operational results in 2025, and such information may not be appropriate for other purposes.

The forward-looking statements contained in this news release speak only as of the date hereof. South Bow does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About South Bow

South Bow safely operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast through our unrivalled market position. We take pride in what we do – providing safe and reliable transportation of crude oil to North America’s highest demand markets. Based in Calgary, Alberta, South Bow is the spinoff company of TC Energy, with Oct. 1, 2024 marking South Bow’s first day as a standalone entity. To learn more, visit www.southbow.com.

Contact information

*Investor Relations*	*Media Relations*
Martha Wilmot investor.relations@southbow.com	Katie Stavinoha communications@southbow.com

The MIL Network –

March 6, 2025

MIL-Evening Report: Creative Australia’s decisions should be peer reviewed and at arm’s length. Where did things go wrong?

Source: The Conversation (Au and NZ) – By Jo Caust, Associate Professor and Principal Fellow (Hon), School of Culture and Communication, The University of Melbourne

For the past three weeks the arts have been dominated by a recent decision made by the board of Creative Australia. On February 7 it was announced Khaled Sabsabi and Michael Dagostino had been chosen as the artistic team to represent Australia at the Venice Biennale in 2026.

One week later, the board announced Sabsabi and Dagostino would no longer be representing the country because their selection would cause “a prolonged and divisive debate”.

This about-turn represents a low point in the relationship between artists and their funding body, Creative Australia.

Creative Australia (known as the Australia Council until 2023) has historically endured many attacks from the public, the media and political parties. This past weekend, for example, The Weekend Australian published three different stories critiquing Creative Australia and its arts funding processes.

While the amount of money Creative Australia receives is minuscule in relation to overall government spending (in 2023–24 it received A$258 million), the arts themselves enjoy a profile much greater than their monetary value.

So how does Creative Australia operate? And what does this decision on Sabsabi mean for its relationship with artists?

What is the peer review system?

Funding decisions at Creative Australia are based on two key principles: peer review, and arm’s length funding.

Peer review means decisions on who is funded are made by artists and arts workers with a deep understanding of the artform at hand.

Arm’s length funding means that, while the government funds Creative Australia, artists are supported free from direct political intervention.

The Australia Council, established in 1975, was originally structured around several artform boards, made up of peers from each of the artform sectors. These peers were given the task of overseeing their artforms and making funding decisions. Peers were selected by the government, usually after nomination by the Australia Council, and served terms of between two to five years.

Membership of an artform board was seen as an honour as well as a duty by those selected: a way of influencing funding decisions, but also a way of giving back to the sector.

As a result of an internal review in 2012, the process of peer decision making changed dramatically. The Australia Council in 2013 removed the artform boards (with a couple of exceptions) and introduced an ad hoc peer system where individuals were asked to self-nominate if they wanted to be part of the selection process. Staff then chose individuals, from a large pool of peers, to sit on a panel for each funding round.

As a result of the 2013 reforms the relationship with the minister for the arts was also changed. Up till then, the minister only had the power to appoint the members of the Australia Council board and the members of the various artform boards. In 2013 the act was changed so the minister could also give policy direction to the Australia Council.

In 2019, another category of selector was introduced. Industry advisors advise on multi-year funded applications, with the final decision made by Creative Australia staff.

The changing make-up of decision makers

The membership of the Australia Council’s governing board was historically more politicised, but its members were also often leading figures in the field.

The chair position was usually a leading figure from the arts and cultural field, including writers Donald Horne, Rodney Hall and Hilary McPhee, and music specialist Margaret Seares.

In the 2000s this changed under the Howard government, with the re-framing of the arts as businesses. This led to the appointment of business-people onto the board, particularly as chairs. Chairs this century have included business leaders David Gonski, James Strong, Rupert Myer and now Robert Morgan.

This meant priorities other than artform quality were introduced into the overall decision making.

The Venice Biennale process

Australia has been participating in the Venice Biennale since 1954.

Until 2019 there was a commissioner responsible for the selection of the Australian artist. The role was occupied by notable individuals in the arts world, such as philanthropist and art collector Simon Mordant. Artists would be individually invited by the commissioner to be the Venice representative.

In 2019 the Australia Council took over the role, and the process changed to an application system where artists were assessed by a panel of experts, before the final representatives (such as Sabsabi and Dagostino for 2026) were selected from a shortlist of six.

While all of the details of what happened in the lead up to rescinding Sabsabi’s invitation are unknown, some facts have been laid out: The Australian published an article criticising his selection; Coalition arts spokesperson Claire Chandler asked about his selection in Question Time; and Arts Minister Tony Burke phoned Creative Australia CEO Adrian Collette.

That night, Collette and the board decided Sabsabi’s invitation would be rescinded.

Who gets a say in the arts?

It seems now the funding model that Australia has created for the arts may no longer be serving the artists. The board’s decision following Burke’s phone call to Collette calls into question the principles of peer review and arm’s length funding.

The structure and decision-making processes of Creative Australia should now be reviewed as a matter of urgency. The peer system works remarkably well if structured appropriately. At present it would seem it is not.

Artists deserve a body that defends their rights, so they are not sacrificed for political needs.

Jo Caust has previously received funding from the Australia Council. She is a member of NAVA and the Arts Industry Council(SA). She also worked at the Australia Council in the 1980s.

– ref. Creative Australia’s decisions should be peer reviewed and at arm’s length. Where did things go wrong? – https://theconversation.com/creative-australias-decisions-should-be-peer-reviewed-and-at-arms-length-where-did-things-go-wrong-251153

MIL OSI Analysis – EveningReport.nz –

March 6, 2025
MIL-OSI China: China unveils resilient growth target with strong policy support

Source: China State Council Information Office 2

China has set an economic growth target of around 5 percent for 2025, reflecting a sound economic outlook despite increasing global uncertainties, as policymakers are determined to secure steady recovery through decisive and effective measures.
Premier Li Qiang on Wednesday announced the goal when delivering the government work report to the annual session of the National People’s Congress for deliberation. The report outlines an array of other key development goals for this year, including a surveyed urban unemployment rate of around 5.5 percent, over 12 million new urban jobs, and an around 2 percent increase in the consumer price index.

This photo shows the booth of Contemporary Amperex Technology Co., Limited at the 22nd Guangzhou International Automobile Exhibition at the China Import and Export Fair Complex in Guangzhou, south China’s Guangdong Province, Nov. 15, 2024. (Xinhua/Deng Hua)
The country achieved economic growth of 5 percent in 2024 as an impactful policy package, along with other pro-growth measures, helped fuel strong economic momentum.
As 2025 marks the final year of China’s 14th Five-Year Plan (2021-2025) period and is crucial for crafting the next five-year blueprint, observers believe that the government policies will not only drive sustained growth this year but also lay the groundwork for the country’s modernization drive in the long run.
REASONABLE, ACHIEVABLE GOAL
Why has the Chinese government maintained the growth target at around 5 percent?
The premier explained that the goal, backed by growth potential and favorable conditions, meets the need to stabilize employment, prevent risks and improve the people’s wellbeing, while also being well aligned with the country’s mid- and long-term objectives.

An aerial drone photo taken on Jan. 6, 2025 shows a view of the Shichengzi photovoltaic power station in Hami City, northwest China’s Xinjiang Uygur Autonomous Region. (Photo by Feng Yang/Xinhua)
Huang Qunhui, a national political advisor from the Institute of Economics of the Chinese Academy of Social Sciences, described this year’s economic growth target as scientifically grounded and realistic.
“In the face of a challenging global environment, the proactive and resilient goal suggests that China is braving uncertainties with a clear, determined approach to growth,” he said.
On a global scale, an around 5-percent growth rate places China among the world’s fastest-growing major economies, with the economic increment equating to the annual output of a mid-sized nation.
“Achieving this year’s targets will not be easy, and we must make arduous efforts to meet them,” the premier said, citing challenges from an increasingly complex and severe external environment, including rising unilateralism and protectionism, and domestic difficulties, such as insufficient effective demand.
The premier called for facing difficulties head-on with stronger confidence in development.
According to the report, China will adopt a more proactive fiscal policy and a moderately loose monetary policy.

This photo taken on Nov. 13, 2024 shows exhibits related to low-altitude economy at Airshow China in Zhuhai, south China’s Guangdong Province. (Xinhua/Liang Xu)
Specific measures include a new government debt increase to enable a notably higher level of spending, with 5.66 trillion yuan (about 790 billion U.S. dollars) of government deficit, up 1.6 trillion yuan from a year ago, and the issuance of 4.4 trillion yuan of local government special-purpose bonds, an increase of 500 billion yuan over last year.
The monetary policy will ensure adequate liquidity by making timely cuts to required reserve ratios and interest rates, and offering more support for innovation, green development, consumption, private businesses and small firms, as well as the real estate and stock markets.
The policy mix will play a crucial role in ensuring that the strong economic momentum seen in the fourth quarter of 2024 will be sustained this year, said Tian Xuan, a national lawmaker and president of the National Institute of Financial Research of Tsinghua University.
Recently, the International Monetary Fund, Nomura, and other global institutions raised their growth forecasts for China.

A person uses DeepSeek app on a mobile phone on Feb. 17, 2025. (Xinhua/Huang Zongzhi)
Lu Ting, chief China economist at Nomura, said the forecast upgrade was due to the better-than-expected economic performance in the fourth quarter of 2024, growing investment in emerging sectors from AI to cloud computing, a stock market rally, and the improving real estate market.
China’s mid-March economic data will show a solid start for 2025, a Citi Research report said, highlighting a rebound in consumer confidence.
MORE DYNAMIC, SUSTAINABLE
Fostering high-quality development is a key focus on this year’s government agenda, with priorities ranging from stimulating domestic demand to developing new quality productive forces.
“We will take a people-centered approach and place a stronger economic policy focus on improving living standards and boosting consumer spending,” the premier said.

Consumers learn about relevant policies during a consumer goods trade-in event in Qingdao City, east China’s Shandong Province, May 17, 2024. (Xinhua/Li Ziheng)
Domestic demand will be made the main engine and anchor of economic growth, the report said. Ultra-long special treasury bonds totaling 300 billion yuan will be issued to support consumer goods trade-in programs.
New quality productive forces will be nurtured in line with local conditions, according to the report. China aims to foster emerging and future industries, such as quantum technology and the low-altitude economy, accelerate the upgrading of traditional industries, and combine digital technologies such as AI with manufacturing and market strengths.
The pursuit of new momentum has led to renewed vitality in the Chinese economy since the start of the year, with a vibrant consumer market mirrored by Chinese animated blockbuster “Ne Zha 2” and major breakthroughs in cutting-edge technology, including the rise of DeepSeek.
Analysts highlighted the resilience of China’s tech industry amid a complex international landscape and the vast potential of the domestic market.

People watch “Ne Zha 2” in 4D at a cinema in Dongcheng District in Beijing, capital of China, Feb. 16, 2025. (Xinhua/Chen Yehua)
The new economic trend is also creating fresh opportunities for foreign investors and businesses.
Reaffirming China’s commitment to opening up, the report laid out a series of initiatives, including expanding trials to open telecom, medical services, and education, supporting foreign enterprises in joining industrial chain collaboration, and ensuring national treatment in fields such as government procurement.
Foreign-funded businesses actively embraced these measures.
The report sent a strong signal that the country will continue to expand opening up and improve its business environment, said Nancy Liu, president of luxury travel retailer DFS China.
China’s opening up has created enormous opportunities for the company, which has made its largest single investment in 60 years in the country’s southern Hainan Province, Liu said. “We are fully confident in the long-term development of the Chinese market.”

MIL OSI China News –

March 6, 2025

MIL-OSI: Wilmington Announces 2024 Fourth Quarter Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — Wilmington Capital Management Inc. (TSX: WCM.A, WCM.B) (“Wilmington” or the “Corporation”) reported a net loss for the three months ended December 31, 2024, of $0.9 million or ($0.07) per share and net income for the twelve months ended December 31, 2024 of $0.4 million or $0.03 per share, compared to net loss of $0.2 million or ($0.02) per share and $2.3 million and $0.18 per share for the same periods in 2023.

Beginning in August 2023, the Corporation took steps to monetize a significant number of its investments in order to unlock the embedded value which had been substantially realized, simplify its business and return capital to its shareholders. The Corporation has been able to reward shareholders through the payment of a dividend and return of capital in May 2024 totaling $2.75 per share.

Outlook
As at December 31, 2024, the Corporation had substantially completed the monetization of its investments and had cash on hand of approximately $36 million. The Corporation is currently reviewing a range of alternatives aimed at providing liquidity to shareholders by scaling its public platform or alternatively by other means.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(audited)	Three months ended December 31,				Twelve months ended December 31,
($ thousands, except per share amounts)	2024		2023		2024		2023
Revenues
Management fee revenue	221		193		861		833
Distribution income	—		(18	)	68		1,276
Interest and other income	474		427		1,807		1,793
	695		602		2,736		3,902
Expenses
General and administrative	(1,955	)	(789	)	(3,842	)	(2,120	)
Amortization	(7	)	(6	)	(28	)	(28	)
Finance costs	(1	)	(2	)	(5	)	(7	)
Stock-based compensation	—		(23	)	(18	)	(117	)
	(1,963	)	(820	)	(3,893	)	(2,272	)
Fair value adjustments and other activities
Fair value changes to investments	—		397		164		1,577
Gain (loss) from sale of investments	—		(52	)	947		(52	)
Share of equity accounted loss	—		(116	)	—		(122	)
	—		229		1,111		1,403
Income (loss) before income taxes	(1,268	)	11		(46	)	3,033
Current income tax recovery (expense)	47		294		(434	)	(246	)
Deferred income tax recovery (expense)	399		(531	)	852		(493	)
Provision for income taxes	446		(237	)	418		(739	)
Net income (loss)	(822	)	(226	)	372		2,294
Other comprehensive income
Items that will not be reclassified to net income (loss):
Fair value changes to investments	(60	)	1,471		(60	)	783
Related income taxes	37		53		73		36
Other comprehensive income (loss), net of income taxes	(23	)	1,524		13		819
Comprehensive income (loss)	(845	)	1,298		385		3,113


Net income (loss) per share – basic	(0.07	)	(0.02	)	0.03		0.18
Net income (loss) per share – diluted	(0.07	)	(0.02	)	0.03		0.18

CONSOLIDATED BALANCE SHEETS

(audited)	December 31,	December 31,
($ thousands)	2024	2023

Assets
NON-CURRENT ASSETS
Investment in Maple Leaf Partnership	—	22,910
Investment in Bay Moorings Partnership	850	—
Investment in Sunchaser Partnership	—	4,700
Investment in Energy Securities	—	7,584
Land held for development	—	6,632
Deferred income tax assets	240	—
Right-of-use asset	36	64
	1,126	41,890
CURRENT ASSETS
Cash	36,307	10,664
Short term securities	—	17,000
Amounts receivable and other	1,253	4,616
Total assets	38,686	74,170

Liabilities
NON-CURRENT LIABILITIES
Deferred income tax liabilities	—	1,773
Lease liabilities	52	85
	52	1,858
CURRENT LIABILITIES
Lease liabilities	38	38
Income taxes payable	725	171
Amounts payable and other	1,638	800
Total liabilities	2,453	2,867

Equity
Shareholders’ equity	35,619	51,324
Contributed surplus	—	1,132
Retained earnings	418	10,364
Accumulated other comprehensive income	196	8,483
Total equity	36,233	71,303
Total liabilities and equity	38,686	74,170

Executive Officers of the Corporation will be available at 403-705-8038 to answer any questions on the Corporation’s financial results.

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND OTHER MEASUREMENTS
Certain statements included in this document may constitute forward-looking statements or information under applicable securities legislation. Forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial conditions, expected financial results, performance, opportunities, priorities, ongoing objectives, strategies and outlook of the Corporation and its investee entities and contain words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, or similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation.

While the Corporation believes the anticipated future results, performance or achievements reflected or implied in those forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Corporation’s control, which may cause the actual results, performance and achievements of the Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors and risks that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include but are not limited to: the ability of management of Wilmington and its investee entities to execute its and their business plans; availability of equity and debt financing and refinancing within the equity and capital markets; strategic actions including dispositions; business competition; delays in business operations; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; operational matters related to investee entities business; incorrect assessments of the value of acquisitions; fluctuations in interest rates; stock market volatility; general economic, market and business conditions; risks associated with existing and potential future law suits and regulatory actions against Wilmington and its investee entities; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities; changes in income tax laws, tax laws; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; and other risks, factors and uncertainties described elsewhere in this document or in Wilmington’s other filings with Canadian securities regulatory authorities.

The foregoing list of important factors that may affect future results is not exhaustive. When relying on the forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, that may be as a result of new information, future events or otherwise. These forward-looking statements are effective only as of the date of this document.

The MIL Network –

March 6, 2025

MIL-OSI: Bread Financial Announces Pricing of Private Offering of $400 million of Subordinated Notes

Source: GlobeNewswire (MIL-OSI)

COLUMBUS, Ohio, March 05, 2025 (GLOBE NEWSWIRE) — Bread Financial^® Holdings, Inc. (NYSE: BFH) (“Bread Financial” or the “Company”) announced today the pricing of its previously announced offering of $400 million in aggregate principal amount of its 8.375% fixed-rate reset subordinated notes due 2035 (the “Notes”), in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Notes will be sold at a price of 100% of the principal amount thereof. The closing of the issuance of the Notes is expected to occur on March 10, 2025, subject to customary closing conditions, and is expected to result in approximately $395 million in net proceeds to the Company, after deducting the initial purchasers’ discount but before the Company’s estimated offering expenses.

The Company intends to lend no less than $250 million of the net proceeds of the Notes offering as subordinated debt to one of its subsidiary banks, Comenity Capital Bank, with the remaining proceeds intended to be used for general corporate purposes, which may include share repurchases.

The Notes will not be registered under the Securities Act, or any state securities laws. The Notes may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements under the Securities Act and applicable state securities laws. Accordingly, the Notes were offered only (A) to persons reasonably believed to be “qualified institutional buyers” under Rule 144A of the Securities Act or (B) outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.

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

About Bread Financial^®
Bread Financial^® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. The Company’s payment solutions, including Bread Financial general purpose credit cards and savings products, empower its customers and their passions for a better life. Additionally, the Company delivers growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through their private label and co-brand credit cards and pay-over-time products providing choice and value to their shared customers.

Forward-looking Statements
This news release contains forward-looking statements, including, but not limited to, statements related to the Notes offering described above. Forward-looking statements give the Company’s expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements made regarding, and the guidance given with respect to, the Company’s anticipated operating or financial results, future financial performance and outlook, future dividend declarations or stock repurchases and future economic conditions.

The Company believes that its expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that the Company’s expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political, public health and social events or conditions, including ongoing wars and military conflicts, and natural disasters; future credit performance of the Company’s customers, including the level of future delinquency and write-off rates; loss of, or reduction in demand for services from, significant brand partners or customers in the highly competitive markets in which the Company competes; the concentration of the Company’s business in U.S. consumer credit; increases or volatility in the Allowance for credit losses that may result from the application of the current expected credit loss (CECL) model; inaccuracies in the models and estimates on which the Company rely, including the amount of the Company’s Allowance for credit losses and its credit risk management models; increases in fraudulent activity; failure to identify, complete or successfully integrate or disaggregate business acquisitions, divestitures and other strategic initiatives, including, with respect to divested businesses, any associated guarantees, indemnities or other liabilities; the extent to which the Company’s results are dependent upon brand partners, including brand partners’ financial performance and reputation, as well as the effective promotion and support of the Company’s products by brand partners; increases in the cost of doing business, including market interest rates; the Company’s level of indebtedness and inability to access financial or capital markets, including asset-backed securitization funding or deposits markets; restrictions that limit the ability of the Company’s subsidiary banks, Comenity Bank and Comenity Capital Bank (the “Banks”), to pay dividends to it; pending and future litigation; pending and future federal, state, local and foreign legislation, regulation, supervisory guidance and regulatory and legal actions including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions with respect to late fees, interchange fees or other charges; increases in regulatory capital requirements or other support for the Banks; impacts arising from or relating to the transition of the Company’s credit card processing services to third party service providers that it completed in 2022; failures, or breaches in operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects, failure of information security controls or otherwise; loss of consumer information or other data due to compromised physical or cyber security, including disruptive attacks from financially motivated bad actors and third-party supply chain issues; any tax or other liability, or adverse impacts arising out of or related to the spinoff of the Company’s former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. (LVI) and certain of its subsidiaries, and subsequent litigation or other disputes. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. In addition, the Consumer Financial Protection Bureau (CFPB) issued a final rule in 2024 that, absent a successful legal challenge or other invalidation of the rule, will place significant limits on credit card late fees, which would have a significant impact on the Company’s business and results of operations for at least the short term and, depending on the effectiveness of the mitigating actions that the Company has taken or may in the future take in anticipation of, or in response to, the final rule, may potentially adversely impact it over the long term; the Company cannot provide any assurance as to the effective date, if any, of the rule, the result of any pending or future challenges or other litigation relating to the rule, or its ability to mitigate or offset the impact of the rule on its business and results of operations. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, the Company’s Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. The Company’s forward-looking statements speak only as of the date made, and it undertakes no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

Contacts

Brian Vereb — Investor Relations
Brian.Vereb@breadfinancial.com

Susan Haugen — Investor Relations
Susan.Haugen@breadfinancial.com

Rachel Stultz — Media
Rachel.Stultz@breadfinancial.com

The MIL Network –

March 6, 2025
MIL-Evening Report: Politics with Michelle Grattan: James Curran on Trump, Ukraine, shifting tectonic plates, and a bigger Australian defence bill

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

The Trump presidency is turning much of the world order on its head. Tne United States president is arm-twisting Ukraine, playing nice with Russia, and using protection as an economic and political weapon.

The Australian government is pessimistic about escaping American tariffs on aluminium and steel when a decision is announced next week. Meanwhile, the message from the US is clear: we need to boost defence spending.

To discuss Trump Mark 2 on the world stage and what that means for Australia, we’re joined by James Curran, professor of modern history at the University of Sydney.

Curran says,

One gets the sense that we are looking at the kind of tectonic plates of world politics shifting before our very eyes.

Trump is about might is right. He does have an expansionary view of American power in the western hemisphere if we are to judge him by his statements on the Panama Canal and Greenland. But I think more broadly, his interpretation of American power is to simply “get out of America’s way”.

In terms of economic implications, [it’s] a confirmation that we are looking at the permanence of protectionism in the United States. This administration, along with the Biden administration and the first Trump administration, have been putting a wrecking ball through the multilateral trading system and the WTO. And that is certainly a not a good thing for free trade and for countries like Australia.

Curran explains what America’s expectation that countries need to spend more on defence would mean for Australia,

This has been the great concern, if you like, over a number of years – that Australia has got defence on the cheap, that it’s put so much of its national wealth into the middle class and welfare and infrastructure and developing the nation that it’s been able to rely on the American blanket of protection while it pursues its prosperity.

So if [defence spending] is to rise to 3% [of GDP], then that’s going to mean, firstly, a concentration on what are the lower cost alternatives to defend this continent? And secondly, where will the trade offs come? What will be sacrificed from the national budget? And what political leader in this country will front the Australian people and squarely and honestly and earnestly have a conversation about these dramatic strategic circumstances and why greater sacrifice is required from Australians to enable a higher defence expenditure.

Is the Trump world the new normal, or will this be over when Trump eventually leaves the White House?

I’m a little bit sceptical about this idea that we grit our teeth and close our eyes and hope that the nightmare is over in four years time. There is a really big question mark over how America can snap back in terms of its institutional robustness. The pressure that the courts, the media and the Congress are under. Does this all just snap back in four years time? Do we really think that either a Republican or a Democrat successor to Trump will ride into Washington, down Pennsylvania Avenue in a glittering chariot of liberal internationalism? To say everyone shouldn’t worry because the liberal international order is back and it’s gleaming and it’s working.

I really think this is up to America’s allies, both in Europe and in East Asia, to continue to protect as many of those rules and those institutions that have worked so well for so many of us, as much as they possibly can.

Michelle Grattan 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. Politics with Michelle Grattan: James Curran on Trump, Ukraine, shifting tectonic plates, and a bigger Australian defence bill – https://theconversation.com/politics-with-michelle-grattan-james-curran-on-trump-ukraine-shifting-tectonic-plates-and-a-bigger-australian-defence-bill-251486

MIL OSI Analysis – EveningReport.nz –

March 6, 2025
MIL-OSI Submissions: Global: Electric shock equipment widely abused by law enforcement agencies due to alarming lack of regulation – Amnesty International

Source: Amnesty International

States and companies are manufacturing, promoting and selling electric shock equipment that is being used for torture and other ill-treatment, said Amnesty International, in a new report calling for a global, legally-binding treaty to regulate the unchecked production of and trade in law enforcement equipment.

“I Still Can’t Sleep at Night” – The Global Abuse of Electric Shock Equipment, documents how law enforcement agencies are using inherently abusive direct contact electric shock weapons – including stun guns and electric shock batons– on the street, at borders, in migrant and refugee detention centres, mental health institutions, police stations, prisons, and other places of detention.

These inherently abusive devices, which deliver painful shocks at the press of a button, have been used against protesters, students, political opponents, women and girls (including pregnant women), children and human rights defenders, among others. Survivors have suffered burns, numbness, miscarriage, urinary dysfunction, insomnia, exhaustion and profound psychological trauma.

The report also looks at the escalating misuse of Projectile Electric Shock Weapons (PESWs), which can have a legitimate role in law enforcement, but are often misused. Cases include the unnecessary and discriminatory use against vulnerable groups resulting in serious injuries and in some cases even death.

“Direct contact electric shock weapons can cause severe suffering, long-lasting physical disability and psychological distress. Prolonged use can even result in death,” said Patrick Wilcken, Amnesty International’s researcher on military, security and policing issues.

“PESWs are being used against individuals who pose no risk of violence, simply for punishment or compliance with orders. They are also being used in direct contact ‘drive stun’ mode, which should be prohibited. Despite the clear human rights risks associated with their use, there are no global regulations controlling the production of and trade in electric shock equipment. Direct contact electric shock weapons need to be banned immediately and PESWs subject to strict human-rights-based trade controls.”

The extensive report draws on research carried out by Amnesty International from 2014 to 2024 in over 40 countries across all regions across the world, where cases involving torture and other ill-treatment using electric shock equipment have been documented.

Vulnerable groups targeted by electric shock weapons

Testimonies gathered by Amnesty International are harrowing.

During the 2022 “Woman Life Freedom” uprising in Iran, the military unit IRGC Basij battalion forced several boys to stand with their legs apart in a line alongside adult detainees and administered electric shocks to their genitals with stun guns.

In another case, several schoolboys were abducted for writing the protest slogan “Woman Life Freedom” on a wall. One of the boys told Amnesty International: “They hit my face with the back of a gun, gave electric shocks to my back, and beat me with batons on the bottom of my feet and hands…”

PESWs have often been used as de facto direct contact electric shock weapons when deployed in “drive stun” mode.

Recounting a raid by border guards on the Medininkai detention centre in Lithuania on 2 March 2022, one detainee from Sub-Saharan Africa said: “I was lying on the ground and still they have used tasers on me three times, and at the same time they beat me with the batons.” Another described being threatened by police officers who placed a “taser” on her forehead, telling her “‘Shut up or I will shoot you!’”

“Even when used as a stand-off weapon, PESWs have been linked to serious injuries and deaths,” said Patrick Wilcken. “These include dart lacerations and penetration of the skull, eye, internal organs, throat, fingers and testis; electrical discharge induced burns, seizures and arrythmias; and a variety of injuries and deaths from falls.”

Amnesty’s report reveals patterns of PESWs’ discriminatory deployment against racialized and marginalized groups, such as young Black men. In April 2024, police in Atlanta, Georgia, USA, were filmed using a TASER directly on the leg of a Black protester at a Palestine solidarity demonstration while he was pinned to the ground by three police officers and handcuffed.

“Given the high risks of primary and secondary injuries, the use of PESWs must be set at a high threshold. These weapons should only be used only in situations involving a threat to life or risk of serious injury which cannot be contained by less extreme options,”said Patrick Wilcken.

The urgent need for prohibitions and trade regulation

At least 197 companies from all regions manufactured or promoted direct contact electric shock equipment for law enforcement between January 2018 and June 2023 – with most companies based in countries such as China, India and the USA.

According to US-based Axon Enterprise, Inc., their TASER brand models are currently used by over 18,000 law enforcement agencies in more than 80 countries.

“There is an urgent need for a legally-binding treaty which would prohibit inherently abusive electric shock equipment and strictly control the trade in PESWs,” said Patrick Wilcken.

“Companies should implement robust human rights due diligence and mitigation measures to ensure their products and services are not being systematically misused for torture or other ill-treatment. This includes ceasing production of direct contact electric shock devices and removing the ‘drive stun’ function from PESWs.”

Amnesty International, along with a global civil society network of over 80 organizations worldwide, is campaigning for the negotiation of a Torture-Free Trade Treaty that would introduce global prohibitions and controls on a wide range of law enforcement equipment, including electric shock weapons and equipment.

Background

In September 2017, the EU, Argentina and Mongolia launched the Alliance for Torture-Free Trade at the margins of the UN General Assembly (UNGA) in New York. The Alliance currently comprises 62 states from all regions of the world pledging to “act together to further prevent, restrict and end trade” in goods used notably for torture or other ill-treatment. In October 2023, the UN Special Rapporteur on Torture presented a thematic report on the torture trade at the UNGA which argued for a legally binding instrument to regulate the production of and trade in law enforcement equipment and included lists of goods considered prohibited and controlled.

This is one of a series of in-depth research reports showing the devastating human rights impact of law enforcement equipment; previous reports include work on tear gas, batons, rubber bullets, and the trade in less lethal weapons used to repress protesters.

MIL OSI – Submitted News –

March 6, 2025
MIL-OSI USA: ICYMI: Capitol Hill Highlights Key Pillars of President Trump’s Joint Address to Congress in Op-Ed Blitz

US Senate News:

Source: The White House
America Is Back. President’s Joint Address Will Celebrate ItU.S. Senator Tommy Tuberville (R-AL)
The last four years were a dumpster fire—a total disaster. “Sleepy Joe” was worn slap out as soon as he got up in the morning. Thinking back on it now, I really don’t know how our country survived. It’s a miracle that we made it through those dark days. One thing is for sure: President Trump’s address will be nothing like the clown show we endured the last four years.
But today, America is ready to usher in its golden age under President Donald J. Trump. We’re only a month and a half in, and President Trump is well on his way to renewing the American dream by reversing some of the Democrats’ most destructive policies. Most importantly, President Trump is keeping his promises to the 77 million Americans who voted for him and his “America First” agenda. A recent poll showed 70 percent of Americans believe President Trump is doing what he said he would do.
Read full op-ed here.
It’s Time To Take Trump’s Win On Women’s Sports To The Next LevelU.S. Senator Roger Marshall (R-KS)
Democrat politicians and extreme woke ideologues have shrugged their shoulders at the humiliation and disenfranchisement of millions of young women and girls, even though 80% of Americans agree with President Trump’s view that biological boys should not compete in girls’ sports.
I believe America’s women and girls deserve to know that someone is fighting to protect the integrity and fairness of their competitive sports and standing up for their right to safe and protected spaces like bathrooms and locker rooms.
Thankfully, President Trump has taken up the mantle. Last month, he signed an executive order protecting women’s and girls’ sports.
Read full op-ed here.
Renewing the American Dream for the American WorkerU.S. Senator Jim Banks (R-IN)
President Trump is renewing the hope of the American Dream from the ashes of an historic low point. Our nation has emerged stronger with a leader and an administration whose defining feature is their commitment to working families.
Despite the downturn in prosperity and security America faced over the last four years, the American Dream is not an outdated ambition.
Under President Trump, the possibility of achieving the American Dream is back and within the grasp of every hard-working American.
Already, President Trump has made good on a range of his promises, reinvigorating American society across the board—an achievement that’s unheard of for a president only 44 days into his term.
Read full op-ed here.
President Donald Trump is keeping his promise to Jewish studentsHouse Committee on Education and Workforce Chairman, U.S. Congressman Tim Walberg (MI-05)
Columbia [University] leaders have made public and private promises to Jewish students, faculty, and Members of Congress that the university would take the steps necessary to combat the rampant antisemitism on its campus. Columbia has failed to uphold its commitments. But that is coming to an end. Now, the Committee and Jewish students and faculty have a strong ally in the White House. During the campaign Trump promised his administration would combat antisemitism on American campuses.
On day one, the Trump administration signed an executive order to combat antisemitism. As part of the executive order, the Department of Education has launched investigations into five universities for tolerating “widespread antisemitic harassment” in violation of Title VI.
The disease of antisemitism must be rooted out before it spreads to the next generation. President Trump’s firm hand on this issue is the remedy we need. We owe it to our youth to ensure they never face harassment, threats, or violence because of their faith. This is a promise we should always honor because it goes hand in hand with the promise of the American Dream. Thankfully, President Trump is delivering on this promise.
Read full op-ed here.
America is backU.S. Congressman Richard Hudson (NC-09)Since his inauguration on Jan. 20, President Donald J. Trump has worked tirelessly to restore border security, enforce our nation’s laws and make clear that your constitutional rights shall not be infringed. Following four years of chaos, Trump has sent a clear message: America is back, and he’s just getting started.
After just one month back in office, Trump reestablished the successful “Remain in Mexico” policy, restarted construction of the border wall, ramped up deportation flights of criminal illegals, and ended the dangerous Biden-era “catch-and-release” policy. These are just a few of the actions Trump has taken to regain control of our border and crack down on illegal immigration.
Trump’s efforts to secure the border have been nothing less than historic, including sharply reducing illegal border crossings in just his first 11 days back in office. This is the “Trump Effect” in action, and it’s only just the beginning.
Read full op-ed here.
Under President Trump, America’s Borders Are Secure AgainU.S. Congressman Andy Biggs (AZ-05)
In a few weeks, Donald Trump has done what his prevaricating predecessor declared to be impossible: he has brought the border under control.
The policies of Joe Biden and Alejandro Mayorkas will forever be a stain on America. The border is now almost completely controlled by America, not Mexican drug and human trafficking cartels. That only has happened because President Trump has the will and leadership skills to allow our law enforcement to actually enforce the law. Trump said he would do it. He is doing it.
America is safer now. Our borders are better now. Trump is delivering on one of his signature campaign promises. While the Left in America is face-melting, the majority of us recognize the success on the border of President Trump.
Read full op-ed here.
Trump Gives America A Much-Needed Shot Of OptimismU.S. Congressman Ralph Norman (SC-05)
We’re now 44 days into President Donald Trump’s second term, and a renewed sense of optimism is sweeping across America, reminiscent of the enduring promise of the American Dream. Central to this resurgence is the administration’s policies aimed at reigniting prosperity for small businesses, particularly evident in South Carolina’s 5th Congressional District.
President Trump has been keen on drawing back the red tape in the federal bureaucracy and reminding everyone in the swamp that our government is supposed to serve the American worker, not the other way around.
Last night the president made it clear: ‘We have accomplished more in 43 days than most administrations accomplished in 4 years…and we are just getting started!’
Read full op-ed here.
Trump is Reviving the American Dream and Common SenseU.S. Congresswoman Diana Harshbarger (TN-01)
Tuesday night, President Donald Trump did what he does best — he told it like it is. He reviewed his administration’s impressive accomplishments, laid out his action plan to put our economy back on track, urged Congress to deliver additional funding for the United States Border Patrol, and shared his bold vision to bring peace and stability around the world.
Only weeks ago, the president signed an executive order keeping men out of women’s sports. I attended the signing, and it was a sight to see — the president with dozens of female athletes and young women who would now have a level playing field because of Republicans’ commitment to this cause — Trump’s commitment to this cause.
The president reiterated this commitment Tuesday night when he spoke on this issue, highlighting the story of Payton McNabb, saying, “When her girls’ volleyball match was invaded by a male, he smashed the ball so hard in Payton’s face, causing traumatic brain injury … ending her athletic career.
This story has become all too common. When Trump told Payton’s story, not a single Democrat stood in solidarity.
Read full op-ed here.
Ending Biden’s disgraceful erosion of American deterrence U.S. Congressman August Pfluger (TX-01) andU.S. Congressman Zach Nunn (IA-03)
With Trump back in the White House, alongside Secretary of Defense Pete Hegseth, Secretary of State Marco Rubio, and national security adviser Mike Waltz, we’re setting a clear path forward for the U.S.: rebuild the military, restore our warrior ethos, and reestablish American deterrence.
Unlike his predecessors, who viewed the military through the lens of social experimentation, Hegseth recognizes that the Department of Defense has one primary mission: to produce the most lethal fighting force on Earth. Under his leadership, we’re already seeing a renewed focus on combat training, eliminating wasteful programs, and stripping away ideological distractions.
Read full op-ed here.
Congress Must Act to Solidify Trump’s Border WinsU.S. Congressman Mark Harris (NC-08)
For the past four years, the most powerful nation in the history of the world has been under attack. Deadly cartels, gangs, human smugglers, and other criminal aliens flooded American communities and harmed our citizens. This chaos was an orchestrated attack led by the last administration not only on our nation, but on the American dream.
But on January 20th, a new era of leadership began. After being sworn into office, President Trump wasted no time taking action to take back our country and set our nation back on course.
Last night, President Trump said, “The media and our friends in the Democrat Party kept saying we needed new legislation to secure the border. But it turned out that all we really needed was a new president.” And he is exactly right.
President Trump’s decisive action and bold leadership has drastically changed the state of our border for the better.
Read full op-ed here.

MIL OSI USA News –

March 6, 2025
MIL-OSI United Kingdom: Opportunity for girls to become British Ambassador for a day
Source: United Kingdom – Executive Government & Departments
World news story

Opportunity for girls to become British Ambassador for a day

English

العربيَّة

To mark International Women’s Day, the Embassies of the United Kingdom, Canada and Jordan are collaborating on the ‘Ambassador for a Day’ competition for the third year.
Ambassador For A Day 2025

We encourage girls from all backgrounds living in Lebanon, aged 15 to 18 years old to apply. The competition closes Monday 7 April 2025.

Ambassador for a Day is a national essay competition for girls between 15-18 years of age. Each AFAD winner will get to shadow an Ambassador or senior UN Official in Lebanon for one day, to see first-hand how girls can become leaders and advocates for change. This promises to be an unforgettable opportunity to build skills in diplomacy, confidence, and leadership.

The theme for this year’s International Women’s Day is For ALL women and girls: Rights, Equality, Empowerment. To enter the competition, participants should submit either a video or short essay in English or Arabic answering the question:

“If you were an Ambassador for a Day, what actions would you take to accelerate gender equality including equal rights, power and opportunities?’’

For more details, see:

how to enter Ambassador for a Day competition (ODT, 328 KB)

كيفية المشاركة (ODT, 119 KB)

Terms and conditions (ODT, 32.2 KB)

شروط المسابقة (ODT, 109 KB)

Follow us on social media for updates: Facebook/X/Instagram: @UKinLebanon / @CanadaLebanon

Instagram: @embassyofjordanbeirut //Facebook: سفارة المملكة الاردنية الهاشمية لدى الجمهورية اللبنانية / X: @joembassybeirut

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Published 6 March 2025
MIL OSI United Kingdom –
March 6, 2025
MIL-OSI United Kingdom: NHS patients receive first home-grown blood plasma treatments
Source: United Kingdom – Executive Government & Departments

Press release

NHS patients receive first home-grown blood plasma treatments

The first NHS patients in a generation have started to receive life saving plasma from the blood of UK donors.
Treatments will help save 17,000 NHS patients’ lives every year

Move will deliver government’s Plan for Change by building domestic medical supply chains, reducing reliance on imports and with savings between £5 million to £10 million a year

The first NHS patients in a generation have started to receive life-saving plasma from the blood of UK donors, thanks to a partnership between NHS Blood and Transplant and NHS England.

Since a longstanding ban on UK plasma was lifted in 2021, the UK has been building its own supply of plasma medicines amid a global shortage. This will reduce reliance on imports, saving the NHS between £5 million to £10 million per year and strengthening the UK as a powerhouse for life sciences under the government’s Plan for Change.
Around 17,000 NHS patients with immune deficiencies and rare diseases rely on vital human-donated plasma to save or improve their lives. It is also used in emergency medicine for childbirth and trauma care.

Health Minister Baroness Gillian Merron said:

This is a significant milestone for the NHS as we take a step toward UK self-sufficiency in these vital medicines.

As part of our Plan for Change, we are improving access to life-saving treatments for thousands of NHS patients and strengthening healthcare security.

By sourcing our own medicine, we are building a more resilient and domestic medical supply chain and boosting economic growth.

Sir Stephen Powis, National Medical Director NHS England, said:

This landmark moment ensures patients relying on crucial plasma-derived medicines will always have access to the treatment they need.

Thanks to NHS efforts, new plasma-derived products, owned from start to finish by the UK, will reduce our reliance on imported stock and boost the fortitude of hospital supplies.

Thousands of people with serious and potentially life-threatening conditions, including immunodeficiencies and neurological conditions rely on these products, and strengthening the supply chain of plasma-derived treatments through UK donations will help NHS clinicians ensure these vital medicines are available for all who need them.

Jill Jones made history by becoming the first patient to be given UK-sourced plasma at John Radcliffe Hospital in Oxford. She has received treatments every three weeks following a diagnosis of Non-Hodgkin lymphoma 20 years ago, and described the infusions as “life-changing”.

The initiative will also build UK capacity in the global plasma medicines industry, which was valued at over $30 billion in 2023 and is projected to reach $45 billion by 2027. It will help establish the NHS as an engine of economic growth to drive investment in public services and raise living standards for everyone.

NHS Blood and Transplant (NHSBT) has collected 250,000 litres of plasma from donors in England since 2021. From this, two vital medicines are being produced: immunoglobulins, which treat autoimmune conditions, and albumin, which is essential for surgery and treating liver conditions.

The NHS plans to reach 25% self-sufficiency in immunoglobulin by the end of 2025, rising to 30-35% in 2031, and 80% self-sufficiency in albumin by next year.

Global medical supply issues worsened during the COVID-19 pandemic. In July 2024, a national patient safety alert was issued due to critically low blood stocks, demonstrating the importance of building self-sufficiency in the UK.

Dr Jo Farrar, Chief Executive of NHS Blood and Transplant said:

Thanks to the incredible generosity of our donors, NHS patients are now receiving life-saving medicines made from UK plasma for the first time in a generation.

Plasma makes up 55 per cent of our blood and contains antibodies which strengthen or stabilise the immune system. It is used to save lives during childbirth and trauma and is used to treat thousands of patients with life limiting illnesses such as immune deficiencies.

These lifesaving medicines can only be made from our blood. We need more donors to help save more lives. Please go to blood.co.uk to become a donor.

Jill Jones from Oxford, the first patient to receive UK-sourced plasma medicine, said:

Coming to the Immunology ward is like catching up with friends. The staff are delightful and you get to know staff and patients really well. You have a cup of coffee and chat. Today I was talking about knitting and kittens as I was being transfused!

Infusions have been life-changing for me in keeping me well. Before I started on them, I was regularly in hospital with infections – which just doesn’t happen now. It’s made a huge and positive difference to my life and my family’s life.

I felt really privileged today to be the first patient in the UK to be receiving Immunoglobin that was made from UK plasma for the first time in a very long time.

Previously, the NHS relied solely on imported plasma medicines due to a long-standing ban on using UK plasma.

The ban was introduced in 1998 as a precautionary measure against Variant Creutzfeldt–Jakob Disease (vCJD), linked to mad cow disease.

In 2021 following rigorous scientific reviews, the Medicines and Healthcare products Regulatory Agency (MHRA) confirmed plasma from UK donors is safe, supported by robust safety measures.

Decades of rigorous research showed no confirmed cases of vCJD transmission through plasma-derived medicines.

Plasma comes from blood donations. The plasma in blood contains antibodies that strengthen or stabilise the immune system. The antibodies are separated out and made into immunoglobin medicines that treat people with life-limiting conditions such as immune deficiencies, bleeding disorders, as well as severe burns.

Notes to editors:

Blood donations can be given at one of 27 donor centres across the country.

First UK-sourced plasma medicines will come from English donations, with Scotland, Wales and Northern Ireland to follow.

Donors can book an appointment at a dedicated Plasma Donor Centres in Birmingham, Reading or Twickenham.  Visit www.blood.co.uk to find out how you can become a donor today.

Plasma is the liquid component of blood that carries vital proteins, antibodies, and clotting factors. It is essential for creating plasma-derived medicines, which treat life-threatening conditions such as immune deficiencies, bleeding disorders, and severe burns. Plasma donation saves thousands of lives each year and is a critical part of modern healthcare.

Two types of medicines are being made – immunoglobulins (used to treat autoimmune conditions and week immune systems) and albumin (used in surgery and to treat burns and liver conditions). This puts the NHS on track to supply 25% of its immunoglobulin needs by the end of 2025, with plans to increase this to 30-35% by 2031 and 80% of albumin by next year.

In 1998, the UK imposed a ban on using domestically collected plasma for fractionation, the process of separating plasma into its components. This followed concerns about a potentially increased risk of plasma recipients acquiring the brain disease variant Creutzfeldt-Jakob Disease (vCJD) due to UK plasma donors being exposed to Bovine spongiform encephalopathy (BSE, sometimes referred as Mad Cow Disease) prions from infected cattle.

As a result, the UK relied solely on plasma imports, primarily from the United States which increased dependence on international supply chains for plasma-derived medicines.

Rising demand for plasma globally placed additional pressure on supply.

In February 2021, the UK government lifted the ban on using UK-donated plasma for fractionation. This decision followed scientific reviews confirming the safety of plasma collection and manufacturing processes.

Advanced donor screening, pathogen testing, and fractionation techniques now ensure the highest safety standards.

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Published 6 March 2025
MIL OSI United Kingdom –
March 6, 2025
MIL-OSI Submissions: Energy – United Kingdom (UK) Looks to Deepen Energy Trade, Investment Ties with Africa

SOURCE: African Energy Chamber

Through new trade agreements, energy investments and development initiatives, the UK’s role in shaping the continent’s energy future will be a key focus at African Energy Week 2025 and within the G20 agenda

CAPE TOWN, South Africa, March 5, 2025/ — Trade relations between the UK and Africa are gaining momentum. Last month, UK Minister for Trade Policy and Economic Security Douglas Alexander visited South Africa and Botswana to strengthen trade ties and create opportunities for businesses on both sides. The UK aims to expand trade and investment across the continent, fostering mutually beneficial growth by addressing trade barriers, facilitating exports and supporting trade-focused development programs. With South Africa as the UK’s largest trading partner in Africa and set to assume the G20 Presidency, this marks an important moment for deepening economic collaboration.

This builds on the UK’s 2019 Economic Partnership Agreement (EPA) with the Southern African Customs Union member states – Botswana, Eswatini, Lesotho, Namibia and South Africa – and Mozambique. This agreement eliminates tariffs and quotas on all goods imported from these countries into the UK, facilitating smoother trade relations and economic cooperation. The EPA aims to bolster economic ties and create a conducive environment for investments, including in the energy sector.

The UK is expanding its engagement across Africa, including in West and North Africa. In February 2024, it signed the Enhanced Trade and Investment Partnership (ETIP) with Nigeria – the first such agreement with an African nation – marking a significant milestone. The partnership builds on a trade relationship valued at £7 billion in the year leading up to September 2023. The ETIP focuses on key sectors such as financial and legal services, fostering economic growth and attracting investment across industries, including energy.

Globeleq, a UK government-backed independent power producer, has been instrumental in advancing gas-powered energy projects across Africa. Alongside its 153 MW Red Sands project in South Africa – set to become the continent’s largest standalone battery energy storage system – the company recently acquired a stake in a solar plant at Egypt’s Benban Solar Complex and secured $99 million in debt financing for Mozambique’s first wind project. Supported by shareholders such as British International Investment and Norfund, Globeleq continues to invest in upgrading existing assets and developing new utility-scale power projects, strengthening Africa’s energy infrastructure.

In the oil and gas sector, bp achieved first gas from the Greater Tortue Ahmeyim LNG project offshore Senegal and Mauritania at the start of this year, marking a major step in boosting regional energy production and supply. Shell is advancing its $5 billion Bonga North deepwater project in Nigeria and, alongside bp, has agreed to cover operational costs for the buyer of South Africa’s Sapref refinery – a move that could revitalize the country’s largest refinery and secure oil supply. Meanwhile, Harbour Energy, one of the UK’s largest independent oil and gas companies, is looking to expand into African markets following its acquisition of concessions in Egypt’s Nile Delta and the Mediterranean Sea.

The UK is also a major investor in Africa’s clean energy sector and a key partner in the Mission 300 initiative to expand electricity access to 300 million people by 2030. Last month, British International Investment (BII) committed £5.3 million to UK cleantech firm MOPO to scale battery rental operations in the Democratic Republic of the Congo, where over 80% of the population lacks electricity. In December 2024, BII and GuarantCo announced a $500 million renewable power deal with South Africa’s Etana Energy, providing $100 million in guarantees to support the country’s largest energy wheeling framework and unlock new projects. Beyond direct investments, the UK government continues to provide funding and technical assistance for energy infrastructure projects across Africa, aiming to improve energy reliability and efficiency, drive economic growth, and enhance the quality of life for local communities.

As a G20 member, the UK plays a pivotal role in shaping global energy investment strategies, with Africa positioned as a key partner in its trade and energy agenda. The UK’s investments in oil and gas, renewables and energy infrastructure align with broader G20 goals of energy security, sustainability and economic growth.

“These initiatives not only strengthen the UK’s economic ties with Africa, but also support the continent’s transition to cleaner, more reliable energy. With African Energy Week: Invest in African Energies 2025 set to convene global stakeholders, the UK’s role in advancing energy partnerships will be in focus, offering a platform to drive further investment, policy collaboration, and infrastructure development across Africa’s energy landscape,” says Johnson Kayode Obembe, Director of Sales and Partnerships, African Energy Week.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

MIL OSI – Submitted News –

March 6, 2025

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NHS patients receive first home-grown blood plasma treatments

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